# EDGAR Filing Document

**Accession Number:** 0002083345
**File Stem:** 0001213900-26-007642
**Filing Date:** 2026-1
**Character Count:** 1091863
**Document Hash:** 97acd263dc9ef0ff7edeec464afb75df
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-007642.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0001213900-26-007642

**CONFORMED SUBMISSION TYPE**: F-1/A

**PUBLIC DOCUMENT COUNT**: 46

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Optimal AI Ltd
- **CENTRAL INDEX KEY:** 0002083345
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** F-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292484
- **FILM NUMBER:** 26561791

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 103 S. CHURCH ST., HARBOUR PL, 4TH FL
- **STREET 2:** P.O. BOX 10240, C/O HARNEYS FIDUCIARY
- **CITY:** GRAND CAYMAN
- **PROVINCE COUNTRY:** E9
- **ZIP:** KY1-1002
- **BUSINESS PHONE:** 65-98590998

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 7 STRAITS VIEW, MARINA ONE EAST TOWER
- **STREET 2:** #05-01
- **CITY:** SINGAPORE
- **PROVINCE COUNTRY:** U0
- **ZIP:** 018936

**As filed with the U.S. Securities and Exchange Commission on January 26, 2026.**

**Registration No. 333-292484**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**AMENDMENT NO. 1**

**TO**

**FORM F-1**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**Optimal AI Limited**

(Exact Name of Registrant as Specified in its Charter)

**Not Applicable**

(Translation of Registrant's Name into English)

---

| | | |
|:---|:---|:---|
| **Cayman Islands** | **7370** | **Not Applicable** |
| (State or other jurisdiction of<br> incorporation or organization) | (Primary Standard Industrial <br> Classification Code Number) | (I.R.S. Employer<br> Identification No.) |

---

**1008 Toa Payoh North #04-12/14/15**

**Singapore 318996** 

**+65 68160391**

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

**COGENCY GLOBAL INC.**

**122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor**

**New York, NY 10168**

**+1-800-221-0102**

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

Copies of all communications, including communications sent to agent for service, should be sent to:

---

| | |
|:---|:---|
| **Lawrence S. Venick, Esq.<br> Loeb & Loeb LLP<br> 2206-19 Jardine House<br> 1 Connaught Road Central<br> Hong Kong SAR<br> Telephone: +852-3923-1111** | **Fang Liu, Esq.<br>VCL Law LLP<br>1945 Old Gallows Road<br>Suite 260<br>Vienna, Virginia 22182<br>Tel: (703) 919-7285** |

---

**Approximate date of commencement of proposed sale to the public: As soon as practicable after this Registration Statement becomes effective.**

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company. ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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 which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the U.S. Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

† The
 term "new or revised financial accounting standard" refers to any update issued
 by the Financial Accounting Standards Board to its Accounting Standards Codification after
 April 5, 2012.

**EXPLANATORY NOTE**

This Registration Statement contains two prospectuses, as set forth below.

● Public Offering Prospectus. A prospectus to be used for the initial public offering of Class A ordinary shares (the "Public Offering Shares") of the registrant, consisting of 2,500,000 Class A Ordinary Shares to be offered by the Company, or the Public Offering Prospectus, through the underwriter named in the Underwriting section of the Public Offering Prospectus.

● Resale Prospectus. A prospectus to be used for the potential resale by the Selling Shareholders of an aggregate 1,250,687 of our Class A Ordinary Shares (the "Resale Shares"), or the Resale Prospectus. The Resale Shares contained in the Resale Prospectus will not be underwritten and sold through the underwriter.

The Resale Prospectus is substantively identical to the Public Offering Prospectus, except for the following principal points:

● it contains different outside and inside front covers and back cover pages; among other things, the identification of the underwriter and related compensation for the Public Offering Shares will only be included in the Public Offering Prospectus and the Resale Shares will be listed on the outside and inside front covers of the Resale Prospectus without identification of the underwriter and related compensation information;

● it contains different "Offering" sections in the Prospectus Summary section relating to the offering of the Public Offering Shares and the Resale Shares, as applicable; such Offering section included in the Public Offering Prospectus will summarize the offering of the Public Offering Shares and such Offering section included in the Resale Prospectus will summarize the offering of the Resale Shares;

● it contains different "Use of Proceeds" sections, with the Use of Proceeds section included in the Resale Prospectus only indicating that the Registrant will not receive any proceeds from the sale of the Resale Shares by the Selling Shareholders that occur pursuant to this registration statement;

● it does not contain the Capitalization and Dilution sections included in the Public Offering Prospectus;

● a "Selling Shareholders" section is only included in the Resale Prospectus;

● the "Underwriting" section from the Public Offering Prospectus is not included in the Resale Prospectus and the "Plan of Distribution" section is included only in the Resale Prospectus; and

● the "Legal Matters" section in the Resale Prospectus on page Alt-[6] deletes the reference to counsel for the underwriter.

The Registrant has included in this Registration Statement, after the financial statements, a set of alternate pages to reflect the foregoing differences of the Resale Prospectus as compared to the Public Offering Prospectus.

The Public Offering Prospectus will exclude the alternate pages and will be used for the public offering by the Registrant. The Resale Prospectus will be substantively identical to the Public Offering Prospectus except for the addition or substitution of the alternate pages and will be used for the resale offering by the Selling Shareholders.

*The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.*

*PRELIMINARY PROSPECTUS* *SUBJECT TO COMPLETION, DATED JANUARY 26, 2026*

 ****

**Optimal AI Limited**

![](image_019.jpg)

**2,500,000 Class A Ordinary Shares**

This is the initial public offering of Optimal AI Limited. Prior to this offering, there has been no public market for our Class A Ordinary Shares. We are offering 2,500,000 of our Class A Ordinary Shares, par value $0.0001, assuming an initial public offering price of $4.50 per share (which is the mid-point of the estimated range of the initial public offering price shown on the cover page of this prospectus). It is currently estimated that the initial public offering price per share will be between $4 and $5. We intend to list our Class A Ordinary Shares on the NYSE American under the symbol "[____]." The closing of this offering is conditioned upon NYSE American's final approval of our listing application, and there is no guarantee or assurance that our Class A Ordinary Shares will be approved for listing on NYSE American.

Immediately after this offering, assuming an offering size as set forth above, Mr. Lai Kee Chwee, through Optimal Investments Limited, will hold 33.42% of our outstanding Class A Ordinary Shares and 100% of our outstanding Class B Ordinary Shares, which represents approximately 68.51% of the total voting power (or approximately 67.98% of the total voting power if the underwriter's option to purchase additional shares is exercised in full). As a result, we expect to be a "controlled company" as defined by the NYSE American Company Guide. For so long as we remain a "controlled company," we are permitted to elect not to comply with certain corporate governance requirements. If we rely on these exemptions, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. Although we currently do not intend to rely on the "controlled company" exemptions under the NYSE American Company Guide, we could elect to rely on the exemptions after we complete this offering. See section titled "Prospectus Summary—Implications of Being a Controlled Company".

Upon completion of this offering, we will have a dual class ordinary share structure. Our Ordinary Shares will be divided into Class A Ordinary Shares and Class B Ordinary Shares. Holders of Class A and Class B Ordinary Shares will have the same rights, including dividend rights, except that holders of Class A Ordinary Shares will be entitled to one (1) vote per share, while holders of Class B Ordinary Shares will be entitled to twenty (20) votes per share, and Class B Ordinary Shares may be converted into the same number of Class A Ordinary Shares by the holders thereof at any time, while Class A Ordinary Shares cannot be converted into Class B Ordinary Shares under any circumstances. Upon the transfer of any Class B Ordinary Share by a holder thereof to any person other than an affiliate of the holder or upon a change of ultimate beneficial ownership of any Class B Ordinary Share to any person who is not an affiliate of such holder, such Class B Ordinary Share will be automatically and immediately converted into one Class A Ordinary Share. See "Description of Share Capital—Ordinary Shares" for more details regarding our Class A Ordinary Shares and Class B Ordinary Shares.

We are not a Singaporean operating company, but an offshore holding company incorporated in the Cayman Islands on June 27, 2025 for the purpose of becoming the ultimate holding company and listing vehicle of the Group. As part of our internal corporate structure reorganization, we acquired 100% of Optimal AI Pte. Ltd. ("Optimal AI"), a Singapore intermediate holding company that was incorporated on July 13, 2024 with no business operations, which in turn holds 14.36% of IntentAI Pte. Ltd. (formerly known as Emo Technologies Pte. Ltd.) and 51% of Hiverlab Pte. Ltd. ("Hiverlab Singapore"). Hiverlab Singapore holds 100% of Hiverlab Vietnam Co., Ltd. ("Hiverlab Vietnam"). As a holding company with no material operations of our own, we conduct substantial part of our operations through our operating subsidiaries in Singapore, IntentAI and Hiverlab Singapore, and the subsidiary of Hiverlab Singapore, Hiverlab Vietnam. We used to conduct our operations through Hiverlab International Pte. Ltd. ("Hiverlab International"), a subsidiary of Hiverlab Singapore. Hiverlab International had been dormant with no ongoing activities or revenue generation. As part of our corporate reorganization, on December 23, 2025, Hiverlab Singapore entered into a share transfer agreement with Mr. Jiang Shutao, our Director and Chief Technology Officer, to transfer all outstanding shares of Hiverlab International for a consideration of S$100 to Mr. Jiang Shutao (the "Disposition"). Following the Disposition, Hiverlab International is no longer owned by the Company.

This is an offering of the Class A Ordinary Shares of Optimal AI Limited, the holding company in the Cayman Islands, instead of the shares of Intent AI, Hiverlab Singapore and Hiverlab Vietnam. References to the "Company", "we", "us", and "our" in the prospectus are to Optimal AI Limited, the Cayman Islands entity that will issue the Class A Ordinary Shares being offered. Our Singapore subsidiary, Hiverlab Singapore, is the main entity operating the business and generating most of the revenue and profit stated in the consolidated financial statements of the Company included elsewhere in this prospectus. The Company owns 51% equity interest in Hiverlab Singapore. Investors in our Class A Ordinary Shares should be aware that they may never hold equity interests in the Singapore operating companies directly. Investors are purchasing equity solely in Optimal AI Limited, our Cayman Islands holding company, which directly owns issued shares and equity interests in the Singapore operating companies.

***Investing in the Class A Ordinary Shares involves a high degree of risk. See section titled "Risk Factors" beginning on page 15 of this prospectus.***

***We are both an "emerging growth company" and a "foreign private issuer" under applicable U.S. Securities and Exchange Commission rules and will be eligible for reduced public company disclosure requirements. See section titled "Prospectus Summary—Implications of Being an 'Emerging Growth Company' and a 'Foreign Private Issuer'" for additional information.***

 

***Neither the Securities and Exchange Commission nor any state securities commission nor any other regulatory body has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.***

 ****

---

| | | |
|:---|:---|:---|
|  | **PER<br> CLASS A<br> ORDINARY<br> SHARE** | **TOTAL<sup>(1)</sup>** |
| Initial public offering price | $4.50 | $11250000 |
| Underwriting discounts<sup>(2)(3)</sup> | $0.315 | $787500 |
| Proceeds, before expenses, to us | $4.185 | $10462500 |

---

 ****

(1) Based
 on an assumed initial public offering price of $4.50 per share, the mid-point of the estimated
 range of the initial public offering price shown on the cover page of this prospectus. The
 total amount is shown assuming no exercise of the over-allotment option described below.

(2) We
 have agreed to pay the underwriters a discount equal to seven percent (7%) of the gross proceeds of this offering. The underwriters
 will receive compensation in addition to the discounts. See "Underwriting" beginning on page 119 for additional information
 regarding total underwriter compensation.

(3) Does
 not include a non-accountable expense allowance equal to one percent (1%) of the gross proceeds of this offering, payable to the
 underwriters.

 ****

This offering is being conducted on a firm commitment basis. The underwriters are obligated to take and pay for all of the Class A Ordinary Shares if any such shares are taken. We have granted the underwriters an option for a period of forty-five (45) days after the closing of this offering to purchase up to fifteen (15%) of the total number of our Class A Ordinary Shares to be offered by us pursuant to this offering (excluding shares subject to this option), solely for the purpose of covering over-allotments, at the initial public offering price less the underwriting discounts. If we complete this offering, net proceeds will be delivered to us on the closing date.

We have agreed to issue R.F. Lafferty & Co., Inc., the representative of the underwriters, or its assigns warrants (the "Representative's Warrants") to purchase such number of Class A Ordinary Shares equal to five percent (5%) of the Class A Ordinary Shares sold in this offering (including Class A Ordinary Shares issued pursuant to the exercise of the over-allotment option) and to also register herein the Class A Ordinary Shares issuable upon the exercise of the Representative's Warrants. The Representative's Warrants will be exercised at any time, and from time to time, in whole or in part, commencing from six months after the closing of this offering and expiring five (5) years from the closing date of this offering. The Representative's Warrants shall have an exercise price of one hundred and ten percent (110%) of the offering price of the Class A Ordinary Shares offered in this offering. The Representative's Warrants shall not be redeemable. See "Underwriting" beginning on page 119 for details.

The underwriters expect to deliver the Class A Ordinary Shares to purchasers against payment on or about , 2026.

**R.F. LAFFERTY & CO., INC.**

**The date of this prospectus is , 2026**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [PROSPECTUS SUMMARY](#a_001) | 1 |
| [THE OFFERING](#a_002) | 14 |
| [RISK FACTORS](#a_003) | 15 |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#a_004) | 42 |
| [USE OF PROCEEDS](#a_005) | 43 |
| [DIVIDEND POLICY](#a_006) | 44 |
| [CAPITALIZATION](#a_007) | 44 |
| [DILUTION](#a_008) | 45 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a_009) | 46 |
| [OUR CORPORATE HISTORY AND STRUCTURE](#a_010) | 63 |
| [INDUSTRY OVERVIEW](#a_011) | 67 |
| [BUSINESS](#a_012) | 68 |
| [REGULATIONS](#a_013) | 88 |
| [MANAGEMENT](#a_014) | 91 |
| [PRINCIPAL SHAREHOLDERS](#a_015) | 96 |
| [RELATED PARTY TRANSACTIONS](#a_016) | 98 |
| [DESCRIPTION OF SHARE CAPITAL](#a_017) | 99 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#a_018) | 109 |
| [TAXATION](#a_019) | 111 |
| [UNDERWRITING](#a_020) | 119 |
| [EXPENSES OF THE OFFERING](#a_027) | 123 |
| [LEGAL MATTERS](#a_021) | 123 |
| [EXPERTS](#a_022) | 123 |
| [ENFORCEMENT OF CIVIL LIABILITIES](#a_023) | 124 |
| [WHERE YOU CAN FIND MORE INFORMATION](#a_024) | 125 |
| [INDEX TO FINANCIAL STATEMENTS](#a_025) | F-1 |
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#a_026) | F-2 |

---

The definitions of certain capitalized terms used in this prospectus can be found in the section titled "*Prospectus Summary—Conventions Which Apply to this Prospectus*" beginning on page 11 of this prospectus.

Solely for convenience, the trademarks, service marks, and trade names referred to in this prospectus are without the® and TM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks and trade names. This prospectus contains additional trademarks, service marks, and trade names of others, which are the property of their respective owners. We do not intend our use or display of other companies' trademarks, service marks, or trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

For investors outside the United States: neither we nor the underwriters have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction, other than the United States, where action for that purpose is required. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the Class A Ordinary Shares and the distribution of this prospectus outside the United States.

**You should rely only on the information contained in this prospectus, any amendment or supplement to this prospectus, or on any free writing prospectus, that we have authorized for use in connection with this offering. Neither we nor the underwriters have authorized anyone to provide you with any information or to make any representations other than those contained in this prospectus, any amendment or supplement to this prospectus, or in any free writing prospectus we have prepared, and neither we nor the underwriters take responsibility for, and can provide no assurance as to the reliability of, any other information others may give you. Neither we nor the underwriters are making an offer to sell, or seeking offers to buy, these securities in any jurisdiction where the offer or sale is not permitted. The information contained in this prospectus is accurate only as of the date on the cover page of this prospectus, regardless of the time of delivery of this prospectus or the sale of the Class A Ordinary Shares. Our business, financial condition, results of operations and prospects may have changed since the date on the cover page of this prospectus.**

i

**PROSPECTUS SUMMARY**

*This summary highlights selected information contained elsewhere in this prospectus. This summary does not contain all of the information that you should consider before investing in our Class A Ordinary Shares. For a more complete understanding of us and this Offering, you should read and carefully consider the entire prospectus, including the more detailed information set forth under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and the related notes included elsewhere in this prospectus. Some of the statements in this prospectus are forward-looking statements. See section titled "Special Note Regarding Forward-Looking Statements." In this prospectus, unless the context requires otherwise, references to "we," "us," "our," "our Group" or the "Company" refer to Optimal AI Limited together with its subsidiaries.*

**Our Business**

*Overview*

 

Optimal AI, which currently operates through its Singapore subsidiary and brand name "Hiverlab" since 2014, is an integrated Enterprise A.I. solutions provider focused on enabling digital transformation for the enterprises of tomorrow. Headquartered in Singapore, our mission is to deliver practical, high-impact enterprise A.I. technologies that help businesses across different industries like healthcare, manufacturing, logistics, and financial services to unlock new levels of operational efficiency, improve decision-making, and drive sustainable growth. The Company's flagship product, "Optimal Enterprise AI", is a collective suite of technology solution designed to address the diverse needs of modern businesses for clients. "Hiverlab AI", an end-to-end integrated A.I. technology stack operating under the Hiverlab brand, is a subset of Optimal Enterprise AI. It comprises customized and configurable purpose-built technologies like spatial digital twin and video A.I., elevating and accelerating the client's digital journey.

With plans to incorporate a wider array of frontier Enterprise A.I. technologies under our ecosystem product offering "Optimal Enterprise AI", we remain committed to building scalable and adaptable systems that can be integrated seamlessly into our solution platform to meet the evolving demands of the modern business landscape. Optimal AI is the next-generation technology powerhouse that offers enterprises a compelling opportunity to intersect artificial intelligence with enterprise innovation, positioning them at the forefront of A.I.-driven business transformation.

Our businesses extend to Vietnam and Saudi Arabia. In Vietnam, we sell Microsoft HoloLens devices to customers, with all sales conducted by employees based in our Singapore office rather than through third parties. In 2024, we were engaged by NEOM, Saudi Arabia's planned arcology and smart city project, to develop a Digital Twin designed to optimize complex hotel configurations with advanced automation. We do not maintain employees or offices in either Vietnam or Saudi Arabia, although we have established a subsidiary in Vietnam, namely Hiverlab Vietnam. We hold no assets in Saudi Arabia, and our only assets in Vietnam consist of a limited inventory of Microsoft HoloLens devices stored in a third-party facility.

*Our Corporate Vision and Mission*

 

We envision a future where emerging technologies like spatial immersive tech, Digital Twins, and artificial intelligence will redefine human interactions and drive sustainable growth. Our vision is to introduce A.I. to transform legacy companies into super-charged enterprises for the future.

Our mission is to create a connected, transparent world by building next-generation digital infrastructure that empowers organizations and communities across industries such as logistics, automation, supply chain, and smart cities. We are also dedicated to empowering traditional brick-and-mortar companies to enhance operational efficiency, foster inclusivity, and build advanced digital ecosystems that drive exponential growth and sustainability.

**Our Industry**

We operate at the intersection of several high-growth technology sectors, including spatial intelligence, Digital Twin technology, augmented reality, virtual reality, mixed reality, cloud computing, system integrations, and data visualization. These fields are driving digital transformation by enabling businesses to analyze spatial data, create virtual replicas of physical assets, and deliver immersive experiences.

**Our Competitive Strengths**

We believe our main competitive strengths are as follows:

● Our extensive knowledge and connections in the Asia Pacific region enable us to deliver tailored solutions that address local market needs effectively.

● Our A.I.-powered Optimal Enterprise AI product that integrates frontier technologies like spatial digital twins and video A.I., enhancing efficiency and reducing costs for diverse industry applications.

● Our expert team, skilled in emerging technologies and industry processes, drives innovative solutions aligned with client needs.

● Our brand agnostic technology stack that can be customized with other leading innovators in robotics, and hardware, including ROS2 and OpenRMF, to deliver advanced, seamlessly integrated solutions.

● Our diverse client base across industries fosters recurring opportunities, supporting continuous innovation and growth.

**Our Business Strategies and Future Plans**

Our business strategies and future plans are as follows:

● We plan to scale up sales and marketing efforts to expand our A.I. solutions across Asia Pacific markets.

● We will pursue strategic acquisitions and investments to strengthen our market position and capabilities.

● We aim to diversify our product portfolio and strengthen our technology and intellectual property assets.

**Summary Risk Factors**

Our prospectus should be considered in light of the risks, uncertainties, expenses, and difficulties frequently encountered by similar companies. Below please find a summary of the principal risks we face, organized under relevant headings. These risks are discussed more carefully in the section titled "*Risk Factors.*"

 ****

***Risks Related to Our Business and Industry***

● Our revenue is relatively concentrated within a small number of key customers, and the loss of one or more of such key customers could slow the growth rate of our revenue or cause our revenue to decline.

● Our business depends on our ability to attract new customers and on our existing customers purchasing additional products and solutions from us and renewing their contracts and subscriptions.

● Because we derive substantially all of our revenue from our Optimal Enterprise AI, failure of our technology solution in particular to satisfy customer demands or to achieve increased market acceptance would adversely affect our business, results of operations, financial condition, and growth prospects.

● We may not achieve or sustain profitability in the future.

● We face intense competition and could lose market share to our competitors, which could adversely affect our business, financial condition and results of operations.

● Certain revenue metrics such as net dollar-based retention rate or annual recurring revenue may not be accurate indicators of our future financial results.

● Changes in our pricing models could adversely affect our operating results.

● Our revenue growth depends in part on the success of our strategic relationships with third parties, including channel partners, and if we are unable to establish and maintain successful relationships with them, our business, operating results, and financial condition could be adversely affected.

● If the market for our Optimal Enterprise AI solution fails to grow as we expect, or if businesses fail to adopt our Optimal Enterprise AI solution, our business, operating results, and financial condition could be adversely affected.

● If we fail to respond to rapid technological changes, extend our Optimal Enterprise AI technology or develop new features and functionality, our ability to remain competitive could be impaired.

● The failure to effectively develop and expand our marketing and sales capabilities could harm our ability to increase our customer base and achieve broader market acceptance of our technology solution stack.

● If we fail to develop, maintain, and enhance our brand and reputation cost-effectively, our business and financial condition may be adversely affected.

● The failure to attract and retain additional qualified personnel or to maintain our company culture could harm our business and culture and prevent us from executing our business strategy.

***Risks Related to our Corporate Structure***

● Our dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A Ordinary Shares may view as beneficial.

● You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law.

***Risks Related to Our Class A Ordinary Shares and this Offering***

● There has been no public market for our Class A Ordinary Shares prior to this Offering, and you may not be able to resell our Class A Ordinary Shares at or above the price you paid, or at all.

● The dual-class structure of our Ordinary Shares has the effect of concentrating voting control with those shareholders who held our Class B Ordinary Shares prior to this offering. This ownership will limit or preclude your ability to influence corporate matters, including the election of directors, amendments of our organizational documents, and any merger, consolidation, sale of all or substantially all of our assets, or other major corporate transactions requiring shareholder approval, and that may adversely affect the trading price of our Class A Ordinary Shares.

● We cannot predict the effect that our dual-class structure may have on the market price of our Class A Ordinary Shares.

● If we fail to maintain an effective system of disclosure controls and internal controls over financial reporting, our ability to timely produce accurate financial statements or comply with applicable regulations could be impaired.

● The trading price of our Class A Ordinary Shares may be volatile, which could result in substantial losses to you.

● Our Class A Ordinary Shares may be thinly traded and you may be unable to sell at or near ask prices or at all if you need to sell your shares to raise money or otherwise desire to liquidate your shares.

● If securities or industry analysts do not publish or publish inaccurate or unfavorable research about our business, or if they adversely change their recommendations regarding our Class A Ordinary Shares, the market price for our Class A Ordinary Shares and trading volume could decline.

● The sale or availability for sale of substantial amounts of our Class A Ordinary Shares in the public market could adversely affect the market price of our Class A Ordinary Shares.

● You must rely on price appreciation of our Class A Ordinary Shares for return on your investment because the amount, timing, and whether or not we distribute dividends at all is entirely at the discretion of our Board.

● We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S. domestic public companies.

● As a company incorporated in Cayman Islands, we are permitted to adopt certain Cayman Island's practices in relation to corporate governance matters that differ significantly from the NYSE American Capital Market listing standards; these practices may afford less protection to shareholders than they would enjoy if we complied fully with the NYSE American Capital Market listing standards.

***Risks Related to Doing Business in Certain Countries and Regions***

 ****

● Our operating subsidiary Hiverlab Singapore is subject to the laws of Singapore, which differ in certain material respects from the laws of the United States.

● Investments in emerging markets are subject to greater risks than those in more developed markets.

**Our Corporate History and Structure** 

**Corporate History**

Optimal AI Limited, the issuer in this offering, was incorporated under the laws of the Cayman Islands on June 27, 2025. As of the date of this prospectus, the Company owns 100% of Optimal AI Pte. Ltd. ("Optimal AI"), a Singapore intermediate holding company with no business operations that was incorporated on July 13, 2024, which in turn holds 51% of Hiverlab Singapore. Hiverlab Singapore holds 100% of Hiverlab Vietnam Co., Ltd. ("Hiverlab Vietnam").

We were founded in 2014 with the incorporation of Hiverlab Singapore. Hiverlab drives digital transformation with emerging technologies to redefine human machine interactions for a transparent world. The Company delivers practical, high-impact enterprise A.I. technologies such as digital twin, Video A.I., generative A.I. and more, that help businesses across different industries like healthcare, manufacturing, logistics and financial services to unlock new levels of operational efficiency, improve decision-making, and drive sustainable growth.

**Hiverlab Singapore and its subsidiaries**

***Hiverlab Singapore***, incorporated in Singapore on February 18, 2014: As our primary operating subsidiary, it develops and deploys immersive communication and training solutions using XR, spatial computing, and AI technologies. It provides enterprise software and cloud-based platforms (e.g., Hiverlab AI) for creating, managing, and distributing interactive 3D and VR content. Additional activities include professional services such as system integration, digital transformation consulting, and content development for clients in industries like logistics, manufacturing, and education. It also conducts R&D on proprietary immersive and AI-assisted tools, including integration of open-source AI models. Hiverlab Singapore generates more than 95% of our total revenue for the six months ended June 30, 2025 through software licensing, project services, and enterprise contracts, which is material.

The Company indirectly holds 51% of Hiverlab Singapore. On September 30, 2024, Optimal Investments Limited ("OIL") and Mr. Jiang Shutao, then shareholders of Hiverlab Singapore, entered into share swap agreements with Optimal AI. Pursuant to these agreements, OIL transferred its 17.96% interest and Mr. Jiang transferred a 33.04% interest in Hiverlab Singapore to Optimal AI. In consideration, Optimal AI allotted and issued 18,549,998 ordinary shares (representing 74.2% of Optimal AI) to OIL and 6,200,000 ordinary shares (representing 24.8% of Optimal AI) to Mr. Jiang. Upon completion of the share swap, Optimal AI became the holder of 51% of the shareholding interest in Hiverlab Singapore, which is now our indirectly owned subsidiary. Prior to the share swap, OIL and Mr. Jiang jointly controlled Hiverlab Singapore pursuant to a concert party deed.

Hiverlab Singapore is governed by a small board of directors, and to enhance oversight, Mr. Lai Kee Chwee, our director and Chief Executive Officer, will be joining the board of directors of Hiverlab Singapore upon completion of this offering. The management team of Hiverlab Singapore is led by Mr. Jiang Shutao, our director and Chief Technology Officer, as Chief Executive Officer, responsible for strategic leadership and overall operations, and Ms. Yuan Yi as Chief Operating Officer, who oversees daily business management and staff supervision. Hiverlab Singapore operates with a lean workforce of fewer than 10 employees, enabling close oversight by its leadership team and agile decision-making. The Company exercises operational and management control over Hiverlab Singapore primarily through its 51% shareholding, which grants it majority voting rights. This control is further reinforced by active board representation and participation in key corporate decisions. Additionally, Hiverlab Singapore regularly provides financial and operational reports to our management to ensure alignment with the Company's overall strategic objectives.

Hiverlab Singapore's minority shareholders own 49% of the company. These minority shareholders include: (i) Mr. Jiang Shutao, our director and Chief Technology Officer; (ii) the spouse of Mr. Jiang Shutao; (iii) Ms. Yuan Yi, the Chief Operating Officer of Hiverlab Singapore; (iv) Hiverlab Employee Holding LLP (10.1%), a trust-like entity established to manage shares under the employee share option scheme company for staff options; and (v) a private investor. Among the minority shareholders, Mr. Jiang Shutao and Ms. Yuan Yi are affiliates of the Company.

***Hiverlab International,*** incorporated in Singapore on November 18, 2022: We used to conduct our operations through Hiverlab International, a subsidiary of Hiverlab Singapore. This subsidiary had been dormant with no ongoing activities or revenue generation. As part of our corporate reorganization, on December 23, 2025, Hiverlab Singapore entered into a share transfer agreement with Mr. Jiang Shutao, our Director and Chief Technology Officer, to transfer all outstanding shares of Hiverlab International for a consideration of S$100 to Mr. Jiang Shutao (the "Disposition"). Following the Disposition, Hiverlab International is no longer owned by the Company.

***Hiverlab Vietnam***, incorporated in Vietnam on March 30, 2021: This subsidiary primarily sells hardware, with a focus on Microsoft HoloLens devices. Future plans include operating it as an engineering and production hub. It generates less than 5% of our total revenue for the six months ended June 30, 2025 solely from hardware sales.

**Acquisition of IntentAI**

Since 2025, Optimal AI has been holding 14.36% equity stake in IntentAI Pte. Ltd. (formerly known as Emo Technologies Pte. Ltd.) ("IntentAI"), a Singapore company that was incorporated on October 2, 2018. IntentAI specializes in providing AI Chatbot solutions for enterprises in the financial and healthcare sectors. It provides a SaaS platform with AI-driven natural language processing to train chatbots for accurate customer intent recognition.

The Company acquired the 14.36% equity interest of IntentAI on February 20, 2025, from Optimal Investments Limited for a consideration of S$475,020, which was settled through the issuance of shares of Optimal AI, our Singapore intermediate holding company. IntentAI's management team consists of Manuel Ho, the Chief Executive Officer and director; Hon-Wai Chia, the Chief Technology Officer and director; and Jude Tan, the Chief Commercial Officer. Approximately 60% of IntentAI is owned by its staff and management, with the remainder held by a Singapore's research institute and individual minority shareholders. Mr. Lai Kee Chwee, our Chairman, Director of the Board and Chief Executive Officer, serves as a director of IntentAI but was not involved in the formation, day-to-day management, or daily operations of IntentAI and is not currently engaged in its management or operations. Mr. Lai first became involved with IntentAI through OIL, which invests in innovative technology companies. In 2023, he identified IntentAI's generative AI solutions, developed in collaboration with Singapore's government innovation institute, as having strong industry potential. Following OIL's investment, Mr. Lai joined IntentAI's board to support customer development. While Mr. Lai was a director of IntentAI at the time negotiations for the share swap were occurring, he abstained from IntentAI's board approval of the share swap agreement to avoid any conflict of interest. Mr. Lai resigned from his position as a director of IntentAI effective December 31, 2025.

As of now, our products do not integrate IntentAI's technology; however, we recognizes potential synergies and plans to explore opportunities for integrating IntentAI's technologies into our Optimal Enterprise AI suite of solutions. There are currently no signed agreements or options to acquire additional shares in IntentAI.

**Convertible Loan Agreements**

Our subsidiary, Optimal AI, entered into eight separate convertible loan agreements in 2025 (the "Convertible Loan Agreements") with eight third-party lenders (the "Lenders") as part of our pre-IPO fundraising, seeking an aggregate proceeds of approximately SGD 1,200,000. Under the Convertible Loan Agreements, SGD 100,000 was raised and drawn down in 2024 and SGD 900,000 in 2025. Since the beginning of 2026, an additional SGD 80,000 has been drawn, and the total amount of convertible loans issued to date is SGD 1,080,000.

Under the terms of the Convertible Loan Agreements, the outstanding principal amount provided by the Lenders is initially interest-free and will automatically convert into Class A Ordinary Shares upon the completion of this offering. The conversion price per share is fixed at USD 2.00, which, based on an estimated USD and SGD exchange rate of 1.3, will result in the issuance of 415,380 Class A Ordinary Shares upon the automatic conversion of the SGD 1,080,000 principal amount. The conversion price of US$2.00 per share represents an estimated 50% discount to the estimated offering price of US$4.00 per share.

If the Company completes a trade sale prior to maturity, the outstanding principal amount is repayable to the Lenders using a formula based on the principal outstanding and a 50% discount rate applied. In the event that neither a public offering nor a trade sale occurs by the maturity date which is two years from the initial drawdown date, the loan becomes repayable in full along with interest accruing from that date forward at an annual rate of 10%, calculated based on a 365-day year. The Lenders have agreed to customary lock-up restrictions, prohibiting them from selling or transferring 50% of the shares acquired through the conversion for a period of 180 days following the closing of a public offering. The Convertible Loan Agreement also specifies events of default, including but not limited to insolvency or other similar proceedings, which could trigger immediate repayment obligations.

**Relationships among Optimal Investments Limited ("OIL"), Mr. Lai Kee Chweeand Optimal Investments Group Pte Ltd ("OIG")**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Optimal Investments Limited as a Shareholder of the Company* 

OIL is a significant shareholder of our Company, holding more than 30% of our outstanding shares. Mr. Lai Kee Chwee, our Chairman, Director of the Board, Chief Executive Officer, and founder of our Group, holds a 31% ownership interest in OIL. The remaining 69% of OIL is owned collectively by approximately 30 minority shareholders, each holding less than 10% of OIL. None of these shareholders are related to Mr. Lai, and all are passive investors with no involvement in the management or operations of OIL. OIL does not engage in any business operations and functions solely as a long-term investment vehicle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Overview of Optimal Investments Group* 

OIG is an investment holding company and a venture capital fund manager established in June 2020. Mr. Lai Kee Chwee holds a 50% ownership interest in OIG and previously served as its Chief Executive Officer from June 2020 to April 2025. OIG manages a fund known as Optimal Investments VCC (the "OIG Fund"), which invests in 5 portfolio companies across industries distinct from the business of our Group. These industries include food technology, medical research and therapies, pet care, and Internet of Things. We believe the businesses of these portfolio companies do not conflict with our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Relationship among OIL, OIG, and Mr. Lai Kee Chwee* 

Mr. Lai holds a 31% interest in OIL.

Mr. Lai also holds a 50% ownership interest in OIG and previously served as its Chief Executive Officer from June 2020 to April 2025.

OIL is an investment holding company and holds shares in the Company, a 17% minority stake in OIG Fund, and a 3% stake in UnaBiz. It does not have any other investments.

OIL and OIG are related through OIL's minority investment in OIG Fund. OIL does not exercise operational control over OIG, and its role is limited to passive investment.

**Corporate Structure**

This is an offering of the Class A Ordinary Shares of Optimal AI Limited, a Cayman Islands exempted company with limited liability, which is a holding company with no material operations of our own. We conduct our operations through our Singapore and Vietnam operating subsidiaries.

Because we are incorporated under the laws of Cayman Islands, you may encounter difficulty protecting your interests as a shareholder, and your ability to protect your rights through the U.S. federal court system may be limited. Please refer to the sections titled "*Risk Factors*" and "*Enforcement of Civil Liabilities*" for more information.

Our subsidiaries will remain the same prior to and after this Offering. The chart below illustrates our corporate structure and identifies our subsidiaries (i) prior our Group's initial public offering and (ii) after our Group's initial public offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) After
 the reorganization but prior to completion of this offering:

![](image_020.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon
 completion of this offering (assuming the underwriter's over-allotment option is not
 exercised and reflects automatic conversion of the loans pursuant to the Convertible Loan
 Agreements):

![](image_021.jpg)

Our Controlling Shareholder currently, directly and indirectly, owns 38.30% of our outstanding Class A Ordinary Shares and 100% of our outstanding Class B Ordinary Shares, representing approximately 72.90% of our total voting power, and, upon consummation of this Offering, our Controlling Shareholder will continue to own 33.42% (or 32.88% if the underwriter's option to purchase additional shares is exercised in full) of our outstanding Class A Ordinary Shares and 100% of our outstanding Class B Ordinary Shares, which represents approximately 68.51% of the total voting power of our outstanding Ordinary Shares (or approximately 67.98% of the total voting power of our outstanding Ordinary Shares if the Underwriter's option to purchase additional Shares is exercised in full). See "*Risk Factors—Risks Related to Our Corporate Structure*."

**Corporate Information**

Our registered office in the Cayman Islands is located at the offices of Harneys Fiduciary (Cayman) Limited, 4<sup>th</sup> Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands. Our principal place of business is 1008 Toa Payoh North #04-12/14/15, Singapore 318996. The telephone number of our principal office is +65 68160391. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, NY 10168. Our corporate website is www.optimalai.com.sg*.* Information contained on our website does not constitute part of this prospectus.

**Implications of Being an "Emerging Growth Company" and a "Foreign Private Issuer"**

As a company with less than $1.235 billion in revenue during our most recently completed fiscal year, we qualify as an "emerging growth company" as defined in Section 2(a) of the Securities Act, as modified by the JOBS Act. As an emerging growth company, we may take advantage of certain reduced disclosure and requirements that are otherwise applicable generally to U.S. public companies that are not emerging growth companies. These provisions include:

● the option to include in an initial public offering registration statement only two years of audited financial statements and selected financial data and only two years of related disclosure;

● reduced executive compensation disclosure; and

● an exemption from the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act") in the assessment of our internal controls over financial reporting.

The JOBS Act also permits an emerging growth company, such as us, to delay adopting new or revised accounting standards until such time as those standards are applicable to private companies. We have not elected to "opt out" of this provision, which means that when a standard is issued or revised and it has different application dates for public or private companies, we will have the discretion to adopt the new or revised standard at the time private companies adopt the new or revised standard and our discretion will remain until such time that we either (i) irrevocably elect to "opt out" of such extended transition period or (ii) no longer qualify as an emerging growth company.

We will remain an emerging growth company until the earliest of:

● the last day of our fiscal year during which we have total annual revenue of at least $1.235 billion;

● the last day of our fiscal year following the fifth anniversary of the closing of this Offering;

● the date on which we have, during the previous three-year period, issued more than $1.0 billion in non-convertible debt securities; or

● the date on which we are deemed to be a "large accelerated filer" under the Exchange Act, which, among other things, would occur if the market value of our Class A Ordinary Shares that are held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter.

We have taken advantage of reduced reporting requirements in this prospectus. Accordingly, the information contained herein may be different than the information you receive from other public companies.

In addition, upon closing of this Offering, we will report under the Exchange Act as a "foreign private issuer." As a foreign private issuer, we may take advantage of certain provisions under the NYSE American listing rules that allow us to follow Cayman Islands law for certain corporate governance matters. Even after we no longer qualify as an emerging growth company, as long as we qualify as a foreign private issuer under the Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

● the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act;

● the sections of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and liability for insiders who profit from trades made in a short period of time;

● the rules under the Exchange Act requiring the filing with the Securities and Exchange Commission of quarterly reports on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K, upon the occurrence of specified significant events; and

● Regulation Fair Disclosure ("Regulation FD"), which regulates selective disclosures of material information by issuers.

Foreign private issuers, like emerging growth companies, are also exempt from certain more stringent executive compensation disclosure rules. Thus, if we remain a foreign private issuer, even if we no longer qualify as an emerging growth company, we will continue to be exempt from the more stringent compensation disclosures required of public companies that are neither an emerging growth company nor a foreign private issuer.

We may take advantage of these exemptions until such time as we are no longer a foreign private issuer. We are required to determine our status as a foreign private issuer on an annual basis at the end of our second fiscal quarter. We would cease to be a foreign private issuer at such time as more than 50% of our outstanding voting securities are held by U.S. residents and any of the following three circumstances apply:

● the majority of our executive officers or directors are U.S. citizens or residents;

● more than 50% of our assets are located in the United States; or

● our business is administered principally in the United States.

**Implications of Being a Controlled Company**

Upon the completion of this Offering, we will be a "controlled company" as defined by the NYSE American Company Guide because Mr. Lai Kee Chwee, our Chief Executive Officer and director will, through Optimal Investments Limited, beneficially to hold 33.42% of our outstanding Class A Ordinary Shares and 100% of our outstanding Class B Ordinary Shares and will be able to exercise approximately 68.51% of the total voting power of our issued and outstanding share capital (or approximately 67.98% of the total voting power of our issued and outstanding share capital if the Underwriter's option to purchase additional Shares is exercised in full). For so long as we remain a "controlled company," we are permitted to elect not to comply with certain corporate governance requirements. If we rely on these exemptions, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. Although we currently do not intend to rely on the "controlled company" exemptions under the NYSE American Company Guide, we could elect to rely on the exemptions after we complete this offering. See section titled "*Risk Factors*—*Risks Relating to Our Class A Ordinary Shares* — *We will be a "controlled company" within the meaning of NYSE American Stock Market listing rules and, as a result, may rely on exemptions from certain corporate governance requirements that provide protection to shareholders of other companies*."

Even if we cease to be a controlled company, we may still rely on exemptions available to foreign private issuers.

**Conventions Which Apply to this Prospectus**

Throughout this prospectus, we use a number of key terms and provide a number of key performance indicators used by management. Unless the context otherwise requires, the following definitions apply throughout where the context so admits:

**Other Companies, Organizations and Agencies**

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| | | |
|:---|:---|:---|
| ***"Independent Registered Public Accounting Firm"*** | : | Assentsure PAC |
| ***"Underwriter"*** | : | R.F. Lafferty & Co., Inc., as the underwriter for the Offering. |

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**General** 

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| | |
|:---|:---|
| ***"amended and restated memorandum and articles of association"*** | The amended and restated memorandum and articles of association of the Company adopted by a special resolution passed on August 20, 2025. |
| ***"AI"*** | Artificial Intelligence, refers to the simulation of human intelligence in machines that are programmed to think and act like humans. |
| ***"APAC"*** | The Asia–Pacific region. |
| ***"AR"*** | Augmented reality, also known as mixed reality, is a technology that overlays real-time 3D-rendered computer graphics onto a portion of the real world through a display, such as a handheld device or head-mounted display. |
| ***"Audit Committee"*** | The audit committee of our Board of Directors. |
| ***"Board" or "Board of Directors"*** | The board of Directors of our Company. |
| ***"Class A Ordinary Shares"*** | Class A ordinary shares in the capital of the Company of nominal or par value US$0.0001 each designated as Class A shares, and having the rights provided for in the articles of association of the Company, as amended or substituted from time to time. |
| ***"Class B Ordinary Shares"*** | Class B ordinary shares in the capital of the Company of nominal or par value US$0.0001 each designated as Class B shares, and having the rights provided for in the articles of association of the Company, as amended or substituted from time to time. |
| ***"Companies Act"*** | The Companies Act (Revised) of the Cayman Islands. |
| ***"Company" or "Optimal AI Cayman"*** | Optimal AI Limited, a Cayman Islands exempted company. |
| ***"Compensation Committee"*** | The compensation committee of our Board of Directors. |
| ***"Controlling Shareholder"*** | A person who has an interest or interests (whether by record or beneficial ownership) in one or more voting shares (excluding treasury shares) in our Company, and the total votes attached to that share, or those shares, is not less than 50.0% of the total votes attached to all the voting shares (excluding treasury shares) in our Company. Mr. Lai Kee Chwee is the Controlling Shareholder. |

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| | |
|:---|:---|
| ***"COVID-19"*** | Coronavirus disease 2019. |
| ***"Digital Twins"*** | Digital Twins are virtual replicas of physical assets, processes, or systems, enabling real-time monitoring, simulation, and optimization to enhance decision-making and efficiency. XR, AR, and VR technologies enable immersive experiences that blend physical and digital environments. |
| ***"Directors"*** | The directors of our Company. |
| ***"Enterprise A.I."*** | The integration and application of artificial intelligence technologies, tools, and techniques within an organization to improve operations, decision-making, and customer experiences. |
| ***"Executive Officers"*** | The executive officers of our Company. See section titled "*Management*." |
| ***"Fiscal Year" or "FY"*** | Financial year ended or, as the case may be, ending December 31. |

| ***"Group"*** | Our Company and our subsidiaries. |
| ***"Listing"*** | The listing and quotation of our Class A Ordinary Shares on NYSE American. |
| ***"NYSE American"*** | NYSE American LLC. |

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| | |
|:---|:---|
| ***"Nominating and Corporate Governance Committee"*** | The nominating and corporate governance committee of our Board of Directors. |
| ***"Offer Price"*** | We currently estimate that the initial public offering price will be in the range of US$4 to US$5 for each Class A Ordinary Share being offered in this Offering. |
| ***"Offering"*** | The Offering of Class A Ordinary Shares by the Underwriter on behalf of our Company for subscription at the Offer Price, subject to and on the terms and conditions set out in this prospectus. |
| ***"ordinary resolution"*** | A resolution passed by a simple majority of the Shareholders as, being entitled to do so, vote in person or by proxy at a general meeting of our Company and includes a unanimous written resolution. |
| ***"Share(s)," "ordinary share(s)" or "Ordinary Share(s)"*** | Class A Ordinary Shares and Class B Ordinary Shares. |
| ***"Shareholders"*** | Registered holders of Shares. |
| ***"special resolution"*** | A resolution passed by at least two-thirds of the Shareholders as, being entitled to do so, vote in person or by proxy at a general meeting of our Company and includes a unanimous written resolution. |
| ***"Underwriting Agreement"*** | The Underwriting Agreement dated [ ], 2026 entered into between our Company and R.F. Lafferty & Co., Inc., as the representative of the underwriter(s), pursuant to which the underwriter(s) have agreed to purchase, and we have agreed to sell to it, [__________] of our Class A Ordinary Shares at the Offer Price, less the underwriting discounts, as described in the sections titled "*Underwriting*" of this prospectus. |
| ***"U.S. GAAP"*** | Accounting principles generally accepted in the United States of America. |
| ***"VR"*** | Virtual reality, a simulated experience that employs 3D near-eye displays and pose tracking to give the user an immersive feel of a virtual world. |
| ***"XR"*** | XR encompasses AR, which overlays digital information onto the real world, and VR, which creates fully immersive virtual environments, allowing for applications in training, visualization, and interactive storytelling. |

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**Currencies, Units and Others**

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| | |
|:---|:---|
| ***"SGD" or "S$"*** | The Singapore dollar, the legal currency of Singapore. |
| ***"US$," "U.S. dollars," "USD" or "$"*** | U.S. dollars and cents respectively, the lawful currency of the U.S. |
| ***"%" or "per cent."*** | Per centum. |
| ***"sq. m."*** | Square meters. |

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The expressions "associated company," "related corporation" and "subsidiary" shall have the respective meanings ascribed to them in the Companies Act, as the case may be.

Any discrepancies in tables included herein between the total sum of amounts listed and the totals thereof are due to rounding. Accordingly, figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them.

Unless the context otherwise requires, a reference to "**we**," "**our**," "**us**," "**our Group**" or the "**Company**" or their other grammatical variations is a reference to Optimal AI Limited and its subsidiaries taken as a whole.

Certain of our customers and suppliers are referred to in this prospectus by their trade names. Our contracts with these customers and suppliers are typically with an entity or entities in the relevant customer or supplier's group of companies.

Internet site addresses in this prospectus are included for reference only and the information contained in any website, including our website, is not incorporated by reference into, and does not form part of, this prospectus.

**Market and Industry Data**

We are responsible for the information contained in this prospectus and any free writing prospectus we prepare or authorize. This prospectus includes statistical and other industry and market data that we obtained from industry publications and research, surveys and studies conducted by third parties, as well estimates by our management based on such data. We have not engaged or commissioned any third parties to prepare or provide the statistical and other industry and market data included in this prospectus. The market data and estimates used in this prospectus involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such data and estimates. While we believe that the information from these industry publications, surveys and studies is reliable, the industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of important factors, including those described in the section titled "*Risk Factors*." These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

**Presentation of Financial and Other Information**

Unless otherwise indicated, all financial information contained in this prospectus is prepared and presented in accordance with U.S. GAAP.

All references in this prospectus to "**U.S. dollars**," "**US$**," "**$**" and "**USD**" refer to United States dollar(s), the legal currency of the United States of America, and all references to "**SGD**," "**S$**" or "**Singapore Dollar**" refer to Singapore dollar(s), the legal currency of Singapore. Unless otherwise indicated, all references to currency amounts in this prospectus are in USD. The Company is a holding company with operations conducted mainly in Singapore through its Singapore operating subsidiary, of whose reporting currency is Singapore Dollar. This prospectus contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Unless otherwise noted, all translations from SGD to U.S. dollars and from U.S. dollars to SGD in this prospectus were calculated at the noon buying rate of US$1 = S$1.3662, representing the index rate stipulated by the federal reserve as of December 31, 2024. No representation is made that the SGD amounts could have been, or could be, converted, realized or settled into US$ at such rate, or at any other rate.

We have made rounding adjustments to some of the figures contained in this prospectus. Accordingly, numerical figures shown as totals in some tables may not be exact arithmetic aggregations of the figures that preceded them.

**The Offering**

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| | |
|:---|:---|
| **Class A Ordinary Shares offered by us:** | 2,500,000 Class A Ordinary Shares (or 2,875,000 Class A Ordinary Shares if the Underwriter exercises its option to purchase additional Class A Ordinary Shares within 45 days of the date of the closing of this Offering in full). |
| **Offer Price:** | We currently estimate that the initial public offering price will be in the range of $4 to $5 per Class A Ordinary Share. |
| **Shares outstanding before this Offering:** | 21,250,000 Ordinary Shares, consisting of 19,975,000 Class A Ordinary Shares and 1,275,000 Class B Ordinary Shares are outstanding as of the date of this prospectus. |
| **Shares to be outstanding immediately after this Offering:** | 24,165,380 Ordinary Shares, consisting of 22,890,380 Class A Ordinary Shares (or 23,265,380 Class A Ordinary Shares if the Underwriter exercises its option to purchase additional Shares within 45 days of the date of the closing of the Offering from us in full) which includes an aggregate of 415,380 Class A Ordinary Shares issuable to holders of certain convertible loans upon completion of this offering and 1,275,000 Class B Ordinary Shares. |
| **Over-allotment option to purchase additional Class A Ordinary Shares:** | We have granted the Underwriter an option to purchase up to 15% additional Class A Ordinary Shares from us within 45 days of the date of the closing of this Offering. |
| **Use of proceeds:** | We estimate that we will receive net proceeds from this Offering of approximately US$9,212,812 (or US$10,765,275 if the Underwriter exercises its over-allotment option to purchase additional Class A Ordinary Shares from us in full), based on an assumed initial public offering price of US$4.50 per share, after deducting the estimated underwriting discounts and offering expenses payable by us. We intend to use the net proceeds from this Offering for expanding sales and marketing efforts into international markets; strategic acquisitions and investments; technology integration across portfolio companies within the Company and intellectual property development and acquisition; and for working capital and other general corporate purposes. See "*Use of Proceeds*" on page 43 for more information. |
| **Representative's warrant** | We have agreed to issue warrants (the "Representative's Warrants") to R.F. Lafferty & Co., Inc., the representative of the underwriters, to purchase such number of Class A Ordinary Shares equal to five percent (5%) of the Class A Ordinary Shares sold in this offering (including Class A Ordinary Shares issued pursuant to the exercise of the over-allotment option). The Representative's Warrants will be exercised at any time, and from time to time, in whole or in part, commencing from six months after the closing of this offering and expiring five (5) years from the closing date of this offering. The Representative's Warrants shall have an exercise price of one hundred and ten percent (110%) of the offering price of the Class A Ordinary Shares offered in this offering. The Representative's Warrants shall not be redeemable. |
| **Lock-up:** | The Company, our directors, officers and certain shareholders have agreed with the Underwriter, subject to certain exceptions, not to sell, transfer, or dispose of, directly or indirectly, any of our Ordinary Shares or securities convertible into or exercisable or exchangeable for our Ordinary Shares for a period of six (6) months after the closing date of this offering. See sections titled *"Shares Eligible for Future Sale"* and *"Underwriting"* for more information. |
| **Proposed listing and symbol:** | We intend to list the Class A Ordinary Shares on the NYSE American under the symbol "[____]." The closing of this offering is conditioned upon NYSE American's final approval of our listing application, and there is no guarantee or assurance that our Class A Ordinary Shares will be approved for listing on NYSE American. |
| **Risk factors:** | See section titled "*Risk Factors*" and other information included in this prospectus for a discussion of factors you should carefully consider before deciding to invest in the Class A Ordinary Shares. |

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**RISK FACTORS**

*An investment in our Class A Ordinary Shares involves various risks. Prospective investors should carefully consider and evaluate each of the following considerations and all other information set forth in this prospectus before deciding to invest in our Class A Ordinary Shares. The following section describes some of the significant risks known to us now that could directly or indirectly affect us and the value or trading price of our Class A Ordinary Shares and should not be construed as a comprehensive listing of all risk factors. The following section does not state risks unknown to us now but which could occur in the future and risks which we currently believe to be not material but may subsequently turn out to be so. Should these risks occur and/or turn out to be material, they could materially and adversely affect our business, financial condition, results of operations and prospects. To the best of our Directors' knowledge and belief, the risk factors that are material to investors in making an informed judgment have been set out below. If any of the following considerations and uncertainties develops into actual events, our business, financial condition, results of operations and prospects could be materially and adversely affected. In such cases, the trading price of our Class A Ordinary Shares could decline and investors may lose all or part of their investment in our Shares. Prospective investors are advised to apprise themselves of all factors involving the risks of investing in our Class A Ordinary Shares from their professional advisers before making any decision to invest in our Class A Ordinary Shares.*

 

*This prospectus also contains forward-looking statements having direct and/or indirect implications on our future performance. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the risks and uncertainties faced by us described below and elsewhere in this prospectus. See section titled "Special Note Regarding Forward-Looking Statements."*

**Risks Related to Our Business and Industry** 

***Our revenue is relatively concentrated within a small number of key customers, and the loss of one or more of such key customers could slow the growth rate of our revenue or cause our revenue to decline.***

We have certain customers whose revenue individually represents 10% or more of the Company's total revenues. The sudden loss of any of our major customers or the renegotiation of any of our major customer contracts could have a significant impact on our revenue, the growth rate of our revenue, our reputation, and our ability to obtain new customers.

In the ordinary course of business, we engage in active discussions and renegotiations with our customers in respect of the solutions we provide and the terms of our customer agreements, including our fees. As our customers' businesses respond to market dynamics, financial pressures, and regulatory changes or delays impacting their businesses, and as our customers make strategic business decisions regarding how to market their offerings, our customers seek to, and we expect will continue to seek to, amend the terms of their arrangements with us. In the ordinary course, we renegotiate the terms of our agreements with our customers in connection with renewals or extensions of these agreements. These discussions and future discussions could result in reductions to the fees and changes to the scope contemplated by our original customer contracts and consequently could negatively impact our revenue, business, and prospects.

Because we rely on a limited number of customers for a significant portion of our revenue, we depend on the creditworthiness of these customers. If the financial condition of our customers declines, our credit risk could increase. Should one or more of our significant customers declare bankruptcy, be declared insolvent, or otherwise be restricted by state or federal laws or regulation from continuing in some or all of their operations, this could adversely affect our ongoing revenue, the collectability of our accounts receivable, and affect our bad debt reserves and net income.

***Our business depends on our ability to attract new customers and on our existing customers purchasing additional products and solutions from us and renewing their contracts and subscriptions.***

To increase our revenue, we must continue to attract new customers. Our success will depend, to a substantial extent, on the widespread adoption of our Optimal Enterprise AI solutions. Although demand for spatial intelligence solutions, artificial intelligence platforms and applications has grown in recent years, the market for these platforms and applications continues to evolve. Numerous factors may impede our ability to add new customers, including but not limited to, our failure to compete effectively against alternative products or services, failure to attract and effectively train new sales and marketing personnel, failure to develop or expand relationships with partners and resellers, failure to successfully innovate and deploy new applications and other solutions, failure to provide a quality customer experience and customer support, or failure to ensure the effectiveness of our marketing programs. If we are not able to attract new customers, it will have an adverse effect on our business, financial condition and results of operations.

In addition, our future success depends on our ability to cross-sell additional components of our Optimal Enterprise AI solutions to our existing customers, and our customers renewing their contracts when the contract term expires. Our customers generally have no contractual obligation to renew, upgrade, or expand their contracts and subscriptions after the terms of their existing contracts and subscriptions expire. In addition, our customers may opt to decrease their use of our Optimal Enterprise AI solutions. Given our limited operating history, we may not be able to accurately predict customer renewal rates. Our customers' renewal and/or expansion commitments may decline or fluctuate as a result of a number of factors, including, but not limited to, their satisfaction with our technology solution stack and our customer support, the frequency and severity of software and implementation errors or other reliability issues, the pricing of our contracts and subscriptions or competing solutions, changes in their IT budget, the effects of global economic conditions, and our customers' financial circumstances, including their ability to maintain or expand their spending levels or continue their operations. In order for us to maintain or improve our results of operations, it is important that our customers renew or expand their contracts and subscriptions with us. If our customers do not purchase additional subscriptions or seats or increase their usage or our customers do not renew their contracts and subscriptions, our business, financial condition, and results of operations may be harmed.

Achieving renewal of contracts or expansion of usage and subscriptions may require us to engage increasingly in sophisticated and costly sales and support efforts that may not result in additional sales. In addition, the rate at which our customers expand the deployment of our Optimal Enterprise AI solutions depends on a number of factors. If our efforts to expand penetration within our customers are not successful, our business, financial condition, and results of operations may be harmed.

***Because we derive substantially all of our revenue from Optimal Enterprise AI, failure of our*** Optimal Enterprise AI ***in particular to satisfy customer demands or to achieve increased market acceptance would adversely affect our business, results of operations, financial condition, and growth prospects.***

We derive and expect to continue to derive substantially all of our revenue from our Optimal Enterprise AI solutions. As such, the market acceptance of our Optimal Enterprise AI, are critical to our continued success. Market acceptance of our Optimal Enterprise AI depends in part on market awareness of the benefits can provide over spatial intelligence and digital transformation. In addition, in order for cloud-based AI solutions to be widely accepted, organizations must overcome any concerns with placing sensitive information on a cloud-based platform. In addition, demand for our platforms in particular is affected by a number of other factors, some of which are beyond our control. These factors include continued market acceptance of our Optimal Enterprise AI solutions, the pace at which existing customers realize benefits from the use of our platforms and decide to expand deployment of our platforms across their business, the timing of development and release of new products by our competitors, technological change, reliability and security, the pace at which enterprises undergo digital transformation, and developments in data privacy regulations. In addition, we expect that the needs of our customers will continue to rapidly change and increase in complexity. We will need to improve the functionality and performance of our platforms continually to meet those rapidly changing, complex demands. If we are unable to continue to meet customer demands or to achieve more widespread market acceptance of our AI Suite and Applications in general or our platforms in particular, our business operations, financial results, and growth prospects will be materially and adversely affected.

***We may not achieve or sustain profitability in the future.***

We incurred net loss for the six months ended June 30, 2025 and the fiscal years ended December 31, 2024 and 2023. While we have experienced revenue growth in recent periods, we do not know whether or when we will generate sufficient revenue to sustain or increase our growth or achieve or maintain profitability in the future. We also expect our costs and expenses to increase in future periods, which could negatively affect our future results of operations if our revenue does not increase. In particular, we intend to continue to expend significant funds to further develop our Optimal Enterprise AI offerings and business, including:

● investments in sales and marketing efforts, including expanding to international markets;

● strategic acquisitions and investments; and

● investments in technology integration across portfolio companies within the Company and intellectual property development and acquisition.

We will also face increased compliance costs associated with growth, the expansion of our customer base, and being a public company. Our efforts to grow our business may be costlier than we expect, our revenue growth may be slower than we expect, and we may not be able to increase our revenue enough to offset our increased operating expenses. We may incur significant losses in the future for a number of reasons, including the other risks described herein, and unforeseen expenses, difficulties, complications or delays, and other unknown events. If we are unable to achieve and sustain profitability, the value of our business and Class A common stock may significantly decrease.

***We face intense competition and could lose market share to our competitors, which could adversely affect our business, financial condition and results of operations.***

The market for our products is intensely competitive and characterized by rapid changes in technology, customer requirements, industry standards, and frequent new platform and application introductions and improvements. We anticipate continued competitive challenges from current competitors who address different aspects of our offerings, and in many cases, these competitors are more established and enjoy greater resources than we do. We also expect competitive challenges from new entrants into the industry. If we are unable to anticipate or effectively react to these competitive challenges, our competitive position could weaken, and we could experience a decline in our growth rate and revenue that could adversely affect our business and results of operations.

Our main sources of current and potential competition fall into several categories:

● internal IT organizations that develop internal solutions and provide self-support for their enterprises;

● commercial enterprise and point solution software providers;

● open-source software providers with data management, machine learning, and analytics offerings;

● system integrators that develop and provide custom software solutions;

● legacy data management product providers; and

● strategic and technology partners who may also offer our competitors' technology or otherwise partner with them, including our strategic partners who may offer a substantially similar solution based on a competitor's technology or internally developed technology that is competitive with ours.

Many of our existing competitors have, and some of our potential competitors could have, substantial competitive advantages such as:

● greater name recognition, longer operating histories, and larger customer bases;

● larger sales and marketing budgets and resources and the capacity to leverage their sales efforts and marketing expenditure across a broader portfolio of products;

● broader, deeper, or otherwise more established relationships with technology, channel, and distribution partners and customers;

● wider geographic presence or greater access to larger customer bases;

● greater focus in specific geographies or industries;

● lower labor and research and development costs;

● larger and more mature intellectual property portfolios; and

● substantially greater financial, technical, and other resources to provide support, to make acquisitions, hire talent, and to develop and introduce new products.

In addition, some of our larger competitors have substantially broader and more diverse platform and application offerings and may be able to leverage their relationships with distribution partners and customers based on other products or incorporate functionality into existing products to gain business in a manner that discourages potential customers from subscribing to our Optimal Enterprise AI solution suite, including by selling at zero or negative margins, bundling with other offerings, or offering closed technology platforms. Potential customers may also prefer to purchase from their existing suppliers rather than a new supplier regardless of platform or application performance or features. As a result, even if the features of our Optimal Enterprise AI solution are superior, potential customers may not purchase our offerings. These larger competitors often have broader product lines and market focus or greater resources and may therefore not be as susceptible to economic downturns or other significant reductions in capital spending by customers. If we are unable to sufficiently differentiate our solutions from the integrated or bundled products of our competitors, such as by offering enhanced functionality, performance or value, we may see a decrease in demand for our offerings, which could adversely affect our business, operating results, and financial condition.

Moreover, new innovative start-up companies, and larger companies that are making significant investments in research and development, may introduce products that have greater performance or functionality, are easier to implement or use, or incorporate technological advances that we have not yet developed or implemented, or may invent similar or superior technologies that compete with ours. Our current and potential competitors may also establish cooperative relationships among themselves or with third parties that may further enhance their resources.

Some of our competitors have made or could make acquisitions of businesses that allow them to offer more competitive and comprehensive solutions. As a result of such acquisitions, our current or potential competitors may be able to accelerate the adoption of new technologies that better address customer needs, devote greater resources to bring these platforms and applications to market, initiate or withstand substantial price competition, or develop and expand their product and service offerings more quickly than we can. These competitive pressures in our market or our failure to compete effectively may result in fewer orders, reduced revenue and gross margins, and loss of market share. In addition, it is possible that industry consolidation may impact customers' perceptions of the viability of smaller or even mid-size software firms and consequently customers' willingness to purchase from such firms.

We may not compete successfully against our current or potential competitors. If we are unable to compete successfully, or if competing successfully requires us to take costly actions in response to the actions of our competitors, our business, financial condition, and results of operations could be adversely affected. In addition, companies competing with us may have an entirely different pricing or distribution model. Increased competition could result in fewer customer orders, price reductions, reduced operating margins, and loss of market share. Further, we may be required to make substantial additional investments in research, development, marketing, and sales in order to respond to such competitive threats, and we cannot assure you that we will be able to compete successfully in the future.

***Certain revenue metrics such as net dollar-based retention rate or annual recurring revenue may not be accurate indicators of our future financial results.***

Other subscription-based software companies often report on metrics such as net dollar-based revenue retention rate, annual recurring revenue or other revenue metrics, and investors and analysts sometimes look to these metrics as indicators of business activity in a period for businesses such as ours. However, given our large average contract value and our dependence on a small number of high-value customer contracts, these metrics are not accurate indicators of future revenue for any given period of time because the gain or loss of even a single high-value customer contract could cause significant volatility in these metrics. If investors and analysts view our business through these metrics, the trading price of our Class A Ordinary Shares may be adversely affected.

***Changes in our pricing models could adversely affect our operating results.***

As the markets for our category of products and solutions grow, as new competitors introduce new products or services that compete with ours or as we enter into new international markets, we may be unable to attract new customers at the same price or based on the same pricing model as we have historically used. Regardless of the pricing model used, large customers may demand more discounts than in the past. As a result, we may be required to reduce our prices, offer shorter contract durations or offer alternative pricing models, which could adversely affect our revenue, gross margin, profitability, financial position, and cash flow.

We have limited experience with respect to determining the optimal prices for contracts and subscriptions for our Optimal Enterprise AI solutions. In the past, we have been able to increase our prices for our product offerings but we may choose not to introduce or be unsuccessful in implementing future price increases. Our competitors may introduce new products that compete with ours or reduce their prices, or we may be unable to attract new customers or retain existing customers based on our historical subscription and pricing models. Given our limited operating history and limited experience with our historical subscription and pricing models, we may not be able to accurately predict customer renewal or retention rates. As a result, we may be required or choose to reduce our prices or change our pricing model, which could harm our business, results of operations, and financial condition.

***Our revenue growth depends in part on the success of our strategic relationships with third parties, including channel partners, and if we are unable to establish and maintain successful relationships with them, our business, operating results, and financial condition could be adversely affected.***

As part of our business growth strategy, we seek to grow our partner ecosystem. We anticipate to continue establishing and maintaining relationships with third parties, such as channel partners, resellers, OEMs, system integrators, independent software and hardware vendors, and platform and cloud service providers.

We plan to continue to establish and maintain similar strategic relationships in certain industry verticals and otherwise, and we expect our channel partners to become an increasingly important aspect of our business. However, these strategic relationships could limit our ability in the future to compete in certain industry verticals and, depending on the success of our third-party partners and the industries that those partners operate in generally, may negatively impact our business because of the nature of strategic alliances, exclusivity provisions, or otherwise. We work closely with select vendors to design solutions to specifically address the needs of certain industry verticals or use cases within those verticals. As our agreements with strategic partners terminate or expire, we may be unable to renew or replace these agreements on comparable terms, or at all.

Our future growth in revenue and ability to achieve and sustain profitability depends in part on our ability to identify, establish, and retain successful strategic partner relationships in Southeast Asia and internationally, which will take significant time and resources and involve significant risk. To the extent we do identify such partners, we will need to negotiate the terms of a commercial agreement with them under which the partner would distribute our Optimal Enterprise AI. We cannot be certain that we will be able to negotiate commercially attractive terms with any strategic partner, if at all. In addition, all channel partners must be trained to distribute our Optimal Enterprise AI. In order to develop and expand our distribution channel, we must develop and improve our processes for channel partner introduction and training. If we do not succeed in identifying suitable strategic partners or maintain our relationships with such partners, our business, operating results, and financial condition may be adversely affected.

Moreover, we cannot guarantee that the partners with whom we have strategic relationships will continue to devote the resources necessary to expand our reach and increase our distribution. In addition, customer satisfaction with services and other support from our strategic partners may be less than anticipated, negatively impacting anticipated revenue growth and results of operations. We cannot be certain that these partners will prioritize or provide adequate resources to selling our Optimal Enterprise AI. Further, some of our strategic partners offer competing platforms and applications or also work with our competitors. As a result of these factors, many of the companies with whom we have strategic alliances may choose to pursue alternative technologies and develop alternative platforms and applications in addition to or in lieu of our Optimal Enterprise AI, either on their own or in collaboration with others, including our competitors. We cannot assure you that our strategic partners will continue to cooperate with us. In addition, actions taken or omitted to be taken by such parties may adversely affect us. Moreover, we rely on our channel partners to operate in accordance with the terms of their contractual agreements with us. For example, our agreements with our channel partners limit the terms and conditions pursuant to which they are authorized to resell or distribute our Optimal Enterprise AI solution and offer technical support and related services. If we are unsuccessful in establishing or maintaining our relationships with third parties, or if our strategic partners do not comply with their contractual obligations to us, our business, operating results, and financial condition may be adversely affected. Even if we are successful in establishing and maintaining these relationships with third parties, we cannot assure you that these relationships will result in increased customer usage of our Optimal Enterprise AI or increased revenue to us.

In addition, some of our sales to government entities have been made, and in the future may be made, indirectly through our channel partners. Government entities may have statutory, contractual, or other legal rights to terminate contracts with our channel partners for convenience or due to a default, and, in the future, if the portion of government contracts that are subject to renegotiation or termination at the election of the government entity are material, any such termination or renegotiation may adversely impact our future operating results. In the event of such termination, it may be difficult for us to arrange for another channel partner to sell our Optimal Enterprise AI to these government entities in a timely manner, and we could lose sales opportunities during the transition. Government entities routinely investigate and audit government contractors' administrative processes, and any unfavorable audit could result in the government entity refusing to renew its contracts/subscription to our Optimal Enterprise AI, a reduction of revenue, or fines or civil or criminal liability if the audit uncovers improper or illegal activities.

***If the market for our Optimal Enterprise AI fails to grow as we expect, or if businesses fail to adopt our Optimal Enterprise AI solution, our business, operating results, and financial condition could be adversely affected.***

It is difficult to predict customer adoption rates and demand for Optimal Enterprise AI, the entry of competitive platforms, or the future growth rate and size of the AI usage and spatial intelligence solutions. Although demand for spatial intelligence solutions, artificial intelligence platforms and applications has grown in recent years, the market for these platforms and applications continues to evolve. We cannot be sure that this market will continue to grow or, even if it does grow, that businesses will adopt our Optimal Enterprise AI solution. Our future success will depend in large part on our ability to further penetrate the existing market for our Optimal Enterprise AI, as well as the continued growth and expansion of what we believe to be an emerging market for our platforms and applications that are faster, easier to adopt, and easier to use. Our ability to further penetrate our Optimal Enterprise AI market depends on a number of factors, including the cost, performance, and perceived value associated with our Optimal Enterprise AI, as well as customers' willingness to adopt a different approach to spatial immersive technology. We have spent, and intend to keep spending, considerable resources to educate potential customers about digital transformation, artificial intelligence, and machine learning in general and our Optimal Enterprise AI solutions in particular. However, we cannot be sure that these expenditures will help our Optimal Enterprise AI solution stack achieve any additional market acceptance. Furthermore, potential customers may have made significant investments in legacy analytics software systems and may be unwilling to invest in new platforms and applications. If the market fails to grow or grows more slowly than we currently expect or businesses fail to adopt our Optimal Enterprise AI solution, our business, operating results, and financial condition could be adversely affected.

***If we fail to respond to rapid technological changes, extend our Optimal Enterprise AI or develop new features and functionality, our ability to remain competitive could be impaired.***

The market for our Optimal Enterprise AI solution is characterized by rapid technological change and frequent new platform and application introductions and enhancements, changing customer demands, and evolving industry standards. The introduction of platforms and applications embodying new technologies can quickly make existing platforms and applications obsolete and unmarketable. Spatial intelligence, machine learning, and analytics platforms and applications are inherently complex, and it can take a long time and require significant research and development expenditures to develop and test new or enhanced platforms and applications. The success of any enhancements or improvements to our existing products or any new applications depends on several factors, including timely completion, competitive pricing, adequate quality testing, integration with existing technologies, and overall market acceptance.

Our ability to grow our customer base and generate revenue from customers will depend heavily on our ability to enhance and improve our Optimal Enterprise AI solution, to develop additional functionality and use cases, introduce new features and applications and interoperate across an increasing range of devices, operating systems, and third-party applications. Our customers may require features and capabilities that our current technology solution stack do not have or may face use cases that our current solution does not address. We invest significantly in research and development, and our goal is to focus our spending on measures that improve quality and ease of adoption and create organic customer demand for our Optimal Enterprise AI solutions. When we develop a new enhancement or improvement to our AI suite or applications, we typically incur expenses and expend resources upfront to develop, market and promote the new enhancement and improvement. Therefore, when we develop and introduce new enhancements and improvements to our Optimal Enterprise AI stack, they must achieve high levels of market acceptance in order to justify the amount of our investment in developing and bringing them to market. There is no assurance that our enhancements to our Optimal Enterprise AI or our new application experiences, functionality, use cases, features, or capabilities will be compelling to our customers or gain market acceptance. If our research and development investments do not accurately anticipate customer demand, or if we fail to develop our Optimal Enterprise AI solution stack in a manner that satisfies customer preferences in a secure, timely and cost-effective manner, we may fail to retain our existing customers or increase demand for our solution.

Any failure of our Optimal Enterprise AI solution to operate effectively with future infrastructure platforms and technologies could reduce the demand for our . If we are unable to respond to these changes in a timely and cost-effective manner, our Optimal Enterprise AI technologies may become less marketable, less competitive, or obsolete, and our operating results may be adversely affected.

The introduction of new AI platforms and applications by competitors or the development of entirely new technologies to replace existing offerings could make our Optimal Enterprise AI solution obsolete or adversely affect our business, results of operations, and financial condition. We may experience difficulties with software development, design, or marketing that could delay or prevent our development, introduction, or implementation of new Optimal Enterprise AI solutions, features, or capabilities. We have in the past experienced delays in our internally planned release dates of new features and capabilities, and there can be no assurance that new Optimal Enterprise AI features or capabilities will be released according to schedule. Any delays could result in adverse publicity, loss of revenue or market acceptance, or claims by customers brought against us, all of which could harm our business. Moreover, new productivity features for our Optimal Enterprise AI may require substantial investment, and we have no assurance that such investments will be successful. If customers do not widely adopt our new Optimal Enterprise AI features and capabilities, we may not be able to realize a return on our investment. If we are unable to develop, license, or acquire new features and capabilities to our Optimal Enterprise AI on a timely and cost-effective basis, or if such enhancements do not achieve market acceptance, our business could be harmed.

***The failure to effectively develop and expand our marketing and sales capabilities could harm our ability to increase our customer base and achieve broader market acceptance of our Optimal Enterprise AI.***

Our ability to expand our customer base and achieve broader market acceptance of our Optimal Enterprise AI solution depends, to a significant extent, on our ability to continue to expand our marketing and sales operations and the ultimate effectiveness of those operations. We plan to continue expanding our sales force and strategic partners, both domestically and internationally.

Identifying and recruiting qualified sales representatives and training them is time consuming and resource intensive, and they may not be fully trained and productive for a significant amount of time. Our Optimal Enterprise AI solutions are complicated and configurable, as such, our sales force and operations require significant time and investment for proper recruitment, onboarding, and training in order for our sales operations to be productive. In addition, as we enter new markets, expand the capabilities of our Optimal Enterprise AI solutions, we may need to identify and recruit additional sales and marketing efforts specific to such strategic expansion. Our efforts to do so may be increasingly resource intensive, time consuming, and ultimately unsuccessful. We also dedicate significant resources to sales and marketing programs, including internet and other online advertising. All of these efforts require us to invest significant financial and other resources. In addition, the cost to acquire customers is high due to these marketing and sales efforts. Our business will be harmed if our efforts do not generate a correspondingly significant increase in revenue. We will not achieve anticipated revenue growth from expanding our sales force if we are unable to hire, develop, and retain talented sales personnel, if our new sales personnel are unable to achieve desired productivity levels in a reasonable period of time, or if our sales and marketing programs are not effective.

In addition, our business would be adversely affected if our marketing and sales efforts are not successful and generate increases in revenue that are smaller than anticipated. If our marketing and sales efforts are not effective, our sales and revenue may grow more slowly than expected or materially decline, and our business may be significantly harmed.

***If we fail to develop, maintain, and enhance our brand and reputation cost-effectively, our business and financial condition may be adversely affected.***

We believe that developing, maintaining, and enhancing awareness and integrity of our brand and reputation in a cost-effective manner are important to achieving widespread acceptance of our Optimal Enterprise AI solutions, and are important elements in attracting new customers and maintaining existing customers. We believe that the importance of our brand and reputation will increase as competition in our market further intensifies. Successful promotion of our brand depends on the effectiveness of our marketing efforts, our ability to provide a reliable and useful purpose-built A.I. technologies at competitive prices, the perceived value of our Optimal Enterprise AI solutions, our ability to maintain our customers' trust, our ability to continue to develop additional functionality and use cases and our ability to differentiate our technology stack and capabilities from competitive offerings. Brand promotion activities may not yield increased revenue, and even if they do, the increased revenue may not offset the expenses we incur in building and maintaining our brand and reputation. We also rely on our customer base in a variety of ways, including to give us feedback on our products. If we fail to promote and maintain our brand successfully or to maintain loyalty among our customers, or if we incur substantial expenses in an unsuccessful attempt to promote and maintain our brand, we may fail to attract new customers and partners or retain our existing customers and partners, and our business and financial condition may be adversely affected. Any negative publicity relating to our employees, partners, or others associated with these parties, may also tarnish our own reputation simply by association and may reduce the value of our brand. Damage to our brand and reputation may result in reduced demand for our Optimal Enterprise AI offerings and increased risk of losing market share to our competitors. Any efforts to restore the value of our brand and rebuild our reputation may be costly and may not be successful.

***Our ability to sell products and solutions to our clients and prospects could be harmed by real or perceived material defects or errors in our Optimal Enterprise AI solution offerings.***

The software technology underlying Optimal Enterprise AI is inherently complex and may contain material defects or errors, particularly when new applications are first introduced, when new features or capabilities are released, or when integrated with new or updated third-party hardware or software. There can be no assurance that our existing Optimal Enterprise AI solutions will not contain defects or errors. Any real or perceived errors, failures, vulnerabilities, or bugs in Optimal Enterprise AI could result in negative publicity or lead to data security, access, retention, or other performance issues, all of which could harm our business. Correcting such defects or errors may be costly and time-consuming and could harm our business. Moreover, the harm to our reputation and legal liability related to such defects or errors may be substantial and would harm our business.

***The failure to attract and retain additional qualified personnel or to maintain our company culture could harm our business and culture and prevent us from executing our business strategy.***

To execute our business strategy, we must attract and retain highly qualified personnel. Competition for executives, data scientists, engineers, software developers, sales personnel, and other key employees in our industry is intense. In particular, we compete with many other companies for employees with high levels of expertise in designing, developing and managing platforms and applications for spatial intelligence, machine learning, and analytics technologies, as well as for skilled data scientists, sales, and operations professionals. In addition, we are extremely selective in our hiring process which requires significant investment of time and resources from internal stakeholders and management. At times, we have experienced, and we may continue to experience, difficulty in hiring personnel who meet the demands of our selection process and with appropriate qualifications, experience, or expertise, and we may not be able to fill positions as quickly as desired.

Many of the companies with which we compete for experienced personnel have greater resources than we have, and some of these companies may offer more attractive compensation packages. Job candidates may also be threatened with legal action under agreements with their existing employers if we attempt to hire them, which could impact hiring and result in a diversion of our time and resources. Additionally, laws and regulations, such as restrictive immigration laws, or export control laws, may limit our ability to recruit internationally. We must also continue to retain and motivate existing employees through our compensation practices, company culture, and career development opportunities.

We believe that a critical component to our success and our ability to retain our best people is our culture. As we continue to grow and develop a public company infrastructure, we may find it difficult to maintain our company culture. If we fail to attract new personnel or to retain our current personnel, our business would be harmed.

***Our quarterly results and key metrics are likely to fluctuate significantly and may not fully reflect the underlying performance of our business.***

Our quarterly results of operations and key metrics may vary significantly in the future as they have in the past, particularly in light of our dependence on a limited number of high-value customer contracts, and period-to-period comparisons of our results of operations and key metrics may not be meaningful. Accordingly, the results of any one quarter should not be relied upon as an indication of future performance. Our quarterly results of operations and key metrics may fluctuate as a result of a variety of factors, many of which are outside of our control, and as a result, may not fully reflect the underlying performance of our business. Fluctuation in quarterly results may negatively impact the value of our securities. Factors that may cause fluctuations in our quarterly results of operations and key metrics include, without limitation, those listed elsewhere in this Risk Factors section and those listed below:

● our ability to generate significant revenue from new offerings;

● our ability to expand our number of partners and distribution of Optimal Enterprise AI;

● our ability to hire and retain employees, in particular those responsible for the selling or marketing of Optimal Enterprise AI;

● our ability to develop and retain talented sales personnel who are able to achieve desired productivity levels in a reasonable period of time and provide sales leadership in areas in which we are expanding our sales and marketing efforts;

● changes in the way we organize and compensate our sales teams;

● the timing of expenses and recognition of revenue;

● our ability to increase sales to large organizations as well as increase sales to a larger number of smaller customers;

● the length of sales cycles and seasonal purchasing patterns of our customers;

● the amount and timing of operating expenses related to the maintenance and expansion of our business, operations, and infrastructure, as well as international expansion and entry into operating leases;

● timing and effectiveness of new sales and marketing initiatives;

● changes in our pricing policies or those of our competitors;

● the timing and success of new platforms, applications, features, and functionality by us or our competitors;

● failures or breaches of security or privacy, and the costs associated with remediating any such failures or breaches;

● changes in the competitive dynamics of our industry, including consolidation among competitors;

● changes in laws and regulations that impact our business;

● any large indemnification payments to our users or other third parties;

● the timing of expenses related to any future acquisitions;

● health epidemics or pandemics, such as the coronavirus, or COVID-19, pandemic;

● civil unrest and geopolitical instability; and

● general political, economic, and market conditions.

***We rely on third-party service providers to host and deliver Optimal Enterprise AI, and any interruptions or delays in these services could impair our service offerings and harm our business.***

We currently serve our customers from third-party data center hosting facilities located in Singapore, or on-premise at customer's sites. For the software managed by us, our operations depend, in part, on our third-party facility providers' ability to protect these facilities against damage or interruption from natural disasters, power or telecommunications failures, criminal acts, and similar events. In the event that our data center arrangements are terminated, or if there are any lapses of service or damage to a center, we could experience lengthy interruptions in Optimal Enterprise AI as well as delays and additional expenses in making new arrangements.

We designed our system infrastructure and procured and owned or leased the computer hardware used for Optimal Enterprise AI. Any interruptions or delays in our service, whether as a result of third-party error, our own error, natural disasters, or security breaches, whether accidental or willful, could harm our relationships with our customers and cause our revenue to decrease and/or our expenses to increase. Also, in the event of damage or interruption, our insurance policies may not adequately compensate us for any losses that we may incur. These factors in turn could further reduce our revenue, subject us to liability and cause us to issue credits or cause customers to fail to renew their contracts/subscriptions, any of which could materially adversely affect our business.

***Our current AI solution stack, as well as applications, features, and functionality that we may introduce in the future, may not be widely accepted by our customers or may receive negative attention or may require us to compensate or reimburse third parties, any of which may lower our margins and harm our business.***

Our ability to engage, retain, and increase our base of customers and to increase our revenue will depend on our ability to successfully create new applications, features, and functionality, both independently and together with third parties. We may introduce significant changes to our existing Optimal Enterprise AI solution stack or develop and introduce new applications. These new applications and updates may fail to engage, retain, and increase our base of customers. New applications may initially suffer from performance and quality issues that may negatively impact our ability to market and sell such applications to new and existing customers. The short- and long-term impact of any major change to Optimal Enterprise AI, or the introduction of new applications, is particularly difficult to predict. If new or enhanced applications fail to engage, retain, and increase our base of customers, we may fail to generate sufficient revenue, operating margin, or other value to justify our investments in such applications, any of which may harm our business in the short term, long term, or both.

***Sales to government entities and highly regulated organizations are subject to a number of challenges and risks.***

We have sold and may sell to the government of Singapore, as well as foreign, governmental agency customers, as well as to customers in highly regulated industries such as financial services, telecommunications, and healthcare. Sales to such entities are subject to a number of challenges and risks. Selling to such entities can be highly competitive, expensive, and time consuming, often requiring significant upfront time and expense without any assurance that these efforts will generate a sale. Government contracting requirements may change and in doing so restrict our ability to sell into the government sector. Government demand and payment for our Optimal Enterprise AI are affected by public sector budgetary cycles and funding authorizations, with funding reductions or delays adversely affecting public sector demand for our Optimal Enterprise AI.

Further, government and highly regulated entities may demand contract terms that differ from our standard arrangements and may be less favorable than terms agreed with private sector customers. Government entities and highly regulated organizations typically have longer implementation cycles, sometimes require acceptance provisions that can lead to a delay in revenue recognition, can have more complex IT and data environments, and may expect greater payment flexibility from vendors.

As a government contractor or subcontractor, we must comply with laws, regulations, and contractual provisions relating to the formation, administration, and performance of government contracts and inclusion on government contract vehicles, which affect how we and our partners do business with government agencies. As a result of actual or perceived noncompliance with government contracting laws, regulations, or contractual provisions, we may be subject to non-ordinary course audits and internal investigations which may prove costly to our business financially, divert management time, or limit our ability to continue selling our products and services to our government customers. These laws and regulations may impose other added costs on our business, and failure to comply with these or other applicable regulations and requirements, including non-compliance in the past, could lead to claims for damages from our channel partners, downward contract price adjustments or refund obligations, civil or criminal penalties, and termination of contracts and suspension or debarment from government contracting for a period of time with government agencies. Any such damages, penalties, disruption, or limitation in our ability to do business with a government would adversely impact, and could have a material adverse effect on, our business, results of operations, financial condition, public perception and growth prospects.

Government and highly regulated entities may have statutory, contractual, or other legal rights to terminate contracts with us or our partners for convenience or for other reasons. Any such termination may adversely affect our ability to contract with other government customers as well as our reputation, business, financial condition, and results of operations. All these factors can add further risk to business conducted with these customers. If sales expected from a government entity or highly regulated organization for a particular quarter are not realized in that quarter or at all, our business, financial condition, results of operations, and growth prospects could be materially and adversely affected.

***If we are unable to achieve and sustain a level of liquidity sufficient to support our operations and fulfill our obligations, our business, operating results and financial position could be adversely affected.***

We actively monitor and manage our cash and cash equivalents so that sufficient liquidity is available to fund our operations and other corporate purposes. In the future, increased levels of liquidity may be required to adequately support our operations and initiatives and to mitigate the effects of business challenges or unforeseen circumstances. If we are unable to achieve and sustain such increased levels of liquidity, we may suffer adverse consequences including reduced investment in our Optimal Enterprise AI, difficulties in executing our business plan and fulfilling our obligations, and other operational challenges. Any of these developments could adversely affect our business, operating results and financial position.

***We may need additional capital and may sell additional Class A Ordinary Shares or other equity securities or incur indebtedness, which could result in additional dilution to our shareholders or increase our debt service obligations.***

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We may require additional cash resources due to changed business conditions or other future developments, including any investments or acquisitions we may decide to pursue. If our cash resources are insufficient to satisfy our cash requirements, we may seek to sell additional equity or debt securities or obtain a credit facility. The sale of additional equity securities or equity-linked debt securities could result in additional dilution to our shareholders. The incurrence of indebtedness would result in debt service obligations and could result in operating and financing covenants that would restrict our operations. We cannot assure you that financing will be available in amounts or terms acceptable to us, if at all.

***We may acquire other businesses or receive offers to be acquired, which could require significant management attention, disrupt our business or dilute stockholder value.***

We have in the past made, and may in the future make, acquisitions of other companies, products, and technologies. We have limited experience in acquisitions. We may not be able to find suitable acquisition candidates and we may not be able to complete acquisitions on favorable terms, if at all. If we do complete acquisitions, we may not ultimately strengthen our competitive position or achieve our goals, and any acquisitions we complete could be viewed negatively by customers, developers, or investors. In addition, we may not be able to integrate acquired businesses successfully or effectively manage the combined company following an acquisition. If we fail to successfully integrate our acquisitions, or the people or technologies associated with those acquisitions, into our company, the results of operations of the combined company could be adversely affected. Any integration process will require significant time and resources, require significant attention from management and disrupt the ordinary functioning of our business, and we may not be able to manage the process successfully, which could harm our business. In addition, we may not successfully evaluate or utilize the acquired technology and accurately forecast the financial impact of an acquisition transaction, including accounting charges.

We may have to pay cash, incur debt, or issue equity securities to pay for any such acquisition, each of which could affect our financial condition or the value of our capital stock. The sale of equity to finance any such acquisitions could result in dilution to our stockholders. If we incur more debt, it would result in increased fixed obligations and could also subject us to covenants or other restrictions that would impede our ability to flexibly operate our business.

 **** ***If we or our third-party service providers experience a security breach or unauthorized parties otherwise obtain access to our customers' data, our data, or our AI solution, our AI solution may be perceived as not being secure, our reputation may be harmed, demand for our platform may be reduced, and we may incur significant liabilities.***

While we and our third-party service providers have implemented security measures designed to protect against security breaches, these measures could fail or may be insufficient, resulting in unauthorized disclosure, modification, misuse, unavailability, destruction, or loss of our or our customers' data or other sensitive information. Any security breach of our AI solution, our applications, our operational systems, physical facilities, or the systems of our third-party partners, or the perception that one has occurred, could result in litigation, indemnity obligations, regulatory enforcement actions, investigations, fines, penalties, mitigation and remediation costs, disputes, reputational harm, diversion of management's attention, and other liabilities and damage to our business. Even though we do not control the security measures of third parties, we may be responsible for any breach of such measures or suffer reputational harm even where we do not have recourse to the third party that caused the breach. In addition, any failure by our partners to comply with applicable law or regulations could result in proceedings against us by governmental entities or others.

Cyberattacks, denial-of-service attacks, ransomware attacks, business email compromises, computer malware, viruses, social engineering (including phishing) and other malicious internet-based activity are prevalent in our industry and our customers' industries and continue to increase. In addition, we may experience attacks, unavailable systems, unauthorized access or disclosure due to employee or other theft or misuse, denial-of-service attacks, sophisticated attacks by nation-state and nation-state supported actors, and advanced persistent threat intrusions. We cannot guarantee that our security measures will be sufficient to protect against unauthorized access to or other compromise of the personal information and/or other confidential information of our partners, our customers and our customers' end-users. The techniques used to sabotage, disrupt or to obtain unauthorized access to our AI solution, applications, systems, networks, or physical facilities in which data is stored or through which data is transmitted change frequently, and we may be unable to implement adequate preventative measures or stop security breaches while they are occurring. The recovery systems, security protocols, network protection mechanisms and other security measures that we have integrated into our AI solution, applications, systems, networks and physical facilities, which are designed to protect against, detect and minimize security breaches, may not be adequate to prevent or detect service interruption, system failure or data loss. Our AI solution, applications, systems, networks, and physical facilities could be breached or personal information could be otherwise compromised due to employee error or malfeasance, if, for example, third parties attempt to fraudulently induce our employees or our customers to disclose information or user names and/or passwords, or otherwise compromise the security of our AI solution, networks, systems and/or physical facilities. Third parties may also exploit vulnerabilities in, or obtain unauthorized access to, platforms, applications, systems, networks and/or physical facilities utilized by our vendors. We have previously been, and may in the future become, the target of cyber-attacks by third parties seeking unauthorized access to our or our customers' data or to disrupt our operations or ability to provide our services. While we have been successful in preventing such unauthorized access and disruption in the past, we may not continue to be successful against these or other attacks in the future.

We have contractual and legal obligations to notify relevant stakeholders of security breaches. Most jurisdictions have enacted laws requiring companies to notify individuals, regulatory authorities, and others of security breaches involving certain types of data. In addition, our agreements with certain customers and partners may require us to notify them in the event of a security breach involving customer or partner data on our systems or those of subcontractors processing customer or partner data on our behalf. Such mandatory disclosures are costly, could lead to negative publicity, may cause our customers to lose confidence in the effectiveness of our security measures, and require us to expend significant capital and other resources to respond to or alleviate problems caused by the actual or perceived security breach that may cause us to breach customer contracts. Depending on the facts and circumstances of such an incident, these damages, penalties and costs could be significant and may not be covered by insurance or could exceed our applicable insurance coverage limits. Such an event also could harm our reputation and result in litigation against us. Any of these results could materially adversely affect our financial performance. Our agreements with certain customers may require us to use industry-standard, reasonable, or other specified measures to safeguard sensitive personal information or confidential information, and any actual or perceived breach of such measures may increase the likelihood and frequency of customer audits under our agreements, which is likely to increase the costs of doing business. An actual or perceived security breach could lead to claims by our customers, or other relevant stakeholders that we have failed to comply with such legal or contractual obligations. As a result, we could be subject to legal action or our customers could end their relationships with us. There can be no assurance that any limitations of liability in our contracts, which we have in certain agreements, would be enforceable or adequate or would otherwise protect us from liabilities or damages.

Litigation resulting from security breaches may adversely affect our business. Unauthorized access to our AI solution, applications, systems, networks, or physical facilities could result in litigation with our customers or other relevant stakeholders. These proceedings could force us to spend money in defense or settlement, divert management's time and attention, increase our costs of doing business, or adversely affect our reputation. We could be required to fundamentally change our business activities and practices or modify our AI solution capabilities in response to such litigation, which could have an adverse effect on our business. If a security breach were to occur, and the confidentiality, integrity or availability of our data or the data of our partners or our customers was disrupted, we could incur significant liability, or our AI solution, applications, systems, or networks may be perceived as less desirable, which could negatively affect our business and damage our reputation.

If we fail to detect or remediate a security breach in a timely manner, or a breach otherwise affects a large amount of data of one or more customers, or if we suffer a cyberattack that impacts our ability to operate Optimal Enterprise AI, we may suffer material damage to our reputation, business, financial condition, and results of operations. Further, our insurance coverage may not be adequate for data security, indemnification obligations, or other liabilities. Depending on the facts and circumstances of such an incident, the damages, penalties and costs could be significant and may not be covered by insurance or could exceed our applicable insurance coverage limits. In addition, we cannot be sure that our existing insurance coverage and coverage for errors and omissions will continue to be available on acceptable terms or that our insurers will not deny coverage as to any future claim. Our risks are likely to increase as we continue to expand Optimal Enterprise AI, grow our customer base, and process, store, and transmit increasingly large amounts of proprietary and sensitive data.

***We could suffer disruptions, outages, defects, and other performance and quality problems with Optimal Enterprise AI or with the public cloud and internet infrastructure on which it relies.***

Our business depends on our Optimal Enterprise AI to be available without disruption. We may in the future experience, disruptions, outages, defects, and other performance and quality problems with Optimal Enterprise AI. We may also in the future experience, disruptions, outages, defects, and other performance and quality problems with the public cloud and internet infrastructure on which Optimal Enterprise AI rely. These problems can be caused by a variety of factors, including introductions of new functionality, vulnerabilities and defects in proprietary and open source software, human error or misconduct, capacity constraints, design limitations, as well as from internal and external security breaches, malware and viruses, ransomware, cyber events, denial or degradation of service attacks or other security-related incidents.

Further, if our contractual and other business relationships with our public cloud providers are terminated, suspended, or suffer a material change to which we are unable to adapt, such as the elimination of services or features on which we depend, we could be unable to provide Optimal Enterprise AI and could experience significant delays and incur additional expense in transitioning customers to a different public cloud provider.

Any disruptions, outages, defects, and other security performance and quality problems with Optimal Enterprise AI or with the public cloud and internet infrastructure on which it relies, or any material change in our contractual and other business relationships with our public cloud providers, could result in reduced use of Optimal Enterprise AI, increased expenses, including significant, unplanned capital investments and/or service credit obligations, and harm to our brand and reputation, any of which could have a material adverse effect on our business, financial condition, and results of operations.

***We may become subject to litigation, which could have a material adverse effect on our business, financial condition, and results of operations.***

We may become subject to litigation in the future. Some of these claims may result in significant defense costs and potentially significant judgments against us, some of which we are not, or cannot be, insured against. We generally intend to defend ourselves vigorously; however, we cannot be certain of the ultimate outcomes of any claims that may arise in the future. Resolution of these types of matters against us may result in our having to pay significant fines, judgments, or settlements, which, if uninsured, or if the fines, judgments, and settlements exceed insured levels, could adversely impact our earnings and cash flows, thereby having a material adverse effect on our business, financial condition, results of operations, cash flow, and per share trading price of our Class A Ordinary Shares. Certain litigation or the resolution of certain litigation may affect the availability or cost of some of our insurance coverage, which could adversely impact our results of operations and cash flows, expose us to increased risks that would be uninsured, and adversely impact our ability to attract directors and officers.

***Our business could be disrupted by catastrophic events such as power disruptions, data security breaches, and terrorism.***

Natural disasters or other catastrophic events may cause damage or disruption to our operations, commerce, and the global economy, and thus could harm our business. In the event of a major earthquake, hurricane, fire, cyber-attack, war, terrorist attack, disease, such as COVID-19, power loss, telecommunications failure, or other catastrophic events, we may be unable to continue our operations, in part or in whole, and may endure reputational harm, breaches of data security, and loss of critical data, all of which could harm our business, results of operations, and financial condition. Our insurance coverage may not compensate us for losses that may occur in the event of an earthquake or other significant natural disaster, such as fires, floods, severe weather, droughts, and travel-related health concerns including pandemics and epidemics. In addition, acts of terrorism, including malicious internet-based activity, could cause disruptions to the internet or the economy as a whole. Even with our disaster recovery arrangements, access to our platform could be interrupted. If our systems were to fail or be negatively impacted as a result of a natural disaster or other event, our ability to deliver our platform and solution to our customers and members would be impaired or we could lose critical data. If we are unable to develop adequate plans to ensure that our business functions continue to operate during and after a disaster, and successfully execute on those plans in the event of a disaster or emergency, our business, financial condition, and results of operations would be harmed.

We have implemented a disaster recovery program that allows us to move website traffic to a backup data center in the event of a catastrophe. This allows us the ability to move traffic in the event of a problem, and the ability to recover in a short period of time. However, to the extent our disaster recovery program does not effectively support the movement of traffic in a timely or complete manner in the event of a catastrophe, our business and results of operations may be harmed.

We do not carry business interruption insurance sufficient to compensate us for the potentially significant losses, including the potential harm to our business, financial condition, and results of operations that may result from interruptions in access to our platform as a result of system failures.

As we grow our business, the need for business continuity planning and disaster recovery plans will grow in significance. If we are unable to develop adequate plans to ensure that our business functions continue to operate during and after a disaster, and successfully execute on those plans in the event of a disaster or emergency, our business and reputation would be harmed.

***Our risk management policies and procedures may not be fully effective in mitigating our risk exposure in all market environments or against all types of risk.***

We operate in a rapidly changing industry. Accordingly, our risk management policies and procedures may not be fully effective to identify, monitor, and manage all the risks our business encounters. If our policies and procedures are not fully effective or we are not successful in identifying and mitigating all risks to which we are or may be exposed, we may suffer uninsured liability, harm to our reputation, or be subject to litigation or regulatory actions that could adversely affect our business, financial condition, or results of operations.

***Third parties may initiate legal proceedings alleging that we are infringing or otherwise violating their intellectual property rights, the outcome of which would be uncertain and could have a material adverse effect on our business, financial condition, and results of operations.***

Our commercial success depends on our ability to develop and commercialize our services and use our proprietary technology without infringing the intellectual property or proprietary rights of third parties. From time to time, we may be subject to legal proceedings and claims in the ordinary course of business with respect to intellectual property. We are not currently subject to any material claims from third parties asserting infringement of their intellectual property rights.

Intellectual property disputes can be costly to defend and may cause our business, operating results, and financial condition to suffer. Whether merited or not, we may in the future face allegations that we, our partners, our licensees, or parties indemnified by us have infringed or otherwise violated the patents, trademarks, copyrights, or other intellectual property rights of third parties. Such claims may be made by competitors seeking to obtain a competitive advantage or by other parties. Some third parties may be able to sustain the costs of complex litigation more effectively than we can because they have substantially greater resources. Even if resolved in our favor, litigation or other legal proceedings relating to intellectual property claims may cause us to incur significant expenses and could distract our technical and management personnel from their normal responsibilities. In addition, there could be public announcements of the results of hearings, motions, or other interim proceedings or developments, and if securities analysts or investors perceive these results to be negative, it could have a material adverse effect on the price of our Class A Ordinary Shares. Moreover, any uncertainties resulting from the initiation and continuation of any legal proceedings could have a material adverse effect on our ability to raise the funds necessary to continue our operations. Assertions by third parties that we violate their intellectual property rights could therefore have a material adverse effect on our business, financial condition, and results of operations.

Additionally, in recent years, individuals and groups have begun purchasing intellectual property assets for the purpose of making claims of infringement and attempting to extract settlements from companies like ours. We may also face allegations that our employees have misappropriated the intellectual property or proprietary rights of their former employers or other third parties. It may be necessary for us to initiate litigation to defend ourselves in order to determine the scope, enforceability, and validity of third-party intellectual property or proprietary rights, or to establish our respective rights. In some cases, rather than licensing third party content, we rely on the doctrine of fair use as we incorporate excerpts of third party content in a curated content feed for our users, and we may face allegations that such use of third party content does not qualify to be treated as a fair use. Regardless of whether claims that we are infringing patents or other intellectual property rights have merit, such claims can be time-consuming, divert management's attention and financial resources, and can be costly to evaluate and defend. Results of any such litigation are difficult to predict and may require us to stop commercializing or using our solutions or technology, obtain licenses, modify our services and technology while we develop non-infringing substitutes or incur substantial damages, settlement costs or face a temporary or permanent injunction prohibiting us from marketing or providing the affected solutions and services. If we require a third-party license, it may not be available on reasonable terms or at all, and we may have to pay substantial royalties, upfront fees, or grant cross-licenses to intellectual property rights for our solutions and services. We may also have to redesign our solutions or services so they do not infringe third-party intellectual property rights, which may not be possible or may require substantial monetary expenditures and time, during which our technology and solutions may not be available for commercialization or use. Even if we have an agreement to indemnify us against such costs, the indemnifying party may be unable to uphold its contractual obligations. If we cannot or do not obtain a third-party license to the infringed technology, license the technology on reasonable terms, or obtain similar technology from another source, our revenue and earnings could be adversely impacted.

In addition, because patent applications can take years to issue and are often afforded confidentiality for some period of time there may currently be pending applications, unknown to us, that later result in issued patents that could cover one or more of our solutions.

***If we are unable to protect the confidentiality of our trade secrets, our business and competitive position could be harmed.***

We rely heavily on trade secrets and confidentiality agreements to protect our unpatented know-how, technology, and other proprietary information, including our technology platform, and to maintain our competitive position. With respect to our technology platform, we consider trade secrets and know-how to be one of our primary sources of intellectual property. However, trade secrets and know-how can be difficult to protect. We seek to protect these trade secrets and other proprietary technology in part by entering into non-disclosure and confidentiality agreements with parties who have access to them, such as our employees. We also enter into confidentiality and invention or patent assignment agreements with our employees. The confidentiality agreements are designed to protect our proprietary information and, in the case of agreements or clauses containing invention assignment, to grant us ownership of technologies that are developed through a relationship with employees or third parties. We cannot guarantee that we have entered into such agreements with each party that may have or have had access to our trade secrets or proprietary information, including our technology and processes. Despite these efforts, no assurance can be given that the confidentiality agreements we enter into will be effective in controlling access to such proprietary information and trade secrets. The confidentiality agreements on which we rely to protect certain technologies may be breached, may not be adequate to protect our confidential information, trade secrets, and proprietary technologies and may not provide an adequate remedy in the event of unauthorized use or disclosure of our confidential information, trade secrets, or proprietary technology. Further, these agreements do not prevent our competitors or others from independently developing the same or similar technologies and processes, which may allow them to provide a service similar or superior to ours, which could harm our competitive position.

Enforcing a claim that a party illegally disclosed or misappropriated a trade secret is difficult, expensive, and time-consuming, and the outcome is unpredictable. In addition, some courts inside and outside the United States are less willing or unwilling to protect trade secrets. If any of our trade secrets were to be lawfully obtained or independently developed by a competitor or other third party, we would have no right to prevent them from using that technology or information to compete with us. If any of our trade secrets were to be disclosed to or independently developed by a competitor or other third party, it could harm our competitive position, business, financial condition, results of operations, and prospects.

***Our solutions utilize open source software, and any failure to comply with the terms of one or more of these open source licenses could adversely affect our business.***

Our solutions include software covered by open source licenses. There is a risk that such licenses could be construed in a manner that imposes unanticipated conditions or restrictions on our ability to market our solutions. By the terms of certain open source licenses, we could be required to release the source code of our proprietary software, and to make our proprietary software available under open source licenses, if we combine our proprietary software with open source software in a certain manner. In the event that portions of our proprietary software are determined to be subject to an open source license, we could be required to publicly release the affected portions of our source code, re-engineer all or a portion of our solutions, or otherwise be limited in the licensing of our solutions, each of which could reduce or eliminate the value of our solutions and services. In addition to risks related to license requirements, usage of open source software can lead to greater risks than use of third-party commercial software, as open source licensors generally do not provide non-infringement warranties or warranties related to the performance or suitability of the software. Many of the risks associated with usage of open source software cannot be eliminated and could adversely affect our business.

***We may be affected by terrorist attacks, natural disasters, outbreaks of communicable diseases and other events beyond our control.***

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Our business may be adversely affected by instability, disruption or destruction in a geographic region of Singapore, regardless of cause, including war, terrorism, riot, civil insurrection or social unrest, and natural or manmade disasters, including famine, flood, fire, earthquake, storm or pandemic events and spread of disease (including the COVID-19 pandemic). Such events may have an adverse impact on our business, as well as give rise to sudden significant changes in regional and global economic conditions and cycles. The consequences of any such terrorist attacks, natural disasters or other events beyond our control are unpredictable, and we are not able to foresee events of such nature, which could cause interruptions to parts of our businesses and have an adverse effect on our business, financial condition, results of operations, cash flows and prospects.

Additionally, an outbreak of Zika, SARS, avian influenza, Influenza A (H1N1) and/or other communicable diseases, if uncontrolled, could affect our operations, which may adversely affect our business, financial condition, results of operations, cash flows and prospects.

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Further, in the event that our employees and/or employees of our suppliers are infected or suspected of being infected with any communicable disease, we and/or our suppliers may be required by health authorities to temporarily shut down the affected premises or offices and quarantine the relevant employees to prevent the spread of the disease.

In addition, our revenue and profitability may be materially affected if any health epidemic or virus outbreak affects the overall economic and market conditions in Singapore. Failure to meet our customers' expectations could damage our sales and reputation, and may, as a result, lead to loss of business and affect our ability to attract new business. The occurrence of a catastrophic event could have a material effect on our business, prospects, financial condition and results of operations.

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***The wars in Ukraine and in the Middle East may materially and adversely affect our business and results of operations.***

The outbreak of war in Ukraine has already affected global economic markets, including a dramatic increase in the price of oil and gas, and the uncertain resolution of this conflict could result in protracted and/or severe damage to the global economy. Russia's military interventions in Ukraine have led to, and may lead to, additional sanctions being levied by the United States, European Union and other countries against Russia. Russia's military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the global markets, our customers' businesses and potentially our business. As of the date of this prospectus, to the best knowledge of the Company, we (i) do not have any direct business or contracts with any Russian or Ukraine entity as a supplier or customer, (ii) do not have any knowledge whether any our customers or suppliers have any direct business or contracts with any Russian entity, (iii) our business segments, products, lines of service, projects, or operations are not materially impacted by supply chain disruptions by the war in Ukraine, and (iv) have not been financially affected by the war in Ukraine. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could be substantial. Any such disruptions caused by Russian military action or resulting sanctions may magnify the impact of other risks described in this section. We cannot predict the progress or outcome of the situation in Ukraine, as the conflict and governmental reactions are rapidly developing and beyond their control. Prolonged unrest, intensified military activities or more extensive sanctions impacting the region could have a material adverse effect on the global economy, and such effect could in turn have a material adverse effect on our business, financial condition, results of operations, and prospects.

We do not anticipate any new or heightened risk of potential cyberattacks by state actors or others since Russia's invasion of Ukraine, and we have not taken any actions to mitigate such potential risks. Our board of directors will continue to monitor any potential risks that might arise due to the war in Ukraine which are specific to the Company, including but not limited to risks related to cybersecurity, sanctions, and supply chain, suppliers, or service providers in affected regions as well as risks connected with ongoing or halted operations or investments in affected regions.

Similarly, the war in Gaza is unpredictable and may expand into a regional or even possibly a global conflict. To date, this newest chapter in the long Middle East conflict has not resulted in any material adverse impact on the Company, but a prolonged conflict and/or significant escalation of hostilities would likely cause disruption in international relations and global trade, which in turn would likely adversely affect our business and the price of our Shares.

**Risks Relat** **ed to our Corporate Structure**

***Our partial ownership of our primary operating subsidiary and the influence of its minority shareholders may limit our ability to control its operations.***

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The Company holds a 51% ownership interest in Hiverlab Singapore, its primary operating subsidiary, which grants it majority voting rights and operational control. However, the Company faces certain risks related to its minority shareholders and governance structure that could impact its ability to exercise full control over Hiverlab Singapore's operations and strategic direction.

The presence of minority shareholders, who collectively own 49% of Hiverlab Singapore, may result in potential challenges in achieving consensus on key corporate decisions, particularly in situations where their interests diverge from those of the Company. While the Company retains majority voting rights, the need for cooperation with minority shareholders on significant matters could delay decision-making or lead to disagreements that may affect the subsidiary's operations and strategic objectives.

Two of Hiverlab Singapore's minority shareholders, Mr. Jiang Shutao, the Chief Executive Officer of Hiverlab Singapore, and Ms. Yuan Yi, the Chief Operating Officer of Hiverlab Singapore, are affiliates of the Company due to their management roles. Their dual roles as both minority shareholders and members of Hiverlab Singapore's leadership could create potential conflicts of interest or situations where their personal shareholder interests differ from the Company's broader strategic objectives. This influence could impact Hiverlab Singapore's governance, operational decisions, and alignment with the Company's overall goals.

Despite its majority ownership, the Company may face limitations in enforcing decisions or implementing changes at Hiverlab Singapore. Certain operational or strategic decisions may require cooperation from minority shareholders or management, and any resistance or misalignment could hinder the Company's ability to execute its strategic plans efficiently. This risk is heightened given Hiverlab Singapore's lean workforce and reliance on key individuals for day-to-day operations.

***Our dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A Ordinary Shares may view as beneficial.***

We have a dual-class voting structure consisting of Class A Ordinary Shares and Class B Ordinary Shares. Based on our dual-class voting structure, holders of Class A Ordinary Shares will be entitled to one (1) vote per share in respect of matters requiring the votes of shareholders including the election of directors, amendment of memorandum and articles of association and approval of major corporate transactions, while holders of Class B Ordinary Shares will be entitled to twenty (20) votes per share. Due to the disparate voting powers associated with our two classes of ordinary shares, Mr. Lai Kee Chwee, our Chief Executive Officer, director and Controlling Shareholder, will beneficially own approximately 36.93% of our outstanding Ordinary Shares representing 68.51% of the total voting power of the aggregate voting power of our Company immediately following the completion of this offering, assuming that the underwriters do not exercise their over-allotment option. The interests of our Controlling Shareholder may not coincide with your interests, and it may make decisions with which you disagree, including decisions on important topics such as the composition of the board of directors, compensation, management succession, and our business and financial strategy. To the extent that the interests of our Controlling Shareholder differ from your interests, you may be disadvantaged by any action that they may seek to pursue. This concentrated control could also discourage others from pursuing any potential merger, takeover or other change of control transactions, which could have the effect of depriving the holders of our Class A Ordinary Shares of the opportunity to sell their shares at a premium over the prevailing market price.

***Our Controlling Shareholder currently owns an aggregate of 42% of our outstanding Ordinary Shares representing 72.09% of the total voting power, and approximately 36.98% of our outstanding Ordinary Shares representing approximately 68.55% of the total voting power immediately after the completion of this offering, assuming that the underwriters do not exercise their over-allotment option. Our corporate actions will be substantially controlled by our Controlling Shareholder, who will have the ability to control or exert significant influence over important corporate matters that require approval of shareholders, which may deprive you of an opportunity to receive a premium for your shares and materially reduce the value of your investment.***

Currently, Mr. Lai Kee Chwee, our Chief Executive Officer and director, beneficially owns an aggregate of approximately 42.00% of our outstanding Ordinary Shares representing approximately 72.90% of the total voting power of our outstanding Ordinary Shares. Upon the completion of this offering, we will be a "controlled company" as defined under the NYSE Company Guide because after the offering, our Controlling Shareholder will beneficially own 36.98% of our ordinary shares issued and outstanding, and 68.55% of our aggregate voting power, assuming the underwriters do not exercise their over-allotment option.

As a result, Mr. Lai Kee Chwee will have the ability to control or exert significant influence over important corporate matters and investors may be prevented from influencing important corporate matters involving our company that require approval of shareholders, including:

● the composition of our board of directors and, through the voting of the board of directors, any determinations with respect to our operations, business direction and policies, including the appointment and removal of officers;

● any determinations with respect to mergers or other business combinations;

● our disposition of all or substantially all of our assets; and

● any change in control.

These actions may be taken even if they are opposed by our other shareholders, including the holders of the Class A Ordinary Shares. Without the consent of our Controlling Shareholder, we may be prevented from entering into transactions that could be beneficial to us or our minority shareholders. The interests of these beneficial owners may differ from the interests of our other shareholders. Furthermore, this concentration of ownership may also discourage, delay or prevent a change in control of our company, which could deprive our shareholders of an opportunity to receive a premium for their shares as part of a sale of our company and reduce the price of the shares. As a result of the foregoing, the value of your investment could be materially reduced. For more information regarding our beneficial owners and their affiliated entities, see "Principal Shareholders."

***You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law.***

 ****

We are an exempted company incorporated under the laws of Cayman Islands. Our corporate affairs are governed by our memorandum and articles of association (as may be amended from time to time), the Companies Act of the Cayman Islands and the common law of the Cayman Islands. The rights of shareholders to take action against the directors, actions by minority shareholders and the fiduciary duties of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from the common law of England, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands has a different body of securities laws than the United States. Some U.S. states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, Cayman Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the United States.

We have been advised by our Cayman Islands legal counsel, Harney Westwood & Riegels Singapore LLP , that there is uncertainty as to whether the courts of the Cayman Islands would:

● recognize or enforce against us judgments of courts of the United States based on certain civil liability provisions of U.S. securities laws; and

● entertain original actions brought in the Cayman Islands against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

There is no statutory recognition in the Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands will in certain circumstances recognize and enforce a foreign judgment, without any re-examination or re-litigation of matters adjudicated upon, provided such judgment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is given by a foreign court of competent jurisdiction;

(b) imposes on the judgment debtor a liability to
 pay a liquidated sum for which the judgment has been given;

(c) is final;

(d) is not in respect of taxes, a fine or a penalty;

(e) was not obtained by fraud; and

(f) is not of a kind the enforcement of which is contrary
 to natural justice or the public policy of the Cayman Islands.

Subject to the above limitations, in appropriate circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of final foreign judgments such as declaratory orders, orders for performance of contracts and injunctions.

Shareholders of exempted companies incorporated under the laws of the Cayman Islands like us have no general rights under Cayman Islands law to inspect corporate records (other than memorandum and articles of association and any special resolutions passed by such companies, and the register of mortgages and charges of such companies) or to obtain copies of lists of shareholders of these companies. Our directors have discretion under our memorandum and articles of association (as may be amended from time to time) to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.

Certain corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies incorporated in other jurisdictions such as the United States. To the extent we choose to follow home country practice with respect to corporate governance matters, our shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers.

As a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of the board of directors or Controlling Shareholders than they would as public shareholders of a company incorporated in the United States. For a discussion of significant differences between the provisions of the Companies Act and the laws applicable to companies incorporated in the United States and their shareholders, see "Description of Share Capital and Governing Documents — Differences in Corporate Law".

***Certain judgments obtained against us by our shareholders may not be enforceable.***

 ****

We are a Cayman Islands company and substantially all of our assets are located outside of the United States. Substantially most of our current operations are conducted in Singapore. In addition, our current officers are nationals and residents of countries other than the United States. Substantially all of the assets of these persons are located outside the United States. As a result, it may be difficult or impossible for you to bring an action against us or against these individuals in the United States in the event that you believe that your rights have been infringed under the U.S. federal securities laws or otherwise. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands and other countries other than the United States may render you unable to enforce a judgment against our assets or the assets of our directors and officers.

**Risks Related to our Class A Ordinary Shares and this Offering**

***There has been no public market for our Class A Ordinary Shares prior to this Offering, and you may not be able to resell our Class A Ordinary Shares at or above the price you paid, or at all.***

Prior to this Offering, there was no public market for our Class A Ordinary Shares. Although we applied to have our Class A Ordinary Shares listed on the NYSE American, we cannot assure you that a liquid public market for our Class A Ordinary Shares will develop. If an active public market for our Class A Ordinary Shares does not develop following the completion of this Offering, the market price of our Ordinary Shares may decline and the liquidity of our Class A Ordinary Shares may decrease significantly.

The IPO price for our Class A Ordinary Shares will be determined by negotiation between us and the underwriters and may vary from the market price of our Class A Ordinary Shares following our IPO. We cannot assure you the price at which the Class A Ordinary Shares are traded after this Offering will not decline below the IPO price. If you purchase our Class A Ordinary Shares in our IPO, you may not be able to resell those shares at or above the IPO price. We cannot assure you that the IPO price of our Class A Ordinary Shares, or the market price following our IPO, will equal or exceed prices in privately negotiated transactions of our shares that have occurred from time to time prior to our IPO. As a result, investors in our Ordinary Shares may experience a significant decrease in the value of their Class A Ordinary Shares due to insufficient or a lack of market liquidity of our Class A Ordinary Shares.

***The dual-class structure of our Ordinary Shares has the effect of concentrating voting control with those shareholders who held our Class B Ordinary Shares prior to this offering. This ownership will limit or preclude your ability to influence corporate matters, including the election of directors, amendments of our organizational documents, and any merger, consolidation, sale of all or substantially all of our assets, or other major corporate transactions requiring shareholder approval, and that may adversely affect the trading price of our Class A Ordinary Shares.***

Each Class B Ordinary Share has twenty (20) votes per share, and our Class A Ordinary Shares, which we are selling in this offering, have one vote per share. Following this offering, our major shareholders, which together hold 100% of our issued and outstanding Class B Ordinary Shares, will own shares representing approximately 68.55% of the voting power of our outstanding Ordinary Shares following this offering. In addition, because of the twenty-to-one voting ratio between our Class B and Class A Ordinary Shares, the holders of our Class B Ordinary Shares could continue to control a majority of the combined voting power of our Ordinary Shares and therefore control all matters submitted to our shareholders for approval until converted by the holders of our Class B Ordinary Shares. This concentrated control may limit or preclude your ability to influence corporate matters for the foreseeable future, including the election of directors, amendments of our organizational documents and any merger, consolidation, sale of all or substantially all of our assets or other major corporate transactions requiring shareholder approval. In addition, this concentrated control may prevent or discourage unsolicited acquisition proposals or offers for our capital stock that you may feel are in your best interest as one of our shareholders. As a result, such concentrated control may adversely affect the market price of our Class A Ordinary Shares.

Future transfers by holders of Class B Ordinary Shares will generally result in those shares converting to Class A Ordinary Shares, subject to limited exceptions as specified in our amended and restated memorandum and articles of association, such as transfers to family members and certain transfers effected for estate planning purposes. The conversion of Class B Ordinary Shares to Class A Ordinary Shares will have the effect, over time, of increasing the relative voting power of those holders of Class B Ordinary Shares who retain their shares in the long term. As a result, it is possible that one or more of the persons or entities holding our Class B Ordinary Shares could gain significant voting control as other holders of Class B Ordinary Shares sell or otherwise convert their shares into Class A Ordinary Shares.

***We cannot predict the effect that our dual-class structure may have on the market price of our Class A Ordinary Shares.***

We cannot predict whether our dual-class structure will result in a lower or more volatile market price of our Class A Ordinary Shares, adverse publicity or other adverse consequences. For example, certain index providers have announced and implemented restrictions on including companies with multiple-class share structures in certain of their indices. In July 2017, FTSE Russell announced that it would require new constituents of its indices to have greater than 5% of the company's voting rights in the hands of public stockholders, and S&P Dow Jones announced that it would no longer admit companies with multiple-class share structures to certain of its indices. Affected indices include the Russell 2000 and the S&P 500, S&P MidCap 400 and S&P SmallCap 600, which together make up the S&P Composite 1500. Also in 2017, MSCI, a leading stock index provider, opened public consultations on its treatment of no-vote and multi-class structures and temporarily barred new multi-class listings from certain of its indices; however, in October 2018, MSCI announced its decision to include equity securities "with unequal voting structures" in its indices and to launch a new index that specifically includes voting rights in its eligibility criteria. Under such announced and implemented policies, the dual-class structure of our Ordinary Shares would make us ineligible for inclusion in certain indices and, as a result, mutual funds, exchange-traded funds and other investment vehicles that attempt to passively track those indices would not invest in our Class A Ordinary Shares. These policies are relatively new and it is unclear what effect, if any, they will have on the valuations of publicly-traded companies excluded from such indices, but it is possible that they may adversely affect valuations, as compared to similar companies that are included. Due to the dual-class structure of our Ordinary Shares, we will likely be excluded from certain indices and we cannot assure you that other stock indices will not take similar actions. Given the sustained flow of investment funds into passive strategies that seek to track certain indices, exclusion from certain stock indices would likely preclude investment by many of these funds and could make our Class A Ordinary Shares less attractive to other investors. As a result, the market price of our Class A Ordinary Shares could be adversely affected.

***If we fail to maintain an effective system of disclosure controls and internal controls over financial reporting, our ability to timely produce accurate financial statements or comply with applicable regulations could be impaired.***

The Sarbanes-Oxley Act requires, among other things, that we maintain effective internal disclosure controls and procedures over our financial reporting. We are continuing to develop and refine our disclosure controls and other procedures that are designed to ensure that information required to be disclosed by us in our reports that we will file with the SEC will be recorded, processed, summarized, and reported within the time periods and as otherwise specified in SEC rules, and that information required to be disclosed in reports under the Exchange Act is accumulated and communicated to our principal Executive Officers and financial officers. We are also continuing to improve our internal controls over financial reporting.

Ensuring that we have effective disclosure controls and procedures and internal controls over financial reporting in place so that we can produce accurate financial statements on a timely basis is a costly and time-consuming effort that will need to be re-evaluated frequently. Our internal controls over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with U.S. GAAP. Beginning with our second annual report on Form 20-F after we become a company whose securities are publicly listed in the United States, we will be required, pursuant to Section 404 of the Sarbanes-Oxley Act, to make a formal assessment of the effectiveness of our internal controls over financial reporting, and once we cease to be an emerging growth company, we will be required to include an attestation report on internal controls over financial reporting issued by our Independent Registered Public Accounting Firm. During our evaluation of our internal controls, if we identify one or more material weaknesses in our internal controls over financial reporting, we will be unable to assert that our internal controls over financial reporting are effective. We cannot assure you that there will not be material weaknesses or significant deficiencies in our internal controls over financial reporting in the future. Any failure to maintain internal controls over financial reporting could severely inhibit our ability to accurately report our financial condition, or results of operations.

Our management and our auditor have identified the following material weaknesses in our internal controls over financial reporting: (a) limited technical accounting expertise: the Company's finance team has limited experience in addressing certain complex U.S. GAAP accounting matters and in preparing and reviewing consolidated financial statements in compliance with SEC reporting requirements; and (b) insufficient segregation of duties and review processes: the financial reporting process lacks a structured segregation of responsibilities between preparation, review, and approval, which has limited the effectiveness of oversight over the financial close and consolidation process. We intend to implement measures designed to improve our internal control over financial reporting to address the underlying causes of these material weaknesses, including (i) engaging qualified professionals with U.S. GAAP and SEC reporting expertise to enhance technical capabilities and establish a more robust financial reporting and system control framework; (ii) enhancing oversight procedures and implementing a clear review and approval structure to improve segregation of duties in the financial close process; and (iii) providing regular U.S. GAAP training for finance personnel to improve accounting knowledge and keep staff updated with evolving standards. However, the implementation of these measures may not fully address these deficiencies in our internal control over financial reporting. Our failure to correct these control deficiencies or our failure to discover and address any other control deficiencies could result in inaccuracies in our financial statements and impair our ability to comply with applicable financial reporting requirements and related regulatory filings on a timely basis. Moreover, ineffective internal control over financial reporting could significantly hinder our ability to prevent fraud.

Furthermore, it is possible that, had our independent registered public accounting firm conducted an audit of our internal control over financial reporting, such firm might have identified additional material weaknesses and deficiencies. Upon completing this offering, we will become a public company in the United States subject to the Sarbanes-Oxley Act of 2002. Section 404 of the Sarbanes-Oxley Act of 2002, or Section 404, will require that we include a report of management's assessment on our internal control over financial reporting in our annual report on Form 20-F, beginning with our annual report for the fiscal year ending December 31, 2026. In addition, once we cease to be an "emerging growth company" as such term is defined in the JOBS Act, our independent registered public accounting firm may be required to report on the effectiveness of our internal control over financial reporting. Our management may conclude that our internal control over financial reporting is not effective.

***The trading price of our Class A Ordinary Shares may be volatile, which could result in substantial losses to you.***

The trading price of our Class A Ordinary Shares is likely to be volatile and could fluctuate due to factors beyond our control. This may happen due to broad market and industry factors, such as performance and fluctuation in the market prices or underperformance or deteriorating financial results of other listed companies based in Singapore. The securities of some of these companies have experienced significant volatility since their IPOs, including, in some cases, substantial price declines in the trading price of their securities. The trading performances of other Singapore companies' securities after their offerings may affect the attitudes of investors towards Singapore-based, U.S.-listed companies, which consequently may affect the trading performance of our Class A Ordinary Shares, regardless of our actual operating performance. In addition, any negative news or perceptions about inadequate corporate governance practices or fraudulent accounting, corporate structure or matters of other Singapore companies may also negatively affect the attitudes of investors towards Singapore companies in general, including us, regardless of whether we have conducted any inappropriate activities. Furthermore, securities markets may from time to time experience significant price and volume fluctuations that are not related to our operating performance, which may have a material and adverse effect on the trading price of our Class A Ordinary Shares.

In addition to the above factors, the price and trading volume of our Class A Ordinary Shares may be highly volatile due to multiple factors, including the following:

● political, social and economic conditions in Singapore;

● variations in our revenue, profit, and cash flow;

● the operating and stock price performance of other companies, other industries and other events or factors beyond our control;

● fluctuations of exchange rates among SGD and USD;

● general market conditions or other developments affecting us or the artificial intelligence industry in which we operate;

● actual or anticipated fluctuations in our results of operations and changes or revisions of our expected results;

● changes in financial estimates or recommendations by securities research analysts;

● detrimental negative publicity about us, our services, our officers, directors, Controlling Shareholders, other beneficial owners, our business partners, or our industry;

● announcements by us or our competitors of new product offerings, acquisitions, strategic relationships, joint ventures, capital raisings or capital commitments;

● additions to or departures of our senior management;

● litigation or regulatory proceedings involving us, our officers, Directors, or Controlling Shareholders;

● developments in information technology and our capability to catch up with the technology innovations in the industry;

● the realization of any of the other risk factors presented in this prospectus;

● changes in investors' perception of our Company and the investment environment generally;

● the liquidity of the market for our Class A Ordinary Shares;

● release or expiry of lock-up or other transfer restrictions on our outstanding Class A Ordinary Shares; and

● sales or perceived potential sales of additional Class A Ordinary Shares.

Any of these factors may result in large and sudden changes in the volume and price at which our Class A Ordinary Shares will be traded.

Recently, there have been instances of extreme stock price run-ups followed by rapid price declines and strong stock price volatility with a number of recent IPOs, especially among companies with relatively smaller public floats. As a relatively small-capitalization company with relatively small public float, we may experience greater stock price volatility, extreme price run-ups, lower trading volume and less liquidity than large-capitalization companies. In particular, our Class A Ordinary Shares may be subject to rapid and substantial price volatility, low volumes of trades and large spreads in bid and ask prices. Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance, financial conditions or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares.

In addition, if the trading volumes of our Class A Ordinary Shares are low, persons buying or selling in relatively small quantities may easily influence prices of our Class A Ordinary Shares. This low volume of trades could also cause the price of our Class A Ordinary Shares to fluctuate greatly, with large percentage changes in price occurring in any trading day session. Holders of our Class A Ordinary Shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Class A Ordinary Shares. As a result of this volatility, investors may experience losses on their investment in our Class A Ordinary Shares. A decline in the market price of our Class A Ordinary Shares also could adversely affect our ability to issue additional shares of Class A Ordinary Shares or other securities and our ability to obtain additional financing in the future. No assurance can be given that an active market in our Class A Ordinary Shares will develop or be sustained. If an active market does not develop, holders of our Class A Ordinary Shares may be unable to readily sell the shares they hold or may not be able to sell their shares at all.

In the past, shareholders of public companies have brought securities class action suits against those companies following periods of instability in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount of our management's attention and other resources from our business and operations and require us to incur significant expenses to defend the suit, which could harm our results of operations. Any such class action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial conditions and results of operations.

***Our Class A Ordinary Shares may be thinly traded and you may be unable to sell at or near ask prices or at all if you need to sell your shares to raise money or otherwise desire to liquidate your shares.***

Assuming our Class A Ordinary Shares begin trading on the NYSE American, our Class A Ordinary Shares may be "thinly-traded," meaning that the number of persons interested in purchasing our Class A Ordinary Shares at or near bid prices at any given time may be relatively small or non-existent. This situation may be attributable to a number of factors, including the fact that we are relatively unknown to stock analysts, stock brokers, institutional investors and others in the investment community that generate or influence sales volume, and that even if we come to the attention of such persons, they tend to be risk-averse and might be reluctant to follow an unproven company such as ours or purchase or recommend the purchase of our shares until such time as we became more seasoned. As a consequence, there may be periods of several days or more when trading activity in our shares is minimal or non-existent, as compared to a seasoned issuer which has a large and steady volume of trading activity that will generally support continuous sales without an adverse effect on share price. A broad or active public trading market for our Class A Ordinary Shares may not develop or be sustained.

***If securities or industry analysts do not publish or publish inaccurate or unfavorable research about our business, or if they adversely change their recommendations regarding our Class A Ordinary Shares, the market price for our Class A Ordinary Shares and trading volume could decline.***

The trading market for our Class A Ordinary Shares will depend in part on the research and reports that securities or industry analysts publish about us or our business. If research analysts do not establish and maintain adequate research coverage or if one or more of the analysts who cover us downgrade our Class A Ordinary Shares or publish inaccurate or unfavorable research about our business, the market price for our Class A Ordinary Shares would likely decline. If one or more of these analysts cease coverage of us or fail to publish reports on us regularly, we could lose visibility in the financial markets, which, in turn, could cause the market price or trading volume for our Class A Ordinary Shares to decline.

***The sale or availability for sale of substantial amounts of our Class A Ordinary Shares in the public market could adversely affect the market price of our Class A Ordinary Shares.***

Sales of substantial amounts of our Class A Ordinary Shares in the public market after the completion of this Offering, or the perception that these sales could occur, could adversely affect the market price of our Class A Ordinary Shares and could impair our ability to raise capital through equity offerings in the future. The Class A Ordinary Shares sold in this Offering will be freely tradable without restriction or further registration under the Securities Act of 1933, as amended, or the Securities Act, and shares held by our existing shareholders may also be sold in the public market in the future, subject to the restrictions in Rule 144 and Rule 701 under the Securities Act and the applicable lock-up agreements. As of the date of this prospectus, an aggregate of 19,975,000 Class A Ordinary Shares and 1,275,000 Class B Ordinary Shares are outstanding, and 22,890,380 Class A Ordinary Shares and 1,275,000 Class B Ordinary Shares will be outstanding immediately after the consummation of this Offering, assuming no exercise of the underwriter's over-allotment option, or 23,265,380 Class A Ordinary Shares and 1,275,000Class B Ordinary Shares if the underwriter exercises its over-allotment option in full. Sales of these Class A Ordinary Shares into the market could cause the market price of our Class A Ordinary Shares to decline.

***You must rely on price appreciation of our Class A Ordinary Shares for return on your investment because the amount, timing, and whether or not we distribute dividends at all is entirely at the discretion of our Board.***

Our Board has complete discretion as to whether to distribute dividends. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our Board. In either case, all dividends are subject to certain restrictions under the Cayman Islands law, namely that the Company may only pay dividends out of profits or share premium, and provided that under no circumstances may a dividend be paid if this would result in the Company being unable to pay its debts as they fall due in the ordinary course of business. Even if our Board decides to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial conditions, contractual restrictions and other factors deemed relevant by our Board. Accordingly, the return on your investment in our Class A Ordinary Shares will likely depend entirely upon any future price appreciation of our Class A Ordinary Shares. We cannot assure you that our Class A Ordinary Shares will appreciate in value after this Offering or even maintain the price at which you purchased the Class A Ordinary Shares. You may not realize a return on your investment in our Class A Ordinary Shares and you may even lose your entire investment in our Class A Ordinary Shares. Please refer to the section titled "Dividend Policy" section for more information.

***We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S. domestic public companies.***

Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the U.S. that are applicable to U.S. domestic issuers, including:

● the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q or current reports on Form 8-K;

● the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act;

● the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and

● the selective disclosure rules by issuers of material non-public information under Regulation Fair Disclosure.

We will be required to file an annual report on Form 20-F within four months of the end of each fiscal year. Press releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be made available to you were you investing in a U.S. domestic issuer.

***We will be a "controlled company" within the meaning of the NYSE American Company Guide and, as a result, may rely on exemptions from certain corporate governance requirements that provide protection to shareholders of other companies.***

We will be a "controlled company" as defined under the NYSE American Company Guide because our Controlling Shareholder will hold 33.42% of our outstanding Class A Ordinary Shares and 100% of our outstanding Class B Ordinary Shares, which represents approximately 68.51% of the total voting power (or approximately 67.98% of the total voting power if the underwriter's option to purchase additional shares is exercised in full).

Under the NYSE American Company Guide, a company of which more than 50% of the voting power with respect to the election of directors is held by an individual, a company or a group of persons acting together is a "controlled company" and may elect not to comply with certain stock exchange rules regarding corporate governance, including the following requirements:

● that a majority of its board of directors consists of independent directors;

● that its director nominees be selected or recommended for the board's selection by a majority of the board's independent directors in a vote in which only independent directors participate or by a nominating committee comprised solely of independent directors, in either case, with a formal written charter or board resolutions, as applicable, addressing the nominations process and such related matters as may be required under the federal securities laws; and

● that its compensation committee is composed solely of independent directors with a written charter addressing the committee's purpose and responsibilities.

If we elect to be treated as a controlled company and use these exemptions, you may not have the same protections afforded to stockholders of companies that are subject to all of NYSE American rules regarding corporate governance, which could make our Class A Ordinary Shares less attractive to investors or otherwise harm our stock price.

***As a company incorporated in Cayman Islands, we are permitted to adopt certain Cayman Islands' practices in relation to corporate governance matters that differ significantly from the NYSE American listing standards; these practices may afford less protection to shareholders than they would enjoy if we complied fully with NYSE American listing standards.***

As a foreign private issuer, we are subject to the NYSE American listing standards. However, the NYSE American Company Guide permit a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from the NYSE American listing standards. We may to rely on certain home country practices with respect to our corporate governance after we complete this Offering. If we choose to follow home country practices in the future, our shareholders may be afforded less protection than they would otherwise enjoy under the NYSE American listing standards applicable to U.S. domestic issuers.

***There is no assurance we will not be a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for any taxable year, which could subject U.S. investors in our Class A Ordinary Shares to significant adverse U.S. income tax consequences.***

We will be classified as a passive foreign investment company, or PFIC, for any taxable year if either (i) 75% or more of our gross income for such year consists of certain types of "passive" income, or (ii) 50% or more of the value of our assets (determined on the basis of a quarterly average) during such year produce or are held for the production of passive income (the "asset test"). Based upon our current and expected income and assets, including goodwill and (taking into account the expected proceeds from this Offering) the value of the assets held by our strategic investment business, the expected proceeds from this Offering as well as projections as to the market price of our Class A Ordinary Shares immediately following the completion of this Offering, we do not presently expect to be classified as a PFIC for the current taxable year or the foreseeable future.

While we do not expect to be a PFIC, because the value of our assets, for purposes of the asset test, may be determined by reference to the market price of our Class A Ordinary Shares, fluctuations in the market price of our Class A Ordinary Shares may cause us to become a PFIC classification for the current or subsequent taxable years. The determination of whether we will be or become a PFIC will also depend, in part, on the composition and classification of our income, including the relative amounts of income generated by and the value of assets of our strategic investment business as compared to our other businesses. Because there are uncertainties in the application of the relevant rules, it is possible that the U.S. Internal Revenue Service, or IRS, may challenge our classification of certain income and assets as non-passive which may result in our being or becoming a PFIC in the current or subsequent years. In addition, the composition of our income and assets will also be affected by how, and how quickly, we use our liquid assets and the cash raised in this Offering. If we determine not to deploy significant amounts of cash for active purposes, our risk of being a PFIC may substantially increase. Because there are uncertainties in the application of the relevant rules and PFIC status is a factual determination made annually after the close of each taxable year, there is no assurance that we will not be a PFIC for the current taxable year or any future taxable year.

If we are a PFIC in any taxable year, a U.S. Holder may incur significantly increased U.S. income tax on gain recognized on the sale or other disposition of our Class A Ordinary Shares and on the receipt of distributions on our Class A Ordinary Shares to the extent such gain or distribution is treated as an "excess distribution" under the U.S. federal income tax rules, and such holder may be subject to burdensome reporting requirements. Further, if we are a PFIC for any year during which a U.S. Holder holds our Class A Ordinary Shares, we will generally continue to be treated as a PFIC for all succeeding years during which such U.S. Holder holds our Class A Ordinary Shares.

***We will incur increased costs as a result of being a public company, particularly after we cease to qualify as an emerging growth company.***

Upon completion of this Offering, we will become a public company and expect to incur significant legal, accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of 2002 and the rules subsequently implemented by the SEC and the NYSE American detailed requirements concerning corporate governance practices of public companies. As a company with less than US$1.235 billion in net revenues for our last fiscal year, we qualify as an "emerging growth company" pursuant to the Jumpstart Our Business Startups ("JOBS") Act. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2012 relating to internal controls over financial reporting.

We expect these rules and regulations to increase our legal and financial compliance costs and to make some corporate activities more time-consuming and costlier. After we are no longer an "emerging growth company," we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the other time and attention to our public company reporting obligations and other compliance matters. For example, as a result of becoming a public company, we will need to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures. We also expect that operating as a public company will make it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. In addition, we will incur additional costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our Board or as executive officers. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict with any degree of certainty the amount of additional costs we may incur or the timing of such costs.

***We are an "emerging growth company" and the reduced disclosure requirements applicable to emerging growth companies may make our Class A Ordinary Shares less attractive to investors.***

We are an "emerging growth company," as defined in the JOBS Act. For so long as we remain an emerging growth company, we are permitted and intend to rely on exemptions from certain disclosure requirements that are applicable to other public companies that are not emerging growth companies. These exemptions include:

● being permitted to provide only two years of audited financial statements, in addition to any required unaudited interim financial statements, with correspondingly reduced "Management's Discussion and Analysis of Financial Condition and Results of Operations" disclosure;

● not being required to comply with the auditor attestation requirements in the assessment of our internal control over financial reporting of Section 404(b) of the Sarbanes-Oxley Act;

● not being required to comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements;

● reduced disclosure obligations regarding executive compensation; and

● exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

We have taken advantage of reduced reporting burdens in this prospectus. In particular, in this prospectus, we only provided two years of audited financial statements and have not included all the executive compensation related information that would be required if we were not an emerging growth company. In addition, the JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. This allows an emerging growth company to delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We are choosing to take advantage of the extended transition period for complying with new or revised accounting standards.

We cannot predict whether investors will find our Class A Ordinary Shares less attractive if we rely on these exemptions. If some investors find our Class A Ordinary Shares less attractive as a result, there may be a less active trading market for our Class A Ordinary Shares and our share price may be more volatile.

We will remain an emerging growth company until the earliest of (i) the date on which we are deemed to be a "large accelerated filer" under the Securities Exchange Act of 1934, as amended, or the Exchange Act, which would occur if the market value of our Class A Ordinary Shares that are held by non-affiliates exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter, (ii) the end of the fiscal year during which we have total annual gross revenues of US$1.235 billion or more, (iii) the date on which we have, during the preceding three-year period, issued more than US$1.0 billion in non-convertible debt, or (iv) the last day of our fiscal year following the fifth anniversary of the completion of this Offering.

***You should read the entire prospectus carefully and we strongly caution you not to place any reliance on any information contained in press articles or other media regarding us and the listing.***

We wish to emphasize to prospective investors that we do not accept any responsibility for the accuracy or completeness of the information contained in any press articles or other media coverage regarding us or the offering, and such information that was not sourced from or authorized by us. We make no representation to the appropriateness, accuracy, completeness or reliability of any information contained in any press articles or other media coverage about our business or financial projections, share valuation or other information. Accordingly, prospective investors should not rely on any such information and should rely only on information included in this prospectus in making any decision as to whether to invest in our Class A Ordinary Shares.

**Risks Related to Doing Business in Certain Countries and Regions**

***Our operating subsidiary Hiverlab Singapore is subject to the laws of Singapore, which differ in certain material respects from the laws of the United States.***

As our operating subsidiary, Hiverlab Singapore, is a company incorporated under the laws of the Republic of Singapore, we are required to comply with the laws of Singapore, certain of which are capable of extraterritorial application, as well as constitutions of our Singapore operating subsidiaries. In particular, Hiverlab Singapore is required to comply with certain provisions of the Securities and Futures Act 2001, of Singapore (the "Singapore Securities and Futures Act"), which prohibit certain forms of market conduct and information disclosures, and impose criminal and civil penalties on corporations, directors and officers in respect of any breach of such provisions.

***Our failure to obtain, maintain or renew licenses, approvals, permits, registrations, or filings necessary to conduct our operations could have a material adverse impact on our business, financial condition, and results of operations.***

Regulatory authorities in various jurisdictions oversee different aspects of our business operations. We are required to obtain a number of licenses, approvals, permits, registrations, and filings and are subject to certain reporting obligations required for maintaining our subsidiary and personnel in such jurisdictions. We cannot assure you that we have obtained all of these licenses, approvals, permits, registrations, and filings or will continue to maintain or renew all of them or that we have complied with these requirements in full. If we fail to obtain necessary authorizations, we may be subject to various penalties, such as confiscation of illegal revenues, fines and discontinuation or restriction of business operations, which may materially and adversely affect our business, financial condition, and results of operations. In addition, there can be no assurance that we will be able to maintain our existing licenses, approvals, registrations or permits in the relevant jurisdictions, renew any of them when their current term expires, or update existing licenses or obtain additional licenses, approvals, permits, registrations, or filings necessary for our business expansion from time to time. If we fail to do so, our business, financial conditions and operational results may be materially and adversely affected.

***Changes in the political, economic or social conditions or government policies in Vietnam and Southeast Asia could materially and adversely affect our business and operations.***

Our operations, results of operations and prospects will be influenced to a significant degree by political, economic, regulatory and social conditions in Vietnam and Southeast Asia.

 ****

The Vietnamese and Southeast Asian economies differ from developed markets in many respects, including the level of government involvement, level of development, growth rate, control of foreign exchange and regulation of industry. Risks related to the economic, political and social conditions in Vietnam and Southeast Asia include:

● inconsistent and evolving regulations, licensing and legal requirements may increase our operational risks and cost of operations;

 ****

● currencies may be devalued or may depreciate or currency restrictions or other restraints on transfer of funds may be imposed;

● the effects of inflation within Southeast Asia generally and/or within any specific country in which we operate may increase our cost of operations;

● governments or regulators may impose new or more burdensome regulations, taxes or tariffs, such as a consumption tax on online games;

● political changes may lead to changes in the business, legal and regulatory environments in which we operate;

● economic downturns, political instability, civil disturbances, acts of violence, war, military conflict, religious or ethnic strife, terrorism and general security concerns may negatively affect our operations;

● enactment or any increase in the enforcement of regulations, including those related to personal data protection and localization and cybersecurity, may incur compliance costs;

● health epidemics, pandemics or disease outbreaks (including the COVID-19 outbreak) may affect our operations and demand for our products and services; and

● natural disasters like volcanic eruptions, floods, typhoons and earthquakes may impact our operations severely.

As a result, future political, economic and social conditions in Vietnam and Southeast Asia; unforeseen events, as well as certain actions and policies that the Vietnamese government or governments throughout Southeast Asia may or may not take or adopt; and political turmoil or shifts in staff and regulators in Vietnamese or Southeast Asian authorities which create uncertainties, could materially and adversely affect our business, financial condition and results of operations.

***Emerging markets such as Vietnam and the other countries in which we operate are subject to greater risks than more developed markets, and financial turmoil in any emerging market could disrupt our business, as well as cause the price of the Class A ordinary shares to fall.***

Generally, investment in emerging markets is only suitable for sophisticated investors who fully appreciate the significance of the risks involved in, and are familiar with, investing in emerging markets. Investors should also note that emerging markets such as Vietnam are subject to rapid change and that the information set out herein may become outdated relatively quickly. Moreover, financial turmoil in any emerging market country tends to adversely affect other emerging market countries. As has happened in the past, financial problems or an increase in the perceived risks associated with investing in emerging economies could dampen foreign investment in Vietnam and adversely affect the Vietnamese economy and our business. In addition, during such times, emerging market companies can face severe liquidity constraints as foreign funding sources are withdrawn. Thus, even if the Vietnamese economy remains relatively stable, financial turmoil in any emerging market country could seriously disrupt our business, as well as result in a decrease in the price of the Class A ordinary shares.

***Inherent uncertainties in the legal systems in Vietnam could adversely affect us.***

When compared to many developed economies, the legal systems in Vietnam, Southeast Asia and the other markets in which we may operate are not be as developed nor provide as robust protections to private businesses. The laws and regulatory apparatus affecting these economies are evolving with continuing improvements and increasing transparency but are still not as well established as the laws and regulatory apparatus of regions such as the United States. Policy changes and interpretations of applicable laws may produce unexpected consequences, which could have an adverse effect on domestic business operators. For example, although in recent years the legal system in Vietnam has been moving towards increasingly sophisticated, transparent access for investors, uncertainties and limitations still exist in relation to the interpretation and enforcement of laws like Vietnam's Civil Code, Commercial Law, Vietnam's Law on Investment and Vietnam's Law on Enterprises, which impact related regulations and accordingly business activities, corporate government and shareholders' rights. Authorities in Vietnam and in some of our other markets retain considerable discretion in how their laws are enforced, and enforcement can be unpredictable and inconsistent. Even if we believe that we have complied with a law, rule or regulation as generally understood in Vietnam and/or in accordance with the advice of legal counsel, there is no guarantee that the relevant regulators will agree that we have complied, in particular on matters that allow for subjectivity or interpretation. Moreover, as the industries in which we operate are relatively new in Vietnam, legislative intent and interpretation regarding new concepts and technologies might conflict, be unclear and evolving. As the legal systems in these jurisdictions develop, inconsistencies and uncertainties in their laws and regulations are likely to be addressed as new laws are interpreted and refined and older laws are repealed or updated. We cannot assure you when the legal system in Vietnam and Southeast Asia will obtain the level of certainty and predictability of other jurisdictions with more developed legal systems.

***An adverse determination by tax authorities on the tax positions we will take in connection with part or all of the reorganization and other transactions could expose us to additional tax liabilities.***

We exercise significant judgment in determining our provision for taxes and there may be transactions and calculations where the proper tax treatment is uncertain. Our determinations are not binding on the applicable taxing authorities, including the Ministry of Finance and its General Department of Taxation in Vietnam. There are often transactions and calculations where the ultimate tax determination is uncertain. We are regularly under audit by tax authorities in Vietnam. Although we believe our tax estimates are reasonable, the final determination in a tax audit or other proceeding may be materially different than the treatment reflected in our tax provisions, accruals and returns. An assessment of additional taxes in such circumstances could result in a material adverse effect on our tax provisions, net income or cash flows in the period or periods for which that determination is made.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements that involve risks and uncertainties. All statements other than statements of current or historical facts are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, including, among others, those listed under the sections titled "*Risk Factors*," "*Management's Discussion and Analysis of Financial Condition and Results of Operations*," "*Business*," "*Regulations*," and other sections in this prospectus, that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.

In some cases, you can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "potential," "intend," "plan," "believe," "likely to" or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include statements about:

● changes in political, social and economic conditions, the regulatory environment, laws and regulations and interpretation thereof in the jurisdictions where we conduct business or expect to conduct business;

● the risk that we may be unable to realize our anticipated growth strategies and expected internal growth;

● changes in the availability and cost of professional staff which we require to operate our business;

● changes in customers' preferences and needs;

● changes in competitive conditions and our ability to compete under such conditions;

● changes in our future capital needs and the availability of financing and capital to fund such needs;

● changes in currency exchange rates or interest rates;

● projections of revenue, profits, earnings, capital structure and other financial items;

● changes in our plan to enter into certain new business sectors; and

● other factors beyond our control.

You should read this prospectus and the documents that we refer to in this prospectus with the understanding that our actual future results may be materially different from and worse than what we expect. Other sections of this prospectus include additional factors which could adversely impact our business and financial performance. Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.

You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in this prospectus relate only to events or information as of the date on which the statements are made in this prospectus. Except as required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should read this prospectus and the documents that we refer to in this prospectus and have filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that our actual future results may be materially different from what we expect.

This prospectus also contains statistical data and estimates that we obtained from industry publications and reports generated by government or third-party providers of market intelligence. Although we have not independently verified the data, we believe that the publications and reports are reliable.

**USE OF PROCEEDS**

We estimate that we will receive net proceeds from this Offering of approximately US$9,212,812, or approximately US$10,765,275 if the Underwriter exercises its option to purchase additional Class A Ordinary Shares in full, after deducting underwriting discounts and commissions and estimated offering expenses payable by us. These estimates are based upon an assumed initial Offer Price of $4.50 per share, the mid-point of the estimated range of the initial public Offer Price shown on the front cover of this prospectus.

We plan to use the net proceeds of this Offering in the following order of priority:

● Approximately 30% for expanding sales and marketing efforts into international markets;

● Approximately 30% for strategic acquisitions and investments (we intend to increase our stake in IntentAI Pte. Ltd., which we currently hold a 14.36% equity interest, with the intent to become the majority shareholder. Other than this, the Company has not identified any target as of the date of this prospectus);

● Approximately 10% for technology integration across portfolio companies within the Company and intellectual property development and acquisition; and

● Approximately 30% for operations and general working capital.

To the extent that our actual net proceeds is not sufficient to fund all of the proposed purposes, we will decrease our allocation of the net proceeds for the purposes set out above on a pro rata basis. We would anticipate raising additional capital through equity or debt financing sufficient to fund our proposed uses above.

The amounts and timing of any expenditures will vary depending on the amount of cash generated by our operations, and the rate of growth, if any, of our business, and our plans and business conditions. The foregoing represents our current intentions based upon our present plans and business conditions to use and allocate the net proceeds of this Offering. Our management will have significant flexibility in applying and discretion to apply the net proceeds of this Offering. If an unforeseen event occurs or business conditions change, we may use the proceeds of this Offering differently than as described in this prospectus.

Pending deployment of the net proceeds for the uses described above, the funds may be placed in short-term deposits with financial institutions or used to invest in short-term money market instruments.

**DIVIDEND POLICY**

We have no formal dividend policy. We currently intend to retain all available funds and any future earnings to fund the development and growth of our business and to repay any indebtedness and, therefore, we do not anticipate paying any cash dividends in the foreseeable future. Additionally, our ability to pay dividends on our Shares is limited by various factors such as our future financial performance and bank covenants. Any future determination to pay dividends will be at the discretion of our Board of Directors, subject to compliance with covenants in current and future agreements governing our and our subsidiaries' indebtedness, and will depend on our results of operations, financial condition, capital requirements and other factors that our Board of Directors may deem relevant. Under Cayman Islands law, a Cayman Islands company may pay a dividend on its shares out of either profit or share premium, provided that in no circumstances may a dividend be paid if following such payment the Company would be unable to pay its debts as they fall due in the ordinary course of business.

**CAPITALIZATION**

The following tables set forth our capitalization as of June 30, 2025:

● on an actual basis; and

● on a pro forma basis to reflect the issuance and sale of 2,500,000 Class A Ordinary Shares by us in this offering at an assumed price to the public of $4.50 per share, resulting in net proceeds to us of $9,212,812 after deducting (i) underwriter discounts of $787,500, (ii) non-accountable expense allowance of $112,500, and (iii) estimated other offering expenses of $1,137,188. The table below assumes no exercise by the underwriters of their option to purchase additional Class A Ordinary Shares from us.

You should read this table together with "*Use of Proceeds*" and "*Management's Discussion and Analysis of Financial Condition and Results of Operations*," and our consolidated financial statements and the related notes included elsewhere in this prospectus.

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| | | |
|:---|:---|:---|
|  | **As of June 30 2025** | **As of June 30 2025** |
|  | **Actual** | **As Adjusted** |
|  | **(in US$)** | **(in US$)** |
| Cash: | 164740 | 9377552 |
| Indebtedness: |  |  |
| Convertible Loan | 393114 | 393114 |
| **Equity:** |  |  |
| Class A Ordinary Shares (par value of US$0.0001 per share; 490,000,000 Class A Ordinary Shares authorized and 19,975,000 Class A Ordinary Shares issued and outstanding, actual; 22,475,000 Class A Ordinary Shares issued and outstanding, pro forma as of June 30, 2025, respectively) | \* | \* |
| Class B Ordinary Shares (par value of US$0.0001 per share; 10,000,000 Class B Ordinary Shares authorized and 1,275,000 Class B Ordinary Shares issued and outstanding, actual and pro forma as of June 30, 2025, respectively) | \* | \* |
| Additional paid-in capital<sup>(1)</sup> | 774449 | 9987011 |
| Accumulated comprehensive income | (2062) | (2062) |
| Accumulated deficit | (526048) | (526048) |
| Non-controlling interest | (43854) | (43854) |
| Total equity | 202485 | 9415047 |
| Total capitalization | 595599 | 9808161 |

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(1) Pro
 forma additional paid in capital reflects the net proceeds we expect to receive, after deducting
 underwriting fee, underwriter expense allowance and other expenses. We expect to receive
 net proceeds of approximately $9,212,812 (Offering proceeds of $11,250,000 , less underwriting
 discounts of $787,500 , non-accountable expense of $112,500 and offering expenses of $1,137,188).
 The Class A Ordinary Shares reflects the net proceeds we expect to receive, after deducting
 underwriting discounts, Underwriter expense allowance and other expenses.

Each $1.00 increase or decrease in the assumed offering price per share of $4.50, assuming no change in the number of shares to be sold, would increase or decrease the net proceeds that we receive in this offering and each of total shareholders' equity and total capitalization by approximately $2,300,000 after deducting estimated underwriter commissions, and offering expenses, in each case, payable by us.<br>

The table above excludes up to 375,000 Class A Ordinary Shares issuable pursuant to the over-allotment option, if the underwriters exercise the over-allotment option in full.

**DILUTION**

If you invest in our Class A Ordinary Shares, your interest will be diluted to the extent of the difference between the initial public Offer Price per share and our net tangible book value per share after this Offering. Dilution results from the fact that the initial public Offer Price per share is substantially in excess of the book value per ordinary share attributable to the existing Shareholders for our presently outstanding shares.

Our net tangible liabilities book value was approximately $47,419 , or approximately $0.002 per share, as of June 30, 2025 . Our net tangible book value represents the amount of our total consolidated tangible assets (which is calculated by subtracting intangible assets from our total consolidated assets), less the amount of our total consolidated liabilities. Dilution is determined by subtracting net tangible book value per share after giving effect to this offering.

After giving effect to the issuance and sale of 2,500,000 Class A Ordinary Shares in this Offering at an assumed initial public Offer Price of $4.50 per share (which is the mid-point of the estimated range of the initial public offering price shown on the cover page of this prospectus), and after deducting underwriting discounts and estimated offering expenses payable by us, our pro forma as adjusted net tangible book value as of June 30, 2025 would have been approximately $9,415,297 or approximately $0.4 per share. This represents an immediate increase in net tangible book value of $0.4 to existing shareholders and an immediate dilution in net tangible book value of $4.10 per share to investors purchasing Class A Ordinary Shares in this Offering. The following table illustrates such dilution:

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| | |
|:---|:---|
|  | **Per Ordinary Share** |
| Assumed initial public Offer Price | 4.50 |
| Net tangible book value as of June 30, 2025 | (0.002) |
| Pro forma net tangible book value after giving effect to this Offering | 0.40 |
| Increase in net tangible book value per ordinary share to the existing shareholders | 0.40 |
| Amount of dilution in net tangible book value to investors in this Offering | 4.10 |

---

If the underwriters exercise their over-allotment option in full, the pro forma net tangible book value per share of our share, as adjusted to give effect to this offering, would be $0.39 per share, and the dilution in pro forma net tangible book value per share to new investors purchasing shares in this offering would be $4.11 per share.

The following table summarizes, on a pro forma as adjusted basis as of June 30, 2025, the total number of Class A Ordinary Shares purchased from us, the total cash consideration paid to us, and the average price per share paid by existing Shareholders and by investors in this Offering. The table below reflects an assumed initial public Offer Price of $4.50 per share (which is the mid-point of the estimated range of the initial public offering price shown on the cover page of this prospectus), for Class A Ordinary Shares purchased in this Offering and excludes underwriting discounts and commissions and estimated Offering expenses payable by us.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total Consideration** | **Total Consideration** | **Average Price per Share** |
|  | **Number** | **%** | **US $** | **%** | **US$** |
| Existing Shareholders | 21250000 | 89.5% | 774449 | 6.44% | 0.04 |
| Investors in this Offering | 2500000 | 10.5% | 11250000 | 93.56% | 4.50 |
| Total | 23750000 | 100.0% | 12024449 | 100% |  |

---

The dilution information in this section is presented for illustrative purposes only. Our as adjusted net tangible book value following the consummation of this Offering is subject to adjustment based on the actual initial public Offer Price of our Class A Ordinary Shares and other terms of this Offering determined at pricing.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this prospectus. This discussion and analysis and other parts of this prospectus contain forward-looking statements based upon current beliefs, plans and expectations that involve risks, uncertainties and assumptions. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth under "Risk Factors" and elsewhere in this prospectus. You should carefully read the "Risk Factors" section of this prospectus to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements.*

 

**Overview**

We are a digital transformation provider and technology aggregator specializing in AI-focused and AI-driven solutions, operating primarily under our brand name "Hiverlab" through our Singapore subsidiary, Hiverlab Singapore, and its subsidiary, Hiverlab Vietnam. Headquartered in Singapore, we are a key player in Southeast Asia's immersive spatial intelligence landscape, serving some of the world's largest enterprises across the banking, financial services, insurance, logistics and facility management, and healthcare segments. Since the inception of Hiverlab Singapore in 2014, we have empowered organizations in Southeast Asia and Middle East to achieve innovation and modernization through our comprehensive suite of technologies, including Digital Twins, Extended Reality ("XR"), Augmented Reality ("AR"), Virtual Reality ("VR"), and Generative AI ("GenAI") chatbots.

All our clients are located in Southeast Asia and the Middle East. For the fiscal year ended December 31, 2023 and 2024, our revenues were S$1,119,779 and S$1,631,566 (US$1,194,236) respectively. We currently generate most of our revenues from configuration services, which represented 84.46% and 71.01% of total revenue in the fiscal year ended December 31, 2023 and 2024 respectively. For our configuration services, the Company designs software based on clients' specific needs which require the Company to perform services including design, development, A.I. analytics, and integration, based on the components of Optimal Enterprise AI suite of offerings. These services also require significant customization.

The hardware sales and rental service revenue amounted to S$113,901 and S$338,020 (US$247,416) represented 10.17% and 20.72% of our revenue in fiscal years ended December 31, 2023 and 2024, respectively. The maintenance services amounted to S$33,753 and S$71,183 (US$52,103), represented 3.01% and 4.36% of our revenue in fiscal years ended December 31, 2023 and 2024. The license subscription revenue amounted to S$26,308 and S$63,847 (US$46,733), representing 2.35% and 3.91% of revenue in fiscal years ended December 31, 2023 and 2024.

**Key Factors that Affect Results of Operations**

Our results of operations have been and will continue to be affected by various factors, including those set out below:

***Our ability to retain existing and acquire new customers***

 

Our ability to retain existing customers and acquire new customers is a key driver of our revenue growth and overall financial performance. Customer retention contributes to the stability and predictability of our revenue streams, enhances operating leverage through increased adoption of our platforms and services, and strengthens long-term customer relationships. A decline in customer retention or satisfaction may result in increased churn, reduced usage of our solutions, and adverse impacts on our results of operations. In parallel, our ability to acquire new customers depends on market awareness, the effectiveness of our sales and marketing strategies, the competitiveness of our product offerings, and our ability to address the evolving needs of prospective clients across industries and geographies.

***We depend on our key management team and our experienced and skilled personnel and our business may be severely disrupted if we are unable to retain them or to attract suitable replacements.*** 

We depend on our key management team and our experienced and skilled personnel and our business may be severely disrupted if we are unable to maintain technological leadership and respond to the evolving demands of our customers and target markets. As a company operating in a rapidly developing sector involving artificial intelligence, spatial computing, and immersive technologies, our Chief Technological Officer, tech advisor and his technology team are essential to support innovation, enhance the functionality and scalability of our platforms, and develop new product offerings. The Company has to continue the hiring and retention of specialized technical talent, acquisition of advanced software and hardware infrastructure, and ongoing development of proprietary algorithms and systems. Our performance depends on the continued service and performance of our technology team because they play an important role in guiding the implementation of our business strategies and future plans. The relationships that our experienced management team has developed with our customers over the years are important to the future development of our business. If any of our Chief Technological Officer or either of our key employees from the technology team were to terminate their services or employment, there is no assurance that we would be able to find suitable replacements in a timely manner. The loss of services of either of these key personnel and/or the inability to identify, hire, train and retain other qualified engineering, technical and operations personnel in the future may materially and adversely affect our business, financial condition, results of operations and prospects.

***We may be unable to meet the specifications of our customers or keep up with fast-changing technological developments.***

The needs of our customers may change as a result of new developments in technology. Our future success depends on our ability to launch better cleaning systems that meet evolving market demands of our customers, and in particular, new cleaning systems that are compatible with new products sold by our customers. The preferences and purchasing patterns of our customers can change rapidly due to technological developments in their respective industries. There is no assurance that we will be able to respond to changes in the specifications of our customers in a timely manner. Our success depends on our ability to adapt our products to the requirements and specifications of our customers. There is also no assurance that we will be able to sufficiently and promptly respond to changes in customer preferences to make corresponding adjustments to our products or services, and failing to do so may have a material and adverse effect on our business, financial condition, results of operations and prospects.

 ****

***Strategic acquisitions and investments***

We may selectively pursue acquisitions, investments, joint ventures and partnerships that we believe are strategic and complementary to our operations and technology. The business or financial performance of the companies in which we have invested as well as our ability to successfully integrate these investments with our existing business would impact our results of operations and financial conditions.

**Key Performance Indicators** 

Management evaluates the performance of the Company and its subsidiaries using a combination of financial and operational key performance indicators ("KPIs"). These KPIs are reviewed together with the Company's consolidated financial results and are used to assess operating performance, monitor business trends, allocate resources and support strategic decision-making. Management believes that these KPIs provide useful supplemental information to investors by helping them better understand the drivers of the Company's performance and operating results.

**For Optimal AI:**

***Revenue Growth Rate***

Management tracks revenue growth rate, both overall and by business segment, to measure the scalability of operations and the ability to expand revenue streams.

***Gross Margin Percentage***

Gross Margin Percentage is a key indicator of the Company's efficiency, particularly in balancing software-driven and services-driven revenue. This metric reflects the profitability of the Company's offerings and its ability to optimize the cost structure as revenue scales.

***Operating Cash Flow***

Operating cash flow is monitored to evaluate the sustainability of the Company's operations. It ensures that the Company generates sufficient cash to fund ongoing operations and future growth initiatives.

**For Hiverlab Singapore and its subsidiaries:**

***Number of Projects Completed***

For our primary operating subsidiary Hiverlab Singapore and its subsidiaries, which focus on immersive technology and enterprise AI solutions, the number of projects completed is an important metric that reflects operational throughput and customer engagement.

***Active Platform Users and Licenses Issued***

The adoption and usage of proprietary platforms and subscription-based services are measured through the number of active platform users and licenses issued. This metric signifies the success of the Company's SaaS-based business model.

***Project Delivery Timeliness and Customer Satisfaction Scores***

Management monitors project delivery timeliness and customer satisfaction scores to ensure high-quality execution and maintain strong client relationships. These metrics help track the Company's ability to meet customer expectations and deliver value.

***Employee Utilization Rate***

The efficiency of project teams and development staff is assessed using the employee utilization rate, which measures how effectively resources are allocated across active projects and development efforts.

***Recurring Revenue Share***

Recurring revenue share, defined as the percentage of total revenue derived from SaaS and maintenance contracts, is a critical metric for evaluating the stability and predictability of revenue streams.

The KPIs presented below are prepared on a consistent basis across periods. Certain KPIs may not be directly comparable to similarly titled measures used by other companies, as definitions and calculation methodologies may differ. The Company's operations during the periods presented were primarily conducted through Hiverlab Singapore and its subsidiaries, and accordingly, trends in consolidated KPIs generally reflect the performance of those entities.

**Fiscal Years Ended December 31, 2023 and 2024**

**Key Performance Indicators**

---

| | | |
|:---|:---|:---|
| **KPI** | **FY 2023** | **FY 2024** |
| Revenue Growth Rate – consolidated | (15.5)% | 45.7% |
| Revenue Growth Rate – Optimal AI segment | NA | NA |
| Revenue Growth Rate – Hiverlab Singapore and subsidiaries | (15.5)% | 45.7% |
| Gross Margin – consolidated | 24.4% | 47.5% |
| Gross Margin – Optimal AI segment | NA | NA |
| Gross Margin – Hiverlab Singapore and subsidiaries | 24.4% | 47.5% |
| Operating Cash Flow (SGD) | 54466 | (245351) |
| Number of Projects Completed (Hiverlab group) | 17 | 14 |
| Active Platform Users (period-end, Hiverlab group) | 406 | 588 |
| Licenses Issued (period-end) | 4 | 6 |
| Project Delivery Timeliness (on-time %) | 100% | 100% |
| Customer Satisfaction Score | 4.8 / 5 | 4.8 / 5 |
| Employee Utilization Rate | 69.6% | 73.7% |
| Recurring Revenue Share – consolidated | 5.4% | 8.3% |
| Recurring Revenue Share – Optimal AI segment | NA | NA |
| Recurring Revenue Share – Hiverlab Singapore and subsidiaries | 5.4% | 8.3% |

---

**Discussion and Analysis:**

**Revenue Growth Rate**

The consolidated revenue growth rate improved to **45.7%** in fiscal year 2024 from a decline of **15.5%** in fiscal year 2023. This improvement is consistent with the Company's MD&A discussion regarding increased project execution and higher contributions from operating revenue streams following the completion and delivery of projects during fiscal year 2024. The fluctuation between periods reflects the project-based nature of the Company's business and the timing of project completion and revenue recognition.

**Gross Margin Percentage**

Gross margin percentage increased to 47.5% in fiscal year 2024 compared to 24.4% in fiscal year 2023. The improvement reflects higher revenue scale combined with relatively stable cost of revenues.

**Operating Cash Flow**

Net cash provided by operating activities of SGD 54,466 in fiscal year 2023 shifted to net cash used in operating activities of SGD (245,351) in fiscal year 2024. This change is consistent with the operating cash flow movements disclosed in the consolidated statements of cash flows and primarily reflects working capital movements and the timing of cash receipts and payments associated with project execution.

**Operational Metrics**

The number of projects completed decreased from **17** in fiscal year 2023 to **14** in fiscal year 2024. Despite the decrease in completed projects, operational quality remained stable, with **100%** on-time delivery and customer satisfaction scores remaining unchanged at **4.8 out of 5**. Active platform users increased from **406** to **588**, and licenses issued increased from **4** to **6**, indicating continued adoption of the Company's platform-based solutions. Employee utilization improved to **73.7%** from **69.6%**, reflecting more efficient allocation of delivery resources.

**Recurring Revenue Share**

Recurring revenue share increased to **8.3%** in fiscal year 2024 from **5.4%** in fiscal year 2023. This increase is consistent with the growth in maintenance services and license subscription revenues discussed elsewhere in the MD&A and reflects management's continued focus on increasing the proportion of recurring and predictable revenue streams.

**Six Months Ended June 30, 2024 and 2025 (Unaudited)**

**Key Performance Indicators**

---

| | | |
|:---|:---|:---|
| **KPI** | **FY 2024** | **FY 2025** |
| Revenue Growth Rate – consolidated | 10.6% | (67.0)% |
| Revenue Growth Rate – Optimal AI segment | NA | NA |
| Revenue Growth Rate – Hiverlab Singapore and subsidiaries | 10.6% | (67.0)% |
| Gross Margin – consolidated | 42.0% | 43.2% |
| Gross Margin – Optimal AI segment | NA | NA |
| Gross Margin – Hiverlab Singapore and subsidiaries | 42.0% | 43.2% |
| Operating Cash Flow (SGD) | (151254) | (199702) |
| Number of Projects Completed (Hiverlab group) | 14 | 9 |
| Active Platform Users (average or period-end) | 588 | 718 |
| Licenses Issued (period-end) | 6 | 3 |
| Project Delivery Timeliness (on-time %) | 100% | 100% |
| Customer Satisfaction Score | 4.8 / 5 | 4.8 / 5 |
| Employee Utilization Rate | 73.68% | 75.00% |
| Recurring Revenue Share – consolidated | 6.1% | 18.5% |
| Recurring Revenue Share – Optimal AI segment | NA | NA |
| Recurring Revenue Share – Hiverlab Singapore and subsidiaries | 6.1% | 18.5% |

---

**Discussion and Analysis**

**Revenue Growth Rate**

The consolidated revenue growth rate declined to **(67.0)%** for the six months ended June 30, 2025 compared to **10.6%** for the six months ended June 30, 2024. This decline is consistent with the MD&A discussion that revenue recognition is highly dependent on the timing of project completion, with a number of projects scheduled for completion in the second half of the fiscal year, resulting in lower revenue recognition during the first half of 2025.

**Gross Margin Percentage**

Gross margin percentage increased slightly to **43.2%** for the six months ended June 30, 2025 from **42.0%** in the comparable prior-year period. The increase reflects higher revenue levels during the period while certain costs remained relatively fixed, consistent with the cost structure and margin dynamics discussed in the MD&A and reflected in the interim financial statements.

**Operating Cash Flow.**

Net cash used in operating activities increased to **SGD (199,702)** for the six months ended June 30, 2025 from **SGD (151,254)** for the six months ended June 30, 2024. This change is consistent with the operating cash flow trends disclosed in the interim consolidated financial statements and reflects the timing of operating expenditures relative to cash receipts during the period.

**Operational Metrics.**

Projects completed declined from **14** to **9** during the interim periods, consistent with the lower level of revenue recognition in the first half of 2025. Despite this decline, operational execution remained stable, with on-time project delivery at **100%** and customer satisfaction scores unchanged at **4.8 out of 5**. Active platform users increased from **588** to **718**, reflecting continued platform adoption, while licenses issued decreased from **6** to **3**, primarily reflecting timing of contract signings and renewals. Employee utilization increased modestly to **75.0%**, indicating continued efficient deployment of delivery resources.

**Recurring Revenue Share.**

Recurring revenue share increased to **18.5%** for the six months ended June 30, 2025 from **6.1%** in the comparable prior-year period. This increase was primarily attributable to relatively stable maintenance and subscription revenue combined with lower total revenue during the period, consistent with the MD&A discussion regarding maintenance income generated from projects completed in prior periods.

**Results of Operations**

**Year ended December 31, 2023 compared to year ended December 31, 2024**

The following table sets forth a summary of the consolidated results of operations of us for the years indicated, both in absolute amount and as a percentage of our total revenues.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2023** | **2024** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** | **% of <br> change** |
| &nbsp;&nbsp;&nbsp;**OPERATING REVENUES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Configuration services | 945817 | 1158516 | 847984 | 22.5% |
| &nbsp;&nbsp;&nbsp;Hardware rental and sales | 113901 | 338020 | 247416 | 196.8% |
| &nbsp;&nbsp;&nbsp;Maintenance services | 33753 | 71183 | 52103 | 110.9% |
| &nbsp;&nbsp;&nbsp;License subscription | 26308 | 63847 | 46733 | 142.7% |
| &nbsp;&nbsp;&nbsp;**Total Revenue** | **1119779** | **1631566** | **1194236** | **45.7%** |
| COST OF REVENUES | (846942) | (855777) | (626392) | 1.0% |
| &nbsp;&nbsp;&nbsp;**GROSS PROFIT** | **272837** | **775789** | **567844** | **184.3%** |
| &nbsp;&nbsp;&nbsp;OPERATING EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing expenses | (321023) | (380714) | (278666) | 18.6% |
| General and administrative expenses | (306172) | (465029) | (340381) | 51.9% |
| &nbsp;&nbsp;&nbsp;**LOSS FROM OPERATIONS** | **(354358)** | **(69954)** | **(51203)** | **(80.3)%** |
| &nbsp;&nbsp;&nbsp;(OTHER EXPENSE)/OTHER INCOME |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expenses | (17087) | (16929) | (12391) | (0.9)% |
| Other income, net | 103345 | 61865 | 45283 | (40.1)% |
| &nbsp;&nbsp;&nbsp;**Loss before income tax** | **(268100)** | **(25018)** | **(18311)** | **(90.7)%** |
| &nbsp;&nbsp;&nbsp;Provision for income tax | (1472) | (733) | (537) | (50.2)% |
| &nbsp;&nbsp;&nbsp;**Net loss** | **(269572)** | **(25751)** | **(18848)** | **(90.4)%** |

---

***Operating Revenues***

 ****

Our total operating revenues increased by 45.7% to S$1,631,566 (US$1,194,236) for the year ended December 31, 2024, from S$1,119,779 for the year ended December 31, 2023. The majority of our revenues were generated from the configuration services for the year ended December 31, 2023 and 2024, respectively. The overall increase in revenue across all service categories was primarily driven by enhanced marketing initiatives undertaken by our sales and marketing team, which successfully attracted new customers and encouraged existing clients to engage in system upgrades and subscribe to additional services.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2023** | **2024** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** | **% of <br> change** |
| Configuration services | 945817 | 1158516 | 847984 | 22.5% |
| Hardware rental and sales | 113901 | 338020 | 247416 | 196.8% |
| Maintenance services | 33753 | 71183 | 52103 | 110.9% |
| License subscription | 26308 | 63847 | 46733 | 142.7% |
|  | 1119779 | 1631566 | 1194236 | 45.7% |

---

The Company has empowered organizations to achieve innovation and modernization through our comprehensive suite of technologies, including Digital Twins, Extended Reality ("XR"), Augmented Reality ("AR"), Virtual Reality ("VR"), and Generative AI ("GenAI") chatbots. It currently generates most of the revenues from configuration services, which represented 84.46% and 71.01% of total revenue in the fiscal year ended December 31, 2023 and 2024 respectively. And the hardware sales and rental service revenue amounted to S$113,901 and S$338,020 (US$247,416) represented 10.17% and 20.72% of the revenue in fiscal years ended December 31, 2023 and 2024, respectively. The overall increase in revenue across all service categories was primarily driven by enhanced marketing initiatives undertaken by our sales and marketing team, which successfully attracted new customers and encouraged existing clients to engage in system upgrades and subscribe to additional services.

The following table sets forth the geographic distribution of our revenues by the geographical locations of customers for the respective years indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Year ended December 31,** |
| **Geographical Location of Customer** | **2023** | **2023** | **2024** | **2024** |
|  | **Revenue <br> S$** | **%** | **Revenue <br> S$** | **%** |
| Singapore | 1015640 | 90.7 | 1266095 | 77.6 |
| Vietnam | 100780 | 9.0 | 52210 | 3.2 |
| Saudi Arabia |  |  | 311629 | 19.1 |
| <u>Other Countries</u> | 3359 | 0.3 | 1632 | 0.1 |
| **Total** | **1119779** | **100.0%** | **1631566** | **100.0** |

---

***Cost of revenues***

 ****

Cost of revenues increased slightly by 1.0% to S$855,777 (US$626,392) for the year ended December 31, 2024, from S$846,942 in the year ended December 31, 2023. The cost of revenues primarily comprises personnel expenses (including salaries and benefits) related to software development and subscription services, as well as costs associated with maintaining software applications, procuring hardware equipment, and logistics for hardware delivery. Despite the increase in revenue, the cost of revenues remained relatively stable year-over-year. This stability is attributed to improved staff efficiency during 2024. With the core software modules already developed, less time and resources were required to configure and implement solutions for new customers, leading to greater operational efficiency in project execution

 ****

***Gross profit and gross margin***

Gross profit saw an increase of 184.3%, rising to S$775,789 (US$567,844) for the year ended December 31, 2024, compared to S$272,837 for the year ended December 31, 2023. Concurrently, the gross profit margin improved significantly to 47.5% from 24.4% over the same period. This substantial increase was primarily driven by higher revenue contributions from configuration services and hardware sales, coupled with improved operational efficiency. The development of core software modules reduced the time and resources required for new customer deployments, resulting in lower incremental costs. Additionally, staff productivity improvements and economies of scale in hardware procurement helped contain cost of revenues, contributing to stronger gross profitability.

 ****

 **

***Selling and marketing expenses***

 **

Selling and marketing expenses experienced a substantial increase of 18.6%, rising to S$380,714 (US$278,666) for the year ended December 31, 2024, from S$321,023 for the year ended December 31, 2023. Selling and marketing expenses consist of advertising and marketing material expenses and staff salary in the sales and marketing department. The increase was primarily due to the expansion of the sales and marketing team, as additional personnel were hired to support business growth initiatives. These newly added team members demonstrated strong performance and efficiency, contributing significantly to the company's increased revenue through successful customer acquisition and retention efforts.

***General and administrative expenses***

 ****

General and administrative expenses increased by 51.9% to S$465,029 (US$340,381) for the year ended December 31, 2024, compared to S$306,172 for the year ended December 31, 2023. General and administrative expenses primarily consist of payroll and welfare costs for administrative staff and management, office-related expenses, travel expenses, professional service fees, entertainment costs, depreciation and amortization, bad debt write-offs, and other general overheads. The increase was mainly attributable to an ad hoc write-off of allowance for credit losses S$119,339 (US$87,351) and allowance for expected credit loss of S$42,782 (US$31,315) during the year, which significantly impacted the total. Excluding this item, most other administrative expenses saw a reduction, reflecting the company's cost management efforts.

 **

***Interest expenses***

 **

Interest expenses decreased slightly by 0.9% to S$16,929 (US$12,391) for the year ended December 31, 2024, from S$17,087 for the year ended December 31, 2023. Interest expenses primarily represent interest incurred on bank borrowings. The expense remained relatively consistent year-over-year, with the slight decrease attributed to a reduction in the outstanding loan principal, resulting in a lower interest basis during the year.

 **

***Other income, net***

 **

Other income decreased by 40.1% to S$61,865 (US$45,283) for the year ended December 31, 2024, from S$103,345 for the year ended December 31, 2023. The sharp decrease was primarily due to the cessation of government grants and post-COVID-19 subsidy programs that were last received in 2023. These grants, which supported business continuity and recovery efforts during the pandemic period, were no longer available in 2024, resulting in a significant reduction in other income.

***Provision for income taxes***

 ****

The provision for income taxes for the year ended December 31, 2023 and 2024 were arising from the taxable income generated during the years.

***Net loss***

 ****

As a result of the foregoing, our net loss for the year ended December 31, 2024, was S$25,751 (US$18,848), a significant improvement from a net loss of S$269,572 for the year ended December 31, 2023. The substantial reduction in net loss was primarily driven by strong growth in revenues across all service lines, particularly in configuration services and hardware sales, which led to a significant increase in gross profit and gross margin. Despite moderate increases in selling, marketing, and administrative expenses, these were effectively managed relative to revenue growth. Additionally, interest expenses remained stable, and while there was an increase in foreign exchange loss and a one-off bad debt write-off, these were outweighed by the overall improvement in operational performance and cost efficiency

**LIQUIDITY AND CAPITAL RESOURCES**

**Cash Flows**

Our use of cash was primarily related to operating activities and purchase of equipment. We have historically financed our operations primarily through our cash flow generated from our business operations and bank loan.

We believe we have sufficient cash generated from operations to meet our regular working capital requirements based on the existing cash, cash generated from our operations and financial support from our controlling shareholder for the next 12 months from December 31, 2024, which is also based on our management's experience, the debt financings available and the expected proceeds obtained through the IPO.

We have strategic plans to expand our business by investment in research and development, expanding into new markets and enhancing configuration services. We plan to utilize the proceeds raised from the Company's IPO to achieve this. Additionally, in the event of insufficient liquidity to meet our current obligations, the Company may consider plans to raise capital through offering additional shares or tapping into an appropriate capital market.

While we acknowledge that unforeseen circumstances or changes in market conditions could impact on our liquidity, we remain committed to monitoring our financial health and will take necessary actions to secure additional financing if needed.

**Years ended December 31, 2023 and 2024**

The following table sets forth a summary of our cash flows information for the years indicated:

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| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Cash at beginning of the year | 253164 | 472493 | 345845 |
| Net cash provided by/(used in) operating activities | 54466 | (245351) | (179585) |
| Net cash used in investing activities | (8739) | (4239) | (3103) |
| Net cash provided by (used in) financing activities | 180446 | (35640) | (26087) |
| Effect of foreign currency | (6844) | 27004 | 19765 |
| Cash at end of the year | 472493 | 214267 | 156835 |

---

***Operating activities***

Our cash inflow from operating activities was principally receipt of payments from customers. Our cash outflows from operating activities were principally due to payments for payroll costs, payment project outsourcing fees, hardware costs and expenses, overhead software subscriptions and expenses, rental, and other administrative and operating expenses. Net cash used in or provided by operating activities reflects our net loss or income adjusted for depreciation of equipment, amortization of right-of-use assets and change in operating assets and liabilities items including accounts receivable, deposits, prepayments and other receivables, inventory, other payables and accrued liabilities and repayment of operating lease obligations.

Net cash used in operating activities for the year ended December 31, 2024 was S$245,351 (US$179,585), as compared to net cash provided by operating activities of S$54,466 for the year ended December 31, 2023. The turnaround of net cash used in operating activities from net cash provided by operating activities was mainly due to the decrease of other payables and accrued liabilities by S$0.9 million, decrease of accounts payable by S$0.2 million,, whilst offsetting by the increase in accounts receivables, net by S$0.5 million and increase in deposits, prepayments and other receivables of S$0.3 million, albeit to the increase of other payables and accrued liabilities by S$0.6 million, decrease in accounts receivables, net of S$0.1 million and decrease in deposits, prepayments and other receivables of S$0.3 million for the fiscal year 2023.

***Investing activities***

 ****

Our cash used in investing activities represented purchases of equipment.

During the year ended December 31, 2024 and 2023, we had net cash outflow from investing activities of S$4,239 (US$3,103) and S$8,739 which arose from the purchases of equipment.

***Financing activities***

 ****

Our cash inflows from financing activities primarily resulted from proceed from new bank loans, while cash outflows were due to repayments of bank loan.

During the year ended December 31, 2024, we had net cash used in financing activities of S$35,640 (US$26,087), which mainly arose from the repayment of bank loans.

During the year ended December 31, 2023, we had net cash provided by financing activities amounted to S$180,446, which was mainly a result of drawdown of a new working capital loan.

**Contractual Obligations**

The following table summarized our contractual obligations, which include principal in the cases of bank borrowings and finance leases, as of December 31, 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Less than 1 <br> year** | **1 to 3 <br> years** | **3 to 5 <br> years** | **Total** | **Total** |
|  | **S$** | **S$** | **S$** | **S$** | **US$** |
| Contractual Obligations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating leases | 49950 |  |  | 49950 | 36561 |
| &nbsp;&nbsp;&nbsp;Bank loans | 38503 | 106303 |  | 144806 | 105992 |
| &nbsp;&nbsp;&nbsp;Convertible loan | - | 100000 |  | 100000 | 73196 |
| Total contractual obligations | 88453 | 206303 |  | 294756 | 215749 |

---

**Off-Balance Sheet Arrangements**

We have no off-balance sheet arrangements, including arrangements that would affect its liquidity, capital resources, market risk support, credit risk support, or other benefits.

**Quantitative and Qualitative Disclosure About Market Risk**

***Concentration of credit risk***

Financial instruments that potentially expose us to concentrations of credit risk consist primarily of cash and accounts receivable. We place our cash and cash equivalents with financial institutions with high credit ratings and quality.

Accounts receivable primarily comprise of amounts receivable from the service clients. To reduce credit risk, we perform on-going credit evaluations of the financial condition of these service clients. We establish a provision for doubtful accounts based upon estimates, factors surrounding the credit risk of specific service clients and other information.

 ****

***Concentration of clients and vendors***

Concentration of clients

As of December 31, 2024, three clients, Company A, Company B and Company C, accounted for 50.49%, 22.90% and 16.51% of the Company's total accounts receivable respectively. As of December 31, 2023, four clients, Company D, Company E, Company F and Company J accounted for 34.08%, 24.24%, 22.49% and 13.06% of the Company's total accounts receivable respectively.

For the year ended December 31, 2024, four clients, Company F, Company G, Company E, and Company D accounted for 45.06%, 19.12%, 13.04% and 11.91% of the Company's total revenues respectively. For the year ended December 31, 2023, three clients, Company H, Company I and Company J accounted for 32.63%, 13.48% and 12.68% of the Company's total revenues respectively.

Concentration of vendors

As of December 31, 2024, the account payable for the Company is nil. As of December 31, 2023, two vendors, Company K and Company L, accounted for 55.21% and 37.20% of the Company's total account payable respectively.

For the year ended December 31, 2024, two vendors, Company L and Company M accounted for 27.94% and 24.28% of the Company's total purchase respectively. For the year ended December 31, 2023, three vendors, Company M, Company K and Company L accounted for 31.78%, 23.85 and 16.07% of the Company's total purchase respectively.

***Foreign currency risk***

 

The Company is exposed to foreign currency risk arising from fluctuations in exchange rates, primarily between the Singapore Dollar (SGD) and the Vietnamese Dong (VND), due to its subsidiary operations in Vietnam. Transactions denominated in VND include professional fees office expenses, and other local operating costs incurred by the subsidiary.

As the functional currency of the Company is SGD, the results and financial position of the Vietnamese subsidiary are translated into SGD for consolidation purposes. Monetary assets and liabilities denominated in VND are remeasured at the closing exchange rate at the reporting date and resulting exchange differences are recognized in the statement of operations.

Foreign currency risk arises primarily from:

● Translation of the subsidiary's financial statements into SGD;

● Settlement of intercompany balances and trade transactions denominated in VND.

To date, the Company has not entered into any foreign exchange contracts or other derivative instruments to hedge its foreign currency exposure. Management continues to monitor the Company's currency risk exposure and may consider hedging strategies in the future should the exposure become material.

***Interest rate risk***

 ****

At the end of fiscal year 2024, we had an outstanding banking facility and a working capital loan from banks in Singapore. The loan and facilities carried a fixed interest rate of 7.75% per annum throughout their respective periods. We do not have an interest rate hedging policy to mitigate the risk of fluctuating interest rates. However, our management monitors interest rate exposures and assesses the Group's position to secure new bank loans or finance leases.

**Results of Operations**

**Six months period ended June 30, 2024, compared to six months period ended June 30, 2025**

The following table sets forth a summary of the consolidated results of operations of us for the periods indicated, both in absolute amount and as a percentage of our total revenues.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six-Month Ended June 30,** | **For the Six-Month Ended June 30,** | **For the Six-Month Ended June 30,** | **For the Six-Month Ended June 30,** |
|  | **2024** | **2025** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** | **% of <br> change** |
| **OPERATING REVENUES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Configuration services | 605792 | 194544 | 152955 | (67.9)% |
| &nbsp;&nbsp;&nbsp;Hardware rental and sales | 141384 | 19121 | 15033 | (86.5)% |
| &nbsp;&nbsp;&nbsp;Maintenance services | 27340 | 39890 | 31362 | 45.9% |
| &nbsp;&nbsp;&nbsp;License subscription | 21138 | 8664 | 6812 | (59.0)% |
| &nbsp;&nbsp;&nbsp;**Total Revenue** | **795654** | **262219** | **206162** | **(67.0)%** |
| COST OF REVENUES | (461671) | (148997) | (117145) | (67.7)% |
| **GROSS PROFIT** | **333983** | **113222** | **89017** | **(66.1)%** |
| &nbsp;&nbsp;&nbsp;OPERATING EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing expenses | (82556) | (61787) | (48579) | (25.2)% |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (381119) | (180063) | (141569) | (52.8)% |
| &nbsp;&nbsp;&nbsp;**LOSS FROM OPERATIONS** | **(129692)** | **(128628)** | **(101131)** | **(0.8)%** |
| &nbsp;&nbsp;&nbsp;(OTHER EXPENSE)/OTHER INCOME |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expenses | (9208) | (24438) | (19214) | 165.4% |
| Other income, net | 2889 | 14216 | 11177 | 392.1% |
| &nbsp;&nbsp;&nbsp;**Loss before income tax** | **(136011)** | **(138850)** | **(109168)** | **2.1%** |
| &nbsp;&nbsp;&nbsp;Provision for income tax | (771) | (616) | (484) | (20.1)% |
| &nbsp;&nbsp;&nbsp;**Net loss** | **(136782)** | **(139466)** | **(109652)** | **2.0%** |

---

***Operating Revenues***

 ****

Our total operating revenues decreased by 67.9% to S$194,544 (US$152,955) for the six-month period ended June 30, 2025, from S$605,792 for the six-month period ended June 30, 2024. The majority of our revenues were generated from the configuration services for the six-month period ended June 30, 2025 and 2024, respectively. The overall decrease in revenue across all service categories, except maintenance services, was primarily attributable to the timing of project completion. Most of our projects are scheduled for completion in the second half of the fiscal year, resulting in lower revenue recognition during the first half. Revenue from maintenance services, however, increased by 45.9%, from S$27,340 for the six-month period ended June 30, 2024, to S$39,890 (US$31,363) for the six-month period ended June 30, 2025. This growth was mainly driven by the completion of several projects in fiscal year 2024, which subsequently generated recurring maintenance income during the current period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Month Ended June 30,** | **For the Six Month Ended June 30,** | **For the Six Month Ended June 30,** | **For the Six Month Ended June 30,** |
|  | **2024** | **2025** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** | **% of <br> change** |
|  | (Unaudited) | (Unaudited) | (Unaudited) | |
| Configuration services | 605792 | 194544 | 152955 | (67.9)% |
| Hardware rental and sales | 141384 | 19121 | 15033 | (86.5)% |
| Maintenance services | 27340 | 39890 | 31363 | 45.9% |
| License subscription | 21138 | 8664 | 6811 | (59.0)% |
|  | 795654 | 262219 | 206162 | (67.0)% |

---

The Company has empowered organizations to achieve innovation and modernization through our comprehensive suite of technologies, including Digital Twins, Extended Reality ("XR"), Augmented Reality ("AR"), Virtual Reality ("VR"), and Generative AI ("GenAI") chatbots. It currently generates most of the revenues from configuration services, amounted S$605,792 and S$194,544 (US$152,955), which represented 76.1% and 74.2% of total revenue in the six-month period ended June 30, 2024 and 2025 respectively. And the hardware sales and rental service revenue amounted to S$141,384 and S$19,121 (US$15,033) represented 17.8% and 7.3% of the revenue in six-month period ended June 30, 2024 and 2025, respectively. The maintenance services revenue amounted to S$27,340 and S$39,890 (US$31,363) represented 3.4% and 15.2% of the revenue in six-month periods ended June 30, 2024 and 2025, respectively. This growth was mainly driven by the completion of several projects in fiscal year 2024, which subsequently generated recurring maintenance income during the current period. The license subscription revenue amounted to S$21,138 and S$8,664 (US$6,811 represented 2.7% and 3.3% of the revenue in six-month period ended June 30, 2024 and 2025, respectively.

The following table sets forth the geographic distribution of our revenues by the geographical locations of customers for the respective periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** |
|  | **2024** | **2024** | **2025** | **2025** |
| **Geographical Location of Customer** | **Revenue** | **Revenue** | **Revenue** | **Revenue** |
|  | **S$** | **%** | **S$** | **%** |
| Singapore | 445715 | 56.0 | 242369 | 92.4 |
| Vietnam | 37157 | 4.7 | 14437 | 5.5 |
| Saudi Arabia | 311892 | 39.2 |  |  |
| <u>Other Countries</u> | 890 | 0.1 | 5413 | 2.1 |
| **Total** | **795654** | **100.0** | **262219** | **100.0** |

---

***Cost of revenues***

 ****

Cost of revenues decreased by 67.7% to S$148,997 (US$117,145) for the six-month period ended June 30, 2025, from S$461,671 for the six-month period ended June 30, 2024. The cost of revenues primarily comprises personnel expenses (including salaries and benefits) related to software development and subscription services, as well as costs associated with maintaining software applications, procuring hardware equipment, and logistics for hardware delivery. The decrease in cost of revenues was mainly attributable to the decline in total revenue during the six-month period ended June 30, 2025, as fewer projects reached completion in the current period. As the reduction in cost of revenues was proportionate to the decrease in total revenue, this indicates that the Company has maintained effective cost control measures and operational efficiency, ensuring that its cost structure remains aligned with revenue fluctuations. ****

 ****

***Gross profit and gross margin***

Gross profit saw a decrease of 66.1%, to S$113,222 (US$89,018) for the six-month period ended June 30, 2025, compared to S$333,983 for the six-month period ended June 30, 2024. Concurrently, the gross profit margin improved slightly to 43.2% from 42.0% over the same period. This decrease in gross profit was primarily due to fewer project completion in current period. However, the slight increase in gross profit margin further emphasis on effective cost control measures and operational efficiency. The development of core software modules reduced the time and resources required for new customer deployments, resulting in lower incremental costs. Additionally, staff productivity improvements and economies of scale in hardware procurement helped contain cost of revenues, contributing to stronger gross profitability.

***Selling and marketing expenses***

 ****

Selling and marketing expenses experienced a decrease of 25.2%, to S$61,787 (US$48,579) for six-month period ended June 30, 2025, from S$82,556 for the six-month period ended June 30, 2024. Selling and marketing expenses consist of advertising and marketing material expenses and staff salary in the sales and marketing department. The decrease was due to cost-cutting measures and reduction in marketing personnel in the six-month period ended June 30, 2025.

 **

***General and administrative expenses***

 **

General and administrative expenses decreased by 52.8% to S$180,063 (US$141,569) for the six-month period ended June 30, 2025, compared to S$381,119 for the six-month period ended June 30, 2024. General and administrative expenses primarily consist of payroll and welfare costs for administrative staff and management, office-related expenses, travel expenses, professional service fees, entertainment costs, depreciation and amortization, bad debt write-offs, and other general overheads. The decrease was mainly attributable to in the six-month period ended June 30, 2024 there were ad hoc write-off of allowance for credit losses S$119,339 (US$93,827) and reduction of S$35,292 (US$27,747) for payroll of general administrative staff, which significantly impacted the total administrative expenses. Excluding this item, most other administrative expenses saw a reduction, reflecting the company's cost management efforts.

 ****

 **

***Interest expenses***

 **

Interest expenses increased by 165.4% to S$24,438 (US$19,214) for the six-month period ended June 30, 2025, from S$9,208 for the six-month period ended June 30, 2024. Interest expenses primarily represent interest incurred on bank borrowings and the accrued interest for the convertible loan. The increase mainly due to S$15,521 (US$12,203) accrued interest for the convertible loan for the six-month period ended June 30, 2025.

 **

***Other income, net***

 **

Other income increased by 392.1% to S$14,216 (US$11,177) for the six-month period ended June 30, 2025, from S$2,889 for the six-month period ended June 30, 2024. The increase was primarily due to the increase of government grant and unrealized currency gain.

***Provision for income taxes***

 ****

The provision for income taxes for the six-month periods ended June 30, 2025 and 2024 were arising from the taxable income generated during the periods for the taxable income arising from operation in Vietnam.

***Net loss***

 ****

As a result of the foregoing, our net loss for the six-month periods ended June 30, 2025 was S$139,466 (US$109,652), representing a slight increase compared to a net loss of S$136,782 for the six-month period ended June 30, 2024. Although total revenue decreased substantially during the current period, our net loss remained relatively consistent, as the gross profit margin was maintained at a similar level. The stability of the net loss despite the lower revenue was primarily due to reductions in general and administrative expenses and marketing expenses, which partially offset the decline in revenue. However, these operating expenses continued to contribute to the overall net loss position of the Company.

**LIQUIDITY AND CAPITAL RESOURCES**

**Cash Flows**

Our use of cash was primarily related to operating activities and purchase of equipment. We have historically financed our operations primarily through our cash flow generated from our business operations and bank loan.

We believe we have sufficient cash generated from operations to meet our regular working capital requirements based on the existing cash, cash generated from our operations and financial support from our controlling shareholder for the next 12 months from June 30, 2025, which is also based on our management's experience, the debt financings available and the expected proceeds obtained through the IPO.

We have strategic plans to expand our business by investment in research and development, expanding into new markets and enhancing configuration services. We plan to utilize the proceeds raised from the Company's IPO to achieve this. Additionally, in the event of insufficient liquidity to meet our current obligations, the Company may consider plans to raise capital through offering additional shares or tapping into an appropriate capital market.

While we acknowledge that unforeseen circumstances or changes in market conditions could impact on our liquidity, we remain committed to monitoring our financial health and will take necessary actions to secure additional financing if needed.

**Six months periods ended June 30, 2024 and 2025**

The following table sets forth a summary of our cash flows information for the years indicated:

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| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
| Cash at beginning of the year | 472493 | 214267 | 168462 |
| Net cash used in operating activities | (151254) | (517555) | (406914) |
| Net cash used in investing activities | (2186) | (2017) | (1586) |
| Net cash (used in)/provided by financing activities | (17476) | 220589 | 173432 |
| Effect of foreign currency | (3340) | (23604) | (18558) |
| Cash at end of the year | 298237 | 209533 | 164740 |

---

***Operating activities***

Our cash inflow from operating activities was principally receipt of payments from customers. Our cash outflows from operating activities were principally due to payments for payroll costs, payment project outsourcing fees, hardware costs and expenses, overhead software subscriptions and expenses, rental, and other administrative and operating expenses. Net cash used in or provided by operating activities reflects our net loss or income adjusted for depreciation of equipment, amortization of right-of-use assets and change in operating assets and liabilities items including accounts receivable, deposits, prepayments and other receivables, inventory, other payables and accrued liabilities and repayment of operating lease obligations.

Net cash used in operating activities for the six-month period ended June 30, 2025 was S$517,555 (US$406,914), as compared to net cash used in operating activities of S$151,254 for the six-month period ended June 30, 2024. The increase of net cash used in operating activities was mainly due to the increase of trade receivable by S$390,350 (US$306,903), increase of other receivable by S$268,407 (US$211,208), whilst offsetting by the increase in other payable, net by S$244,963 (US$192,595).

***Investing activities***

 ****

Our cash used in investing activities represented purchases of equipment.

During the six-month period ended June 30, 2025, we had net cash outflow from investing activities of S$2,017 (US$1,586) which arose from the purchases of equipment.

During the six-month period ended June 30, 2024, we had net cash outflow from investing activities of S$2,186 which arose from the purchases of equipment.

***Financing activities***

 ****

Our cash inflows from financing activities primarily resulted from proceed from new bank loans, while cash outflows were due to repayments of bank loan.

During the six-month period ended June 30, 2025, we had net cash provided in financing activities of S$220,589 (US$173,432), which mainly arose from the proceed of convertible loan S$400,000 (US$314,490) and proceed of bank loan S$150,000 (US$117,933).

During the six-month period ended June 30, 2024, we had net cash used in financing activities amounted to S$17,476, which was mainly a repayment of bank loans.

**Contractual Obligations**

The following table summarized our contractual obligations, which include principal in the cases of bank borrowings and finance leases, as of June 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Less than 1 <br> year** | **1 to 3 <br> years** | **3 to 5 <br> years** | **Total** | **Total** |
|  | **S$** | **S$** | **S$** | **S$** | **US$** |
| Contractual Obligations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating leases | 24164 |  |  | 24164 | 18998 |
| &nbsp;&nbsp;&nbsp;Bank loans | 74282 | 193446 |  | 267728 | 210495 |
| &nbsp;&nbsp;&nbsp;Convertible loan | - | 515521 |  | 515521 | 405316 |
| Total contractual obligations | 98446 | 708967 |  | 807413 | 634809 |

---

**Off-Balance Sheet Arrangements**

We have no off-balance sheet arrangements, including arrangements that would affect its liquidity, capital resources, market risk support, credit risk support, or other benefits.

**Quantitative and Qualitative Disclosure About Market Risk**

***Concentration of credit risk***

Financial instruments that potentially expose us to concentration of credit risk consist primarily of cash and accounts receivable. We place our cash and cash equivalents with financial institutions with high credit ratings and quality.

Accounts receivable primarily comprise of amounts receivable from the service clients. To reduce credit risk, we perform on-going credit evaluations of the financial condition of these service clients. We establish a provision for doubtful accounts based upon estimates, factors surrounding the credit risk of specific service clients and other information.

 ****

***Concentration of clients and vendors***

Concentration of clients

As of June 30, 2025, three clients, Company A, Company B and Company K accounted for 30.2%, 11.9%, and 29.1% of the Company's total accounts receivable respectively. As of December 31, 2024, three clients, Company Q, Company R and Company N, accounted for 50.49%, 22.90% and 16.51% of the Company's total accounts receivable respectively.

For the six-month period ended June 30, 2025, three clients, Company A, Company B and Company C, accounted for 41.9%, 16.5% and 11.0% of the Company's total revenues respectively. For the six-month period ended June 30, 2024, three clients, Company D, Company E and Company F, accounted for 39.2%, 24.4% and 19.0% of the Company's total revenues respectively.

Concentration of vendors

As of June 30, 2025, one vendor, Company M accounted for 59.7% of the Company's total account payable. As of December 31, 2024, the account payable for the Company is nil.

For the six-month period ended June 30, 2025, one vendor, Company G, accounted for 26.1% of the Company's total purchase. For the six-month period ended June 30, 2024, four vendors, Company A, Company G, Company I and Company J accounted for 31.9%, 24.6%, 20.2% and 13.0% of the Company's total purchase respectively.

**Critical Accounting Policies, Judgments and Estimates**

Our financial statements and accompanying notes have been prepared in accordance with U.S. GAAP. The preparation of these financial statements and accompanying notes requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We have identified certain accounting policies that are significant to the preparation of our financial statements. These accounting policies are important for an understanding of our financial condition and results of operation. Critical accounting policies are those that are most important to the portrayal of our financial condition and results of operations and require management's difficult, subjective, or complex judgment, often as a result of the need to make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods. Certain accounting estimates are particularly sensitive because of their significance to financial statements and because of the possibility that future events affecting the estimate may differ significantly from management's current judgments. While our significant accounting policies are more fully described in Note 2 to the consolidated financial statements included elsewhere in this prospectus, we believe the following critical accounting policies involve the most significant estimates and judgments used in the preparation of our financial statements.

<u>Revenue recognition</u>

Effective July 1, 2019, we adopted ASC Topic 606, Revenue from Contracts with Clients, which replaced ASC Topic 605, using the modified retrospective method of adoption. Results for the reporting period beginning after July 1, 2019 are presented under ASC Topic 606 while prior period amounts are not adjusted and continue to be presented under our historic accounting under ASC Topic 605. Our accounting for revenue remains substantially unchanged. There were no cumulative effect adjustments for service contracts in place prior to July 1, 2019. The effect from the adoption of ASC Topic 606 was not material to our consolidated financial statements.

The five-step model defined by ASC Topic 606 requires us to (1) identify our contracts with clients, (2) identify our performance obligations under those contracts, (3) determine the transaction prices of those contracts, (4) allocate the transaction prices to our performance obligations in those contracts and (5) recognize revenue when each performance obligation under those contracts is satisfied. Revenue is recognized when promised goods or services are transferred to the client in an amount that reflects the consideration expected in exchange for those goods or services.

We applied practical expedient when sales taxes were collected from clients, meaning sales tax is recorded net of revenue, instead of cost of revenue, which are subsequently remitted to governmental authorities and are excluded from the transaction price. We do not offer rights of refund of previously paid or delivered amounts, rebates, rights of return or price protection. In all instances, we limit the amount of revenue recognized to the amounts for which it has the right to bill our clients.

For the year ended December 31, 2024 and 2023, we derives its revenues from three sources: (1) revenue from Configuration services, (2) revenue from license subscription, (3) revenue from maintenance services, and (4) revenue from Hardware rental and sales. All of the Company's contracts with clients do not contain cancelable and refund-type provisions

(1) Configuration Services

 

*<u>Revenue from Configuration Services</u>*

The contract is typically fixed priced and does not provide any post-contract client support or upgrades. The Company customize and configure their AI suite and AI application based on clients' specific needs which require the Company to perform services including design, development, A.I. analytics, and integration, based on the components of Optimal Enterprise AI suite of offerings. Upon delivery of the services, client acceptance is generally required. The Company assesses that software development services is considered as one performance obligation as the clients do not obtain benefit for each separate service. The duration of the development period is short, usually less than one year.

The Company's configuration service revenues are generated primarily from contracts with government or related agencies and state-owned enterprises. The contracts contain negotiated billing terms which generally include multiple payment phases throughout the contract term, and a portion of contract amount usually is billed upon the completion of the related projects. Pursuant to the contract terms, the Company has enforceable right on payments for the work performed.

The Company's revenue from configuration service contracts is generally recognized at point in time as the Company's performance obligation has completed and the control is transferred to the Company's clients. The Company uses an output method based on completion of performance obligation as the Company believes that this method most accurately reflects the Company's revenue recognition base on satisfaction of the performance obligation, which usually takes less than one year.

In certain configuration service arrangements, the Company sells equipment customized and integrated with the developed software. The Company assesses the customized equipment and service are interdependent and highly interrelated. In these cases, the Company controls the customized equipment before it is transferred to the clients. The Company has the right to direct the suppliers and control the goods or assets transferred to its clients. Thus, the Company considers it should recognize revenue as a principal in the gross amount of consideration to which it is entitled in exchange for the customized equipment delivered.

(2) License subscription

*<u>Revenue from License subscription</u>*

Revenue from license subscription and maintenance is primarily comprised of fixed-fee contracts, which require the Company to provide product licensing services with their AI suite and AI application over contract terms beginning on the commencement date of each contract, which is the date its service is made available to clients. Billings to the clients are generally on a monthly or quarterly basis over the contract term, which is typically 1 to 12 months. The consulting and technical support services contracts typically include a single performance obligation. The revenue is recognized over the contract term as clients receive and consume benefits of such services as provided.

(3) Maintenance services

 

*<u>Revenue from Maintenance services</u>*

Revenue from maintenance services is primarily comprised of fixed-fee contracts, which require the Company to provide support and maintenance services over contract terms beginning on the commencement date of each contract, which is the date its service is made available to clients. Billings to the clients are generally on a monthly or yearly basis over the contract term, which is typically 1 to 12 months. maintenance services contracts typically include a single performance obligation. The revenue is recognized over the contract term as clients receive and consume benefits of such services as provided.

(4) Hardware rental and sales

*<u>Revenue from Hardware rental and sales</u>*

The Company engages in rental and sale of VR/AR hardware and related accessories. The Company typically enters into contracts with its client where the rights of the parties, including payment terms, are identified and sales prices to the clients are fixed with no separate sales rebate, discount, or other incentive and no right of return exists on sales of inventory. The Company's performance obligation is to deliver products according to contract specifications. The Company recognizes hardware sale revenue at a time when the control of products is transferred to clients. The Company typically enters into a rental agreement with its client where the rights of the parties, including rental period, payment terms, are identified and rental fees to the clients are fixed with no separate sales rebate, discount, or other incentive and no right of refund exists in the agreement. The Company's performance obligation is to deliver products according to the agreement specifications and period. The Company recognizes the rental of hardware revenue over the rental period as client receive and consume benefit of such services as provided.

*Practical Expedient and Exemptions*

The Company does not disclose the value of unsatisfied performance obligations within one year by applying the right to invoice practical expedient provided by ASC 606-10-55-18.

 

*Practical Expedient and Exemptions*

We do not disclose the value of unsatisfied performance obligations within one year by applying the right to invoice practical expedient provided by ASC 606-10-55-18.

**New accounting standards**

 ****

See the discussion of the recent accounting pronouncements contained in Note 2 "Summary of significant accounting policies - Recently issued accounting pronouncements" to the consolidated financial statements.

**QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

**Inflation Risk**

Inflationary factors, such as increases in personnel and overhead costs, could impair our operating results. Although we do not believe that inflation has had a material impact on our financial position or results of operations to date, a high rate of inflation in the future may have an adverse effect on our ability to maintain current levels of gross margin and operating expenses as a percentage of sales revenue if the revenues do not increase with such increased costs.

**Interest Rate Risk**

We are not exposed to fair value interest rate risk as our bank loans are with fixed interest rates. As the Group's policy is to maintain borrowings primarily at fixed rates, the Group is not significantly exposed to cash flow interest rate risk arising from fluctuations in market interest rates.

**Credit Risk**

Credit risk is controlled by the application of credit approvals, limits and monitoring procedures. We manage credit risk through regularly evaluating the collectability of financial assets, based on a combination of factors such as credit worthiness, past transaction history, current economic industry trends and changes in payment patterns. We identify credit risk collectively based on industry and customer type. In measuring the credit risk of our sales to our customers, we mainly reflect the "probability of default" by the customer on its contractual obligations and consider the current financial position of the customer and the current and likely future exposures to the customer.

**Liquidity Risk**

We are also exposed to liquidity risk, which is risk that we will be unable to provide sufficient capital resources and liquidity to meet our commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures. To manage liquidity risk, the Group monitors and maintains a level of cash and cash equivalents deemed adequate by the management to finance the Group's operations and mitigate the effects of fluctuations in cash flows.

Management monitors the Company's liquidity position regularly.

**Foreign Exchange Risk**

While our reporting currency and combined revenues are denominated in the U.S. dollar, most of our operating expenses are denominated in Singapore Dollar. As a result, we are exposed to foreign exchange risk as our operating expense may be affected by fluctuations in the exchange rate between the U.S. dollar and the Singapore Dollar. We have not entered into any hedging transactions in an effort to reduce our exposure to foreign exchange risk.

**OUR CORPORATE HISTORY AND STRUCTURE**

**Corporate History**

Optimal AI Limited, the issuer in this offering, was incorporated under the laws of the Cayman Islands on June 27, 2025. As of the date of this prospectus, the Company owns 100% of Optimal AI Pte. Ltd. ("Optimal AI"), a Singapore intermediate holding company with no business operations that was incorporated on July 13, 2024, which in turn holds 51% of Hiverlab Singapore. Hiverlab Singapore holds 100% of Hiverlab Vietnam Co., Ltd. ("Hiverlab Vietnam").

We were founded in 2014 with the incorporation of Hiverlab Singapore. Hiverlab drives digital transformation with emerging technologies to redefine human machine interactions for a transparent world. The Company delivers practical, high-impact enterprise A.I. technologies such as digital twin, Video A.I., generative A.I. and more, that help businesses across different industries like healthcare, manufacturing, logistics and financial services to unlock new levels of operational efficiency, improve decision-making, and drive sustainable growth.

**Hiverlab Singapore and its subsidiaries**

***Hiverlab Singapore***, incorporated in Singapore on February 18, 2014: As our primary operating subsidiary, it develops and deploys immersive communication and training solutions using XR, spatial computing, and AI technologies. It provides enterprise software and cloud-based platforms (e.g., Hiverlab AI) for creating, managing, and distributing interactive 3D and VR content. Additional activities include professional services such as system integration, digital transformation consulting, and content development for clients in industries like logistics, manufacturing, and education. It also conducts R&D on proprietary immersive and AI-assisted tools, including integration of open-source AI models. Hiverlab Singapore generates more than 95% of our total revenue for the six months ended June 30, 2025 through software licensing, project services, and enterprise contracts, which is material.

The Company indirectly holds 51% of Hiverlab Singapore. On September 30, 2024, Optimal Investments Limited ("OIL") and Mr. Jiang Shutao, then shareholders of Hiverlab Singapore, entered into share swap agreements with Optimal AI. Pursuant to these agreements, OIL transferred its 17.96% interest and Mr. Jiang transferred a 33.04% interest in Hiverlab Singapore to Optimal AI. In consideration, Optimal AI allotted and issued 18,549,998 ordinary shares (representing 74.2% of Optimal AI) to OIL and 6,200,000 ordinary shares (representing 24.8% of Optimal AI) to Mr. Jiang. Upon completion of the share swap, Optimal AI became the holder of 51% of the shareholding interest in Hiverlab Singapore, which is now our indirectly owned subsidiary. Prior to the share swap, OIL and Mr. Jiang jointly controlled Hiverlab Singapore pursuant to a concert party deed.

Hiverlab Singapore is governed by a small board of directors, and to enhance oversight, Mr. Lai Kee Chwee, our director and Chief Executive Officer, will be joining the board of directors of Hiverlab Singapore upon completion of this offering. The management team of Hiverlab Singapore is led by Mr. Jiang Shutao, our director and Chief Technology Officer, as Chief Executive Officer, responsible for strategic leadership and overall operations, and Ms. Yuan Yi as Chief Operating Officer, who oversees daily business management and staff supervision. Hiverlab Singapore operates with a lean workforce of fewer than 10 employees, enabling close oversight by its leadership team and agile decision-making. The Company exercises operational and management control over Hiverlab Singapore primarily through its 51% shareholding, which grants it majority voting rights. This control is further reinforced by active board representation and participation in key corporate decisions. Additionally, Hiverlab Singapore regularly provides financial and operational reports to our management to ensure alignment with the Company's overall strategic objectives.

Hiverlab Singapore's minority shareholders own 49% of the company. These minority shareholders include: (i) Mr. Jiang Shutao, our director and Chief Technology Officer; (ii) the spouse of Mr. Jiang Shutao; (iii) Ms. Yuan Yi, the Chief Operating Officer of Hiverlab Singapore; (iv) Hiverlab Employee Holding LLP (10.1%), a trust-like entity established to manage shares under the employee share option scheme company for staff options; and (v) a private investor. Among the minority shareholders, Mr. Jiang Shutao and Ms. Yuan Yi are affiliates of the Company.

***Hiverlab International***, incorporated in Singapore on November 18, 2022: We used to conduct our operations through Hiverlab International, a subsidiary of Hiverlab Singapore. This subsidiary had been dormant with no ongoing activities or revenue generation. As part of our corporate reorganization, on December 23, 2025, Hiverlab Singapore entered into a share transfer agreement with Mr. Jiang Shutao, our Director and Chief Technology Officer, to transfer all outstanding shares of Hiverlab International for a consideration of S$100 to Mr. Jiang Shutao (the "Disposition"). Following the Disposition, Hiverlab International is no longer owned by the Company.

 ***Hiverlab Vietnam***, incorporated in Vietnam on March 30, 2021: This subsidiary primarily sells hardware, with a focus on Microsoft HoloLens devices. Future plans include operating it as an engineering and production hub. It generates less than 5% of our total revenue for the six months ended June 30, 2025 solely from hardware sales.

**Constitution of Hiverlab Singapore**

***Objects of Hiverlab Singapore***

Under the Companies Act 2001 of Singapore (the "Singapore Companies Act") and Hiverlab Singapore's constitution, subject to the provisions of the Singapore Companies Act and any other written law and the constitution of Hiverlab Singapore ("Hiverlab Constitution") has full capacity to carry on or undertake any business or activity, do any act or enter into any transaction, and for the purposes of the foregoing, full rights, powers and privileges.

***Voting Rights***

Each ordinary share is entitled to one vote per share. Voting at any meeting of shareholders is by show of hands unless a poll has been demanded prior to or on the declaration of the result of the show of hands by, among others, at least one shareholder present in person or by proxy and representing not less than 10% of the total voting rights of all shareholders having the right to vote at the meeting. On a poll, each holder of ordinary shares who is present in person or by proxy or by attorney or in the case of a corporation, by a representative, has one vote for each ordinary share which he holds or represents. Proxies need not be shareholders. There are no limitations imposed by the Hiverlab Constitution on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in the Hiverlab Constitution governing the ownership threshold above which shareholder ownership must be disclosed.

***Capitalization and Other Rights***

The board of directors of Hiverlab Singapore may, with the approval of its shareholders at a general meeting, capitalize any reserves or profits and distribute them as dividends in proportion to their shareholdings, on condition that it is not paid in cash but be applied either: (i) towards paying up unpaid amounts on existing shares; or (ii) in paying up in full unissued shares/debentures to be allotted/distributed and credited as fully paid up, or partly both, in accordance with the Hiverlab Constitution.

***General Meetings of the Shareholders of Hiverlab Singapore***

Under the Singapore Companies Act, Hiverlab Singapore is required to hold an annual general meeting of shareholders within six months from the end of its financial year. The directors may convene an extraordinary general meeting whenever they think fit and they must do so upon the requisition of shareholders representing not less than 10% of the total number of paid-up shares as of the date of deposit of the requisition carrying the right to vote at a general meeting. In addition, two or more shareholders holding not less than 10% of the total number of issued shares (excluding treasury shares) in Hiverlab Singapore may call a meeting of shareholders.

The Singapore Companies Act provides that a shareholder is entitled to attend any general meeting and speak and vote on any resolution put before the general meeting. Unless otherwise required by law or by the Hiverlab Constitution, voting on resolutions put forth at general meetings is by ordinary resolution, passed by a simple majority of the shareholders present in person or represented by proxy at the meeting and entitled to vote on the resolution. An ordinary resolution suffices, for example, for the appointment of directors. A special resolution, which is passed by a majority of not less than three-fourths of the shareholders present in person or represented by proxy at the meeting and entitled to vote on the resolution, is necessary for certain matters under Singapore law, including voluntary winding-up, amendments to the constitution, a change of corporate name and a reduction in the share capital.

Written notice of at least 21 days shall be given for every general meeting convened for the purpose of passing a special resolution. General meetings convened for the purpose of passing ordinary resolutions generally require at least 14 days' notice in writing.

Unless excluded under the Singapore Companies Act, an annual general meeting of a company, an extraordinary general meeting of a company, a statutory general meeting of a company, a general meeting of an amalgamating company mentioned in section 215C or 215D of the Singapore Companies Act, a meeting of a class of members of a company, a meeting order by the Singapore Court under section 182 of the Singapore Companies Act and a meeting of creditors, members of a company, holders of units of shares of a company, or a class of such persons, ordered by the Singapore Court under section 210 of the Singapore Companies Act may be held (i) at a physical place; (ii) at a physical place and using virtual meeting technology; or (iii) using virtual meeting technology only. Under the Singapore Companies Act, "virtual meeting technology" means any technology that allows a person to participate in a meeting without being physically present at the place of meeting.

***Minority Rights***

The rights of minority shareholders of Singapore companies are protected under section 216 of the Singapore Companies Act, which gives the Singapore courts a general power to make any order, upon application by any member or holder of a debenture of a company, as they think fit to remedy any of the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the affairs
 of a company are being conducted or the powers of the board of directors are being exercised
 in a manner oppressive to, or in disregard of the interests of, one or more of the members,
 shareholders or debenture holders, including the applicant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. a company
 takes an action, or threatens to take an action, or the shareholders pass a resolution, or
 propose to pass a resolution, which unfairly discriminates against, or is otherwise prejudicial
 to, one or more of the members or debenture holders, including the applicant.

Singapore courts have a wide discretion as to the remedies they may grant and the remedies listed in the Singapore Companies Act itself are not exclusive. If the Singapore courts are of the opinion that, upon an application under Section 216 of the Singapore Companies Act, either of the grounds set out above is established, the Singapore courts may, with a view to bringing to an end or remedying the matters complained of, make such order as it thinks fit and, without prejudice to the generality of the foregoing, the order may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. direct or
 prohibit any act or cancel or modify any transaction or resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. regulate
 the conduct of the affairs of the company in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. authorize
 civil proceedings to be brought in the name of, or on behalf of, the company by a person
 or persons and on such terms as the court may direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. provide
 for the purchase of shares of the company by the other shareholders of the company or by
 the company itself and, in the case of a purchase of shares by the company, a corresponding
 reduction of its share capital; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. provide
 that the company be wound up.

In addition, Section 216A of the Singapore Companies Act allows a complainant (including a minority shareholder) to apply to the Singapore courts for leave to bring an action in a court proceeding or arbitration in the name and on behalf of the company or intervene in an action in a court proceeding or arbitration to which a company is a party for the purpose of prosecuting, defending or discontinuing the action or arbitration on behalf of a company.

**Acquisition of IntentAI**

Since 2025, Optimal AI has been holding 14.36% equity stake in IntentAI Pte. Ltd. (formerly known as Emo Technologies Pte. Ltd.) ("IntentAI"), a Singapore company that was incorporated on October 2, 2018. IntentAI specializes in providing AI Chatbot solutions for enterprises in the financial and healthcare sectors. It provides a SaaS platform with AI-driven natural language processing to train chatbots for accurate customer intent recognition. The Company acquired the 14.36% equity interest of IntentAI on February 20, 2025, from Optimal Investments Limited for a consideration of S$475,020, which was settled through the issuance of shares of Optimal AI, our Singapore intermediate holding company. IntentAI's management team consists of Manuel Ho, the Chief Executive Officer and director; Hon-Wai Chia, the Chief Technology Officer and director; and Jude Tan, the Chief Commercial Officer. Approximately 60% of IntentAI is owned by its staff and management, with the remainder held by a Singapore's research institute and individual minority shareholders. Mr. Lai Kee Chwee, our Chairman, Director of the Board and Chief Executive Officer, served as a director of IntentAI but was not involved in the formation, day-to-day management, or daily operations of IntentAI and is not currently engaged in its management or operations. Mr. Lai first became involved with IntentAI through OIL, which invests in innovative technology companies. In 2023, he identified IntentAI's generative AI solutions, developed in collaboration with Singapore's government innovation institute, as having strong industry potential. Following OIL's investment, Mr. Lai joined IntentAI's board to support customer development. While Mr. Lai was a director of IntentAI at the time negotiations for the share swap were occurring, he abstained from IntentAI's board approval of the share swap agreement to avoid any conflict of interest. Mr. Lai resigned from his position as a director of IntentAI effective December 31, 2025.

As of now, our products do not integrate IntentAI's technology; however, we recognizes potential synergies and plans to explore opportunities for integrating IntentAI's technologies into our Optimal Enterprise AI suite of solutions. There are currently no signed agreements or options to acquire additional shares in IntentAI.

**Convertible Loan Agreements**

Our subsidiary, Optimal AI, entered into eight separate convertible loan agreements in 2025 (the "Convertible Loan Agreements") with eight third-party lenders (the "Lenders" as part of its pre-IPO fundraising, seeking an aggregate proceeds of approximately SGD 1,200,000. Under the Convertible Loan Agreements, SGD 100,000 was raised and drawn down in 2024 and SGD 900,000 in 2025. Since the beginning of 2026, an additional SGD 80,000 has been drawn, and the total amount of convertible loans issued to date is SGD 1,080,000.

Under the terms of the Convertible Loan Agreements, the outstanding principal amount provided by the Lenders is initially interest-free and will automatically convert into Class A Ordinary Shares upon the completion of this offering. The conversion price per share is fixed at USD 2.00, which, based on an estimated USD and SGD exchange rate of 1.3, will result in the issuance of 384,615 Class A Ordinary Shares upon the automatic conversion of the SGD 1,000,000 principal amount. The conversion price of US$2.00 per share represents an estimated 50% discount to the estimated offering price of US$4.00 per share.

If the Company completes a trade sale prior to maturity, the outstanding principal amount is repayable to the Lenders using a formula based on the principal outstanding and a 50% discount rate applied. In the event that neither a public offering nor a trade sale occurs by the maturity date which is two years from the initial drawdown date, the loan becomes repayable in full along with interest accruing from that date forward at an annual rate of 10%, calculated based on a 365-day year. The Lenders have agreed to customary lock-up restrictions, prohibiting them from selling or transferring 50% of the shares acquired through the conversion for a period of 180 days following the closing of this offering. The Convertible Loan Agreement also specifies events of default, including but not limited to insolvency or other similar proceedings, which could trigger immediate repayment obligations.

**Relationships among Optimal Investments Limited ("OIL"), Mr. Lai Kee Chweeand Optimal Investments Group Pte Ltd ("OIG")**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Optimal Investments Limited as a Shareholder of the Company* 

OIL is a significant shareholder of our Company, holding more than 30% of our outstanding shares. Mr. Lai Kee Chwee, our Chairman, Director of the Board, Chief Executive Officer, and founder of our Group, holds a 31% ownership interest in OIL. The remaining 69% of OIL is owned collectively by approximately 30 minority shareholders, each holding less than 10% of OIL. None of these shareholders are related to Mr. Lai, and all are passive investors with no involvement in the management or operations of OIL. OIL does not engage in any business operations and functions solely as a long-term investment vehicle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Overview of Optimal Investments Group* 

OIG is an investment holding company and a venture capital fund manager established in June 2020. Mr. Lai Kee Chwee holds a 50% ownership interest in OIG and previously served as its Chief Executive Officer from June 2020 to April 2025. OIG manages a fund known as Optimal Investments VCC (the "OIG Fund"), which invests in 5 portfolio companies across industries distinct from the business of our Group. These industries include food technology, medical research and therapies, pet care, and Internet of Things. We believe the businesses of these portfolio companies do not conflict with our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Relationship among OIL, OIG, and Mr. Lai Kee Chwee* 

Mr. Lai holds a 31% interest in OIL.

Mr. Lai also holds a 50% ownership interest in OIG and previously served as its Chief Executive Officer from June 2020 to April 2025.

OIL is an investment holding company and holds shares in the Company, a 17% minority stake in OIG Fund, and a 3% stake in UnaBiz. It does not have any other investments.

OIL and OIG are related through OIL's minority investment in OIG Fund. OIL does not exercise operational control over OIG, and its role is limited to passive investment.

**Corporate Structure**

This is an offering of the Class A Ordinary Shares of Optimal AI Limited, a Cayman Islands exempted company with limited liability, which is a holding company with no material operations of our own. We conduct our operations through our Singapore and Vietnam operating subsidiaries.

Because we are incorporated under the laws of Cayman Islands, you may encounter difficulty protecting your interests as a shareholder, and your ability to protect your rights through the U.S. federal court system may be limited. Please refer to the sections titled "*Risk Factors*" and "*Enforcement of Civil Liabilities*" for more information.

Our subsidiaries will remain the same prior to and after this Offering. The chart below illustrates our corporate structure and identifies our subsidiaries (i) prior our Group's initial public offering and (ii) after our Group's initial public offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) After the reorganization but prior to completion of this offering:

![](image_022.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon completion of this offering (and reflects automatic conversion
of the loans pursuant to the Convertible Loan Agreements):

![](image_023.jpg)

Our Controlling Shareholder currently, directly and indirectly, owns 38.30% of our outstanding Class A Ordinary Shares and 100% of our outstanding Class B Ordinary Shares, representing approximately 72.90% of our total voting power, and, upon consummation of this Offering, our Controlling Shareholder will continue to own 33.42% of our outstanding Class A Ordinary Shares and 100% of our outstanding Class B Ordinary Shares, which represents approximately 68.51% of the total voting power of our outstanding Ordinary Shares (or approximately 67.98% of the total voting power of our outstanding Ordinary Shares if the Underwriter's option to purchase additional Shares is exercised in full). See "*Risk Factors—Risks Related to Our Corporate Structure*."

**INDUSTRY OVERVIEW**

We operate at the intersection of several high-growth technology sectors, including spatial intelligence, Digital Twin technology, augmented reality, virtual reality, mixed reality, cloud computing, system integrations, and data visualization. These fields are driving digital transformation by enabling businesses to analyze spatial data, create virtual replicas of physical assets, and deliver immersive experiences.

**Spatial Computing and Intelligence**

Spatial intelligence, often linked to spatial computing, involves technologies that process and interact with spatial data, enabling machines to understand and manipulate physical environments. Spatial computing integrates AR, VR, MR, and AI to create immersive and interactive experiences. According to the report titled "*Spatial Computing Market Size, Share, and Trends 2025 to 2034*", published by Precedence Research on July 24, 2024, the global spatial computing market size was USD 122.92 billion in 2023, calculated at USD 149.59 billion in 2024, and is expected to reach around USD 1,066.13 billion by 2034. While the global market is expanding at a compound annual growth rate ("CAGR") of 21.7% over the forecast period from 2024 to 2034, Asia Pacific is expected to expand at a CAGR of 22.2%. This growth is fueled by advancements in AI, IoT, and the increasing adoption of AR/VR in gaming, education, healthcare, and enterprise applications. For example, spatial computing enables virtual training simulations for surgeons or immersive learning environments for students, enhancing engagement and outcomes.

**Digital Twin Market**

Digital twin technology creates virtual replicas of physical assets, systems, or processes, allowing real-time monitoring, simulation, and optimization. Digital twin technology enables businesses to cut costs and boost revenue by enhancing process efficiency, driven by factors like social media, cloud computing, and automation. Advanced technologies, including IoT, AI, RPA, cloud computing, and big data analytics, are fueling market growth. IoT facilitates device communication without human intervention, exchanging critical data to support digital twin applications. Industries like healthcare, automotive, and manufacturing are adopting digital twins to virtually test products, such as packaging machines or HVAC components, before deployment, improving decision-making. The rising demand for automation across sectors is expected to drive significant market expansion. The global digital twin market is experiencing explosive growth. According to the market analysis report title "*Digital Twin Market (2025 - 2030)*" published by Grand View Research published in April 2025, the Digital Twin market size is expected to reach US$155.8 billion by 2030, registering a CAGR of 34.2% from 2025 to 2030. The digital twin market in Asia Pacific is expected to register the highest CAGR of 36.6% from 2025 to 2030. This market growth can be attributed to rising digital infrastructure, increasing manufacturing output, and improving technological adoption. Several end-user companies are focusing on deploying digital twin solutions to optimize their operational processes and supply chains to recover financial losses.

**Geospatial Industry**

The geospatial industry encompasses technologies such as Geographic Information Systems (GIS), remote sensing, global navigation satellite systems (GNSS), and location-based services. These tools collect, analyze, and visualize spatial data to support decision-making across various sectors. According to a report titled "*Global Geospatial Market Research Report Information by Type, By Technology, By End-User, And By Region - Forecast Till 2032*" published by Market Research Future on August 2, 2024, the geospatial market was valued at USD 96.26 billion in 2023 and is projected to grow to USD 211.54 billion by 2032, with a CAGR of 9.1% from 2024 to 2032. The growth is driven by increasing demand for location-based services, urban planning, transportation, agriculture, and disaster management. For instance, GIS enables organizations to optimize operations by visualizing spatial data, such as mapping flood-prone areas for disaster preparedness or optimizing delivery routes for logistics companies. The integration of AI and IoT has revolutionized geospatial analytics by enabling real-time processing of vast spatial data from IoT devices, sensors, and satellites. AI algorithms, including machine learning and deep learning, uncover patterns and trends, providing deeper insights for applications like supply chain logistics, environmental monitoring, and disaster management. This synergy enhances predictive accuracy, allowing organizations to forecast events such as traffic congestion using historical and real-time data, optimizing traffic flow and infrastructure planning. Additionally, AI-driven geospatial analytics supports proactive decision-making by detecting anomalies and risks, enabling preemptive actions. For example, in the energy sector, it monitors infrastructure like pipelines, identifying potential failures to prevent costly disruptions.

**Global Artificial Intelligence Market** 

A report titled "*Artificial Intelligence Market Size, Share & Industry Analysis, By Component (Hardware, Software, Services), By Deployment (On-premise & Cloud), By Enterprise Type (Large, Small & Medium-sized Enterprises), By Function (Human Resources, Marketing & Sales, Product/Service Deployment, Service Operation, Risk, Supply-chain Management), By Technology (Machine Learning, Natural Language Processing, Computer Vision), By Industry (Healthcare, Automotive, Retail, BFSI, Manufacturing, Agriculture) & Regional Forecast, 2025 – 2032*" published by Fortune Business Insights and lasted updated in December 2025 highlighted that the global AI market size was valued at US$233.46 billion in 2024 and is projected to grow to US$1.77 trillion by 2032, exhibiting a CAGR of 29.2% during the forecast period. This extraordinary growth is fueled by companies turning to AI to analyze their data for making informed decisions and governments worldwide investing in AI research and development. Asia Pacific is estimated to witness the highest CAGR during the forecast period with the largest contributor being the India market.

**BUSINESS**

**Overview**

Optimal AI Limited, which currently operates through its Singapore subsidiary and brand name "Hiverlab" since 2014, is an integrated Enterprise A.I. solutions provider focused on enabling digital transformation for the enterprises of tomorrow. Headquartered in Singapore, our mission is to deliver practical, high-impact enterprise A.I. technologies that help businesses across different industries like healthcare, manufacturing, logistics and financial services to unlock new levels of operational efficiency, improve decision-making, and drive sustainable growth. The Company's flagship product, "Optimal Enterprise AI", is a collective suite of technology solution designed to address the diverse needs of modern business for clients. "Hiverlab AI", an end-to-end integrated A.I. technology stack operating under the Hiverlab brand, is a subset of Optimal Enterprise AI. It comprises customized and configurable purpose-built technologies like spatial digital twin and video A.I., elevating and accelerating the client's digital journey.

With plans to incorporate a wider array of frontier Enterprise A.I. technologies under our ecosystem product offering "Optimal Enterprise AI", we remain committed to building scalable and adaptable systems that can be integrated seamlessly into our solution platform to meet the evolving demands of the modern business landscape. Optimal AI is the next-generation technology powerhouse that offers enterprises a compelling opportunity to intersect artificial intelligence with enterprise innovation, positioning them at the forefront of A.I.-driven business transformation.

Our businesses extend to Vietnam and Saudi Arabia. In Vietnam, we sell Microsoft HoloLens devices to customers, with all sales conducted by employees based in our Singapore office rather than through third parties. In 2024, we were engaged by NEOM, Saudi Arabia's planned arcology and smart city project, to develop a Digital Twin designed to optimize complex hotel configurations with advanced automation. We do not maintain employees or offices in either Vietnam or Saudi Arabia, although we have established a subsidiary in Vietnam, namely Hiverlab Vietnam. We hold no assets in Saudi Arabia, and our only assets in Vietnam consist of a limited inventory of Microsoft HoloLens devices stored in a third-party facility.

**Our Corporate Vision and Mission**

We envision a future where emerging technologies like spatial immersive tech, Digital Twins, and artificial intelligence will redefine human interactions and drive sustainable growth. Our vision is to introduce A.I. to transform legacy companies into super-charged enterprises of the future.

Our mission is to create a connected, transparent world by building next-generation digital infrastructure that empowers organizations and communities across industries such as logistics, automation, supply chain, and smart cities. We are also dedicated to empowering traditional brick-and-mortar companies to enhance operational efficiency, foster inclusivity, and build advanced digital ecosystems that drive exponential growth and sustainability.

**Our Products and Services**

In the overarching Optimal AI product offering, our company provides an enterprise-centric solution called "Optimal Enterprise AI" purpose-built to meet the needs of various industry verticals and enable digital transformation to supercharge companies for the future. At present, under Optimal Enterprise AI, it comprises Hiverlab AI – an ecosystem solution offering by Hiverlab – leveraging digital twin and spatial camera technology solutions "SpatialWork" and "CloudExpo" and bespoke A.I.-developed solutions for asset owners to unlock new growth opportunities.

Our platforms leverage A.I. technology extensively to enhance functionality, efficiency, and user experience. Here are some commonly used A.I. features:

Firstly, Gaussian Splatting is utilized within certain projects to generate high-quality 3D environments, enabling the creation of immersive and realistic visual experiences. To elaborate, the integration of Gaussian Splatting A.I. allows for efficient real-time rendering of 3D scenes. By managing the blending of multiple Gaussian splats, A.I.-driven algorithms can produce high-quality visualizations quickly, which is essential for interactive applications. Our platform and products are compatible with Gaussian Splatting solutions. This method allows for the efficient rendering of complex scenes, making it particularly useful in applications such as architectural visualization, reducing the time needed for high-quality 3D creation, sometimes by 75%.

![](image_024.jpg)

Meanwhile, AI agents are employed to retrieve and analyze information from multi-modal databases, ensuring fast and accurate data extraction. We deploy language agents to translate human language input into SQL database queries, and compute the calculation the users ask for in real-time, coupled with a verification process to ensure A.I.'s thinking process accuracy. This helps to achieve up to 80% reduction in the amount of time spent on data searching, contributing to faster response time in operational settings.

![](image_025.jpg)

In addition, A.I.-powered video analytics is integrated into selected projects to analyze security camera feeds, providing insights like anomaly detection and activity monitoring. For example, we deployed video analytics at customers' warehouses to monitor and improve space utilization rate and loading bay utilization rate, and monitor human activities to ensure safety. The analytics output are displayed on the AI-powered Spatial Digital Twin frontend.

![](image_026.jpg)

While some non-core functionalities, such as bespoke video analytics modules, may involve the use of publicly available open-source code repositories (e.g., GitHub), these components are integrated, customized, and rigorously tested under our proprietary framework to meet stringent product, performance, and security requirements. Our core AI technology is developed and maintained internally, ensuring full control over its scalability, security, and innovation. Open-source tools function as supportive utilities rather than critical dependencies, and we do not rely on third-party AI providers for any aspect of the operation or development of our platforms.

**A. SpatialWork – Comprehensive Digital Twin Solutions**![](image_001.jpg)

SpatialWork, an A.I. powered Digital Twin creator, is our flagship platform, designed to simplify the creation of Digital Twins—virtual replicas of physical assets. It allows users to build 3D models quickly and creatively, using a low/no-code interface that does not require advanced technical skills allowing for rapid integration, real-time data visualization, and predictive A.I. analytics. Hosted on both cloud and on-premise systems, it offers flexibility and security for diverse business needs. Through our secure client portal, users can effortlessly upload, host, and manage Digital Twin content, ensuring seamless integration into their workflows.

The platform streamlines operations by automating Digital Twin creation, integrating real-time data, and providing A.I.-driven insights. It supports industries like manufacturing and logistics by enabling real-time monitoring, asset tracking, and immersive AR experiences, helping businesses improve decision-making and efficiency. SpatialWork offers tools like high-fidelity 3D rendering, instant 2D-to-3D conversions, real-time IoT data integration, A.I. analytics, and AR projections. These features empower users to create, monitor, and optimize Digital Twins for various applications, from facility design to operational oversight.

***Core Capabilities and Features***

*Intuitive Design and Creation Tools*

SpatialWork's low/no-code interface allows users with minimal technical expertise to design and customize Digital Twins, reducing development time and barriers to entry. The platform's plug-and-play functionality ensures quick integration into existing systems, enabling rapid deployment. The Gaussian Splatting Runtime Editor, a sophisticated tool, facilitates high-fidelity rendering by allowing users to upload and edit multiple Gaussian Splats—3D graphical elements that enhance the realism and interactivity of Digital Twins—within a single environment. Additionally, SpatialWork supports seamless conversion of 2D floor plans into 3D files, enabling the creation of detailed 3D layouts for facilities like manufacturing plants and warehouses. BIM, a digital process that uses digital representations of physical and functional building characteristics to manage information throughout the building's lifecycle, is compatible with SpatialWork too. The platform also transforms video footage into immersive 3D spaces, bridging the gap between real-world and digital environments in moments.

*Automation and Real-Time Data Integration*

 

SpatialWork automates the creation of Digital Twins, minimizing manual effort and accelerating project timelines. It integrates real-time IoT data, mapping and visualizing sensor inputs to provide dynamic insights into asset performance and environmental conditions. The platform also incorporates live CCTV feeds into Digital Twins, enabling real-time monitoring for enhanced security and situational awareness. Real-time location services allow precise tracking of moving assets, optimizing resource management in dynamic settings like warehouses or logistics hubs.

*A.I.-Powered Analytics and Interaction*

An intelligent A.I. assistant enhances user interaction by enabling natural language queries across text, speech, and visual data streams, facilitating seamless exploration of Digital Twin data and interaction with connected systems. The motion analytics library leverages A.I.-powered motion tracking to analyze patterns and optimize activities in real time, driving operational efficiency and informed decision-making. These features empower businesses to extract actionable insights from their Digital Twins, improving productivity and strategic outcomes.

*Immersive Augmented Reality Integration*

SpatialWork's AR precision positioning, supported by an integrated immersive Software Development Kit (SDK), allows users to project Digital Twins into augmented reality environments for precise on-site applications, such as maintenance, training, or facility planning. This capability enhances the practical utility of Digital Twins by enabling real-world interaction with virtual models, improving accuracy and user engagement.

***Case Studies***

***Streamlining Warehouse Planning – DB Schenker***

We partnered with DB Schenker in 2021, a global logistics company, to address inefficiencies in warehouse planning. In collaboration with DB Schenker, SpatialWork revolutionized warehouse planning by replacing traditional, inefficient methods with interactive 3D Digital Twins built using Unity (a third-party game development engine and platform that provides a robust environment for building interactive 3D and 2D content and rendering realistic graphics), transforming 2D floor plans or other data sources into interactive, high-fidelity virtual models. These Digital Twins provide a realistic representation of warehouse layouts, including shelving, equipment, and workflow paths, allowing managers to visualize and test configurations virtually. These virtual models, enhanced through integration with Microsoft's Hololens (a mixed reality headset), allow stakeholders to explore and modify warehouse layouts in real time via immersive AR experiences. SpatialWork further addresses the challenge of siloed operational data by integrating live data streams from IoT sensors, CCTV feeds, and other warehouse systems into a centralized control center, providing live insights into key performance indicators. SpatialWork offers a mobile-friendly solution, enabling on-the-go access to live data. SpatialWork's AI-driven tools—like a smart assistant and motion analytics—offer personalized recommendations and workflow optimizations, ultimately streamlining warehouse operations and improving efficiency.

![](image_002.jpg)

*SpatialWork enables real-time item tracking by integrating live data from IoT sensors and other sources into 3D Digital Twins.*

![](image_003.jpg)

*Immersive experiences via Hololens allowed engineers to interact intuitively with live data.*

***Optimizing Urban Development – The Line, a conceptual linear smart city in NEOM, Saudi Arabia***

In 2024, we were engaged by NEOM, Saudi Arabia's arcology and planned city, to develop a Digital Twin for optimizing complex hotel setups with advanced automation, including robotic and lift systems. In partnership with NEOM's The Line project, SpatialWork developed a high-speed 3D Digital Twin to optimize hotel setups within the futuristic smart city, enabling precise planning, automation, and resource efficiency. Built using a Python-based simulation engine and Unity, the Digital Twin ran simulations 60 times faster than real-time, allowing millions of "what-if" scenarios to be tested and design bottlenecks to be identified early—resulting in significant cost savings. By integrating with robotic management systems and backend tools, the platform optimized lift and robot task allocation, improved traffic flow, and supported real-time operational decision-making. The intuitive interface and visual features empowered stakeholders to make fast, data-driven choices, ultimately supporting NEOM's goal of sustainable, automated urban development.

![](image_004.jpg)

*3D indoor rendering with a transparent internal view, visualizing simulated robot pathway data.*

![](image_005.jpg)

*The blue lines represent the robot data mapping pathways within SpatialWork.*

***Enhancing Smart Infrastructure – a Government Agency in Singapore***

In 2019, we collaborated with the Government Technology Agency of Singapore, a key driver of Singapore's Smart Nation initiative, to optimize smart lamp post data management. In this project, SpatialWork developed a Digital Twin solution to optimize the management of smart lamp post infrastructure, which generates extensive environmental and traffic data. By transforming raw data into interactive 3D models and integrating real-time sensor and camera feeds, the platform provided the client with spatial context for enhanced monitoring and decision-making. The AI assistant and motion analytics enabled predictive maintenance by identifying potential failures and congestion trends, reducing downtime and operational costs. Cloud-based architecture ensured reliable performance at scale, ultimately improving efficiency, supporting rapid urban management decisions, and advancing Singapore's Smart Nation goals.

![](image_006.jpg)

*SpatialWork monitors the situation of smart lamp posts by integrating real-time data from environmental sensors, such as temperature and pollutant concentrations, into a dynamic 3D Digital Twin.*

![](image_007.jpg)

*SpatialWork enables users to access real-time CCTV feeds from smart lamp posts within its 3D Digital Twin environment.*

***Revenue Model of SpatialWork***

SpatialWork is priced differently based on the size and requirements of the business, allowing scalability on-demand and enabling accessibility. The Company offers (1) Discovery Plan – 3-month free trial, (2) Pro Plan – $799 per month, billed annually, and (3) Enterprise Plan – customized pricing with flexible payment terms. Most of our paying customers are enterprises, with revenue from customization and annual recurring maintenance fees.

● The Discovery Plan is ideal for new users looking to explore the platform's capabilities without financial commitment. This plan includes one seat, one project, 1GB of hosting storage, and access to the Client Portal and learning materials, with creator and admin privileges. Notably, no credit card is required to activate the trial, making it a low-risk entry point for businesses to test Digital Twin creation.

● The Pro Plan offers enhanced functionalities, which supports up to 10 projects with web display access and provides 50GB of hosting storage. It includes Hiverlab watermark removal for a professional presentation and integrates with Immersal VPS (Visual Positioning System), enabling precise spatial mapping for more immersive experiences. Additionally, the Pro Plan offers ticketed support, allowing users to submit inquiries for prompt assistance from SpatialWork's support team, ensuring smooth project execution.

● The Enterprise Plan is built for larger organizations with complex needs, clocking unlimited projects, 100GB of hosting storage, A.I.-powered services for advanced Digital Twin applications, and dedicated team support to ensure personalized assistance. The Enterprise Plan accounts for one-time set-up and deployment cost, coupled with a recurring user license maintenance fee charged annually.

**B. CloudExpo – Virtual Engagement with Immersive 360° Experiences ![](image_008.jpg)**

CloudExpo is a cutting-edge, web-based virtual experience platform designed to create immersive 360° environments that redefine how businesses and organizations engage with their audiences. Leveraging advanced spatial camera technology called VR360, CloudExpo enables users to craft interactive virtual tours and experiences, making it an ideal solution for industries such as real estate, tourism, education, and enterprise marketing and communications, to enable multi-user engagement to enhance presentations and captivate audiences.

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*Sample project of an enterprise created on CloudExpo*

● Real Estate sector: CloudExpo provides detailed, interactive virtual property tours that enhance the buying experience and reduce the need for physical visits.

● Tourism sector: CloudExpo enables virtual explorations of destinations, allowing travelers to preview locations and attractions before planning their trips.

● Education sector: CloudExpo creates engaging learning environments where students can interactively explore historical sites, scientific phenomena, or artistic exhibits.

● Enterprise training marketing and communications: CloudExpo redefines corporate presentations by turning traditional formats into captivating, interactive experiences accessible across any device, positioning itself as a transformative tool for businesses seeking to enhance engagement and streamline operations through virtual experiences.

CloudExpo delivers valuable data-driven insights of visitor behavior by displaying these analytics on a dashboard for businesses to track and modify their strategies to better engage their end audience. With analytics embedded in our platform, we can optimize virtual experiences for maximum impact. Security is a cornerstone of CloudExpo's enterprise-focused design. The platform employs enterprise-grade security measures, including CREST-certified vulnerability assessments and penetration testing, to ensure the safety of sensitive data.

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***Core Capabilities and Features***

CloudExpo distinguishes itself through its low/no-code platform, which allows users to build immersive virtual spaces effortlessly. Through intuitive web-based tools, users can integrate 3D elements, creating detailed and engaging environments without requiring advanced technical skills. The platform supports a wide array of interactive features, including:

● Live Tours and Multi-User Interaction: Host real-time virtual tours with multiple participants, fostering collaboration and engagement across teams or audiences.

● Collaborative Features: Enhance teamwork with cloud-based tools that enable simultaneous interaction via text, audio, and visual channels.

● Dynamic Content Integration: Embed media such as videos, images, and text, along with interactive hotspots that guide viewers to take specific actions, such as exploring environments or making purchases.

● Scene Transitions and 3D Scene Builder: Create seamless transitions between scenes and construct complex 3D environments using the 3D Scene Uploader.

● Advanced Technologies: Utilize the Gaussian Splatting 3D Tour Creator for highly interactive 3D tours with six degrees of freedom, allowing exploration in any direction.

● Text Editor and Host Feature: Add text for guidance or presentations and incorporate pre-recorded footage for educational tours.

● Drag-and-Drop Functionality: Simplify content creation with intuitive drag-and-drop tools, while offering advanced customization options for experienced users.

***Case Studies***

***Redefining Product Engagement – Epson 360 Showroom***

In 2022, Epson, a global leader in printing and imaging solutions, faced a challenge in showcasing its innovative products to international clients. Traditional product catalogs and static online galleries were insufficient to convey the full functionality and quality of devices like projectors and printers. To address this, Epson partnered with us to develop the Epson 360 Showroom using CloudExpo's advanced VR360 technology, a fully immersive virtual environment that addressed the limitations of traditional product showcases by enabling clients to interact with high-resolution 3D models of printers and projectors. Using CloudExpo's low/no-code VR360 platform, Epson created a navigable showroom enriched with interactive hotspots and real-time demonstrations, effectively conveying product functionality and quality. This digital approach expanded global reach, reduced the need for physical showrooms, and cut associated costs. Additionally, built-in analytics provided insights into customer behavior, enabling data-driven marketing strategies and more targeted engagement with international clients.

![](image_011.jpg)

*CloudExpo enables businesses to embed videos within virtual tours, effectively showcasing the functions and features of each product to enhance audience engagement.*

***Preserving Cultural Heritage – Rediscovering Famagusta***

In 2021, in collaboration with Professor Michael J.K. Walsh from Nanyang Technological University, the "Rediscovering Famagusta" project used CloudExpo's VR360 technology to digitally preserve and showcase the historic architecture of Famagusta, including the medieval church of St. Anne. By creating an interactive 3D model enriched with educational hotspots, the project made Cyprus's cultural heritage globally accessible, especially for those unable to visit in person. CloudExpo's low/no-code platform enabled seamless integration of academic research into an immersive virtual experience, supporting both historical preservation and education. This technology not only safeguarded fragile sites from physical deterioration but also expanded public engagement and awareness of cultural heritage.

![](image_012.jpg)

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| ![](image_013.jpg) | ![](image_014.jpg) |

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*CloudExpo enables users to embed detailed information about historic structures within immersive virtual tours, showcasing their architectural features and introducing their historical significance.*

***Revenue Model of CloudExpo***

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| ![](image_015.jpg) | ![](image_016.jpg) |

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CloudExpo offers four pricing plans: (1) Free Plan – 3-month free trial, (2) Basic Plan – $17.50 per month, billed annually or $21 per month, billed monthly, (3) Pro Plan – $108 per month, billed annually or $129 per month, billed monthly, and (4) Enterprise Plan – customized pricing with flexible payment terms.

● The Free Plan allows users to explore the platform with up to three projects and 1GB of hosting storage. This plan is ideal for businesses or individuals testing CloudExpo's capabilities, requiring only a CloudExpo account to access the Client Portal and begin building immersive experiences.

● The Basic Plan supports up to three projects and offers 3GB of hosting storage, catering to small businesses or teams with moderate needs.

● The Pro Plan provides unlimited projects and 100GB of hosting storage. This plan includes access to advanced features like the analytics dashboard, enabling businesses to track audience engagement and refine their virtual tours based on data-driven insights.

● The Enterprise Plan supports large organizations with complex requirements, offering unlimited projects, unlimited hosting storage, and customized pricing and solutions.

***C. Bespoke Spatial XR Technological Solutions***

Our bespoke spatial XR technological solutions segment focuses on delivering immersive experiences through XR, encompassing AR, VR, and MR. This business segment leverages our expertise in spatial computing, 3D modeling, and real-time data analytics to create tailored, innovative solutions for clients across industries such as tourism, retail, hospitality, and public engagement. By integrating advanced XR technologies with real-world environments, we craft experiences that enhance user engagement, drive commercial value, and foster meaningful connections. These solutions are designed to be scalable, user-friendly, and seamlessly integrated with physical spaces, ensuring accessibility and impact for diverse audiences. From large-scale public attractions to digital campaigns, our bespoke XR offerings redefine how organizations engage with their stakeholders, blending technology, storytelling, and data-driven design to create memorable and impactful experiences.

***Case Studies***

***Jewel-rassic Quest at Jewel Changi Airport***

To elevate visitor engagement and reinforce its status as a premier lifestyle destination, in 2021 Jewel Changi Airport, a globally renowned lifestyle hub in Singapore, launched the "Jewel-rassic Quest," a large-scale, immersive AR experience developed in partnership with a multidisciplinary team, including us. Spanning five floors and featuring over 50 interactive dinosaur animations, the project seamlessly integrated AR with Jewel's iconic biophilic architecture using real-world scanning and marker-based technology. This hybrid reality adventure enriched visitor experiences through gamified learning, educational content, and interactive features. A data-driven approach optimized visitor flow and accessibility, while AI-powered analytics enhanced navigation and boosted retail and dining value. The project set a new benchmark for immersive attractions, increasing visitor satisfaction and encouraging repeat visits.

![](image_017.jpg)

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***Revenue Model of our Bespoke Spatial XR Technological Solutions***

The pricing structure for client projects is tailored to diverse verticals such as manufacturing, warehousing, facility management, and exhibitions, with a detailed rate card outlining services, products, and hardware rentals. Services include project management, creative management, 3D & animation, UI/UX design, solution and enterprise architecture, software engineering (front-end, back-end, and data), and maintenance engineering, with costs ranging from $2,200 to $10,000 per person per month, depending on the project scope and commitment period. For instance, 3D and animation projects are priced based on Hiverlab's media library templates, with an average rate of SGD 200–300 per second for 3D and video, while customized solutions like UI/UX for spatial XR or digital twin (DT) projects cost between $4,500 and $6,000 per month. Ad-hoc man-day rates are offered at $500 per half-day or $800–$1,200 per day for specific customer requests, and discounts may be applied for strategic accounts based on business development discretion.

Product offerings include subscriptions for off-the-shelf solutions like CloudExpo ($1,080 per license per year or $108 per month) and SpatialWork ($1,000 per month), with customized versions of these subscriptions priced at $1,500 per year or month, including maintenance and security checks. Hardware rentals, such as Oculus Quest VR headsets ($60 per set per day) and AR tablets ($100 per set per day), come with complimentary accessories like headphones and charging cables, though customers are responsible for compensating losses for damaged or missing items. For overseas projects, additional costs for transportation, accommodation, per diem, and insurance are included, and WiFi provision is typically the client's responsibility unless otherwise specified.

Pricing is generally calculated at a minimum of cost multiplied by 1.35, unless the client is a key strategic account, and internal discussions are encouraged when quoting to ensure accuracy. Delivery fees may apply for hardware rentals if not collected from Hiverlab's office, and specific terms, such as device preparation, may incur additional ad-hoc charges. The rate card emphasizes flexibility in scoping projects, particularly by leveraging Hiverlab's media library templates to manage customer expectations and regulate demand, ensuring cost efficiency and clarity in project deliverables.

**Our Competitive Strengths**

***Our extensive knowledge and connections in the Asia Pacific region enable us to deliver tailored solutions that address local market needs effectively.***

We believe our profound knowledge of the Asia Pacific market and its technological and business landscape sets us apart as a trusted partner in the region. We have successfully executed different projects for clients from Singapore, Vietnam, Taiwan, Saudi Arabia, Cambodia, Malaysia, India, etc. We have developed extensive connections that allow us to navigate the complexities of these dynamic markets, from regulatory environments to cultural nuances. This regional expertise enables us to tailor our solutions to meet the specific demands of enterprise clients across diverse industries, ensuring relevance and maximizing impact. By staying attuned to market trends and leveraging our regional network, we deliver solutions that resonate with local and regional stakeholders, fostering trust and driving adoption.

***Our A.I.-powered SpatialWork platform creates spatial digital twins, enhancing efficiency and reducing costs for diverse industry applications.***

At the core of our offerings is a suite of proprietary technology products and solutions focused on spatial intelligence and spatial computing. Our flagship product, SpatialWork, is an A.I.-powered platform designed to create spatial digital twins, enabling businesses to build immersive virtual environments with ease. This platform streamlines processes and reduces operational costs for end users by providing tools to create digital twins for applications such as virtual property tours, training simulations, and educational modules. By integrating advanced A.I. capabilities, SpatialWork empowers organizations to enhance efficiency, improve decision-making, and deliver engaging experiences to their audiences. Our commitment to developing cutting-edge solutions ensures that we remain a competitive player in the spatial computing space, delivering measurable value to our clients.

***Our expert team, skilled in emerging technologies and industry processes, drives innovative solutions aligned with client needs.***

Our success is driven by a multidisciplinary team of experts who bring extensive experience in emerging technologies and business processes within our focused industries. Our founder and leader of our technology team, Mr. Jiang Shutao, has 23 years of experience in InfoComm Engineering. Our tech advisor, Frank Guan, has 20 years of experience in Extended Reality, A.I, Computational Imaging and Computer Graphics. This team is well-versed in areas such as artificial intelligence, robotics, and spatial computing, allowing us to tackle complex challenges with innovative and integrated solutions. Their deep understanding of industry-specific workflows ensures that our offerings are not only technologically advanced but also practical and aligned with client needs. By fostering a culture of continuous learning and collaboration, we maintain our position at the forefront of technological innovation, delivering solutions that are both forward-thinking and actionable.

***We have worked closely with leading innovators in robotics and hardware, including ROS2 and OpenRMF, to deliver advanced, seamlessly integrated solutions.***

We have worked closely with leading innovators that span critical technology domains, including data capture hardware, display hardware, robotics, automation, network services, and consulting. Our collaborations with leading players in ROS2 (Robot Operating System 2) and OpenRMF (Open Robotics Middleware Framework) enhance our ability to integrate advanced robotics and automation capabilities into our solutions. ROS2, a widely adopted framework for building robot applications, provides flexible tools for developing robust robotic systems, while OpenRMF, an open-source robotics middleware framework, facilitates seamless integration and management of robotic processes. Working with these innovators enables us to deliver comprehensive, end-to-end solutions that combine spatial computing with cutting-edge robotics, ensuring our clients benefit from the latest advancements in technology.

***Our client base across industries fosters recurring opportunities, supporting continuous innovation and growth.***

Our existing customer base of reputable enterprises is a testament to our commitment to delivering high-quality, reliable solutions. By fostering long-term relationships with our clients, we have built a foundation of trust that translates into recurring business opportunities. This foundation of trust with our enterprise customers is further strengthened by our comprehensive maintenance component, which ensures ongoing support and system reliability. This service delivers annual recurring income, providing a stable revenue stream while reinforcing our commitment to long-term client success and operational excellence. This customer base spans multiple industries, providing us with valuable feedback that drives continuous improvement and innovation.

**Our Business Strategies and Future Plans**

***We plan to scale up sales and marketing efforts to expand our A.I. solutions across Asia Pacific markets.***

While firmly established in Singapore, our ambition is to become the leading A.I. powerhouse for enterprises across the Asia Pacific region. In the near term, we will focus on penetrating Vietnam, Indonesia, and Malaysia as initial markets due to their proximity to Singapore. In the longer term, we aim to expand into Japan, Australia, Hong Kong, and South Korea. Our go-to-market strategy will involve establishing direct sales teams in these regions or leveraging distributorships and global strategic partnerships to effectively deploy our solutions, ensuring robust market entry and sustained growth.

***We will pursue strategic acquisitions and investments to strengthen our market position and capabilities.***

The Company is committed to pursuing strategic inorganic growth opportunities, including acquisitions and targeted investments, to enhance our portfolio of A.I. solutions tailored to diverse industry needs. We plan to deepen investments in existing portfolio companies and explore acquisitions of firms offering complementary services in new markets, driving innovation and expanding our regional presence. For example, we plan to increase our stake in IntentAI Pte. Ltd., where we currently hold a 13% equity interest, with the intent to become the majority shareholder, and by investing in IoT service providers specializing in solution design, manufacturing, connectivity, and data platform services. As at the date of this prospectus, the Company has not identified any target or entered into any agreements for acquisition.

***We aim to diversify our product portfolio and strengthen our technology and intellectual property assets.***

To reduce dependence on our primary revenue stream from a single product, we aim to diversify our portfolio by integrating a broad spectrum of A.I. technologies across our portfolio companies. This will be supported by a robust intellectual property strategy, encompassing both in-house development and strategic acquisitions. This approach will enable us to expand our product offerings, more effectively meet client needs, and solidify our position as a leader in the A.I. industry.

**Our Major Customers**

Our A.I. solutions cater to a wide range of industries, including logistics, manufacturing, built environment, medical health, smart city initiatives, and critical infrastructure. This broad reach underscores our ability to address complex challenges with tailored, innovative technologies that meet the unique needs of enterprises worldwide.

For the six months ended June 30, 2025, we had 3 customers that accounted for 10% or more of our total revenues. 3 customers, Customer A, Customer B and Customer C accounted for 41.9%, 16.5% and 11.0%, respectively, of our total revenues for the six months ended June 30, 2025.

For the year ended December 31, 2024, we had 4 customers that accounted for 10% or more of our total revenues. These 4 customers were Company F, Company G, Company E and Company D, which accounted for 45.06%, 19.12%, 13.04% and 11.91%, respectively, of our total revenues for the year ended December 31, 2024.

For the year ended December 31, 2023, we had 3 customers that accounted for 10% or more of our total revenues. These 3 customers were Company H, Company I and Company J, which accounted for 32.63%, 13.48% and 12.68%, respectively, of our total revenues for the year ended December 31, 2023.

During the six months ended June 30, 2025 and the years ended December 31, 2023 and 2024, none of our customers is a related-party of our Group.

We are not substantially dependent on agreements with any customers. Any unforeseen circumstances affecting the business of any customers are not expected to have a material impact on our operations or financial condition.

**Our Major Vendors**

Our system and platform infrastructure are designed in-house and are primarily hosted on Microsoft Azure for public access to our SaaS offerings. Microsoft Azure, one of the most widely used cloud platforms for enterprise solutions, supports our data storage, processing, and hosting needs. This allows us to deliver secure, reliable, and scalable services to our customers.

We depends on Microsoft Azure for the continued availability and performance of our platform. Any disruption, outage, or termination of Azure services could have an adverse effect on our operations. However, we do not consider ourselves to be substantially dependent on our relationship with Microsoft Azure. Our subscription to Microsoft Azure is on standard, commercially available terms and does not involve a negotiated written agreement. To mitigate risks, we have implemented redundancy measures, maintain backup protocols, and design our systems to be portable across major cloud service providers if necessary. These measures are in place to ensure the stability and continuity of our services. As a result, we believe that we could transition our infrastructure to alternative providers without material disruption to our business.

For the six months ended June 30, 2025 and the years ended December 31, 2024 and December 31, 2023, we had no suppliers that accounted for 10% or more of our total cost of revenues.

During the years ended December 31, 2023 and 2024, none of our suppliers is a related-party of our Group.

**Sales and Marketing**

Our sales and marketing strategy focuses on expanding our reach across various sectors, such as logistics, manufacturing, built environment, medical health, and smart city, while segmenting by company size (multi-national corporations and small and medium-sized enterprises), use cases (such as spatial digital twins and XR experiences), and geographic regions (developed and developing countries). We drive growth through a mix of in-house sales teams, third-party business development representatives, and other technology providers, and collaborators in XR, A.I., IoT, and telecommunications companies. Our approach emphasizes recurring revenue from existing clients, inbound marketing via our website and social media, referrals, cold emailing, and participation in trade shows to showcase innovative technologies.

To support our growth, we have established material partnerships with several third-party partners, including channel partners, resellers, OEMs, and system integrators:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Telecommunications Partners*: We collaborate with telcos, such as Singtel, who introduce our AR, MR, and
 Digital Twin Enterprise solutions to their corporate customers. As part of Singtel's
 5G Partner Ecosystem, we leverage their extensive network to showcase and scale our solutions
 for enterprise clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Zebra Technologies*: We are a Zebra Partner, enabling us to benefit from Zebra's expertise
 in barcode scanners, RFID solutions, and data-capturing devices. Zebra introduces suitable
 leads to us, allowing us to integrate our solutions with their devices to deliver comprehensive
 enterprise offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *IoT Collaboration with UnaBiz*: We have signed agreements with UnaBiz, a global IoT solutions
 provider specializing in facility management, utilities, and asset tracking verticals. UnaBiz
 provides IoT sensors and networks that complement our digital twin infrastructure and dashboarding
 software, enabling a seamless go-to-market strategy to deliver integrated solutions for our
 clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Technology Ecosystem Partnerships*: We are part of the partner ecosystems of Meta (as an Independent
 Software Vendor (ISV)) and NVIDIA through their inception program). These partnerships allow
 us to access the latest updates in their technologies for testing and development. Our future
 plans include leveraging these relationships to scale our products and solutions globally.

Currently, we have a Lead Marketing Strategist that oversees market research, brand management, digital marketing, content creation, lead generation, and event marketing, and a Business Lead who manages client relationships, sales strategy, customer relationship management, product demonstrations, deal negotiations, and customer feedback.

**Our Pricing Policy and Strategy**

Our pricing strategy is structured to ensure competitiveness and profitability. We base our pricing on the following key factors:

● *Cost structure*: We assess internal operating costs to set prices that maintain profitability while ensuring affordability for our customers.

● *Competitive benchmarking*: We regularly compare our pricing with industry peers to offer attractive and competitive rates.

● *Customer needs and return on investment*: We tailor pricing models to match customer segments' purchasing power, usage patterns, and expected return on investment.

**Quality Control**

On a day-to-day management basis, our project managers are responsible for checking that our employees have complied with our procedures and guidelines regarding workplace safety and quality control during the course of the work on site. In the event that there are complaints from our customers, our project managers will typically rectify any such issues immediately. Given that our current services largely involve internal stakeholders and enterprise working professionals only, our Directors believe that complaints from customers or members of the public are limited in our field of work.

That said, in the event that a written complaint is received, we will record the feedback and detail any remedial/corrective steps taken and forward the same to the responsible operations manager. Depending on the nature of the feedback and/or complaint - whether it is related to quality of services or other environmental, health or safety issues, the project manager shall decide on the appropriate responses or follow-up measures to take, oversee their implementation and follow up with the customer accordingly.

Our subsidiaries have won multiple awards representing the highest standards in the sector, such as the RICS Awards 2021: Innovation Award Winner (SEA), and the Frost & Sullivan 2018 Singapore Mixed Reality Tech Innovation Award. Our subsidiaries are also looking to obtain ISO 27001 and/or SOC2 accreditations in relation to our quality management and OH&S systems in the future.

**Research and Development**

We invest substantial resources in research and development to improve our technology and find better ways to integrate our platform with new capabilities or features for our end users. We spent approximately S$0.06 million, S$0.40 million and S$0.31 million in technology development for the six months ended June 30, 2025 and the years ended December 31, 2023 and 2024, respectively.

Our research and development team is headed by Christopher William, who is a specialist in media technologies, and assisted by Dillon Loh, who is the senior software engineer (AI / Robotics).

**Seasonality**

The nature of our business does not appear to be affected by seasonal variations. We may experience fluctuations in demand due to heightened or weakened economic conditions and geopolitical events in areas where we operate.

**Competition**

The digital twin and spatial intelligence market in the Asia Pacific is experiencing rapid growth, driven by increasing adoption across industries and supportive government initiatives like Singapore's Smart Nation program. Within this dynamic and competitive landscape, we face intense competition from a diverse range of players, including direct providers of digital twin and spatial intelligence solutions, diversified technology companies offering adjacent technologies, and solution providers in the broader AI space. This competition poses challenges to our results of operations, client retention, and market share.

In the Asia Pacific region, we face competition from local and regional players, particularly in our home market of Singapore, where startups are developing digital twin technologies tailored to specific industries such as aviation, waste management, and construction. As we plan to expand into markets like Vietnam, Indonesia, Malaysia, Japan, Australia, Hong Kong, and South Korea, we may encounter additional competitors, including established firms and emerging startups focusing on digital twins and spatial intelligence in these regions. For instance, China and Japan are significant markets with rapid digital twin adoption in manufacturing, automotive, and smart city initiatives, driven by advanced IT infrastructure and government support. These regional players may have localized expertise or partnerships that challenge our expansion efforts.

We also compete with global industry leaders who provide comprehensive digital twin platforms tailored to sectors like architecture, engineering, construction, and geospatial applications. These companies leverage their established market presence, extensive resources, and robust ecosystems to deliver scalable and specialized solutions, which may attract clients in industries we plan to target. For example, Bentley Systems focuses on infrastructure digital twins, while Esri emphasizes geospatial data integration, both of which overlap with our offerings. The strong brand recognition and larger customer bases of these competitors could make it challenging for us to compete on scale, pricing, or market penetration.

Additionally, diversified technology providers like Microsoft (Azure Digital Twins), Amazon Web Services (AWS IoT TwinMaker), Google Cloud, IBM, and Siemens offer digital twin solutions as part of their broader cloud and AI platforms. These companies benefit from their ability to bundle digital twin capabilities with other services, such as cloud computing, IoT, and AI analytics, creating integrated technology stacks that appeal to clients seeking all-in-one solutions. This bundling strategy may draw customers away from specialized providers like us, particularly multinational corporations or enterprises prioritizing seamless integration with existing systems. The extensive resources and global reach of these tech giants further intensify competition, as they can invest heavily in research and development, marketing, and sales to capture market share.

The competitive environment presents several challenges for us. Intense competition may exert downward pressure on pricing, reducing profit margins and impacting financial performance. Competitors with greater resources may outpace us in research and development, enabling them to offer more advanced or feature-rich solutions that could attract our clients. Additionally, diversified tech providers' ability to offer integrated solutions may reduce client stickiness, as customers may prefer comprehensive platforms over our specialized offerings. This could lead to difficulties in retaining existing clients or acquiring new ones.

To counter these challenges, we will focus on differentiating our offerings through unique features, superior customer service, and tailored solutions for target industries. To strengthen our competitive position, we are actively engaging with key technology providers and ecosystem players in XR, AI, IoT, and telecommunications. Specifically, our Vietnam subsidiary has secured an authorized devices reseller agreement with Microsoft, granting us the non-exclusive right to resell Microsoft's mixed reality products in Vietnam. Additionally, our participation in Nvidia's Inception Program provides us with access to cutting-edge resources and expertise, further enhancing our ability to deliver innovative A.I. solutions. These strategic relationships, combined with our engagement with other industry leaders, enable us to expand our technological capabilities and market reach. Additionally, we believe our planned acquisitions and investments, such as increasing our stake in IntentAI Pte. Ltd. and investing in IoT service providers, could help expand our capabilities and market reach, countering competitive pressures.

**Insurance**

Our Group maintains medical insurance policies that cover outpatient, hospitalization, surgical and dental, personal accident insurance for our employees.

The above insurance policies are reviewed annually to ensure that our Group has sufficient insurance coverage. Our Directors believe that we have adequate insurance coverage for the purposes of our business operations and we will procure the necessary additional insurance coverage for our business operations, properties and assets as and when the need arises.

**Intellectual Property**

Our success and future revenue growth depend, in part, on our ability to protect our intellectual property. The Company primarily relies on copyrights, trademarks, and confidentiality procedures to safeguard its intellectual property, as it currently does not hold any registered patents or other formal intellectual property registrations. All intellectual property is presently managed by Hiverlab Singapore.

The Company maintains copyright protection through measures such as employment agreements, source code stored on open-source platforms, company engagement agreements, and copyright notices displayed on affiliated companies' websites.

We have two registered domains, Optimalai.com.sg and Hiverlab.com. The information contained on this website is not a part of this prospectus.

**Employees**

As of June 30, 2025, we had a workforce of 8 employees who are located in Singapore. The following table sets forth the number of our employees as of June 30, 2025 by function:

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|:---|:---|:---|
|  | **Number** | **% of <br> Total** |
| &nbsp;&nbsp;&nbsp;Management | 1 | 12.5% |
| &nbsp;&nbsp;&nbsp;Technology | 3 | 37.5% |
| &nbsp;&nbsp;&nbsp;Finance, Accounting, Human Resource and Operations | 2 | 25% |
| &nbsp;&nbsp;&nbsp;Sales and Marketing | 2 | 25% |
| Total | 8 | 100% |

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Our success depends on our ability to attract, retain and motivate qualified employees that share our values. We place great emphasis on our corporate culture to ensure that we maintain consistently high standards where we operate. We believe that we maintain a good working relationship with our employees and we have not experienced any significant labor disputes.

We provide training to new sales and marketing employees with no experience in the marine fuels industry working in the sales and marketing department.

We enter into standard labor contracts and confidentiality agreements with our employees.

**Properties**

Our principal place of business is located at 1008 Toa Payoh North #04-12/14/15, Singapore 318996, where we lease approximately 207.4 square meters of office space. As at the date of this prospectus, we do not own any real property and currently lease one property from third parties:

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|:---|:---|:---|:---|
| **Lessee** | **Location** | **Term of Lease** | **Usage** |
| Hiverlab Pte. Ltd. | 1008 Toa Payoh North #04-12/14/15, Singapore 318996 | December 16,<br> 2022 to December 15,<br> 2025 | Office |

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We believe that our facilities are adequate to meet our needs for the immediate future, and that, should it be needed, suitable additional space will be available on commercially reasonable terms to accommodate any expansion of our operations.

**Legal Proceedings**

We may from time to time be subject to various legal or administrative claims and proceedings arising in the ordinary course of our business. The Company is and has not been a party to any litigation, arbitration or administrative proceedings that we believe would, individually or taken as a whole, have a material adverse effect on our business, financial condition or results of operations, and, insofar as we are aware, no such litigation, arbitration or administrative proceedings are pending, threatened, or contemplated.

**REGULATIONS**

As our material business operations are conducted in Singapore, we are subject to the relevant laws and regulations of Singapore and may be affected by policies which may be introduced by the Singapore government from time to time. We have identified the main laws and regulations (apart from those pertaining to general business requirements) that materially affect our operations, including the licenses, permits and approvals typically required for the conduct of our business, and the relevant regulatory bodies, below.

As of the date of this prospectus, our Directors believe that we are not in breach of any laws or regulations applicable to our business operations that would materially affect our business operations, and our Group is in compliance with all the applicable laws and regulations that are material to our business operations. The Group may be subject to certain fines/penalties arising from its ordinary course of business from time to time.

**Singapore**

***Regulations on Employment***

<u>Employment Act 1968 of Singapore ("EA 1968")</u>

The EA 1968 covers every employee who is under a contract of service with an employer and includes a workman (as defined under the EA 1968), subject to exceptions. The definition of "employee" under the EA 1968 does not extend to, among others, freelance contractors who have entered into a contract for service. Accordingly, freelance contractors would not be considered as employees of our Group. The EA 1968 prescribes certain minimum conditions of service that employers are required to provide to their employees, including (i) minimum days of statutory annual and sick leave (Sections 88A and 89 of the EA 1968 respectively); (ii) paid public holidays (Section 88 of the EA 1968); (iii) statutory protection against wrongful dismissal (Section 14 of the EA 1968); (iv) provision of key employment terms in writing (Section 95A of the EA 1968); and (v) statutory maternity leave and childcare leave benefits (Sections 76 and Section 87A of the EA 1968 respectively).

A workman is defined under Section 2 of the EA 1968 as including, among others, (a) any person, skilled or unskilled, who has entered into a contract of service with an employer in pursuance of which he is engaged in manual labor, including any artisan or apprentice; and (b) any person employed partly for manual labor and partly for the purpose of supervising in person any workman in and throughout the performance of his work.

The main employment provisions of the EA 1968, which includes public holiday and sick leave entitlements, minimum days of annual leave, payment of salary and allowable deductions and release for wrongful dismissal, cover all employees, including persons employed in a managerial or executive position, except domestic workers, seafarers and those who are covered separately.

In addition to the main employment provisions of the EA 1968, Part 4 of the Employment Act contains provisions relating to, among other things, working hours, overtime, rest days, holidays, annual leave, payment of retrenchment benefit, priority of retirement benefit, annual wage supplements and other conditions of work or service ("Part 4"). However, such Part 4 provisions only apply to: (a) workmen earning basic monthly salaries of not more than S$4,500; and (b) employees (excluding workmen or a person employed in a managerial or an executive position) earning basic monthly salaries of not more than S$2,600. An employer who breaches any provision of Part 4 of the EA 1968 is guilty of an offense and is liable on conviction for a fine not exceeding S$5,000, and for a second or subsequent offense a fine not exceeding S$10,000 or imprisonment for a term not exceeding 12 months or both.

From April 1, 2016, employers are required to issue to their employees who are covered by the EA 1968 and who are employed for 14 days or more a written record of the key employment terms of the employee. The key employment terms required to be provided (unless inapplicable to such employee) include, among other things, working arrangements (such as daily working hours, number of working days per week and rest day(s)), salary period, basic salary, fixed allowances and deductions, over time rate of pay, types of leave and other medical benefits.

<u>Employment of Foreign Manpower Act 1990 of Singapore ("EFMA 1990")</u>

The employment of foreign employees in Singapore is governed by EFMA 1990 and is regulated by the Ministry of Manpower of Singapore ("MOM").

Pursuant to Section 5 of the EFMA 1990, no person shall employ a foreign employee unless the foreign employee has obtained a valid work pass from the MOM in accordance with the Employment of Foreign Manpower (Work Passes) Regulations 2012, which allows the foreign employee to work for him. Any person who fails to comply with or contravenes this provision of the EFMA 1990 is guilty of an offense and will: (a) be liable on conviction for a fine not less than S$5,000 and not more than S$30,000 or imprisonment for a term not exceeding 12 months or both; and (b) on a second or subsequent conviction: (i) in the case of an individual, be liable for a fine of not less than S$10,000 and not more than S$30,000 and imprisonment for a term of not less than one month and not more than 12 months; or (ii) in any other case, be punished with a fine of not less than S$20,000 and not more than S$60,000.

The work pass to be issued to a foreigner is contingent on, among other things, the type of work and salary being received by the foreigner. Foreign professionals, managers and executives earning a fixed monthly salary of at least S$5,600 (in all sectors except the financial services sector) and at least S$6,200 (in the financial services sector), with acceptable qualifications (such as a good university degree, professional qualifications or specialist skills) are eligible for an employment pass. The qualifying salaries increase for older and more experienced candidates. From 1 September 2023, in addition to meeting qualifying salary, employment pass candidates must also pass a points-based Complementarity Assessment Framework ("COMPASS"). From 1 September 2023, new applications for mid-level skilled staff earning a fixed monthly salary of at least S$3,150 (in all sectors except the financial services) and $3,650 (in the financial services sector) who possess a degree, diploma or technical certificate and have the relevant work experience may apply for an S-pass; and semi-skilled foreign workers from approved source countries working in, among others, the manufacturing sector may apply for a work permit. From 1 September 2025, the qualifying salary will be increased to at least S$3,300 (in all sectors except the financial services sector), and S$3,800 (in the financial services sector).

Further, under the Employment of Foreign Manpower (Work Passes) Regulations 2012, an employer of a Work Permit or S-Pass holder is required to purchase and maintain medical insurance with coverage of at least S$60,000 per 12-month period of a foreign workers' employment (or for such shorter period where the foreign workers' period of employment is less than 12 months) for the foreign workers' in-patient care and day surgery except as the Controller of Work Passes may otherwise provide by notification in writing.

In addition, the employment of foreign workers is also subject to sector-specific rules regulated by the MOM achieved via various policy instruments including: (a) business activity; (b) approved source countries; (c) the imposition of security bonds and levies; and (d) quota (or dependency ratio ceilings) based on the ratio of local to foreign workers.

<u>Central Provident Fund Act 1953 of Singapore ("CPFA 1953")</u>

Pursuant to Section 7 of the CPFA 1953, an employer is obliged to make CPF contributions for all employees who are Singapore citizens or permanent residents who are employed in Singapore by an employer (save for employees who are employed as a master, a seaman or an apprentice in any vessel, subject to an exception for non-exempted owners). CPF contributions are not applicable for foreigners who hold work passes. CPF contributions are required for both ordinary wages and additional wages (subject to an ordinary wage ceiling and a yearly additional wage ceiling) of employees at the applicable prescribed rates which is dependent on, among other things, the amount of monthly wages and the age of the employee. An employer must pay both the employer's and employee's share of the monthly CPF contribution. However, an employer can recover the employee's share of CPF contributions by deducting it from their wages.

Pursuant to Section 9 of the CPFA 1953, where the amount of the contributions which an employer is liable to pay under Section 7 of the CPFA 1953 in respect of any month is not paid within the prescribed period, the employer shall be liable for the payment of interest on the amount for everyday the amount remains unpaid commencing from the first day of the month succeeding the month in respect of which the amount is payable and the interest shall be calculated at the rate of 1.5% per month or the sum of S$5, whichever is greater. Where any employer who has recovered any amount from the monthly wages of an employee in accordance with the CPFA 1953 fails to pay the contributions to the CPF within the prescribed time, he will be guilty of an offense and will be liable on conviction for a fine not exceeding S$10,000 or imprisonment for a term not exceeding seven years or both. Where an offense has been committed under the CPFA 1953 but there are no specific penalties provided, the offender may be liable for a fine not exceeding S$5,000 or imprisonment for a term not exceeding six months or both, and where the person is a repeat offender in relation to the same offence, the offender may be liable for a fine not exceeding S$10,000 or imprisonment for a term not exceeding 12 months or both.

***Regulations on Data Protection and Information Security***

The Personal Data Protection Act 2012 of Singapore ("PDPA") governs the collection, use and disclosure of the personal data of individuals by organizations, and is administered and enforced by the regulator, the Personal Data Protection Commission ("PDPC"). The PDPA sets out data protection obligations which all organizations are required to comply with in undertaking activities relating to the collection, use or disclosure of personal data. A failure to comply with any of the above can subject an organization to a fine of up to the higher of S$1,000,000 or, 10% of the organization's annual turnover in Singapore, whichever is higher.

Among other things, an organization regulated under the PDPA is required to obtain consent from its customers and inform them of the applicable purposes before collecting, using or disclosing their personal data. Moreover, it is also required to put in place sufficient measures to protect the personal data in its possession or control from unauthorized access, loss or damage.

In the event of a data breach involving any personal data in an organization's possession or control, the PDPA requires the organization to reasonably and expeditiously assess the data breach, and notify the PDPC of the data breach under certain scenarios. In addition, organizations are also required to notify the affected individuals if the data breach is one that is likely to result in significant harm or impact to the affected individuals.

***Regulations on Anti-Money Laundering and Prevention of Terrorism Financing***

The primary anti-money laundering legislation in Singapore is the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 of Singapore ("CDSA") provides for the confiscation of benefits derived from, and to combat, corruption, drug dealing and other serious crimes. Generally, the CDSA criminalizes the concealment or transfer of the benefits of criminal conduct as well as the knowing assistance of the concealment, transfer or retention of such benefits.

The Terrorism (Suppression of Financing) Act 2002 of Singapore ("TSOFA") is the primary legislation for the combating of terrorism financing. It was enacted to give effect to the International Convention for the Suppression of the Financing of Terrorism. Besides criminalizing the laundering of proceeds derived from drug dealing and other serious crimes and terrorism financing, the CDSA also requires suspicious transaction reports to be lodged with the Suspicious Transaction Reporting Office and the TSOFA requires information about any property belonging to any terrorist or terrorist entity to be reported to the Commissioner of Police. If any person fails to lodge the requisite reports under the CDSA and the TSOFA, it may be subject to criminal liability.

**MANAGEMENT**

**Directors and Executive Officers**

The following table sets forth information concerning our directors and executive officers, including their ages as of the date of this prospectus:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Mr. Lai Kee Chwee | 64 | Director, Chief Executive Officer, and Chairman of the Board of Directors |
| Mr. Tay Boon Zhuan | 45 | Chief Financial Officer |
| Mr. Jiang Shutao | 41 | Director and Chief Technology Officer \* |
| Mr. Chong Eng Wee | 45 | Independent Director Nominee\* |
| Mr. Low See Lien | 50 | Independent Director Nominee\* |
| Mr. Ong Shen Chieh | 49 | Independent Director Nominee\* |

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\* The appointment of the director/independent director will be effective immediately upon effectiveness of our registration statement on Form F-1, of which this prospectus is a part.

**Mr. Lai Kee Chwee,** aged 64, is our Chairman and Director of the Board, Chief Executive Officer (CEO) and the founder of our Group. Mr. Lai has had over 20 years of experience in the telecommunications industry. prior to starting Optimal Investments Group Pte Ltd ("OIG"), an investment holding company, where he has been serving as a director since June 2020, and also served as the CEO from June 2020 to April 2025. OIG operates in an entirely different industry from the Company and maintains no overlapping business activities with the Company. Since February 2019, Mr. Lai has been a director of Optimal Investment Limited, a major shareholder of our Company. Since August 10, 2021, Mr. Lai has also been serving as a director of Optimal Investments VCC, a passive fund vehicle to hold the portfolio companies that OIG (the Fund manager) has invested in. Mr. Lai is a full time CEO of our Company. He does not participate in the daily operations of OIG and Optimal Investments VCC. Mr. Lai was previously the Chief Commercial Officer (CCO) of MyRepublic Ltd., a telecommunications company, and CCO of Mfone Co. Ltd., a telecommunications company. Between January 2012 to August 2018, where he was responsible for the companies' overall profit and loss and strategic business direction. Prior to these, Mr. Lai was the Senior Vice President at StarHub Limited from 1999 to 2008 and General Manager of M1 Limited from 1996 to 1999. Mr. Lai holds a Master of Business Administration from Curtin University in Australia and received a Bachelor of Business Administration from Acadia University in Canada.

 ****

**Mr. Tay Boon Zhuan**, aged 45, will be our Chief Financial Officer. Mr. Tay has had over 10 years of financial experience. Since August 2022 and March 2024, Mr. Tay has served as a director of Polaris Ltd. and Sen Yue Holdings Limited, respectively. From June 2020 to January 2024, Mr. Tay was a Senior Director in Finance of Geniebook Pte Ltd, a company in the education technology industry. From August 2018 to June 2020, Mr. Tay was the Chief Financial Officer of Intraco Limited, an investment holding company. From December 2017 to August 2018, Mr. Tay served as the Chief Financial Officer of Heatec Jietong Holdings, a company primarily engaged in piping and hear exchanger services. Mr. Tay also worked as a director responsible for internal audit at the China Yuchai International Limited, a diesel engine manufacturer, from September 2015 to December 2017. Mr. Tay received a Bachelor of Accountancy from Nanyang Technological University in Singapore.

 ****

**Mr. Jiang Shutao*,*** aged 41, will be our Director effective upon effectiveness of this registration statement. and has been our Chief Technological Officer (CTO) since 2024. Mr. Jiang has over 15 years of experience in the digital technology and creative arts industry. Mr. Jiang founded and leads our primary operating subsidiary, –Hiverlab Singapore, where he was responsible for the company's overall strategy and growth, servicing over 150 blue-chip enterprise clients across 14 industries. Prior to Hiverlab Singapore, Mr. Jiang was the Creative Director at Spinn Pte Ltd between 2009 to 2013, and a Project Manager at CO2 Media UK between 2008 to 2009. Mr. Jiang holds a Bachelor of Communication Engineering from Zhejiang University.

 ****

**Mr. Chong Eng Wee**, aged 45, is an independent director nominee who will be appointed as one of our independent directors upon effectiveness of this registration statement. Mr. Chong has over 20 years of legal experience. From August 2021 to the date of this prospectus, Mr. Chong has been serving as the Managing Director of Chevalier Law LLC, where he is responsible for origination of legal and corporate secretarial work, management of client relationships and supervision of legal work by the team. From October 2017 to July 2021, Mr. Chong served as the Partner and Head of Corporate of Kennedys Legal Solutions Pte Ltd. From July 2015 to October 2017, Mr. Chong worked as a Partner and the Deputy Head of both Capital Markets and International China Practices at RHTLaw Asia LLP, (previously known as RHTLaw Taylor Wessing LLP). Mr. Chong holds a Bachelor of Law from Victoria University of Wellington, a Certificate for Professional Legal Studies course from Institute of Professional Legal Studies (New Zealand), a Graduate Diploma in Singapore Law from National University of Singapore, and passed both the Postgraduate Practical Course in Law (Singapore) and the Overseas Lawyers Qualification Examinations in Hong Kong.

**Mr. Low See Lien**, aged 50, is an independent director nominee who will be appointed as one of our independent directors upon effectiveness of this registration statement. Mr. Low has over 26 years of finance experience. From May 2021 to the date of this prospectus, Mr. Low has been serving as a Partner of Bakertilly TFW LLP, where he is practicing as a public accountant. From June 2012 to April 2021, Mr. Low served as a director of Nexia TS Public Accounting Corporation, and he was responsible for the audit of corporate clients which includes multi-national and listed companies. He was also the head of Technical and Quality Department at Nexia TS. Mr Low also serves on the Boards of Miyoshi Limited, Fuxing China Group Limited and Bromat Limited as their independent non-executive audit chairperson. Mr. Low holds a Bachelor of Accountancy from Nanyang Technological University.

**Mr. Ong Shen Chieh**, aged 49, is an independent director nominee who will be appointed as one of our independent directors upon effectiveness of this registration statement. Mr. Ong has over 20 years of experience in the financial industry. From March 2016 to the date of this prospectus, Mr. Ong has been serving as the Managing Director of Sakal Capital Pte Ltd, where he is responsible for the general investment strategies of the company. Mr. Ong has also been serving as the Chief Executive Officer and director of Southern-IX Media Pte Ltd since April 2025. From December 2020 to March 2025, Mr. Ong served as the Chief Executive Officer of V2Y Corporation Ltd, a company listed on the Catalist Board of the Singapore Exchange, where he was responsible for the general management of the company. Mr Ong currently serves as an Independent Non-Executive Director on the board of several listed companies including Sen Yue Holdings Limited, Attika Group Ltd and Ten-League International Holdings Limited. Mr. Ong holds a Bachelor of Science in Real Estate from National University of Singapore.

**Family Relationships**

As of the date of this prospectus, there is no family relationship among our Directors and executive officers.

**Employment Agreements and Director Agreements**

We will enter into employment agreements with each of our executive officers, pursuant to which such individuals have agreed to serve as our executive officers for a period of three years from the effective date of the registration statement. We may terminate the employment for cause at any time for certain acts, such as conviction or plea of guilty to a felony or any crime involving moral turpitude, negligent or dishonest acts to our detriment, or misconduct or a failure to perform agreed duties. We may also terminate the employment without cause at any time upon 3 months' advance written notice. Each executive officer may resign at any time upon 3 months' advance written notice.

Each executive officer has agreed to hold, both during and after the termination or expiry of his employment agreement, in strict confidence and not to use, except as required in the performance of his duties in connection with the employment or pursuant to applicable law, any of our confidential or proprietary information or the confidential or proprietary information of any third party received by us and for which we have confidential obligations. Each executive officer has also agreed to disclose in confidence to us all inventions, designs and trade secrets which he conceives, develops or reduces to practice during his employment with us and to assign all right, title and interest in them to us, and assist us in obtaining and enforcing patents, copyrights and other legal rights for these inventions, designs and trade secrets.

In addition, each executive officer has agreed to be bound by non-competition and non-solicitation restrictions during the term of the employment and for one year following the last date of employment. Specifically, each executive officer has agreed not to: (i) engage or assist others in engaging in any business or enterprise that is competitive with our business, (ii) solicit, divert or take away the business of our clients, customers or business partners, or (iii) solicit, induce or attempt to induce any employee or independent contractor to terminate his or her employment or engagement with us. The employment agreements also contain other customary terms and provisions.

We have also entered into director agreements with each of our directors which agreements set forth the terms and provisions of their engagement.

**Board of Directors**

**Composition of our Board of Directors**

Our Board of Directors will consist of five Directors. A director is not required to hold any shares in our Company to qualify to serve as a director. The Corporate Governance Rules of the NYSE American generally requires that a majority of an issuer's board of directors must consist of independent directors. Our Board of Directors has determined that each of Mr. Chong Eng Wee, Mr. Low See Lien , and Mr. Ong Shen Chieh is an "independent director" as defined under the NYSE American rules. Our Board of Directors is composed of a majority of independent Directors.

**Committees of the Board of Directors**

Upon the SEC's declaration of effectiveness of our registration statement on Form F-1 of which this prospectus is a part, we intend to establish an audit committee, a compensation committee and a nominating and corporate governance committee under our Board of Directors. We intend to adopt a charter for each of the three committees upon the SEC's declaration of effectiveness of our registration statement on Form F-1 of which this prospectus is a part. Each committee's members and functions are described below.

 

*Audit Committee.*

Our Audit Committee will consist of our three independent Directors, and will be chaired by Mr. Low See Lien. We have determined that each member of our Audit Committee will satisfy the requirements of the rules of the NYSE American and meet the independence standards under Rule 10A-3 under the Securities Exchange Act of 1934, as amended. We have determined that Mr. Low See Lien qualifies as an "audit committee financial expert." The Audit Committee oversees our accounting and financial reporting processes and the audits of the financial statements of our Company. The Audit Committee is responsible for, among other things:

● reviewing and recommending to our board for approval, the appointment, re-appointment or removal of the independent auditor, after considering its annual performance evaluation of the independent auditor;

● approving the remuneration and terms of engagement of the independent auditor and pre-approving all auditing and non-auditing services permitted to be performed by our independent auditors at least annually;

● reviewing with the Independent Registered Public Accounting Firm any audit problems or difficulties and management's response;

● discussing with our independent auditor, among other things, the audits of the financial statements, including whether any material information should be disclosed, issues regarding accounting and auditing principles and practices;

● reviewing and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act;

● discussing the annual audited financial statements with management and the Independent Registered Public Accounting Firm;

● reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures and any special steps taken to monitor and control major financial risk exposures;

● approving annual audit plans, and undertaking an annual performance evaluation of the internal audit function;

● establishing and overseeing procedures for the handling of complaints and whistleblowing; and

● meeting separately and periodically with management and the Independent Registered Public Accounting Firm.

*Compensation Committee.*

Our Compensation Committee will consist of our three independent Directors, and will be chaired by Mr. Ong Shen Chieh. We have determined that each member of our Compensation Committee will satisfy the "independence" requirements of the rules of the NYSE American. Our Compensation Committee assists the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our Directors and Executive Officers. Our Chief Executive Officer may not be present at any committee meeting during which their compensation is deliberated upon. Our Compensation Committee is responsible for, among other things:

● overseeing the development and implementation of compensation programs in consultation with our management;

● at least annually, reviewing and approving, or recommending to the board for its approval, the compensation for our Executive Officers;

● at least annually, reviewing and recommending to the board for determination with respect to the compensation of our non-executive Directors;

● at least annually, reviewing periodically and approving any incentive compensation or equity plans, programs or other similar arrangements;

● reviewing Executive Officer and director indemnification and insurance matters; and

● overseeing our regulatory compliance with respect to compensation matters, including our policies on restrictions on compensation plans and loans to Directors and Executive Officers.

*Nominating and Corporate Governance Committee.*

Our Nominating and Corporate Governance Committee will consist of our three independent Directors, and will be chaired by Mr. Chong Eng Wee. We have determined that each member of our Nominating and Corporate Governance Committee will satisfy the "independence" requirements of the rules of the NYSE American. The nominating and corporate governance committee assists the board in selecting individuals qualified to become our Directors and in determining the composition of the Board and its committees. The Nominating and Corporate Governance Committee is responsible for, among other things:

● recommending nominees to the Board for election or re-election to the Board, or for appointment to fill any vacancy on the Board;

● reviewing annually with the Board the current composition of the Board with regards to characteristics such as independence, knowledge, skills, experience, expertise, diversity and availability of service to us;

● developing and recommending to our Board such policies and procedures with respect to nomination or appointment of members of our Board and chairs and members of its committees or other corporate governance matters as may be required pursuant to any SEC or NYSE American rules, or otherwise considered desirable and appropriate;

● selecting and recommending to the Board the names of Directors to serve as members of the Audit Committee and the Compensation Committee, as well as of the Nominating and Corporate Governance Committee itself; and

● evaluating the performance and effectiveness of the Board as a whole.

**Code of Business Conduct and Ethics**

In connection with this Offering, we have adopted a code of business conduct and ethics, which is applicable to all of our directors, executive officers and employees and is publicly available.

**Duties of Directors**

Under Cayman Islands law, our directors owe fiduciary duties to the Company. These include, among others (i) duty to act in good faith in what the director believes to be in the best interests of the company as a whole; (ii) duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose; (iii) directors should not improperly fetter the exercise of future discretion; (iv) duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests; and (v) duty to exercise independent judgment. In addition to the above, our directors also owe a duty to act with skill, care and diligence. This duty has been defined as a requirement to act as a reasonably diligent person having both the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and the general knowledge skill and experience which that director has. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands. In fulfilling their duty of care to us, our directors must ensure compliance with our amended and restated memorandum and articles of association, as further amended from time to time. Our Company has the right to seek damages if a duty owed by any of our directors is breached. In limited exceptional circumstances, a shareholder may have the right to seek damages in our name if a duty owed by our directors is breached.

As set out above, our directors have a duty not to put themselves in a position of conflict and this includes a duty not to engage in self-dealing, or to otherwise benefit as a result of their position. However, in some instances what would otherwise be a breach of this duty can be forgiven and/or authorized in advance by the shareholders provided that there is full disclosure by the directors. This can be done by way of permission granted in the amended and restated memorandum and articles of association or alternatively by shareholder approval at general meetings.

Our board of directors has all the powers necessary for managing, and for directing and supervising, our business affairs. The functions and powers of our board of directors include, among others:

● convening shareholders' annual and extraordinary general meetings and reporting its work to shareholders at such meetings;

● declaring dividends and distributions;

● appointing officers and determining the term of office of the officers;

● exercising the borrowing powers of our company and mortgaging the property of our company; and

● approving the transfer of shares (including Class A Ordinary Shares) in our company, including the registration of such shares in our share register.

**Interested Transactions**

A director may, subject to any separate requirement for audit and risk committee approval under applicable law or applicable NYSE American rules, vote in respect of any contract or transaction in which he or she is interested, provided that the nature of the interest of any directors in such contract or transaction is disclosed by him or her at or prior to its consideration and any vote in that matter.

**Foreign Private Issuer Exemption**

We are a "foreign private issuer," as defined by the SEC. As a result, in accordance with the rules and regulations of NYSE American, we may choose to comply with home country governance requirements and certain exemptions thereunder rather than complying with NYSE American corporate governance standards. We may choose to take advantage of the following exemptions afforded to foreign private issuers:

● Exemption from filing quarterly reports on Form 10-Q, from filing proxy solicitation materials on Schedule 14A or 14C in connection with annual or special meetings of shareholders, from providing current reports on Form 8-K disclosing significant events within four (4) days of their occurrence, and from the disclosure requirements of Regulation FD.

● Exemption from Section 16 rules regarding sales of Shares by insiders, which will provide less data in this regard than shareholders of U.S. companies that are subject to the Exchange Act.

● Exemption from the NYSE American rules applicable to domestic issuers requiring disclosure within four (4) business days of any determination to grant a waiver of the code of business conduct and ethics to directors and officers. Although we will require Board approval of any such waiver, we may choose not to disclose the waiver in the manner set forth in the NYSE American rules, as permitted by the foreign private issuer exemption.

● Exemption from the requirement that our Board of Directors have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

● Exemption from the requirements that director nominees are selected, or recommended for selection by our Board of Directors, either by (i) independent directors constituting a majority of our Board of Directors' independent directors in a vote in which only independent directors participate, or (ii) a committee comprised solely of independent directors, and that a formal written charter or Board resolution, as applicable, addressing the nominations process is adopted.

The NYSE American includes certain accommodations in the corporate governance requirements that allow foreign private issuers, such as us, to follow "home country" practices in lieu of the otherwise applicable standards of the NYSE American regarding such matters as: (i) the election and composition of the Board of Directors; (ii) the issuance of quarterly earnings statements; (iii) shareholder approval requirements; and (iv) quorum requirements for shareholder meetings. The application of such exceptions requires that we disclose each NYSE American standard that we do not follow and describe the Cayman Islands practices we do follow in lieu of the relevant NYSE American standard. If we choose to do so, we may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.

Although we are permitted to follow certain corporate governance rules that conform to Cayman Islands requirements in lieu of many of the NYSE American corporate governance rules, we intend to comply with the NYSE American corporate governance rules applicable to foreign private issuers, including the requirement to hold annual meetings of shareholders.

**Other Corporate Governance Matters**

The Sarbanes-Oxley Act of 2002, as well as related rules subsequently implemented by the SEC, requires foreign private issuers, including us, to comply with various corporate governance practices.

Because we are a foreign private issuer, our members of our Board of Directors, executive board members and senior management are not subject to short-swing profit and insider trading reporting obligations under section 16 of the Exchange Act. They will, however, be subject to the obligations to report changes in share ownership under section 13 of the Exchange Act and related SEC rules.

We may also, in the future, elect to utilize the controlled company exemptions under the NYSE American corporate governance rules for so long as we remain a controlled company (i.e. having more than 50% of our voting power held by an individual, a group or another company). Pursuant to the NYSE American corporate governance rules, in order for a group to exist, such shareholders must have publicly filed a notice that they are acting as a group (i.e., a Schedule 13D). We will be a "controlled company" as defined under the NYSE American Company Guide because our Controlling Shareholder will own approximately 68.55% of our outstanding shares (or 68.02% of our outstanding shares if the underwriters' option to purchase additional shares is exercised in full). See section titled "*Prospectus Summary — Implications of Being a Controlled Company*".]

**COMPENSATION**

For the years ended December 31, 2024 and 2023, we paid an aggregate of approximately S$136,529 (US$99,933), and $131,140, respectively in cash and benefits in-kind granted to or accrued on behalf of all of our Directors and members of senior management for their services, in all capacities, and we did not pay any additional compensation to our Directors and members of senior management. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our Executive Officers and Directors.

**PRINCIPAL SHAREHOLDERS**

The following table sets forth information regarding the beneficial ownership of our Shares as of the date of this prospectus by our officers, Directors, Director nominees and 5% or greater beneficial owners of our Shares. There is no other person or group of affiliated persons known by us to beneficially own more than 5% of our Shares. The following table assumes that none of our officers, Directors, Director nominees or 5% or greater beneficial owners of our Shares will purchase shares in this Offering. In addition, the following table assumes that the Underwriter's over-allotment option has not been exercised.

Holders of our Class A Ordinary Shares are entitled to one (1) vote per share and holders of our Class B Ordinary Shares are entitled to twenty (20) votes per share. Our Class B Ordinary Shares are convertible at any time by the holder into Class A Ordinary Shares on a one-for-one basis, while Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. Upon a transfer of any Class B Ordinary Shares by a holder thereof to any person other than certain permitted transferees or a change in the beneficial owner of such Class B Ordinary Shares, such Class B Ordinary Shares will be automatically and immediately converted into Class A Ordinary Shares on a one-for-one basis. Holders of our Shares are entitled to vote on all matters submitted to a vote of our Shareholders, except as may otherwise be required by law.

We have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities. As of the date of this prospectus, the percentage of Shares beneficially owned prior to this Offering is based on 21,250,000 Ordinary Shares, consisting of 19,975,000 Class A Ordinary Shares and 1,275,000 Class B Ordinary Shares outstanding as described in "Corporate Structure and History" section. None of the shareholders are located in the United States. We do not have any options or warrants that are outstanding. The percentage of Shares beneficially owned after this Offering is based on the number of Shares outstanding prior to this Offering plus the Class A Ordinary Shares that we are selling in this Offering, assuming the Underwriter does not exercise the over-allotment option, and the total and outstanding Class B Ordinary Shares. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Unless otherwise indicated, the person identified in this table has sole voting and investment power with respect to all shares shown as beneficially owned by him, subject to applicable community property laws.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class A<br> Ordinary Shares<br> Beneficially<br> Owned Prior to<br> This Offering<sup>(2)</sup>** | **Class A<br> Ordinary Shares<br> Beneficially<br> Owned Prior to<br> This Offering<sup>(2)</sup>** | **Class B<br> Ordinary Shares<br> Beneficially<br> Owned Prior<br> to This<br> Offering<sup>(2)</sup>** | **Class B<br> Ordinary Shares<br> Beneficially<br> Owned Prior<br> to This<br> Offering<sup>(2)</sup>** | | **Class A<br> Ordinary Shares<br> Beneficially<br> Owned After<br> This Offering<sup>(3)</sup>** | **Class A<br> Ordinary Shares<br> Beneficially<br> Owned After<br> This Offering<sup>(3)</sup>** | **Class B<br> Ordinary Shares<br> Beneficially<br> Owned After<br> This Offering<sup>(3)</sup>** | **Class B<br> Ordinary Shares<br> Beneficially<br> Owned After<br> This Offering<sup>(3)</sup>** | |
| **Name of Beneficial** <br> **Owners<sup>(1)</sup>** | **Number** | **%** | **Number** | **%** | **% of<br> Total<br> Voting<br> Power<br> Before<br> This**<br> **Offering<sup>(2)</sup>** | **Number** | **%** | **Number** | **%** | **% of<br> Total<br> Voting Power<br> After <br> This**<br> **Offering<sup>(3)</sup>** |
| **Directors and Executive Officers:** | | | | | | | | | | |
|  Lai Kee Chwee<sup>(4)</sup> | 7650000 | 38.30% | 1275000 | 100% | 72.90% | 7650000 | 33.42% | 1275000 | 100% | 68.51% |
|  Tay Boon Zhaun, Max |  |  |  |  |  |  |  |  |  |  |
|  Jiang Shutao | 5270000 | 26.38% |  |  | 11.59% | 5270000 | 23.02% |  |  | 10.89% |
|  **All directors and executive officers as a group** | 12920000 | 64.38% | 1275000 | 100% | 84.49% | 12920000 | 56.44% | 1275000 | 1000% | 79.40% |
|  **5% shareholders:** |  |  |  |  |  |  |  |  |  |  |
|  Optimal Investments Limited<sup>(4)</sup> | 7650000 | 38.30% | 1275000 | 100% | 72.90% | 7650000 | 33.42% | 1275000 | 100 | 68.51% |
|  Jiang Shutao | 5270000 | 26.38% |  |  | 11.59% | 5270000 | 23.02% |  |  | 10.89% |

---

\* Less than 1%.

(1) Unless otherwise noted, the business address of each of the following entities or individuals is 1008 Toa Payoh North #04-12/14/15, Singapore 318996.

(2) Applicable percentage of ownership is based on 21,250,000 Ordinary Shares, consisting of 19,975,000Class A Ordinary Shares and 1,275,000 Class B Ordinary Shares outstanding immediately before this Offering.

(3) Applicable percentage of ownership is based on 24,165,380 Ordinary Shares, consisting of 22,890,380 Class A Ordinary Shares and 1,275,000 Class B Ordinary Shares outstanding immediately after this Offering, assuming the Underwriter does not exercise the over-allotment option, which includes an aggregate of 415,380 Class A Ordinary Shares issuable to holders of certain convertible loans upon completion of this offering.

(4) Lai Kee Chwee is a ultimate shareholder of Optimal Investments Limited. Lai Kee Chwee owns 31% of the shares of Optimal Investments Limited and is a director of Optimal Investments Limited who exercises the voting and/or dispositive powers with respect to the securities owned by Optimal Investments Limited.

(5) Appointment will be effective immediately upon effectiveness of this registration statement.

**RELATED PARTY TRANSACTIONS**

The following is a summary of transactions since January 1, 2022 to which we have been a party and in which any of our Directors, Executive Officers, or Controlling Shareholder had, has or will have a direct or indirect material interest, other than compensation arrangements which are described under the section of this prospectus titled "*Management*". Except for the transactions described below, there are no other related party transactions during the relevant fiscal years which are required to be disclosed.

During the years ended December 31, 2022, 2023 and 2024 and up to the date of this prospectus, certain related parties are as follows:

---

| | |
|:---|:---|
| ***Name of party*** | ***Relationship*** |
| Mr. Jiang Shutao | Our Director, Chief Technology Officer and Shareholder |

---

During the years ended December 31, 2022, 2023 and 2024, certain related party transactions with related parties were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2022** | **2023** | **2024** |
|  | **SGD** | **SGD** | **SGD** |
| Expenses paid on behalf by: |  |  |  |
| Mr. Jiang Shutao | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

As of December 31, 2022, 2023, 2024 and the date of this prospectus, certain related party balance are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of<br> the date<br> of this<br> prospectus** |
|  | **2022** | **2023** | **2024** | **As of<br> the date<br> of this<br> prospectus** |
|  | **SGD** | **SGD** | **SGD** | **SGD** |
| Amount due to: |  |  |  |  |
| Mr. Jiang Shutao | 50,001 | 50,076 | 50,076 | 50,076 |

---

***Guarantees***

Our related party, from time to time provides guarantees for our benefit. Mr Jiang Shutao, our Director and Chief Technology Officer, provided guarantees to secure our operating subsidiary's bank loans during the fiscal year ended December 31, 2022, 2023, 2024 and up to the date of this prospectus. The amounts guaranteed under the personal guarantees provided by Mr Jiang are SGD nil, SGD 180,446, SGD 144,806 and SGD 112,929 as of December 31, 2022, 2023, 2024 and up to the date of this prospectus respectively.

***Acquisition of IntentAI Pte. Ltd.***

On February 20, 2025, the Company's subsidiary, Optimal AI entered into a share swap agreement with Optimal Investments Limited ("OIL") pursuant to which Optimal AI acquired 261 ordinary shares of IntentAI Pte. Ltd. ("IntentAI"), a company incorporated in Singapore with business related to artificial intelligence, representing approximately 14.36% of the issued and outstanding share capital of IntentAI, in exchange for the issuance and allotment of 13,670,658 newly issued ordinary shares of Optimal AI, credited as fully paid-up and issued otherwise than in cash. The aggregate transaction consideration was S$475,020. The share swap transaction was completed on February 20, 2025, and no cash consideration was paid. The ordinary shares issued by Optimal AI rank pari passu with all other ordinary shares outstanding at the time of issuance. Mr. Lai Kee Chwee, our Chairman, Director of the Board and Chief Executive Officer, served as a director of IntentAI but was not involved in the formation, day-to-day management, or daily operations of IntentAI and is not currently engaged in its management or operations. While Mr. Lai was a director of IntentAI at the time negotiations for the share swap were occurring, he abstained from IntentAI's board approval of the share swap agreement to avoid any conflict of interest. Mr. Lai resigned from his position as a director of IntentAI effective December 31, 2025. IntentAI has multiple shareholders, and OIL is not the sole shareholder of IntentAI. In addition, IntentAI is governed by a board of directors comprising multiple individuals, and no single director has unilateral decision-making authority or influence on each other.

Disposal of Subsidiary

On December 23, 2025, Hiverlab Singapore disposed of its entire equity interest in Hiverlab International, a former wholly owned subsidiary, through a share transfer to Mr. Jiang Shutao, who is a related party due to his role as a director of the Company.

The disposal was completed for total consideration of S$100, pursuant to a share transfer agreement. Following the transaction, Hiverlab International ceased to be a subsidiary of Hiverlab Singapore, and the Company no longer holds any equity interest or has any continuing involvement in the entity.

**Policies and Procedures for Related Party Transactions**

Our board of directors has created an audit committee in connection with this offering which will be tasked with review and approval of all related party transactions.

**DESCRIPTION OF SHARE CAPITAL AND MEMORANDUM AND ARTICLES OF ASSOCIATION**

We are an exempted company with limited liability incorporated under the laws of the Cayman Islands and our affairs are governed by our amended and restated memorandum and articles of association, as amended from time to time, the Companies Act and the common law of the Cayman Islands.

The share capital of the Company consists of Ordinary Shares. As of the date hereof, our authorized share capital is US$50,000 divided into 500,000,000 Ordinary Shares of par value US$0.0001 each, comprising of (i) 490,000,000 Class A Ordinary Shares of nominal or par value of US$0.0001 each, and (ii) 10,000,000 Class B Ordinary Shares of nominal or par value US$0.0001 each. As of the date of this prospectus, 19,975,000 Class A Ordinary Shares and 1,275,000 Class B Ordinary Shares were issued and outstanding. We will issue 2,500,000 Class A Ordinary Shares in this Offering (or 2,875,000 Class A Ordinary Shares if the Underwriter exercises its option to purchase additional Class A Ordinary Shares in full).

The following are summaries of material provisions of our amended and restated memorandum and articles of association and the Companies Act insofar as they relate to the material terms of our Ordinary Shares.

**Our amended and restated memorandum and articles of association**

*Objects of our Company.* Under our amended and restated memorandum and articles of association, the objects of our Company are unrestricted and we have the full power and authority to carry out any object not prohibited by the laws of the Cayman Islands.

*Ordinary Shares.* Upon the completion of this Offering, our authorized share capital is US$50,000 divided into 500,000,000 Ordinary Shares of par value US$0.0001 each, comprising of (i) 490,000,000 Class A Ordinary Shares of nominal or par value of US$0.0001 each, and (ii) 10,000,000 Class B Ordinary Shares of nominal or par value US$0.0001 each. All of our outstanding Ordinary Shares are fully paid and non-assessable. Certificates representing the Ordinary Shares are issued in registered form.

*Conversion.* Class B Ordinary Shares may be converted into the same number of Class A Ordinary Shares at the option of the holders thereof at any time, while Class A Ordinary Shares cannot be converted into Class B Ordinary Shares under any circumstances.

 

*Dividends.* The holders of our Ordinary Shares are entitled to such dividends as may be declared by our board of directors. In addition, our Shareholders may declare dividends by ordinary resolution, but not dividend shall exceed the amount recommended by our directors. Our amended and restated memorandum and articles of association provide that our board of directors may, before recommending or declaring any dividend, set aside out of the funds legally available for distribution such sums as they think proper as a reserve or reserves which shall, in the absolute discretion of the directors, be applicable for meeting contingencies, or for equalizing dividends or for any other purpose to which those funds may be properly applied and pending such application may in the absolute discretion of the directors, either be employed in the business of the Company or be invested in such investments (other than Shares of the Company) as the directors may from time to time think fit. Under the laws of the Cayman Islands, our Company may pay a dividend out of either profit or the credit standing in our Company's share premium account, provided that in no circumstances may a dividend be paid if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business immediately following the date on which the distribution or dividend is paid. .

*Voting Rights.* Holders of Class A Ordinary Shares and Class B Ordinary Shares shall, at all times, vote together as one class on all matters submitted to a vote by the members at any general meeting of the Company. At any general meeting of the Company, a resolution put to the vote of the meeting shall be decided by poll.

Holders of our Ordinary Shares may vote on all matters submitted to a vote of our shareholders, except as may otherwise be required by law. Subject to any rights or restrictions as to voting attached to any shares, every shareholder present in person or by proxy (or, if a corporation or other non-natural person, by its duly authorized representative or proxy) shall, at a general meeting of our Company, have one vote for each Class A Ordinary Share and 20 votes for each Class B Ordinary Share in each case of which he is the holder.

Any ordinary resolution is a resolution passed by a simple majority of the shareholders as, being entitled to do so, vote in person or by proxy at a general meeting of our Company and includes a unanimous written resolution.

A special resolution will be required for important matters such as amending our memorandum and articles of association or changing the name of the Company.

There are no limitations on non-residents or foreign shareholders to hold or exercise voting rights on the Ordinary Shares imposed by foreign law or by the amended and restated memorandum and articles of association or other constituent document of our Company. However, no person will be entitled to vote at any general meeting or at any separate meeting of the holders of the Ordinary Shares unless the person is registered as of the record date for such meeting and unless all calls or other sums presently payable by the person in respect of Ordinary Shares in the Company have been paid.

*General Meetings of Shareholders.* As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders' annual general meetings. Our amended and restated memorandum and articles of association provide that we may (but are not obliged to) in each financial year hold a general meeting as its annual general meeting in which case we shall specify the meeting as such in the notices calling it, and the annual general meeting shall be held at such time and place as may be determined by our directors. Each general meeting, other than an annual general meeting, shall be an extraordinary general meeting.

Advance notice of at least ten clear days is required for the convening of our annual general shareholders' meeting (if any) and any other general meeting of our Shareholders. A quorum required for a meeting of shareholders consists of at least one or more holders of Shares holding Shares (or representing by proxy) not less than a majority of all votes attaching to all Shares in issue and entitled to vote at such general meeting in person or by proxy or, if a corporation or other non-natural person, by its duly authorized representative.

The chairman or a majority of our directors (acting by a resolution of the Board of Directors) may call general meetings and they shall on a shareholders' requisition forthwith proceed to convene an extraordinary general meeting of our Company. A shareholders' requisition is a request of one or more shareholders holding as at the date of deposit of the request in aggregate not less than one-third of the total number of votes attaching to all issued and outstanding Shares that as at the date of the deposit carry the right to vote at general meetings of the Company. The requisition must state the objects of the meeting and must be signed by or on behalf of each requisitioner and delivered in accordance with the notice provisions of our amended and restated articles of association. If our directors do not within 21 calendar days from the receipt of the requisition duly proceed to convene a general meeting, the requisitioners, or any of them may themselves convene a general meeting, but any meeting so convened must be called no later than three calendar months after the expiration of the said 21 calendar day period.

*Winding Up; Liquidation.* Subject to applicable law and any special rights, privileges or restrictions as to the distribution of available surplus assets on liquidation applicable to any class or classes of shares (1) if we are wound up and the assets available for distribution among our shareholders are more than sufficient to repay the whole of the capital paid up at the commencement of the winding up, the excess shall be distributed *pari passu* among our shareholders in proportion to the par value of the Shares held by them at the commencement of the winding up subject to a deduction from those Shares in respect of which there are monies due, of all monies payable to the Company for unpaid calls or otherwise, and (2) if we are wound up and the assets available for distribution among our shareholders as such are insufficient to repay the whole of the paid-up capital, those assets shall be distributed so that, as nearly as may be, the losses shall be borne by our shareholders in proportion to the par value of the Shares held by them.

*Calls on Ordinary Shares and Forfeiture of Ordinary Shares.* Subject to the terms of the allotment, our directors may from time to time make calls upon our shareholders in respect of any moneys unpaid on their shares in a notice served to such shareholders at least 14 calendar days prior to the specified time for payment. Any Shares that have been called upon and remain unpaid are subject to forfeiture. If a sum called in respect of a Share is not paid before or on the day appointed for payment thereof, the person from whom the sum is due shall pay interest upon the sum at the rate of 8% per annum from the day appointed for the payment thereof to the time of the actual payment, but the Directors shall be at liberty to waive payment of that interest wholly or in part.

*Redemption, Repurchase and Surrender of Shares.* Subject to the terms of the Companies Act and our amended and restated memorandum and articles of association we may purchase our own shares. In accordance with our amended and restated articles of association, provided the necessary shareholders or board approval have been obtained and requirements under the Companies Act have been satisfied, we may issue shares on terms that such shares are subject to redemption at our option or at the option of the holders of these shares, on such terms and in such manner as may be determined before the issue of such shares by our Board of Directors. Under the Companies Act, the redemption or repurchase of any share may be paid out of our Company's profits or out of the proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital (including share premium account and capital redemption reserve) if our Company can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption or repurchase would result in there being no shares issued and outstanding or (c) if the company has commenced liquidation. In addition, our Company may accept the surrender of any fully paid share for no consideration.

*Transfer of Ordinary Shares.* Subject to the restrictions set out below, any of our Shareholders may transfer all or any of his or her shares by an instrument of transfer in the usual or common form or any other form approved by our board of directors.

Our board of directors may, in its absolute discretion, decline to register any transfer of any share that is not fully paid up or on which we have a lien. Our board of directors may also decline to register any transfer of any share unless:

● the instrument of transfer is lodged with us, accompanied by the certificate for the shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer;

● the instrument of transfer is in respect of only one class of shares;

● the instrument of transfer is properly stamped, if required;

● in the case of a transfer to joint holders, the number of joint holders to whom the share is to be transferred does not exceed four; and

● a fee of such maximum sum as the NYSE American may determine to be payable or such lesser sum as our directors may from time to time require is paid to us in respect thereof.

If our directors refuse to register a transfer they shall, within two calendar months after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal.

The registration of transfers may, after compliance with any notice required of the NYSE American, be suspended and the register closed at such times and for such periods as our board of directors may from time to time determine; provided, however, that the registration of transfers shall not be suspended nor the register closed for more than 30 calendar days in any year.

*Variations of Rights of Shares.* If at any time our share capital is divided into different classes of shares, the rights attached to any such class may only be materially adversely varied with the consent in writing of the holders of two-thirds of the issued shares of that class or with the sanction of a special resolution passed at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued shall not, subject to any rights or restrictions for the time being attached to the shares of that class, be deemed to be materially adversely varied by the creation, allotment or issue of further shares ranking *pari passu* with or subsequent to them or the redemption or purchase of any shares of any class by the Company. The rights of the holders of shares shall not be deemed to be materially adversely varied by the creation or issue of shares with preferred or other rights including, without limitation, the creation of shares with enhanced or weighted voting rights.

 

*Inspection of Books and Records.* Holders of our Ordinary Shares have no general right under our amended and restated articles of association to inspect or obtain copies of our list of shareholders or our corporate records. However, we will provide our shareholders with annual audited financial statements. See *"Where You Can Find Additional Information."*

*Issuance of Additional Shares.* Our amended and restated memorandum and articles of association authorize our Board of Directors to issue additional Ordinary Shares from time to time as our Board of Directors shall determine, to the extent of available authorized but unissued shares.

Our amended and restated memorandum and articles of association also authorize our board of directors to establish from time to time one or more series of preference shares and to determine, with respect to any series of preference shares, the terms and rights of that series, including amongst others:

● the designation of the series;

● the number of shares of the series;

● the dividend rights, dividend rates, conversion rights, voting rights; and

● the rights and terms of redemption and liquidation preferences.

Our board of directors may issue preference shares without action by our Shareholders to the extent authorized but unissued.

Issuance of these shares may dilute the voting power of holders of Ordinary Shares.

*Anti-Takeover Provisions.* Some provisions of our amended and restated memorandum and articles of association may discourage, delay or prevent a change of control of our Company or management that shareholders may consider favorable. Our authorized, but unissued Ordinary Shares are available for future issuance without shareholders' approval and could be utilized for a variety of corporate purposes, including future offerings to raise addition capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved Ordinary Shares could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

*Exempted Company.* We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

● does not have to file an annual return of its shareholders with the Registrar of Companies;

● is not required to open its register of members for inspection;

● does not have to hold an annual general meeting;

● may not issue negotiable or bearer shares, but may issue shares with no par value;

● may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

● may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

● may register as a limited duration company; and

● may register as a segregated portfolio company.

"**Limited liability**" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company.

*Nomination and Removal of Directors and Filling Vacancies on Board.* At any time or from time to time, the Board shall have the power to appoint any person as a Director either to fill a casual vacancy on the Board or as an additional Director to the existing Board subject to any maximum number of Directors, if any, as may be determined by the members in general meeting.

Each Director shall hold office for the term, if any, fixed by the terms of his appointment or until his office is vacated pursuant to the amended and restated memorandum and articles of association.

A Director is not required to hold any shares in the company by way of qualification nor is there any specified upper or lower age limit for Directors either for accession to or retirement from the Board.

A Director may be removed by an ordinary resolution of the Company before the expiration of his term of office notwithstanding anything in the amended and restated memorandum and articles of association (but without prejudice to any claim which such Director may have for damages under such agreement) and the Company may by ordinary resolution appoint another in his place. Any Director so appointed shall be subject to the retirement by rotation provisions.

The office of a Director shall be vacated if he:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) becomes bankrupt or makes any arrangement or composition with his creditors;

(ii) dies or is found to be or becomes of unsound mind;

(iii) resigns his office by notice in writing to the Company;

(iv) without special leave of absence from the Board, is absent from meetings
 of the Board for three consecutive meetings and the Board resolves that his office be vacated;;

(v) is prohibited by law from being a director;

(vi) is removed from office pursuant to any other provisions of the amended
 and restated memorandum and articles of association.

Subject to the provisions of the amended and restated memorandum and articles of association, the Directors may from time to time appoint any natural person or corporation, whether or not a Director to hold such office in the Company as the Directors may think necessary for the administration of the Company, including but not limited to, chief executive officer, one or more other executive officers, president, one or more vice presidents, treasurer, assistant treasurer, manager or controller, and for such term and at such remuneration (whether by way of salary or commission or participation in profits or partly in one way and partly in another), and with such powers and duties as the Directors may think fit. Any natural person or corporation so appointed by the Directors may be removed by the Directors. The Directors may also appoint one or more of their number to the office of managing director upon like terms but any such appointment shall ipso facto terminate if any managing director ceases for any cause to be a Director, or if the Company by ordinary resolution resolves that his tenure of office be terminated. The Directors may delegate any of their powers to committees consisting of such member or members of their body as the think fit and any committee so formed shall in the exercise of the powers so delegated conform to any regulations that may be imposed on it by the Directors.

**Anti-Money Laundering — Cayman Islands**

If any person resident in the Cayman Islands knows or suspects or has reasonable grounds for knowing or suspecting that another person is engaged in criminal conduct or is involved with terrorism or terrorist property and the information for that knowledge or suspicion came to their attention in the course of their business in the regulated sector, or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) a nominated officer (appointed in accordance with the Proceeds of Crime Act (Revised) of the Cayman Islands) or the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime Act (Revised), if the disclosure relates to criminal conduct or money laundering or (ii) to the Financial Reporting Authority or a police constable or a nominated officer (pursuant to the Terrorism Act (Revised) of the Cayman Islands) or the Financial Reporting Authority, pursuant to the Terrorism Act (Revised), if the disclosure relates to involvement with terrorism or terrorist financing and terrorist property. Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

By subscribing for shares, the subscriber consents to the disclosure of any information about them to regulators and others upon request in connection with money laundering and similar matters both in the Cayman Islands and in other jurisdictions.

In order to comply with legislation or regulations aimed at the prevention of money laundering, we are required to adopt and maintain anti-money laundering procedures, and may require subscribers to provide evidence to verify their identity and source of funds. Where permitted, and subject to certain conditions, we may also delegate the maintenance of our anti-money laundering procedures (including the acquisition of due diligence information) to a suitable person.

We reserve the right to request such information as is necessary to verify the identity of a subscriber. In some cases the directors may be satisfied that no further information is required since an exemption applies under the Anti-Money Laundering Regulations (Revised) of the Cayman Islands, as amended and revised from time to time (the "**Regulations**") or any other applicable law. Depending on the circumstances of each application, a detailed verification of identity might not be required where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the subscriber makes the payment for their investment from an account
 held in the subscriber's name at a recognized financial institution; or

(b) the subscriber is regulated by a recognized regulatory authority and
 is based or incorporated in, or formed under the law of, a recognized jurisdiction; or

(c) the application is made through an intermediary which is regulated
 by a recognized regulatory authority and is based in or incorporated in, or formed under the law of a recognized jurisdiction and
 an assurance is provided in relation to the procedures undertaken on the underlying investors.

For the purposes of these exceptions, recognition of a financial institution, regulatory authority or jurisdiction will be determined in accordance with the Regulations by reference to those jurisdictions recognized by the Cayman Islands Monetary Authority as having equivalent anti-money laundering regulations.

In the event of delay or failure on the part of the subscriber in producing any information required for verification purposes, we may refuse to accept the application, in which case any funds received will be returned without interest to the account from which they were originally debited.

We also reserve the right to refuse to make any payment to a shareholder if our Directors or officers suspect or are advised that the payment to such shareholder might result in a breach of applicable anti-money laundering or other laws or regulations by any person in any relevant jurisdiction, or if such refusal is considered necessary or appropriate to ensure our compliance with any such laws or regulations in any applicable jurisdiction.

If any person in the Cayman Islands knows or suspects or has reasonable grounds for knowing or suspecting that another person is engaged in criminal conduct or money laundering or is involved with terrorism or terrorist financing and property and the information for that knowledge or suspicion came to their attention in the course of business in the regulated sector, or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) the Financial Reporting Authority ("FRA") of the Cayman Islands, pursuant to the Proceeds of Crime Act (Revised) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering, or (ii) a police officer of the rank of constable or higher, or the FRA, pursuant to the Terrorism Act (Revised) of the Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

**Data Protection in the Cayman Islands – Privacy Notice**

This privacy notice explains the manner in which the Company collects, processes and maintains personal data about investors of the company pursuant to the Data Protection Act (Revised) of the Cayman Islands, as amended from time to time and any regulations, codes of practice or orders promulgated pursuant thereto ("DPA").

The Company is committed to processing personal data in accordance with the DPA. In its use of personal data, the Company will be characterized under the DPA as a "data controller", while certain of the Company's service providers, affiliates and delegates may act as "data processors" under the DPA. These service providers may process personal information for their own lawful purposes in connection with services provided to the Company.

This privacy notice puts our shareholders on notice that, by virtue of making an investment in the company, the Company and certain of the Company's service providers may collect, record, store, transfer and otherwise process personal data by which individuals may be directly or indirectly identified.

Your personal data will be processed fairly and for lawful purposes, including (a) where the processing is necessary for the Company to perform a contract to which you are a party or for taking pre-contractual steps at your request (b) where the processing is necessary for compliance with any legal, tax or regulatory obligation to which the Company is subject or (c) where the processing is for the purposes of legitimate interests pursued by the Company or by a service provider to whom the data are disclosed. As a data controller, we will only use your personal data for the purposes for which we collected it. If we need to use your personal data for an unrelated purpose, we will contact you.

We anticipate that we will share your personal data with the Company's service providers for the purposes set out in this privacy notice. We may also share relevant personal data where it is lawful to do so and necessary to comply with our contractual obligations or your instructions or where it is necessary or desirable to do so in connection with any regulatory reporting obligations. In exceptional circumstances, we will share your personal data with regulatory, prosecuting and other governmental agencies or departments, and parties to litigation (whether pending or threatened), in any country or territory including to any other person where we have a public or legal duty to do so (e.g. to assist with detecting and preventing fraud, tax evasion and financial crime or compliance with a court order).

Your personal data shall not be held by the Company for longer than necessary with regard to the purposes of the data processing.

We will not sell your personal data. Any transfer of personal data outside of the Cayman Islands shall be in accordance with the requirements of the DPA. Where necessary, we will ensure that separate and appropriate legal agreements are put in place with the recipient of that data.

The Company will only transfer personal data in accordance with the requirements of the DPA, and will apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction or damage to the personal data.

If you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in relation to your investment into the Company, this will be relevant for those individuals and you should inform such individuals of the content.

You have certain rights under the DPA, including (a) the right to be informed as to how we collect and use your personal data (and this privacy notice fulfills the Company's obligation in this respect); (b) the right to obtain a copy of your personal data; (c) the right to require us to stop direct marketing; (d) the right to have inaccurate or incomplete personal data corrected; (e) the right to withdraw your consent and require us to stop processing or restrict the processing, or not begin the processing of your personal data; (f) the right to be notified of a data breach (unless the breach is unlikely to be prejudicial); (g) the right to obtain information as to any countries or territories outside the Cayman Islands to which we, whether directly or indirectly, transfer, intend to transfer or wish to transfer your personal data, general measures we take to ensure the security of personal data and any information available to us as to the source of your personal data; (h) the right to complain to the Office of the Ombudsman of the Cayman Islands; and (i) the right to require us to delete your personal data in some limited circumstances.

If you consider that your personal data has not been handled correctly, or you are not satisfied with the Company's responses to any requests you have made regarding the use of your personal data, you have the right to complain to the Cayman Islands' Ombudsman. The Ombudsman can be contacted by accessing their website here: ombudsman.ky.

**Differences in Corporate Law**

The Companies Act is modeled, to a large extent, after the older Companies Acts of England but does not follow recent English statutory enactments and, accordingly, there are significant differences between the Companies Act and the current Companies Act of England. In addition, the Companies Act differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of some of the significant differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the State of Delaware.

***Mergers and Similar Arrangements***. The Companies Act permits merger and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, a "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and a "consolidation" means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company.

In order to effect a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by a special resolution of the shareholders of each constituent company, and such other authorization, if any, as may be specified in such constituent company's articles of association. A merger between a Cayman Islands parent company and its Cayman Islands subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman Islands subsidiary if a copy of the plan of merger is given to every member of that Cayman Islands subsidiary to be merged unless that member agrees otherwise. For this purpose, a subsidiary is a company of which at least ninety percent (90%) of the issued shares entitled to vote are owned by the parent company.

The plan of merger or consolidation must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger and consolidation will be published in the Cayman Islands Gazette. Dissenting shareholders have the right to be paid the fair value of their shares if they follow the required procedures under the Companies Act subject to certain exceptions. The fair value of the shares will be determined by the Cayman Islands court if it cannot be agreed among the parties. Court approval is not required for a merger or consolidation effected in compliance with these statutory procedures. The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Save in certain limited circumstances, a shareholder of a Cayman Islands constituent company who dissents from the merger or consolidation is entitled to payment of the fair value of his or her shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting to the merger or consolidation, provided the dissenting shareholder complies strictly with the procedures set out in the Companies Act. The exercise of dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

In addition, there are statutory provisions that facilitate the reconstruction and amalgamation of companies, provided that the arrangement is approved by either (i) a majority in number of each class of creditors with whom the arrangement is to be made, and who must in addition represent three-fourths in value of each such class of creditors, or (ii) three-fourths in value of each class of shareholders with whom the arrangement is to be made, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

● the statutory provisions as to the required majority vote have been met;

● the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;

● the arrangement is such that may be reasonably approved by an intelligent and honest person of that class acting in respect of his or her interest; and

● the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act or that would amount to a "fraud on the minority".

The Companies Act also contains a statutory power of compulsory acquisition that may facilitate the "squeeze out" of dissentient minority shareholders upon a tender offer. When a takeover offer is made and accepted by holders of not less than 90.0% of the shares within four months after the making of the offer, the offeror may, within a two-month period commencing on the expiration of such four month period, give notice to require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands by a dissenting shareholder within one month from the date on which the notice was given, but this is unlikely to succeed in the case of an offer that has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction is thus approved, the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

 ****

***Shareholders' Suits.*** In principle, we will normally be the proper plaintiff to sue for a wrong done to us as a company, and as a general rule, a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands court can be expected to follow and apply the common law principles (namely the rule in *Foss v. Harbottle* and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge actions where:

● a company acts or proposes to act illegally or ultra vires and is therefore incapable of ratification by the shareholders;

● the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained;

● an act purports to abridge or abolish the individual rights of a shareholder; and

● those who control the company are perpetrating a "fraud on the minority."

In the case of a company (not being a bank) having its share capital divided into shares, the Grand Court may, on the application of members holding not less than one fifth of the shares of the company in issue, appoint an inspector to examine the affairs of the company and to report thereon in such manner as the Grand Court shall direct.

 ****

***Indemnification of Directors and Executive Officers and Limitation of Liability***. Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of directors and officers, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against the consequences of committing a crime, or against the indemnified person's own fraud or dishonesty.

Our amended and restated memorandum and articles of association provide that that we shall indemnify our officers and directors against all actions, proceedings, costs, charges, expenses, losses, damages, or liabilities incurred or sustained by such directors or officers, other than by reason of such person's dishonesty, willful default, or fraud, in or about the conduct of our Company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his or her duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses, or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil proceedings concerning our Company or its affairs in any court whether in the Cayman Islands or elsewhere. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers, or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

***Directors' Fiduciary Duties****.* Under Delaware General Corporation Law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Cayman Islands law and our amended and restated articles of association provide that our Shareholders may approve corporate matters by way of a unanimous written resolution signed by or on behalf of each shareholder who would have been entitled to vote on such matter at a general meeting without a meeting being held.

Under Cayman Islands law, the fiduciary duties owed by a director and officer include (a) a duty to act in good faith in what the director or officer believes to be in the best interests of the company as a whole, (b) a duty to exercise their powers for the purposes for which they were conferred and not for a collateral purpose, (c) a duty to avoid improperly fettering the exercise of future discretion, (d) a duty to avoid any conflict of interest between the director's duty to the company and the director's personal interests, and (e) a duty to exercise independent judgment. In addition to the above, directors also owe a duty of care which is not fiduciary in nature. It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

***Shareholder Action by Written Consent***. Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. The Companies Act and our amended and restated articles of association provide that shareholders may approve corporate matters by way of a unanimous written resolution signed by or on behalf of each shareholder who would have been entitled to vote on such matter at a general meeting without a meeting being held.

***Shareholder Proposals***. Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

The Companies Act provides shareholders with only limited rights to requisition a general meeting, and it does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our amended and restated articles of association allow our Shareholders holding in aggregate not less than one-third of all votes attaching to the issued and outstanding shares of our Company that as at the date of the deposit carry the right to vote at general meetings to requisition an extraordinary general meeting of our Shareholders, in which case our board is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Other than this right to requisition a shareholders' meeting, our amended and restated articles of association do not provide our Shareholders with any other right to put proposals before annual general meetings or extraordinary general meetings. As an exempted Cayman Islands company, we may but are not obliged by law to call shareholders' annual general meetings.

***Cumulative Voting.*** Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting under the Companies Act but our amended and restated articles of association do not provide for cumulative voting. As a result, our Shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

***Removal of Directors.*** Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our amended and restated articles of association, directors may be removed with or without cause, by an ordinary resolution of our Shareholders. In addition, a director's office shall be vacated if the director (i) becomes bankrupt or makes any arrangement or composition with his creditors; (ii) is found to be or becomes of unsound mind or dies; (iii) resigns his or her office by notice in writing to the company; (iv) without special leave of absence from our board, is absent from meetings of our board for three consecutive meetings and our board resolves that his office be vacated; (v) is prohibited by law from being a director, or (vi) is removed from office pursuant to any other provisions of our amended and restated memorandum and articles of association.

***Transactions with Interested Shareholders.*** The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting share within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

The Cayman Islands has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into *bona fide* in the best interests of the company and for a proper corporate purpose and not with the effect of constituting a fraud on the minority shareholders.

***Dissolution; Winding up.*** Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

Under the Companies Act, a company may be wound up by either an order of the courts of the Cayman Islands, by a special resolution of its members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so. Under the Companies Act and our amended and restated articles of association, our Company may be dissolved, liquidated or wound up by a special resolution of our shareholders.

***Variation of Rights of Shares.*** Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under the Companies Act and our amended and restated articles of association, if our share capital is divided into more than one class of shares, we may vary the rights attached to any class with the written consent of not less than two-thirds of the issued shares of that class or with the sanction of a special resolution passed at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, subject to any rights or restrictions for the time being attached to the shares of that class, be deemed to be materially adversely varied by the creation, allotment or issue of further shares ranking *pari passu* with or subsequent to them or the redemption or purchase of any shares of any class by our Company. The rights of the holders of shares shall not be deemed to be materially adversely varied by the creation or issue of shares with preferred or other rights including, without limitation, the creation of shares with enhanced or weighted voting rights.

***Amendment of Governing Documents.*** Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. As permitted by the Companies Act, our amended and restated memorandum and articles of association may only be amended by a special resolution of our shareholders.

***Rights of Non-resident or Foreign Shareholders****.* There are no limitations imposed by our amended and restated memorandum and articles of association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our amended and restated memorandum and articles of association governing the ownership threshold above which shareholder ownership must be disclosed.

**SHARES ELIGIBLE FOR FUTURE SALE**

Upon the completion of this Offering, we will have 22,859,615 Class A Ordinary Shares (or 23,234,615 Class A Ordinary Shares if the Underwriter exercises its over-allotment option in full) and 1,275,000 Class B Ordinary Shares outstanding. All of the Class A Ordinary Shares sold in this Offering will be freely transferable by persons other than our "affiliates", as that term is defined in Rule 144 promulgated under the Securities Act, without restriction or further registration under the Securities Act.

Prior to this Offering, there has been no public market for our Class A Ordinary Shares, and while we plan to apply to list our Class A Ordinary Shares on NYSE American, we cannot assure you that a regular trading market for our Class A Ordinary Shares will develop or be sustained after this Offering. Future sales of substantial amounts of Class A Ordinary Shares in the public market, or the perception that such sales may occur, could adversely affect the market price of our Class A Ordinary Shares. Further, since a large number of our Class A Ordinary Shares will not be available for sale shortly after this Offering because of the contractual and legal restrictions on resale described below, sales of substantial amounts of our Class A Ordinary Shares in the public market after these restrictions lapse, or the perception that such sales may occur, could adversely affect the prevailing market price and our ability to raise equity capital in the future.

**Lock-Up Agreements**

We have agreed, for a period of six (6) months from the closing of this offering, that we will not, without the prior written consent of the Representative, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, our Ordinary Shares or any securities convertible into or exercisable or exchangeable for our Ordinary Shares; (ii) file or cause to be filed any registration statement with the SEC relating to the offering of our Ordinary Shares or any securities convertible into or exercisable or exchangeable for our Ordinary Shares; or (iii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of our Ordinary Shares whether any such transaction described above is to be settled by delivery of shares or such other securities, in cash or otherwise.

Each of our directors, officers and holders of four percent (4%) or more of our Ordinary Shares immediately prior to the consummation of this offering have agreed or are otherwise contractually restricted for a period of six (6) months after closing of this offering, without the prior written consent of the Representative, not to (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, our Ordinary Shares or any securities convertible into or exercisable or exchangeable for our Ordinary Shares; or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of our Ordinary Shares whether any such transaction described above is to be settled by delivery of shares or such other securities, in cash or otherwise, subject to certain customary exceptions.

Other than this Offering, we are not aware of any plans by any significant shareholders to dispose of significant numbers of our Ordinary Shares. However, one or more existing shareholders or owners of securities convertible or exchangeable into or exercisable for our Ordinary Shares may dispose of significant numbers of our Ordinary Shares in the future. We cannot predict what effect, if any, future sales of our Ordinary Shares, or the availability of Ordinary Shares for future sale, will have on the trading price of our Ordinary Shares from time to time. Sales of substantial amounts of our Ordinary Shares in the public market, or the perception that these sales could occur, could adversely affect the trading price of our Ordinary Shares.

**Rule 144**

All of our Shares outstanding prior to this Offering are "restricted shares" as that term is defined in Rule 144 under the Securities Act and may be sold publicly in the United States only if they are subject to an effective registration statement under the Securities Act or pursuant to an exemption from the registration requirements. Under Rule 144 as currently in effect, persons who became the beneficial owner of shares of our Class A common stock prior to the completion of this Offering may sell such shares upon the earlier of (1) the expiration of a six-month holding period, if we have been subject to the reporting requirements of the Exchange Act for at least 90 days prior to the date of the sale and have filed all reports required thereunder, or (2) the expiration of a one-year holding period.

At the expiration of the six-month holding period, assuming we have been subject to the Exchange Act reporting requirements for at least 90 days and have filed all reports required thereunder, a person who was not one of our affiliates at any time during the three months preceding a sale would be entitled to sell an unlimited number of Shares acquired prior to the completion of this Offering, and a person who was one of our affiliates at any time during the three months preceding a sale would be entitled to sell upon expiration of the Lock-Up Agreements described above, within any three-month period, a number of Shares acquired prior to the completion of this Offering in the amount does not exceed the greater of the following:

● 1% of the then outstanding Shares of the same class, which will equal approximately 228,596Class A Ordinary Shares or 12,750Class B Ordinary Shares immediately after this Offering, assuming the over-allotment option is not exercised, and 232,346 Class A Ordinary Shares or 12,750 Class B Ordinary Shares, assuming the over-allotment option is exercised in full; or

● the average weekly trading volume of our Shares on NYSE American, where we have applied to list our Shares, during the four calendar weeks preceding the date on which notice of the sale is filed with the SEC.

At the expiration of the one-year holding period, a person who was not one of our affiliates at any time during the three months preceding a sale would be entitled to sell an unlimited number of Shares acquired prior to the completion of this Offering without restriction. A person who was one of our affiliates at any time during the three months preceding a sale, upon expiration of the Lock-up Agreements described above, would remain subject to the volume restrictions described above.

Affiliates who sell restricted securities under Rule 144 may not solicit orders or arrange for the solicitation of orders, and they are also subject to notice requirements and the availability of current public information about us.

Persons who are not our affiliates are only subject to one of these additional restrictions, the requirement of the availability of current public information about us, and this additional restriction does not apply if they have beneficially owned our restricted shares for more than one year.

**Rule 701**

In general, under Rule 701 of the Securities Act as currently in effect, each of our employees, consultants or advisors who purchases our Shares from us in connection with a compensatory stock or option plan or other written agreement relating to compensation is eligible to resell such Shares 90 days after we became a reporting company under the Exchange Act in reliance on Rule 144, but without compliance with some of the restrictions, including the holding period, contained in Rule 144.

**EXCHANGE CONTROLS AND LIMITATIONS AFFECTING SHAREHOLDERS**

**Singapore**

There are no foreign exchange control restrictions in Singapore.

**TAXATION**

*The following are material Cayman Islands tax, Singapore tax and U.S. federal income tax considerations relevant to an investment in our Class A Ordinary Shares. This discussion does not address all of the tax consequences that may be relevant in light of the investor's particular circumstances. Potential investors should consult their tax advisers regarding Singapore, U.S. federal, state and local, and non-U.S. tax consequences of owning and disposing of our Class A Ordinary Shares in their particular circumstances.*

 

**Cayman Islands Taxation**

The following is a discussion on certain Cayman Islands income tax consequences of an investment in our securities. The discussion is a general summary of present law, which is subject to prospective and retroactive change. It is not intended as tax advice, does not consider any investor's particular circumstances, and does not consider tax consequences other than those arising under Cayman Islands law.

The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains, or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the Government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands. No stamp duty is payable in the Cayman Islands on the issue of shares by, or any transfers of shares of, Cayman Islands companies (except those which hold interests in land in the Cayman Islands). There are no exchange control regulations or currency restrictions in the Cayman Islands.

Payments of dividends and capital in respect of our Class A Ordinary Shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of our Class A Ordinary Shares, nor will gains derived from the disposal of our Class A Ordinary Shares be subject to Cayman Islands income or corporation tax.

No stamp duty is payable in the Cayman Islands in respect of the issue of our Class A Ordinary Shares or on an instrument of transfer in respect of our Class A Ordinary Shares so long as the instrument of transfer is not executed in, brought to, or produced before a court of the Cayman Islands.

**Singapore Taxation**

The statements made herein regarding taxation are general in nature and based on certain aspects of current tax laws of Singapore and administrative guidelines issued by the relevant authorities in force as of the date of this prospectus and are subject to any changes in such laws or administrative guidelines, or in the interpretation of these laws or guidelines, occurring after such date, which could be made on a retrospective basis. These laws and guidelines are also subject to various interpretations and the relevant tax authorities or the courts could later disagree with the explanations or conclusions set out below. The statements below are not to be regarded as advice on the tax position of any holder of our Shares or of any person acquiring, selling or otherwise dealing with our Shares or on any tax implications arising from the acquisition, sale or other dealings in respect of our Shares. The statements made herein do not purport to be a comprehensive or exhaustive description of all of the tax considerations that may be relevant to a decision to purchase, own or dispose of our Shares and do not purport to deal with the tax consequences applicable to all categories of investors, some of which (such as dealers in securities) may be subject to special rules. Prospective holders of our Shares are advised to consult their own tax advisers as to the Singapore or other tax consequences of the acquisition, ownership of or disposal of our Shares. The statements below regarding the Singapore tax treatment of dividends received in respect of our Shares are based on the assumption that the Company is tax resident in Singapore for Singapore income tax purposes. It is emphasized that neither the Company nor any other persons involved in this prospectus accepts responsibility for any tax consequences or liabilities resulting from the subscription for, purchase, holding or disposal of our Shares.

***Corporate income tax***

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Under the Income Tax Act 1947 of Singapore ("ITA"), a company established outside Singapore could be considered a tax resident in Singapore if the control and management of its business is exercised in Singapore. "Control and management" typically refers to the making of decisions on strategic matters, such as those concerning the company's policy and strategy. Where the control and management of a company is exercised is a question of fact. Usually, the location of the company's board of directors meetings determines where the control and management of a company's business is exercised. Therefore, such control and management of business should not be considered to be exercised in Singapore if physical board meetings are conducted outside of Singapore.

The Inland Revenue Authority of Singapore ("IRAS") has issued guidance indicating that a board meeting which involves the use of virtual meeting technology will generally be regarded as having strategic decisions made in Singapore if either of the following conditions is met: (i) at least 50% of the directors with the authority to make strategic decisions are physically in Singapore during the meetings; or (ii) the chairman of the board is physically in Singapore during the meeting.

On the other hand, the IRAS guidance has also indicated that where (i) no board meetings are held in Singapore and board resolutions are merely passed by circulation; (ii) the Singapore director is a nominee director while the rest of the directors are based outside Singapore; (iii) no strategic decisions are made by the Singapore director; or (iv) no key employees are based in Singapore, the control and management of the business of a company may be considered not exercised in Singapore.

A company is subject to Singapore income tax on income accruing in or derived from Singapore and on foreign-sourced income received or deemed to be received in Singapore, unless certain exemptions apply.

Foreign-sourced income in the form of dividends, branch profits and service income received or deemed to be received in Singapore by a Singapore tax resident company is exempt from Singapore income tax if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such income is subject to tax
 of a similar character to income tax (by whatever name called) under the law of the territory
 from which such income is received;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the time the income is received
 in Singapore, the highest rate of tax of a similar character to income tax (by whatever name
 called) levied under the law of the territory from which the income is received on any gains
 or profits from any trade or business carried on by any company in that territory at that
 time is not less than 15%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Comptroller is satisfied
 that the tax exemption would be beneficial to the Singapore tax resident company.

The corporate tax rate in Singapore is currently 17%. From Year of Assessment ("YA") 2020 onwards, three-quarters of a company's first S$10,000 of normal chargeable income, and half of its next S$190,000 of normal chargeable income are exempt from corporate tax.

Newly incorporated companies will also, subject to certain conditions and exceptions, be eligible for tax exemption on three-quarters of the company's first S$100,000 of normal chargeable income, and half of its next $100,000 of normal chargeable income, for each of the company's first three YAs falling in or after YA 2020.

***Dividend Distributions***

Under Singapore's one-tier corporate tax system, dividends paid by a Singapore tax resident company are exempt from Singapore income tax in the hands of its shareholders, regardless of whether the shareholder is a company or an individual and whether or not the shareholder is a Singapore tax resident.

There is no withholding tax on the dividend payments to both resident and non-resident shareholders. Foreign shareholders receiving tax exempt (one-tier) dividends are advised to consult their tax advisors to take into account the tax laws of their respective countries of residence and the applicability of any double taxation agreement which their country of residence may have with Singapore.

***Estate Duty***

Singapore estate duty was abolished with respect to all deaths occurring on or after February 15, 2008.

**Material U.S. Federal Income Tax Considerations**

The following discussion is a summary of U.S. federal income tax considerations generally applicable to U.S. Holders (as defined below) of the ownership and disposition of our Class A Ordinary Shares. This summary applies only to U.S. Holders that hold our Class A Ordinary Shares as capital assets (generally, property held for investment) and that have the U.S. dollar as their functional currency. This summary is based on U.S. tax laws in effect as of the date of this prospectus, on U.S. Treasury regulations in effect or, in some cases, proposed as of the date of this prospectus, and judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which could apply retroactively and could affect the tax consequences described below. No ruling has been sought from the Internal Revenue Service ("IRS") with respect to any U.S. federal income tax considerations described below, and there can be no assurance that the IRS or a court will not take a contrary position. Moreover, this summary does not address the U.S. federal estate, gift, backup withholding, and alternative minimum tax considerations, or any state, local, and non-U.S. tax considerations, relating to the ownership and disposition of our Class A Ordinary Shares. The following summary does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances or to persons in special tax situations such as:

● financial institutions or financial services entities;

● underwriters;

● insurance companies;

● pension plans;

● cooperatives;

● regulated investment companies;

● real estate investment trusts;

● grantor trusts;

● broker-dealers;

● traders that elect to use a mark-to-market method of accounting;

● governments or agencies or instrumentalities thereof;

● certain former U.S. citizens or long-term residents;

● tax-exempt entities (including private foundations);

● persons liable for alternative minimum tax;

● persons holding stock as part of a straddle, hedging, conversion or other integrated transaction;

● persons whose functional currency is not the U.S. dollar;

● passive foreign investment companies;

● controlled foreign corporations;

● the Company's officers or directors;

● holders who are not U.S. Holders;

● persons that actually or constructively own 5% or more of the total combined voting power of all classes of our voting stock; or

● partnerships or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding Class A Ordinary Shares through such entities.

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Class A Ordinary Shares that is, for U.S. federal income tax purposes:

● an individual who is a citizen or resident of the United States;

● a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in the United States or under the laws of the United States, any state thereof or the District of Columbia;

● an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

● a trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions, or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of our Class A Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Partnerships holding our Class A Ordinary Shares and their partners are urged to consult their tax advisors regarding an investment in our Class A Ordinary Shares.

**Persons considering an investment in our Class A Ordinary Shares should consult their own tax advisors as to the particular tax consequences applicable to them relating to the purchase, ownership and disposition of our Class A Ordinary Shares including the applicability of U.S. federal, state and local tax laws and non-U.S. tax laws.**

**Taxation of Dividends and Other Distributions on Our Class A Ordinary Shares**

As discussed under "*Dividend Policy*" above, we do not anticipate that any dividends will be paid in the foreseeable future. Subject to the PFIC rules discussed below, a U.S. Holder generally will be required to include in gross income, in accordance with such U.S. Holder's method of accounting for United States federal income tax purposes, as dividends the amount of any distribution paid on the Class A Ordinary Shares to the extent the distribution is paid out of our current or accumulated earnings and profits (as determined under United States federal income tax principles). Such dividends paid by us will be taxable to a corporate U.S. Holder as dividend income and will not be eligible for the dividends-received deduction generally allowed to domestic corporations in respect of dividends received from other domestic corporations. Dividends received by certain non-corporate U.S. Holders (including individuals) may be "qualified dividend income," which is taxed at the lower capital gains rate, provided that our Class A Ordinary Shares are readily tradable on an established securities market in the United States and the U.S. Holder satisfies certain holding periods and other requirements. In this regard, Class A Ordinary Shares generally are considered to be readily tradable on an established securities market in the United States if they are listed on NYSE American, as our Class A Ordinary Shares are expected to be.

Distributions in excess of such earnings and profits generally will be applied against and reduce the U.S. Holder's basis in its Class A Ordinary Shares (but not below zero) and, to the extent in excess of such basis, will be treated as gain from the sale or exchange of such Class A Ordinary Shares. In the event that we do not maintain calculations of our earnings and profits under United States federal income tax principles, a U.S. Holder should expect that all cash distributions will be reported as dividends for United States federal income tax purposes. U.S. Holders should consult their own tax advisors regarding the availability of the lower rate for any cash dividends paid with respect to our Class A Ordinary Shares.

Dividends will generally be treated as income from foreign sources for U.S. foreign tax credit purposes and will generally constitute passive category income. Depending on the U.S. Holder's individual facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit not in excess of any applicable treaty rate in respect of any foreign withholding taxes imposed on dividends received on our Class A Ordinary Shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for U.S. federal income tax purposes, in respect of such withholding, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex and their outcome depends in large part on the U.S. Holder's individual facts and circumstances. Accordingly, U.S. Holders are urged to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

**Taxation of Sale or Other Disposition of Class A Ordinary Shares**

Subject to the discussion below under "Passive Foreign Investment Company Rules," a U.S. Holder will generally recognize capital gain or loss upon the sale or other disposition of Class A Ordinary Shares in an amount equal to the difference between the amount realized upon the disposition and the U.S. Holder's adjusted tax basis in such Class A Ordinary Shares. Any capital gain or loss will be long term if the Class A Ordinary Shares have been held for more than one year and will generally be U.S.-source gain or loss for U.S. foreign tax credit purposes. Long-term capital gains of non-corporate taxpayers are currently eligible for reduced rates of taxation. The deductibility of a capital loss may be subject to limitations. U.S. Holders are urged to consult their tax advisors regarding the tax consequences if a foreign tax is imposed on a disposition of our Class A Ordinary Shares, including the availability of the foreign tax credit under their particular circumstances.

***Passive Foreign Investment Company Rules***

 ****

A non-U.S. corporation, such as our company, will be classified as a PFIC, for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income. For this purpose, cash and cash equivalents are categorized as passive assets and the company's goodwill and other unbooked intangibles are taken into account as non-passive assets. Passive income generally includes, among other things, dividends, interest, rents, royalties, and gains from the disposition of passive assets. We will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock.

No assurance can be given as to whether we may be or may become a PFIC, as this is a factual determination made annually that will depend, in part, upon the composition of our income and assets. Furthermore, the composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in this Offering. Under circumstances where our revenue from activities that produce passive income significantly increase relative to our revenue from activities that produce non-passive income, or where we determine not to deploy significant amounts of cash for active purposes, our risk of becoming classified as a PFIC may substantially increase. In addition, because there are uncertainties in the application of the relevant rules, it is possible that the Internal Revenue Service may challenge our classification of certain income and assets as non-passive or our valuation of our tangible and intangible assets, each of which may result in our becoming a PFIC for the current or subsequent taxable years. If we were classified as a PFIC for any year during which a U.S. Holder held our Class A Ordinary Shares, we generally would continue to be treated as a PFIC for all succeeding years during which such U.S. Holder held our Class A Ordinary Shares even if we cease to be a PFIC in subsequent years, unless certain elections are made. Our U.S. counsel expresses no opinion with respect to our PFIC status for any taxable year.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Class A Ordinary Shares, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules that have a penalizing effect, regardless of whether we remain a PFIC, on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125 percent of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the Class A Ordinary Shares), and (ii) any gain realized on the sale or other disposition of Class A Ordinary Shares. Under these rules,

● the U.S. Holder's gain or excess distribution will be allocated ratably over the U.S. Holder's holding period for the Class A Ordinary Shares;

● the amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are classified as a PFIC (each, a "pre-PFIC year"), will be taxable as ordinary income;

● the amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect for individuals or corporations, as appropriate, for that year; and

● an additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each prior taxable year, other than a pre-PFIC year, of the U.S. Holder.

If we are treated as a PFIC for any taxable year during which a U.S. Holder holds our Class A Ordinary Shares, or if any of our subsidiaries is also a PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of any lower-tier PFICs for purposes of the application of these rules. U.S. Holders are urged to consult their tax advisors regarding the application of the PFIC rules to any of our subsidiaries.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that such stock is "regularly traded" within the meaning of applicable U.S. Treasury regulations. If our Class A Ordinary Shares qualify as being regularly traded, and an election is made, the U.S. Holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Class A Ordinary Shares held at the end of the taxable year over the adjusted tax basis of such Class A Ordinary Shares and (ii) deduct as an ordinary loss the excess, if any, of the adjusted tax basis of the Class A Ordinary Shares over the fair market value of such Class A Ordinary Shares held at the end of the taxable year, but such deduction will only be allowed to the extent of the amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the Class A Ordinary Shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes a mark-to-market election in respect of a corporation classified as a PFIC and such corporation ceases to be classified as a PFIC, the U.S. Holder will not be required to take into account the gain or loss described above during any period that such corporation is not classified as a PFIC. If a U.S. Holder makes a mark-to-market election, any gain such U.S. Holder recognizes upon the sale or other disposition of our Class A Ordinary Shares in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss, but such loss will only be treated as ordinary loss to the extent of the net amount previously included in income as a result of the mark-to-market election.

Because a mark-to-market election cannot be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject to the PFIC rules with respect to such U.S. Holder's indirect interest in any investments held by us that are treated as an equity interest in a PFIC for U.S. federal income tax purposes.

Furthermore, as an alternative to the foregoing rules, a U.S. Holder that owns stock of a PFIC generally may make a "qualified electing fund" election regarding such corporation to elect out of the PFIC rules described above regarding excess distributions and recognized gains. However, we do not intend to provide information necessary for U.S. Holders to make qualified electing fund elections which, if available, would result in tax treatment different from the general tax treatment for PFICs described above.

If a U.S. Holder owns our Class A Ordinary Shares during any taxable year that we are a PFIC, the U.S. Holder must generally file an annual Internal Revenue Service Form 8621 and provide such other information as may be required by the U.S. Treasury Department, whether or not a mark-to-market election is or has been made. If we are or become a PFIC, you should consult your tax advisor regarding any reporting requirements that may apply to you.

You should consult your tax advisors regarding how the PFIC rules apply to your investment in our Class A Ordinary Shares.

**Information Reporting and Backup Withholding**

Certain U.S. Holders are required to report information to the Internal Revenue Service relating to an interest in "specified foreign financial assets," including shares issued by a non-United States corporation, for any year in which the aggregate value of all specified foreign financial assets exceeds $50,000 (or a higher dollar amount prescribed by the Internal Revenue Service), subject to certain exceptions (including an exception for shares held in custodial accounts maintained with a U.S. financial institution). These rules also impose penalties if a U.S. Holder is required to submit such information to the Internal Revenue Service and fails to do so.

In addition, dividend payments with respect to our Class A Ordinary Shares and proceeds from the sale, exchange or redemption of our Class A Ordinary Shares may be subject to additional information reporting to the IRS and possible U.S. backup withholding. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on IRS Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on IRS Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing any required information. We do not intend to withhold taxes for individual Shareholders. However, transactions effected through certain brokers or other intermediaries may be subject to withholding taxes (including backup withholding), and such brokers or intermediaries may be required by law to withhold such taxes.

**EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN TAX ADVISOR REGARDING THE PARTICULAR U.S. FEDERAL, STATE, LOCAL AND NON-U.S. TAX CONSEQUENCES OF PURCHASING, HOLDING AND DISPOSING OF OUR CLASS A ORDINARY SHARES, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAWS.**

**UNDERWRITING**

Subject to the terms and conditions of the underwriting agreement entered into by and between our Company and R. F. Lafferty & Co., Inc., acting as the representative of the underwriters named below, or the Representative, the underwriters have severally agreed to purchase from us, and we have agreed to sell to them, severally, on a firm commitment basis the following respective number of Class A Ordinary Shares at the public price less the underwriting discounts set forth on the cover page of this prospectus.

---

| | |
|:---|:---|
| **Name** | **Number of <br> Class A <br> ordinary <br> shares** |
| R. F. Lafferty & Co., Inc. | 2500000 |
| **Total** | 2500000 |

---

The underwriters and the Representative are collectively referred to as the "underwriters." The underwriters are obligated severally, but not jointly, to purchase all the Class A Ordinary Shares offered by us if any Class A Ordinary Shares are purchased, other than those covered by the over-allotment option described below. The underwriters are offering the Class A Ordinary Shares subject to their acceptance of the Class A Ordinary Shares from us and subject to prior sale. The underwriting agreement provides that the obligations of the several underwriters to pay for and accept delivery of the Class A Ordinary Shares offered by this prospectus are subject to satisfactory completion of due diligence examination of our Company by the Representative, the approval of certain legal matters by their counsel and to certain other customary conditions.

**Over-Allotment Option**

We have granted to the underwriters a 45-day option following the closing of this offering to purchase up to 375,000 Class A Ordinary Shares from us, equal to fifteen percent (15%) of the number of Class A Ordinary Shares sold in this offering, at the initial public offering price less the underwriting discounts. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any, in connection with this offering. Any Class A Ordinary Shares issued or sold under the option will be issued and sold on the same terms and conditions as the other Class A Ordinary Shares that are the subject of this offering.

**Discounts and Expenses**

We have agreed to pay the underwriters a cash fee equal to seven percent (7%) of the aggregate gross proceeds raised in this offering. The following table shows the price per Class A Ordinary Share and total public offering price, underwriting discounts, and proceeds before expenses to us. The total amounts are shown assuming both no exercise and full exercise of the over-allotment option.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Per <br> Class A <br> Ordinary <br> Shares** | **Per <br> Class A <br> Ordinary <br> Shares** | | **Total Without <br> Exercise of<br> Over- <br> Allotment <br> Option** | | **Total<br> With <br> Full<br> Exercise of<br> Over- <br> Allotment <br> Option** |
| Initial public offering price | US$ | 4.50 | US$ | 11250000 | US$ | 12937500 |
| Underwriting discounts<sup>(1)</sup> | US$ | 0.315 | US$ | 787500 | US$ | 905625 |
| Proceeds, before expenses, to us | US$ | 4.185 | US$ | 10462500 | US$ | 12031875 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Does not include accountable and non-accountable expenses discussed
 below.

We have agreed to reimburse the Representative up to US$200,000 for out-of-pocket accountable expenses, including but not limited to the reasonable and documented fees and disbursements for its legal counsel, background check and preparation of bound volumes and mementos in such quantities that the Representative may reasonably request. We have paid an advanced expense deposit of US$25,000 to the Representative for its anticipated out-of-pocket expenses. The advance will be returned to us to the extent such out-of-pocket accountable expenses are not actually incurred, or are less than the advance, in accordance with FINRA Rule 5110(g).

We have also agreed to pay the underwriters a non-accountable expense, equal to one percent (1%) of the gross proceeds received by us from the sale of our Class A Ordinary Shares, including Class A Ordinary Shares sold pursuant to the exercise of the over-allotment option.

**Representative's Warrants**

We agree to issue to the Representative or its assigns share purchase warrants, or the Representative's Warrants, to purchase up to 143,750 Class A Ordinary Shares (equal to five percent (5%) of the Class A Ordinary Shares sold in this offering, including Class A Ordinary Shares issued pursuant to the exercise of the over-allotment option) and to also register herein such underlying Class A Ordinary Shares. The Representative's Warrants will be exercised at any time, and from time to time, in whole or in part, commencing from six months after the closing of this offering and expiring five (5) years from the closing date of this offering. The Representative's Warrants are exercisable at a per share price of one hundred and ten percent (110%) of the offering price of the Class A Ordinary Shares offered hereby. The Representative's Warrants shall not be redeemable.

The Representative's Warrants may not be sold, transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the securities by any person for 180 days immediately following the commencement of sales of this offering, of which this prospectus forms a part (in accordance with FINRA Rule 5110), except that they may be transferred, in whole or in part, to any member participating in this offering and the officers or partners thereof, if all securities so transferred remain subject to the lock-up restriction for the remainder of the 180-day period. The Representative's Warrants will provide for cashless exercise and will contain provisions for one demand registration of the sale of the shares underlying the Representative's Warrants at the Company's expense, an additional demand registration at the warrant holders' expense, and unlimited "piggyback" registration rights for a period of five (5) years after the closing of this offering at the Company's expense.

**Tail Fee**

If, during the period that is twelve (12) months following the closing of this offering, we consummate a financing with investors with whom we have had a conference call or a meeting arranged by the Representative during the period in which we engaged the Representative, we will pay the Representative a tail fee equal to seven percent (7%) of the aggregate purchase price paid by such investors and issue to the Representative or its assigns share purchase warrants to purchase a number of Class A Ordinary Shares equal to five percent (5%) of the aggregate number of shares sold to such investors at an exercise price equal to one hundred and ten percent (110%) of the offering price of the shares sold to such investors.

Upon termination or expiration of engagement letter entered into by and between the Representative and us in connection with this offering, unless we terminate such engagement letter for "Cause," if we subsequently complete any public or private financing at any time during the twelve (12) months after such termination with any investors contacted by the Representative in connection with this offering, then the Representative shall be entitled to receive a tail fee equal to seven percent (7%) of the gross proceeds from such financing and a non-accountable expense allowance equal to one percent (1%) of the gross proceeds from such financing.

**Right of First Refusal**

We, or any successor to or any subsidiary of us, agree to grant the Representative a right of first refusal, exercisable at the sole discretion of the Representative for twelve (12) months from the closing date of this offering, to act as sole managing underwriter and dealer manager, book runner or sole placement agent for any and all future public or private equity, equity-linked or debt (excluding commercial bank debt) offerings and on terms that are the same or more favorable to us comparing to terms offered to us by other investment banks, book-runners or placement agents. Such right of first refusal shall be subject to FINRA Rule 5110(g)(5).

**Electronic Offer, Sale and Distribution of Ordinary Share**

A prospectus in electronic format may be delivered to potential investors by the underwriters. The prospectus in electronic format will be identical to the paper version of such prospectus. Other than the prospectus in electronic format, the information on the underwriters' website and any information contained in any other website maintained by the underwriters is not part of the prospectus or the registration statement of which this prospectus forms a part.

**Lock-up Agreements**

We have agreed, for a period of six (6) months from the closing of this offering, that we will not, without the prior written consent of the Representative, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, our Ordinary Shares or any securities convertible into or exercisable or exchangeable for our Ordinary Shares; (ii) file or cause to be filed any registration statement with the SEC relating to the offering of our Ordinary Shares or any securities convertible into or exercisable or exchangeable for our Ordinary Shares; or (iii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of our Ordinary Shares whether any such transaction described above is to be settled by delivery of shares or such other securities, in cash or otherwise.

Each of our directors, officers and holders of four percent (4%) or more of our Ordinary Shares immediately prior to the consummation of this offering have agreed or are otherwise contractually restricted for a period of six (6) months after closing of this offering, without the prior written consent of the Representative, not to (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, our Ordinary Shares or any securities convertible into or exercisable or exchangeable for our Ordinary Shares; or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of our Ordinary Shares whether any such transaction described above is to be settled by delivery of shares or such other securities, in cash or otherwise, subject to certain customary exceptions.

**Stabilization, Short Positions and Penalty Bids**

In connection with the offering the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of the Class A Ordinary Shares in accordance with Regulation M under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

● Stabilizing transactions permit the underwriters to make bids or purchases for the purpose of pegging, fixing or maintaining the price of the Class A Ordinary Shares, so long as the stabilizing bids do not exceed a specified maximum.

● Over-allotment involves sales by the underwriters of the Class A Ordinary Shares in excess of the number of Class A Ordinary Shares the underwriters are obligated to purchase, which creates a syndicate short position. The short position may be either a covered short position or a naked short position. In a covered short position, the number of Class A Ordinary Shares over-allotted by the underwriters is not greater than the number of Class A Ordinary Shares that they may purchase in the over-allotment option. In a naked short position, the number of Class A Ordinary Shares involved is greater than the number of Class A Ordinary Shares in the over-allotment option. The underwriters may close out any covered short position by either exercising their over-allotment option and/or purchasing Class A Ordinary Shares in the open market.

● Syndicate covering transactions involve purchases of Class A Ordinary Shares in the open market after the distribution has been completed in order to cover syndicate short positions. In determining the source of Class A Ordinary Shares to close out the short position, the underwriters will consider, among other things, the price of our Class A Ordinary Shares available for purchase in the open market as compared to the price at which they may purchase Class A Ordinary Shares through the over-allotment option. If the underwriters sell more Class A Ordinary Shares than could be covered by the over-allotment option, a naked short position, the position can only be closed out by buying Class A Ordinary Shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there could be downward pressure on the price of the Class A Ordinary Shares in the open market after pricing that could adversely affect investors who purchase in the offering.

● Penalty bids permit the underwriters to reclaim a selling concession from a syndicate member when the Class A Ordinary Shares originally sold by the syndicate member is purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions.

● In passive market making, market makers in the Class A Ordinary Shares who are the underwriters or prospective underwriter may, subject to limitations, make bids for or purchases of our Class A Ordinary Shares until the time, if any, at which a stabilizing bid is made.

These stabilizing transactions, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of the Class A Ordinary Shares or preventing or retarding a decline in the market price of Class A Ordinary Shares. As a result, the price of Class A Ordinary Shares may be higher than the price that might otherwise exist in the open market. These transactions may be effected on the NYSE American or otherwise, and, if commenced, may be discontinued at any time.

**Pricing of the Offering**

Prior to this offering, there has been no public market for our Ordinary Shares. The initial public offering price was determined by negotiations between us and the Representative. Among the factors considered in determining the initial public offering price were our future prospects and those of our industry in general, our sales, earnings and certain other financial and operating information in recent periods, and the price-earnings ratios, price-sales ratios, market prices of securities, and certain financial and operating information of companies engaged in activities similar to ours.

**Relationships**

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include the sales and trading of securities, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, financing, brokerage and other financial and non-financial activities and services. The underwriters and their respective affiliates may have, from time to time, performed, and may in the future perform, a variety of such activities and services for us and for persons or entities with relationships with us for which they received or will receive customary fees, commissions and expenses.

In the ordinary course of their various business activities, the underwriters and their respective affiliates, directors, officers and employees may at any time purchase, sell or hold a broad array of investments, and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments for their own accounts and for the accounts of their customers. Such investment and trading activities may involve or relate to our assets, securities and/or instruments (directly, as collateral securing other obligations or otherwise) and/or persons and entities with relationships with us. The underwriters and their respective affiliates may also communicate independent investment recommendations, market color or trading ideas and/or publish or express independent research views in respect of such assets, securities or instruments. In addition, the underwriters and their respective affiliates may at any time hold, or recommend to clients that they should acquire, long and short positions in such assets, securities and instruments.

We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may be required to make because of any of those liabilities.

**Selling Restrictions**

No action has been taken in any jurisdiction (except in the United States) that would permit a public offering of our Class A Ordinary Shares, or the possession, circulation or distribution of this prospectus or any other material relating to us or the Class A Ordinary Shares, where action for that purpose is required. Accordingly, the Class A Ordinary Shares may not be offered or sold, directly or indirectly, and neither this prospectus nor any other offering material or advertisements in connection with the Class A Ordinary Shares may be distributed or published, in or from any country or jurisdiction except in compliance with any applicable rules and regulations of any such country or jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

**EXPENSES OF THE OFFERING**

Set forth below is an itemization of the total expenses, excluding the underwriting discounts and commissions and non-accountable expense allowance, which are expected to be incurred in connection with the sale of Class A Ordinary Shares in this offering. With the exception of the registration fee payable to the SEC, the NYSE American listing fee and the filing fee payable to Financial Industry Regulatory Authority, Inc., or FINRA, all amounts are estimates.

---

| | |
|:---|:---|
| Securities and Exchange Commission Registration Fee | $2745 |
| NYSE American Listing Fee | $75000 |
| FINRA Filing Fee | $2125 |
| Legal Fees and Other Expenses | $441653 |
| Accounting Fees and Expenses | $73000 |
| Printing and Engraving Expenses | $9300 |
| Miscellaneous Expenses | $535490 |
| **Total** | $1139313 |

---

**LEGAL MATTERS**

The validity of the Class A Ordinary Shares offered in this Offering and certain other legal matters as to Cayman Islands law will be passed upon for us by Harney Westwood & Riegels Singapore LLP, our Cayman Islands counsel. Certain other legal matters as to United States Federal and New York State law in connection with this Offering will be passed upon for us by Loeb & Loeb LLP, New York, New York. Legal matters as to Singapore law will be passed upon for us by Rajah & Tann Singapore LLP. Certain legal matters as to U.S. federal securities law in connection with this Offering will be passed upon for the Underwriter by VCL Law LLP.

**EXPERTS**

The consolidated financial statements of Optimal AI Limited as of December 31, 2024 and 2023, and for the years then ended, have been audited by Assentsure PAC, located at Singapore, Independent Registered Public Accounting Firm, as set forth in their report elsewhere herein. Such consolidated financial statements have been so included in reliance upon such report given upon the authority of such firm as experts in accounting and auditing.

**ENFORCEMENT OF CIVIL LIABILITIES**

We are incorporated under the laws of the Cayman Islands. Service of process upon us and upon our directors and officers, many of whom reside outside of the United States, may be difficult to obtain within the United States. Furthermore, because substantially all of our assets and substantially all of our directors and officers are located outside the United States, any judgment obtained in the United States against us or any of our directors and officers may be difficult to collect within the United States.

We have irrevocably appointed Cogency Global Inc. as our agent to receive service of process in any action against us in any U.S. federal or state court arising out of this Offering or any purchase or sale of securities in connection with this Offering. The address of our agent is 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, NY 10168.

Harney Westwood & Riegels Singapore LLP ("**Harneys**"), our counsel as to Cayman Islands law, has advised us that there is uncertainty as to whether the courts of the Cayman Islands would (1) recognize or enforce judgments of U.S. courts obtained against us or our directors or officers that are predicated upon the civil liability provisions of the federal securities laws of the United States or the securities laws of any state in the United States, or (2) entertain original actions brought in the Cayman Islands against us or our directors or officers that are predicated upon the federal securities laws of the United States or the securities laws of any state in the United States.

Harneys has informed us that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are not a party to any treaties for the reciprocal enforcement or recognition of such judgments), a judgment obtained in such jurisdiction will be recognized and enforced in the courts of the Cayman Islands at common law, without any re-examination of the merits of the underlying dispute, by an action commenced on the foreign judgment debt in the Grand Court of the Cayman Islands, provided such judgment (i) is given by a foreign court of competent jurisdiction; (ii) imposes on the judgment debtor (a liability to pay a liquidated sum for which the judgment has been given); (iii) is final; (iv) is not in respect of taxes, a fine or a penalty; and (v) was not obtained by fraud and is not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands. However, the Cayman Islands courts are unlikely to enforce a judgment obtained from the U.S. courts under civil liability provisions of the U.S. federal securities law if such judgment is determined by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Because such a determination has not yet been made by a court of the Cayman Islands, it is uncertain whether such civil liability judgments from U.S. courts would be enforceable in the Cayman Islands. Subject to the above limitations, in appropriate circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of final foreign judgments such as declaratory orders, orders for performance of contracts and injunctions.

Also, our principal executive offices and substantially all of our assets are located in Singapore. In addition, most of our directors and officers are nationals or residents of Singapore and all or a substantial portion of their assets are located outside the United States. As a result, it may be difficult for investors to effect service of process within the United States upon us or these persons, or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.

An investor may or may not be able to commence an original action against us or our directors or officers, or any person, before the courts outside the United States to enforce liabilities under United States federal securities laws, depending on the nature of the action.

There is uncertainty as to whether judgments of courts in the United States based upon the civil liability provisions of the securities laws of the United States or any state or territory of the United States will be recognized or enforced by the Singapore courts, and there is doubt as to whether the Singapore courts will enter judgments in original actions brought in the Singapore courts based solely on the civil liability provisions of these securities laws. An *in personam* final and conclusive judgment in the federal or state courts of the United States under which a fixed or ascertainable sum of money is payable may generally be enforced as a debt in the Singapore courts under the common law as long as it is established that the Singapore courts have jurisdiction over the judgment debtor. However, the Singapore courts are unlikely to enforce a foreign judgment if (a) the foreign judgment is inconsistent with a prior local judgment that is binding on the same parties; (b) the enforcement of the foreign judgment would contravene the public policy of Singapore; (c) the proceedings in which the foreign judgment was obtained were contrary to principles of natural justice; (d) the foreign judgment was obtained by fraud; or (e) the enforcement of the foreign judgment amounts to the direct or indirect enforcement of a foreign penal, revenue or other public law.

In particular, the Singapore Courts may potentially not allow the enforcement of any foreign judgment for a sum payable in respect of taxes, fines, penalties or other similar charges, including the judgments of courts in the United States based upon the civil liability provisions of the securities laws of the United States or any state or territory of the United States. In respect of civil liability provisions of the United States federal and state securities laws that permit punitive damages against us and our directors or executive officers, we are unaware of any decision by the Singapore courts that has considered the specific issue of whether a judgment of a United States court based on such civil liability provisions of the securities laws of the United States or any state or territory of the United States is enforceable in Singapore.

Further, all of our Directors and officers reside outside the United States. In addition, a majority of our assets and the assets of such persons are located outside the United States. As a result, it may be difficult to enforce in the United States any judgment obtained in the United States against us or any of such persons, including judgments based on the civil liability provisions of the U.S. securities laws. In addition, in original actions brought in courts in jurisdictions located outside the United States, it may be difficult for investors to enforce liabilities based upon U.S. securities laws.

Accordingly, there can be no assurance that the Singapore courts would enforce against us, our Directors and/or our officers, judgments obtained in the United States which based on the civil liability provisions of the federal securities laws of the United States.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed with the SEC a Registration Statement on Form F-1 under the Securities Act, including amendments and relevant exhibits and schedules, covering the Class A Ordinary Shares to be sold in this Offering. This prospectus, which constitutes a part of the registration statement on Form F-1, does not contain all of the information contained in the registration statement. You should read our registration statement and its exhibits and schedules thereto for further information with respect to us and the Class A Ordinary Shares. For further information about us and the Class A Ordinary Shares that we propose to sell in this Offering, we refer you to the registration statement and the exhibits, schedules, financial statements and notes filed as a part of the registration statement. Statements contained in this prospectus as to the contents of any contract or other document filed as an exhibit to the registration statement are not necessarily complete. If a contract or document has been filed as an exhibit to the registration statement, we refer you to the copy of the contract or document that has been filed as an exhibit to the registration statement. Each statement in this prospectus relating to a contract or document filed as an exhibit is qualified in all respects by the filed exhibit. The exhibits to the registration statement should be referenced for the complete contents of these contracts and documents.

Our SEC filings, including the Registration Statement on Form F-1, are also available to you on the SEC's website at *http://www.sec.gov*.

As a result of this Offering, we will become subject to the reporting, proxy and information requirements of the Exchange Act, as applicable to foreign private issuers, and as a result will be required to file periodic reports, proxy statements and other information with the SEC. These periodic reports, proxy statements and other information will be available for inspection and copying at the SEC's public reference room and the website of the SEC referred to above, as well as on our website, without charge, at www.optimalai.com.sg. You may access our annual reports on Form 20-F and other reports filed with the SEC, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act with the SEC free of charge as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. The contents of our website are not part of this prospectus, and you should not consider the contents of our website in making an investment decision with respect to our Class A Ordinary Shares.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **PAGE** |
| [Report of Independent Registered Public Accounting Firm (PCAOB ID: 6783)](#b_001) | F-2 to F-3 |
| [Consolidated Balance Sheets as of December 31, 2023 and 2024](#b_002) | F-4 |
| [Consolidated Statements of Operations and Comprehensive Loss for the Financial Years Ended December 31, 2023 and 2024](#b_003) | F-5 |
| [Consolidated Statements of Changes in Shareholders' Equity for the Financial Years Ended December 31, 2023 and 2024](#b_004) | F-6 |
| [Consolidated Statements of Cash Flows for the Financial Years Ended December 31, 2023 and 2024](#b_005) | F-7 |
| [Notes to Consolidated Financial Statements](#b_006) | F-8 to F-27 |

---

**INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **PAGE** |
| [Unaudited Interim Condensed Consolidated Balance Sheets as of December 31, 2024 and June 30, 2025](#b_007) | F-28 |
| [Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss for the Six-month Period Ended June 30, 2024 and 2025](#b_008) | F-29 |
| [Unaudited Interim Condensed Consolidated Statements of Stockholders' Equity for the Six-month Period Ended June 30, 2024 and 2025](#b_009) | F-30 |
| [Unaudited Interim Condensed Consolidated Statements of Cash Flows for the Six-month Period Ended June 30, 2024 and 2025](#b_010) | F-31 |
| [Notes to Unaudited Interim Condensed Consolidated Financial Statements](#b_011) | F-32 to F-51 |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

The reorganization, as it relates to the transfer of the equity interests in Optimal AI Pte. Ltd. to Optimal AI Limited, as described in Note 1 to the consolidated financial statements, has not been consummated as of December 30, 2025. Once it has been consummated, and after considering the impact of the reorganization under common control on the capital structure of Optimal AI Limited, we will be in a position to furnish the following report.

 

 */s/* Assentsure PAC

Singapore

September 2, 2025, except for non-controlling interest share of foreign currency translation reserve which is dated November 14, 2025, and the matters described in Note 1 relating to the reorganization under common control and number of shares which is dated December 30, 2025.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To The Shareholders and Board of Directors of

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

*Opinion on the Financial Statements*

We have audited the accompanying consolidated balance sheets of Optimal AI Limited and its subsidiaries (collectively referred to as the "Company") as of December 31, 2023 and 2024, the related consolidated statements of operations and comprehensive loss, changes in shareholders' equity and cash flows for each of the two years in the period ended December 31, 2024 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2024, and the results of its operations, changes in shareholders' equity and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

*Basis for Opinion*

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

*/s/* Assentsure PAC

We have served as the Company's auditor since 2025.

Singapore

September 2, 2025, except for non-controlling interest share of foreign currency translation reserve which is dated November 14, 2025, and the matters described in Note 1 relating to the reorganization under common control and number of shares which is dated December 30, 2025.

PCAOB ID: 6783

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,**<br>**2023** | **December 31,**<br>**2024** | **December 31,**<br>**2024** |
|  | **SGD** | **SGD** | **USD** |
|  | | | **Note 2(e)** |
| **ASSETS** |  |  |  |
| **CURRENT ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 472493 | 214267 | 156834 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 500825 | 6723 | 4921 |
| &nbsp;&nbsp;&nbsp;Deposits, prepayments and other receivables | 401400 | 78297 | 57310 |
| &nbsp;&nbsp;&nbsp;Inventory | 75909 | 44528 | 32593 |
| **Total current assets** | 1450627 | 343815 | 251658 |
| **NON-CURRENT ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Equipment, net | 67169 | 31498 | 23055 |
| &nbsp;&nbsp;&nbsp;Other assets | 653 |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 73 | 45 | 33 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets, net | 109493 | 47360 | 34665 |
| **Total non-current assets** | 177388 | 78903 | 57753 |
| **TOTAL ASSETS** | 1628015 | 422718 | 309411 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
| **CURRENT LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | 158328 |  |  |
| &nbsp;&nbsp;&nbsp;Other payables and accrued liabilities | 1081666 | 132294 | 96833 |
| &nbsp;&nbsp;&nbsp;Amount due to controlling shareholder | 50076 | 50076 | 36653 |
| &nbsp;&nbsp;&nbsp;Bank loan, current | 38503 | 38503 | 28183 |
| &nbsp;&nbsp;&nbsp;Lease liability, current | 63210 | 49950 | 36561 |
| **Total current liabilities** | 1391783 | 270823 | 198230 |
| **NON-CURRENT LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank loans, non-current | 141943 | 106303 | 77809 |
| &nbsp;&nbsp;&nbsp;Convertible loan | 100000 | 100000 | 73196 |
| &nbsp;&nbsp;&nbsp;Lease liability, non-current | 49950 | - | - |
| **Total non-current liabilities** | 291893 | 206303 | 151005 |
| **TOTAL LIABILITIES** | 1683676 | 477126 | 349235 |
| COMMITMENTS AND CONTINGENCIES |  |  |  |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Class A ordinary shares, Class B shares, US$0.0001 par value, 490,000,000 Class A ordinary shares and 10,000,000 Class B ordinary shares authorized, 19,975,000 Class A ordinary share issued and outstanding, 1,275,000 Class B ordinary share issued and outstanding as of December 31, 2023 and 2024, respectively\*\* | \* | \* | \* |
| Additional paid-up capital | 510002 | 510002 | 373300 |
| Non-controlling interests | (8341) | (3763) | (2754) |
| Foreign currency translation reserve | (4356) | 9416 | 6892 |
| Accumulated deficits | (552966) | (570063) | (417262) |
| Total shareholders' equity | (55661) | (54408) | (39824) |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | 1628015 | 422718 | 309411 |

---

\* Denote less than SGD 1

\*\* Giving retroactive effect to reflect reorganization which is expected to complete prior to the Company's listing. See Note 1.

The accompanying notes are an integral part of these consolidated financial statements.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **USD** |
|  | | | Note 2(e) |
| OPERATING REVENUES |  |  |  |
| &nbsp;&nbsp;&nbsp;Configuration services | 945817 | 1158516 | 847984 |
| &nbsp;&nbsp;&nbsp;Hardware rental and sales | 113901 | 338020 | 247416 |
| &nbsp;&nbsp;&nbsp;Maintenance services | 33753 | 71183 | 52103 |
| &nbsp;&nbsp;&nbsp;License subscription | 26308 | 63847 | 46733 |
| Total operating revenues | 1119779 | 1631566 | 1194236 |
| COST OF REVENUES | (846942) | (855777) | (626392) |
| **GROSS PROFIT** | **272837** | **775789** | **567844** |
| OPERATING EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing expenses | (321023) | (380714) | (278666) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (306172) | (465029) | (340381) |
| Total operating expenses | (627195) | (845743) | (619047) |
| **LOSS FROM OPERATIONS** | **(354358)** | **(69954)** | **(51203)** |
| OTHER INCOME/(EXPENSE) |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (17087) | (16929) | (12391) |
| &nbsp;&nbsp;&nbsp;Other income, net | 103345 | 61865 | 45283 |
| Total other income, net | 86258 | 44936 | 32892 |
| **LOSS BEFORE INCOME TAX** | **(268100)** | **(25018)** | **(18311)** |
| PROVISION FOR INCOME TAX |  |  |  |
| &nbsp;&nbsp;&nbsp;Current tax expense | (1472) | (733) | (537) |
| Total provision for income tax | (1472) | (733) | (537) |
| **NET LOSS** | **(269572)** | **(25751)** | **(18848)** |
| *NET LOSS ATTRIBUTABLE TO:* |  |  |  |
| Shareholders of the Company | (137482) | (17097) | (12514) |
| Non-controlling interest | (132090) | (8654) | (6334) |
|  | **(269572)** | **(25751)** | **(18848)** |
| *Foreign currency translation (loss)/income* |  |  |  |
| Attribute to shareholder of the Company | (3490) | 13772 | 10081 |
| Attribute to non-controlling interest | (3354) | 13232 | 9685 |
|  | (6844) | 27004 | 19766 |
| WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted\* | 19975000 | 19975000 | 19975000 |
| EARNINGS PER SHARE |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | (0.01) | (0.001) | (0.001) |

---

\* Giving retroactive effect to reflect reorganization which is expected to complete prior to the Company's listing. See Note 1.

The accompanying notes are an integral part of these consolidated financial statements.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares,** | **Ordinary Shares,** | **Ordinary Shares,** | **Ordinary Shares,** | | | | | |
|  | **Class A No.**<br>**of shares\*\*** |<br>**Amount** | **Class B No.**<br> **of shares** |<br>**Amount** |<br>**Additional<br> **paid-in**<br>**capital** |<br>**Foreign<br> **currency**<br>**translation** |<br>**Accumulated**<br>**deficits** |<br>**Non-<br> **controlling**<br>**interests** |<br>**Total<br> **Shareholders'**<br>**Equity** |
|  | | **SGD** | | **SGD** | **SGD** | **SGD** | **SGD** | **SGD** | **SGD** |
| Balance as of January 1, 2023 | 19975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | 1275000 | \* | 510002 | (866) | (415484) | 127102 | 220754 |
| Net loss for the year |  |  |  |  |  |  | (137482) | (132090) | (269572) |
| Other comprehensive loss for the year | - | - | - | - | - | (3490) | - | (3354) | (6844) |
| Balance as of December 31, 2023 | 19975000 | \* | 1275000 | \* | 510002 | (4356) | (552966) | (8341) | (55661) |
| Balance as of January 1, 2024 | 19975000 | \* | 1275000 | \* | 510002 | (4356) | (552966) | (8341) | (55662) |
| Net income for the year |  |  |  |  |  |  | (17097) | (8654) | (25751) |
| Other comprehensive income for the year | - | - | - | - | - | 13772 | - | 13232 | 27004 |
| Balance as of December 31, 2024 | 19975000 | \* | 1275000 | \* | 510002 | 9416 | (570063) | (3763) | (54408) |
| Balance as of December 31, 2024 (USD) (Note 2(e)) | 19975000 | \* | 1275000 | - | 373300 | 6892 | (417262) | (2754) | (39824) |

---

\* Denote less than SGD1

\*\* Giving retroactive effect to reflect reorganization which is expected to complete prior to the Company's listing. See Note 1.

The accompanying notes are an integral part of these consolidated financial statements.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **USD** |
|  | | | Note 2(e) |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | (269572) | (25751) | (18848) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of equipment | 62269 | 39911 | 29213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortisation of right-of-use assets | 87561 | 62133 | 45479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivables, net | (111809) | 494102 | 361662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | (60523) | 31381 | 22970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits, prepayments and other receivables | (283243) | 323783 | 236995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 142814 | (158328) | (115889) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables and accrued liabilities | 573490 | (949372) | (694900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease obligation | (86521) | (63210) | (46267) |
| &nbsp;&nbsp;&nbsp;Net cash provided by/(used in) operating activities | 54466 | (245351) | (179585) |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of equipment | (8739) | (4586) | (3357) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of equipment | - | 347 | 254 |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities | (8739) | (4239) | (3103) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from bank loan | 200000 |  |  |
| &nbsp;&nbsp;&nbsp;Repayment to bank loans | (19554) | (35640) | (26087) |
| &nbsp;&nbsp;&nbsp;Net cash provided by/(used in) financing activities | 180446 | (35640) | (26087) |
| &nbsp;&nbsp;&nbsp;Effect of exchange rate changes | (6844) | 27004 | 19765 |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | 219329 | (258226) | (189010) |
| CASH AND CASH EQUIVALENTS, at beginning of year | 253164 | 472493 | 345845 |
| CASH AND CASH EQUIVALENT end of year | 472493 | 214267 | 156835 |
| SUPPLEMENTAL CASH FLOW INFORMATION: |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest expense | 8666 | 12736 | 9322 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 1—Nature of business and organization**

Optimal AI Pte. Ltd. ("OAPL") is an investment holding company incorporated on July 13, 2024 in Singapore with limited liability. The Company conducts its primary operations through its subsidiaries that are incorporated and domiciled in Singapore namely Hiverlab Pte Ltd ("Hiverlab") and Hiverlab International Pte Ltd and another subsidiary incorporated and domiciled in Vietnam namely Hiverlab Vietnam Co. Ltd. The Company, through these subsidiaries, is a provider of customized software, technology solutions and applications. The Company's headquarter is located in Singapore. All of the Company's business activities are carried out in Singapore and Vietnam.

***Organization***

 

*Optimal AI Limited*

As part of the reorganization for the purpose of listing, Optimal AI Limited (the "Company" or "OAL") was incorporated in the Cayman Islands on June 27, 2025 under the Companies Act as an exempted company with limited liability. The authorized share capital was USD 50,000 divided into 500,000,000 ordinary shares, par value USD 0.0001 each at the time of incorporation and the initial 1 ordinary share was transferred to Mr Lai Kee Chwee on the date of incorporation for cash at par. On August 20, 2025, the Company passed written resolutions to re-classify its then existing authorized shares. Subsequent to the registration of the Amended and Restated Memorandum and Articles with the Cayman Registrar of Corporate Affairs, the Company is authorized to issue up to a maximum of 490,000,000 Class A ordinary shares and up to a maximum of 10,000,000 Class B ordinary shares with par value of USD 0.0001 respectively. The 1 ordinary share held by Mr Lai Kee Chwee has been redesignated into Class A ordinary share by the Company.

*Optimal AI Pte. Ltd.*

On July 13, 2024, Optimal AI Pte. Ltd. ("OAPL") was incorporated in Singapore with limited liability. OAPL is authorized to issue a maximum of 25,000,000 shares of a single class and the initial 2 shares were issued to Mr Lai Kee Chwee and Mr Lee Kunfeng Daniel on the date of incorporation for cash.

***Share Swap Arrangement***

On September 30, 2024, Optimal Investment Limited ("OIL") and Mr Jiang Shutao with percentage ownership in Hiverlab of 17.96% (representing 12,500 ordinary shares) and 58.72% (representing 40,868 ordinary shares) respectively, entered into share swap agreements pursuant to which OIL and Mr Jiang transferred their percentage ownership of 17.96% (representing 12,500 ordinary shares) and 33.04% (representing 22,996 ordinary shares) shareholding interest respectively in Hiverlab to OAPL for the consideration of OAPL allotting and issuing 18,549,998 ordinary shares (representing 74.2% of percentage ownership) and 6,200,000 ordinary shares (representing 24.8% of percentage ownership) to OIL and Mr Jiang. Upon completion of the share swap whereby, OAPL owns 51% of shareholding interest in Hiverlab as our indirect owned subsidiary. Nonetheless, prior to the share swap, OAPL has joint control arrangement with Mr Jiang Shutao in Hiverlab by virtue of a concert party deed signed by both parties.

***Reorganization***

The Company is expected to complete an internal reorganization prior to the Company's listing on NYSE American, which will involve the subscription by the shareholders of OAPL of certain shares in the Company in consideration of the transfer of their equity interest in OAPL to the Company. Prior to the reorganization, OAPL was directly owned and controlled by OIL, Mr Jiang Shutao and the other existing shareholders with percentage ownership of 74.2% (representing 18,549,898 ordinary shares), 24.8% (representing 6,200,000 ordinary shares) and 1% (representing 250,002 ordinary shares), respectively. As a result of share swaps and related issuances by and among, OIL, Mr Jiang Shutao and the other existing shareholders, whereby OAPL is ultimately expected to become an immediate subsidiary of the Company. OIL is expected to own 7,650,000 Class A ordinary shares and 1,275,000 Class B ordinary shares, which represents 42.0% ownership of the Company. Mr Jiang Shutao is expected to own 5,270,000 Class A ordinary shares, which represents 24.8% ownership of the Company. Other existing shareholders from OAPL, will own in total 7,055,000 Class A ordinary shares, which represents 33.2% of the Company, after internal reorganization is completed.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

The Company has accounted for these re-organizations as a transfer of assets between entities under common control in accordance with ASC 805-50-50-3 to 4 because economic interests of OAL, Mr Jiang Shutao and the other existing shareholders remained the same immediate before and after the reorganization, as such the accompanying financial statements include the results of operations of Hiverlab for two operating periods in accordance with guidance set forth in ASC 805-50-45-2 to 5. The consolidated financial statements are prepared on the basis as if the reorganization became effective as of the beginning of the first period presented in the accompanying consolidated financial statements of the Company.

The consolidated financial statements are prepared based on the basis as if the reorganization has been accounted for as a business combination among entities under common control since the same controlling shareholders controlled Hiverlab before and after the reorganization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the abovementioned transactions had became effective as of the beginning of the first period presented in the accompanying consolidated financial statements of the Company. Results of operations for the periods presented comprise of the previously separate entities combined from the beginning of the period to the end of the period eliminating the effects of intra entity transactions.

The consolidated financial statements reflect the activities of each of the following entities:

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Background** | **Ownership** | **Principal activity** |
| Optimal AI Limited | ● A Cayman company<br> ● Incorporated on June 27, 2025 |  | Investment holding |
| Optimal AI Pte. Ltd. | ● A Singapore company <br>● Incorporated on July 13, 2024 |  | Singapore-based group operating company |
| Hiverlab Pte Ltd | ● A Singapore company <br>● Incorporated on February 18, 2014 | 51% owned by OAPL | Provider of customized software, technology solutions and applications |
| Hiverlab Vietnam Co. Ltd | ● A Vietnam company <br>● Incorporated on July 6, 2021 | 100% owned by Hiverlab | Sales of hardware |
| Hiverlab International Pte Ltd | ● A Singapore company <br>● Incorporated on November 18, 2022 | 100% owned by Hiverlab | Provision of information technology consultancy |

---

The accompanying financial statements are presented assuming that the Company was in existence at the beginning of the first period presented.

**Note 2—Summary of significant accounting policies**

<u>(a) Basis of presentation</u>

The accompanying consolidated financial statements of Optimal AI Pte. Ltd. have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and applicable rules and regulations of the Securities and Exchange Commission ("SEC").

<u>(b) Principles of consolidation</u>

The consolidated financial statements include the financial statements of the Company and its subsidiaries. All inter-company transactions have been eliminated upon consolidation.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

<u>(c) Use of estimates and assumptions</u>

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company's consolidated financial statements include the useful lives of equipment, impairment of long-lived assets, allowance for credit loss and valuation allowance of deferred taxes. Actual results could differ from these estimates and assumptions that were used.

As of the date of issuance of the consolidated financial statements, the Company is not aware of any specific event or circumstance that would require it to update its estimates, its judgments, or the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates, and any such differences may be material to the Company's consolidated financial statements.

<u>(d) Foreign currency translation and transaction</u>

The Company uses Singapore Dollars ("SGD") as its reporting currency. The functional currency of the Company is United States Dollars ("USD") and its subsidiaries which are incorporated in Singapore and Vietnam are SGD and Vietnamese Dong, respectively, which are its respective local currency based on the criteria of ASC 830, "Foreign Currency Matters".

Foreign currency transactions denominated in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the applicable exchange rates at the balance sheet dates. Net gains and losses resulting from foreign exchange transactions are included in exchange gains/(losses) on the consolidated statements of loss and comprehensive loss.

Foreign currency translation — The financial statements of subsidiaries whose functional currency differs from the Company's reporting currency are translated into the reporting currency using the current-rate method. Assets and liabilities are translated at exchange rates prevailing at the balance sheet date, while revenues and expenses are translated at average exchange rates for the period. Resulting translation differences are recorded in Other Comprehensive Income ("OCI") and accumulated within the Foreign Exchange Translation Reserve under equity.

In accordance with ASC 830-30-45-17, the cumulative translation adjustments are attributed to both the parent and the non-controlling interest based on their respective ownership interests. Such translation differences are not included in the determination of net income until the disposal of the foreign operations.

<u>(e) Convenience translation</u>

Translations of balances in the consolidated balance sheets, consolidated statements of operations, consolidated statements of changes in shareholders' equity and consolidated statements of cash flows from SGD into USD as of December 31, 2024 are solely for the convenience of the readers and are calculated at the rate of USD1.00=SGD1.3662, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2024. No representation is made that the SGD amounts could have been, or could be, converted, realized or settled into USD at such rate, or at any other rate.

<u>(f) Cash and cash equivalents</u>

Cash primarily consists of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use. The Company maintains most of its bank accounts in Singapore.

<u>(g) Accounts receivable, net</u>

Accounts receivable is recorded in accordance with ASC 310, "Receivables." Accounts receivable is recorded at the invoiced amount and do not bear interest. The expected credit loss accounts is the Company's best estimate of the amount of expected credit losses in its existing accounts receivable and other receivables. The Company determines the allowance based on aging data, historical collection experience, customer specific facts and economic conditions. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company did not have any off-balance sheet credit exposure relating to its customers, suppliers or others. For the year ended December 31, 2024 and 2023, the provision for estimated credit loss on receivable are $42,782 (USD 31,315) and nil respectively.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

<u>(h) Deposit, prepayments and other receivables</u>

Deposits are mainly for rent. These amounts are refundable and bear no interest. The short-term deposits usually have one year term and are refundable upon contract termination. Pursuant to ASC340-10, prepayments refer to payments made in advance to vendors or service providers for services that are yet to be rendered, including prepayment of rent for office. These amounts are refundable and bear no interest. As of December 31, 2023 and 2024, the prepaid expenses amounted to SGD 9,050 and nil respectively. Other receivables are unsecured and relate to receivables from third parties. Management reviews its prepayments and other receivables on a regular basis to determine if the allowance is adequate and adjusts the allowance when necessary. The Company determined that no allowance was deemed necessary for years ended December 31, 2023 and 2024.

<u>(i) Inventory</u>

Inventories are comprised of hardware products that is for sale and are stated at the lower of cost or net realizable value using the first-in-first-out (FIFO) method. Management reviews inventories for obsolescence and cost in excess of net realizable value periodically when appropriate and records a reserve against the inventory when the carrying value exceeds net realizable value. As of December 31, 2024 and 2023, the Company's inventory amounted to SGD 44,528 (USD 32,593) and SGD 75,909, respectively. No allowance for inventory valuation or obsolescence loss was recognized for both years.

<u>(j) Short-term deposits</u>

Short-term deposits are mainly for rent, utilities and money deposited with certain suppliers. These amounts are refundable and bear no interest. The short-term deposits usually have one year term and are refundable upon contract termination.

<u>(k) Equipment, net</u>

Equipment, net are stated at cost less accumulated depreciation and impairment if applicable. Depreciation is computed using the straight-line method after consideration of the estimated useful lives. The estimated useful lives are as follows:

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| | |
|:---|:---|
|  | **Useful Life** |
| Hardware equipment | 4 years |
| Leasehold improvements | 5 years |
| Furniture and fittings | 4 years |

---

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statements of operations. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

<u>(l) Impairment for long-lived assets</u>

Long-lived assets, including equipment with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognizes an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of December 31, 2023 and 2024, no impairment of long-lived assets was recognized.

<u>(m) Fair value measurement</u>

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

● Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.

● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value.

Cash and cash equivalents, accounts receivable, net, deposits, prepayment other receivables, accounts payable, other payables and accrued liabilities, amount due to controlling shareholder are subject to fair value measurement; however, because of their being short term in nature management believes their carrying values approximate their fair value. Financial instruments are fair value financial assets that are marked to fair value and are accounted for under as Level 3 under the above hierarchy. The Company accounts for bank loans and convertible loan at amortized cost and has elected not to account for them under the fair value hierarchy.

<u>(n) Revenue recognition</u>

Effective July 1, 2019, the Company adopted ASC Topic 606, Revenue from Contracts with Clients, which replaced ASC Topic 605, using the modified retrospective method of adoption. Results for reporting periods beginning after July 1, 2019 are presented under ASC Topic 606 while prior period amounts are not adjusted and continue to be presented under the Company's historic accounting under ASC Topic 605. The Company's accounting for revenue remains substantially unchanged. There were no cumulative effect adjustments for service contracts in place prior to July 1, 2019. The effect from the adoption of ASC Topic 606 was not material to the Company's consolidated financial statements.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

The five-step model defined by ASC Topic 606 requires the Company to (1) identify its contracts with clients, (2) identify its performance obligations under those contracts, (3) determine the transaction prices of those contracts, (4) allocate the transaction prices to its performance obligations in those contracts and (5) recognize revenue when each performance obligation under those contracts is satisfied. Revenue is recognized when promised goods or services are transferred to the client in an amount that reflects the consideration expected in exchange for those goods or services.

The Company applied practical expedient when sales taxes were collected from clients, meaning sales tax is recorded net of revenue, instead of cost of revenue, which are subsequently remitted to governmental authorities and are excluded from the transaction price. The Company does not offer rights of refund of previously paid or delivered amounts, rebates, rights of return or price protection. In all instances, the Company limits the amount of revenue recognized to the amounts for which it has the right to bill its' clients.

The Company derives its revenues from four sources: (1) revenue from configuration services, (2) revenue from license subscription, (3) revenue from maintenance services, and (4) revenue from hardware rental and sales. All of the Company's contracts with clients do not contain cancellable and refund-type provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Configuration services

The contract is typically fixed priced and does not provide any post contract client support or upgrades. The Company customize and configure their AI suite and AI application based on clients' specific needs which require the Company to perform services including design, development, and integration. Upon delivery of the services, client acceptance is generally required. The Company assesses that configuration service is considered as one performance obligation as the clients do not obtain benefit for each separate service. The duration of the configuration period is short, usually less than one year.

The Company's configuration service revenues are generated primarily from contracts with government or related agencies and state-owned enterprises. The contracts contain negotiated billing terms which generally include multiple payment phases throughout the contract term and a portion of contract amount usually is billed upon the completion of the related projects. Pursuant to the contract terms, the Company has enforceable right on payments for the work performed.

The Company's revenue from configuration service contracts is generally recognized at point in time as the Company's performance obligation is completed and the control is transferred to the Company's clients. The Company uses an output method based on completion of performance obligation as the Company believes that this method most accurately reflects the Company's revenue recognition based on satisfaction of the performance obligation, which usually takes less than one year.

In certain configuration service arrangements, the Company sells equipment to be customized and integrated with the configured software. The Company assesses that the customized equipment and service are interdependent and highly interrelated. In these cases, the Company controls the customized equipment before it is transferred to the clients. The Company has the right to direct the suppliers and control the goods or assets transferred to its clients. Thus, the Company considers it should recognize revenue as a principal in the gross amount of consideration to which it is entitled in exchange for the customized equipment delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) License subscription

Revenue from license subscription is primarily comprised of fixed-fee contracts, which require the Company to provide product licensing services with their AI suite and AI application over contract terms beginning on the commencement date of each contract, which is the date its service is made available to clients. Billings to the clients are generally on a monthly or annually basis over the contract term, which is typically 1 to 12 months. The license subscription contracts typically include a single performance obligation. The revenue is recognized over the contract term as clients receive and consume benefits as such services are provided.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Maintenance services

Revenue from maintenance services is primarily comprised of fixed-fee contracts, which require the Company to provide support and maintenance services over contract terms beginning on the commencement date of each contract, which is the date its service is made available to clients. Billings to the clients are generally on a monthly or yearly basis over the contract term, which is typically 1 to 12 months. The maintenance services contracts typically include a single performance obligation. The revenue is recognized over the contract term as clients receive and consume benefits as such services are provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Hardware rental and sales

The Company typically enters into a rental agreement with its client where the rights of the parties, including rental period, payment terms, are identified and rental fees to the clients are fixed with no separate sales rebate, discount, or other incentive and no right of refund exist in the agreement. The Company's performance obligation is to deliver products according to the agreement specifications and period. The Company recognizes the rental of hardware revenue over the rental period as client receive and consume benefit of such services as provided.

The Company engages in sale of VR/AR hardware and related accessories. The Company typically enters into contracts with its client where the rights of the parties, including payment terms, are identified and sales prices to the clients are fixed with no separate sales rebate, discount, or other incentive and no right of return exists on sales of inventory. The Company's performance obligation is to deliver products according to contract specifications. The Company recognizes hardware sale revenue at a time when the control of products is transferred to clients.

Revenue includes reimbursements of travel and out-of-pocket expense, with equivalent amounts of expense recorded in cost of revenue.

*Practical Expedient and Exemptions*

The Company does not disclose the value of unsatisfied performance obligations within one year by applying the right to invoice practical expedient provided by ASC 606-10-55-18.

<u>(o) Cost of Revenue</u>

Cost of revenue consists primarily of personnel costs (including salaries and benefits) for employees associated with technical support and subcontractors, professional services organizations, cost of hardware, third party license fees and allocable overhead.

<u>(p) Selling and marketing expenses</u>

Selling and marketing expenses mainly consist of promotion and marketing expenses and transportation expenses. The Company does not carry any capitalized contract acquisition costs that would be amortized to its results of operations over time, and potential expenses related to customer and contract acquisitions costs if any are accounted for as periodic costs.

<u>(q) General and administrative expenses</u>

General and administrative expenses mainly consist of staff costs, depreciation or amortization, office supplies and upkeep expenses, travelling and entertainment, legal and professional fees, property and related expenses, other miscellaneous administrative expenses.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

<u>(r) Operating leases</u>

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets, operating lease liability, and operating lease liability, non-current in the Company's consolidated balance sheets. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company's leases do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company has elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise, the Company elected not to apply ASC 842 recognition requirements; and (ii) the Company elected to apply the package of practical expedients for existing arrangements entered into prior to January 1, 2019 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and (c) initial direct costs.

<u>(s) Income taxes</u>

The Company accounts for income tax in accordance with U.S. GAAP. Under the asset and liability method as required by this accounting standard, the recognition of deferred income tax liabilities and assets for the expected future tax consequences of temporary differences between the income tax basis and financial reporting basis of assets and liabilities. Provision for income taxes consists of taxes currently due plus deferred tax.

The charge for taxation is based on the results for the fiscal year as adjusted for items which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled.

Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

An uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. No penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. The Company had no uncertain tax positions for the years ended December 31, 2023 and 2024. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

<u>(t) Loss per share</u>

Basic loss per share is computed by dividing net loss attributable to the holders of ordinary shares by the weighted average number of ordinary shares outstanding during the period presented. Diluted loss per share is calculated by dividing net loss attributable to the holders of ordinary shares as adjusted for the effect of dilutive ordinary share equivalents, if any, by the weighted average number of ordinary shares and dilutive ordinary share equivalents outstanding during the period. However, ordinary share equivalents are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive, such as in a period in which a net loss is recorded.

<u>(u) Employee benefit</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Defined contribution plan

The Company participates in the national pension schemes as defined by the laws of Singapore's jurisdictions in which it has operations. Contributions to defined contribution pension schemes are recognized as an expense in the period in which the related service is performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Employee leave entitlement

Employee entitlements to annual leave are recognized as a liability when they are accrued to the employees. The undiscounted liability for leave expected to be settled wholly before twelve months after the end of the reporting period is recognized for services rendered by employees up to the end of the reporting period.

<u>(v) Related parties</u>

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence, such as a family member or relative, shareholder, or a related corporation.

<u>(w) Commitments and Contingencies</u>

In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical performance and the specific facts and circumstances of each matter.

<u>(x) Concentration of Risks</u>

Concentration of credit risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company places its cash with financial institutions with high-credit ratings and quality.

Accounts receivable primarily comprise of amounts receivable from the service clients. To reduce credit risk, the Company performs on-going credit evaluations of the financial condition of these service clients. The Company establishes an allowance for credit loss accounts based upon estimates, factors surrounding the credit risk of specific service clients and other information.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

Concentration of clients

As of December 31, 2 2024, three clients, Company A, Company B and Company C, accounted for 50.49%, 22.90% and 16.51% of the Company's total accounts receivable respectively. As of December 31, 2023, four clients, Company D, Company E, Company F and Company J accounted for 34.08%, 24.24%, 22.49% and 13.06% of the Company's total accounts receivable respectively.

For the year ended December 31, 2024, four clients, Company D, Company E, Company F and Company G, and accounted for 11.91%, 13.04%, 45.06% and 19.12% of the Company's total revenues respectively. For the year ended December 31, 2023, three clients, Company H, Company I and Company J accounted for 32.63%, 13.48% and 12.68% of the Company's total revenues respectively.

Concentration of vendors

As of December 31, 2024, the accounts payable for the Company is nil. As of December 31, 2023, two vendors, Company K and Company L accounted for 55.21% and 37.20% of the Company's total account payable respectively.

For the year ended December 31, 2024, two vendors, Company L and Company M accounted for 27.94% and 24.28% of the Company's total purchase respectively. For the year ended December 31, 2023, three vendors, Company M, Company K and Company L accounted for 31.78%, 23.85 and 16.07% of the Company's total purchase respectively.

<u>(y) Segment reporting</u>

ASC 280, "Segment Reporting", establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organizational structure as well as information about geographical areas, business segments and major clients in the consolidated financial statements for detailing the Company's business segments. Based on the criteria established by ASC 280, the Company's chief operating decision maker ("CODM") has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company. As a whole and hence, the Company has only one reportable segment. The Company does not distinguish between markets or segments for the purpose of internal reporting. As the Company's long-lived assets are substantially located in Singapore, no geographical segments are presented.

<u>(z) Recently issued accounting pronouncements</u>

The Company is an "emerging growth company" ("EGC") as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

In December 2023, the FASB issued ASU 2024-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Under this ASU, public entities must annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). This ASU's amendments are effective for all entities that are subject to Topic 740, Income Taxes, for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this pronouncement on our disclosures.

Other accounting standards that have been issued by the FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures.

**Note 3—Operating Revenues**

Revenues are recognized when control of the promised services and deliverables are transferred to the Company's clients in an amount that reflects the consideration which the Company expects to be entitled to and receive in exchange for services and deliverables rendered.

The following table presents the Company's revenues disaggregated by service lines for the years ended December 31, 2023 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **USD** |
| Configuration services | 945817 | 1158516 | 847984 |
| &nbsp;&nbsp;&nbsp;Hardware rental and sales | 113901 | 338020 | 247416 |
| &nbsp;&nbsp;&nbsp;Maintenance Services | 33753 | 71183 | 52103 |
| &nbsp;&nbsp;&nbsp;License subscription | 26308 | 63847 | 46733 |
| Total revenues | 1119779 | 1631566 | 1194236 |

---

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

The following table presents the Company's revenues disaggregated by the timing of revenue recognition for the years ended December 31, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **USD** |
| Services and deliverables transferred at a point in time | 1059719 | 1496536 | 1095400 |
| Services and deliverables transferred over time | 60060 | 135030 | 98836 |
| Total revenues | 1119779 | 1631566 | 1194236 |

---

The Company elected to utilize practical expedients to exclude from this disclosure the remaining performance obligations that have an original expected duration of one year or less.

**Note 4—Accounts receivable, net**

Accounts receivable, net consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,<br>2023** | **December 31,<br>2024** | **December 31,<br>2024** |
|  | **SGD** | **SGD** | **USD** |
| Accounts Receivable | 500825 | 49505 | 36236 |
| Less: Allowance for credit loss | - | (42782) | (31315) |
| Accounts receivable, net | 500825 | 6723 | 4921 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,<br>2023** | **December 31,<br>2024** | **December 31,<br>2024** |
|  | **SGD** | **SGD** | **USD** |
| Allowance for credit loss |  |  |  |
| Beginning Balance |  |  |  |
| Addition |  | 42782 | 31315 |
| Ending Balance |  | 42782 | 31315 |

---

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 5—Inventory**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31,<br>2023** | **December 31,<br>2023** | **December 31,<br>2024** | **December 31,<br>2024** | **December 31,<br>2024** | **December 31,<br>2024** |
|  | **SGD** | **SGD** | **SGD** | **SGD** | **USD** | **USD** |
| Merchandise goods | | 75,909 | | 44,528 | | 32,593 |

---

**Note 6—Equipment, net**

Equipment, net consists of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,<br>2023** | **December 31,<br>2024** | **December 31,<br>2024** |
|  | **SGD** | **SGD** | **USD** |
| Leasehold improvements | 142590 | 142590 | 104370 |
| &nbsp;&nbsp;&nbsp;Furniture and fittings | 41361 | 41361 | 30274 |
| &nbsp;&nbsp;&nbsp;Hardware equipment | 239912 | 242421 | 177442 |
| &nbsp;&nbsp;&nbsp;Subtotal | 423863 | 426372 | 312086 |
| Less: accumulated depreciation | (356694) | (394874) | (289031) |
| Equipment, net | 67169 | 31498 | 23055 |

---

Depreciation expense for the years ended December 31, 2024 and 2023, amounted to SGD 39,911 (USD 29,213) and SGD 62,269, respectively.

No impairment loss had been recognized during the years ended December 31, 2023 and 2024, respectively.

**Note 7—Other payables and accrued liabilities**

Other payables and accrued liabilities consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,<br> 2023** | **December 31, <br> 2024** | **December 31,<br> 2024** |
|  | **SGD** | **SGD** | **USD** |
| Other payables | 1077910 | 126712 | 92748 |
| Accrued expenses | 3756 | 5582 | 4085 |
| Total other payables and accrued liabilities | 1081666 | 132294 | 96833 |

---

Other payables mainly consist of deferred revenue representing customer payments received in advance for which the related performance obligations have not yet been fulfilled.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 8—Bank loans**

The bank loans as of December 31, 2023 and 2024 are set out below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Bank loans** | **Currency** | **Period** | **Interest<br> rate** | **Maturity<br> Date** | **Directors'** **<br> Personal** <br> **guarantee** | **Carrying amount** |
|  | |  | |  | | **SGD** |
| Secured fixed rate bank loans | SGD | June, 2023 – May, 2028 | 7.75% | May 2028 |  | 180446 |
| Balance as of December 31, 2023 |  |  |  |  | 180446 | 180446 |
| Secured fixed rate bank loans | SGD | 2023 – 2028 | 7.75% | May 2028 |  | 144806 |
| Balance as of December 31, 2024 |  |  |  |  | 144806 | 144806 |
| Balance as of December 31, 2024 (USD) |  |  |  |  | 105992 | 105992 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bank loans** | **Carrying amount** | **Within<br> 1 year** | **2026** | **2027** | **2028** | **2029** | **Thereafter** |
|  | **SGD** |  |  |  |  |  |  |
| Secured fixed rate bank loans | 180446 | 35640 | 38503 | 41595 | 44936 | 19772 |  |
| Balance as of December 31, 2023 | 180446 | 35640 | 38503 | 41595 | 44936 | 19772 |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bank loans** | **Carrying amount** | **Within<br> 1 year** | **2026** | **2027** | **2028** | **2029** | **Thereafter** |
|  | **SGD** |  |  |  |  |  |  |
| Secured fixed rate bank loans | 144806 | 38503 | 41595 | 44936 | 19772 |  |  |
| Balance as of December 31, 2024 | 144806 | 38503 | 41595 | 44936 | 19772 |  |  |
| Balance as of December 31, 2024 (USD) | 105992 | 28183 | 30446 | 32891 | 14472 |  |  |

---

The bank loans outstanding were guaranteed by Mr Jiang Shu Tao, who is the Director and Shareholder of the Company.

**Note 9—Convertible loan agreement**

The Company entered into a Convertible Loan Agreement (the "Agreement") with certain third-party lender as part of its pre-initial public offering fundraising, seeking an aggregate proceeds of approximately SGD 1,200,000. For the year ended December 31, 2024, an amount of SGD 100,000 was raised and drawn down under the Agreement.

Under the terms of the Agreement, the outstanding principal amount provided by the lenders is initially interest-free and will automatically convert into common shares of the Company upon the completion of the public offering. The conversion price per share will be set at USD 2.

If the Company completes a trade sale prior to maturity, the outstanding principal amount is repayable to the Lenders using a formula based on the principal outstanding and a 50% discount rate applied. In the event that neither a public offering nor a trade sale occurs by the maturity date which is two years from the initial drawdown date, the loan becomes repayable in full along with interest accruing from that date forward at an annual rate of 10%, calculated based on a 365-day year.

The lender has agreed to customary lock-up restrictions, prohibiting them from selling or transferring 50% of the shares acquired through the conversion for a period of 180 days following the closing of a public offering.

The Agreement also specifies events of default, including but not limited to insolvency or other similar proceedings, which could trigger immediate repayment obligations.

The Company adopted ASU 2020-06 using the full retrospective approach. As a result of the adoption, convertible loan is recorded as a single liability measured at its amortized cost.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 10—Related party balances and transactions**

Nature of relationships with related parties:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
| <br>**Related parties** | <br>**Relationship** | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** |
|  |  | **SGD** | **SGD** | **SGD** | **SGD** | **USD** | **USD** |
| *Amount due to:* |  | | | | | | |
| Mr. Jiang Shutao | Director, Chief Technological Officer and Shareholder |  | 50076 |  | 50076 |  | 36653 |

---

Non-trade advance from controlling shareholder is unsecured, interest free and repayable on demand.

Other than the above-mentioned disclosure, there were no other significant related party transactions conducted during the years ended December 31, 2023 and 2024.

**Note 11—Taxes**

*Income tax*

 

*Cayman Islands*

The Company is incorporated in the Cayman Islands and conducts all of the Company's businesses through the Company's subsidiary in Singapore, OAPL. Under the current laws of the Cayman Islands, The Company is not subject to tax on income or capital gains.

*Singapore*

OAPL and its subsidiary Hiverlab is incorporated in Singapore and is subject to Singapore Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore, with 75% of the first SGD 10,000 (approximately USD 7,395) taxable income and 50% of the next SGD 190,000 (approximately USD 140,501) taxable income exempted from income tax.

Net operating loss will be carried forward indefinitely under Singapore profits tax regulation. As of December 31, 2023 and 2024, OAPL through its subsidiary, Hiverlab has incurred net operating loss carry forwards of SGD751,504 and SGD703,002 (USD514,568), respectively, to offset future taxable income.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

A reconciliation between the Company's actual provision for income taxes and the provision at the Singapore statutory rate was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **USD** |
| Loss before income tax | (268100) | (25017) | (18311) |
| Income tax rate | 17% | 17% | 17% |
| Income tax expense computed at statutory rate | (45577) | (4253) | (3113) |
| Reconciling items: |  |  |  |
| Tax effect of expenses that are not deductible in determining taxable profit | 8547 | 12620 | 9237 |
| Tax effect of unused tax losses not recognized in prior years now recognized |  | (8244) | (6034) |
| Tax effect of tax losses carry forwards not recognized in current year | 38272 | 1375 | 1007 |
| Tax effect of foreign jurisdiction | 230 | (765) | (560) |
| Total income tax expense | 1472 | 733 | 537 |
| Effective tax rate | (0.5)% | (2.9)% | (2.9)% |

---

Deferred tax

Significant components of deferred tax were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **USD** |
| Net operating losses carry forward | 127756 | 119510 | 87477 |
| Valuation allowance | (127756) | (119510) | (87477) |
| Deferred tax assets, net | - | - | - |

---

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the cumulative earnings and projected future taxable income in making this assessment. Recovery of substantially all of the Company's deferred tax assets is dependent upon the generation of future income, exclusive of reversing taxable temporary differences.

**Note 12—Equity**

*Ordinary shares*

The Company was established under the laws of Cayman Island ("CAYMAN") on June 27, 2025 with authorized share of 500,000,000 ordinary shares at the time of incorporation. One ordinary share was issued on June 27, 2025. The Company is authorized to issue one class of ordinary share. On August 20, 2025, the Company passed written resolutions to re-classify its then existing authorized shares. Subsequent to the registration of the Amended and Restated Memorandum and Articles with the Cayman Registrar of Corporate Affairs, the Company is authorized to issue up to a maximum of 490,000,000 Class A ordinary shares and up to a maximum of 10,000,000 Class B ordinary shares with par value of USD 0.0001 respectively. The 1 ordinary share has been redesignated into Class A ordinary share by the Company.

For the sake of undertaking a public offering of the Company's ordinary shares, the Company is expected to complete an internal reorganization prior to the Company's listing on NYSE American, which will involve the subscription by the shareholders of OAPL of certain shares in the Company in consideration of the transfer of their equity interest in OAPL to the Company. Prior to the reorganization, OAPL was directly owned and controlled by OIL, Mr Jiang Shutao and the other existing shareholders with percentage ownership of 74.2% (representing 18,549,898 ordinary shares), 24.8% (representing 6,200,000 ordinary shares) and 1% (representing 250,002 ordinary shares), respectively. As a result of share swaps and related issuances by and among, OIL, Mr Jiang Shutao and the other existing shareholders, whereby OAPL is ultimately expected to become an immediate subsidiary of the Company, OIL is expected to own 7,650,000 Class A ordinary shares and 1,275,000 Class B ordinary shares, which represents 42.0% ownership of the Company. Mr Jiang Shutao is expected to own 5,270,000 Class A ordinary shares, which represents 24.8% ownership of the Company. Other existing shareholders from OAPL, will own in total 7,055,000 Class A ordinary shares, which represents 33.2% of the Company, after internal reorganization is completed.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

The holders of the Company's ordinary share are entitled to the following rights:

Voting Rights: Each share of the Company's ordinary share entitles its holder to one vote per share on all matters to be voted or consented upon by the stockholders. Holders of the Company's ordinary shares are not entitled to cumulative voting rights with respect to the election of directors.

Dividend Right: Subject to limitations under Cayman law and preferences that may apply to any shares of preferred stock that the Company may decide to issue in the future, holders of the Company's ordinary share are entitled to receive ratably such dividends or other distributions, if any, as may be declared by the Board of the Company out of funds legally available thereof.

Liquidation Right: In the event of the liquidation, dissolution or winding up of our business, the holders of the Company's ordinary share are entitled to share ratably in the assets available for distribution after the payment of all of the debts and other liabilities of the Company.

Other Matters: The holders of the Company's ordinary share have no subscription, redemption or conversion privileges. The Company's ordinary share does not entitle its holders to preemptive rights. All of the outstanding shares of the Company's ordinary share are fully paid and non-assessable. The rights, preferences and privileges of the holders of the Company's ordinary share are subject to the rights of the holders of shares of any series of preferred stock which the Company may issue in the future.

**Note 13—Leases**

The Company determines if a contract contains a lease at inception. US GAAP requires that the Company's leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which results in an economic penalty.

The Company has one property lease agreement with a lease term for two years. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Upon adoption of ASU 2016-02, no right-of-use ("ROU") assets nor lease liability was recorded for the lease with lease term with one year.

The Company recognized operating lease ROU assets and lease liabilities as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **USD** |
| Right-of-use assets | 262685 | 148257 | 108518 |
| Less: accumulated amortization | (153192) | (100897) | (73853) |
| Operating lease ROU asset, net | 109493 | 47360 | 34665 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **USD** |
| Operating lease liabilities |  |  |  |
| Current portion | 63210 | 49950 | 36561 |
| Non-current portion | 49950 | - | - |
| Total | 113160 | 49950 | 36561 |

---

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

The following is a schedule of future lease payments under the non-cancellable operating leases as of December 31, 2024:

---

| | | |
|:---|:---|:---|
| **Year ending December 31,** | **Amount <br>SGD** | **Amount <br>USD** |
| &nbsp;&nbsp;&nbsp;2025 | 51327 | 37569 |
| &nbsp;&nbsp;&nbsp;2026 |  |  |
| &nbsp;&nbsp;&nbsp;2027 |  |  |
| &nbsp;&nbsp;&nbsp;2028 |  |  |
| &nbsp;&nbsp;&nbsp;2029 |  |  |
| &nbsp;&nbsp;&nbsp;Thereafter | - | - |
| &nbsp;&nbsp;&nbsp;Total future lease payments | 51327 | 37569 |
| Amount representing interest | (1377) | (1008) |
| Present value of future payments | 49950 | 36561 |
| Less: current portion | 49950 | 36561 |
| &nbsp;&nbsp;&nbsp;Long term portion |  |  |

---

The following summarizes other supplemental information about the Company's operating lease as of December 31, 2024:

---

| | | |
|:---|:---|:---|
| Weighted average discount rate | 5.25 | % |
| Weighted average remaining lease term (years) | 1 |  |

---

**Note 14—Segment information** 

*Reportable Segments*

The Company operates as a single reportable segment, which is consistent with how the Chief Operation Decision Maker ("CODM"), the Chief Executive Officer, allocates resources and assesses performance. The Company's operations are centralized and integrated, with financial results reviewed and managed on a consolidated basis. Accordingly, management has determined that the Company has one reportable segment under ASC Topic 280, Segment Reporting.

Measure of Segment Profit or Loss

The Company operates within one aggregated reportable segment. This segment integrates four distinct but closely interrelated revenue streams, including configuration services, hardware rental and sales, maintenance services and license subscription. These revenue streams collectively provide comprehensive solutions to customers.

The CODM has carefully evaluated and determined that aggregation of these revenue streams into a single reportable segment is appropriate. This determination was based on an assessment of several critical factors indicating substantial similarities across the revenue streams. These factors include closely aligned economic characteristics, such as comparable profit margins, similar risk profiles, and synchronized market dynamics. Additionally, the underlying products and services are inherently linked, as the hardware products supplied or rented by the Company are specifically designed or configured to seamlessly integrate with the Company's principal activities.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

Furthermore, these revenue streams share unified software development processes, supported by centralized research, development, and operational infrastructures. They predominantly serve similar types of customers, generally comprising enterprise-level and mid-sized businesses seeking integrated software technology solutions. Distribution methods across all streams are harmonized, primarily involving direct sales teams and digital channels. Lastly, all streams operate within comparable regulatory environments applicable to software and technology businesses.

The CODM reviews financial information on a consolidated basis, using Operating Loss as the primary measure of segment performance. Operating loss is defined as revenue less cost of goods sold and operating expenses, excluding interest expenses and income taxes.

Significant Segment Expense Categories Provided to the CODM

The CODM regularly receives and reviews the following expense categories, which are included in the segment's measure of profit or loss.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **SGD** | **SGD** | **USD** |
| OPERATING REVENUES |  |  |  |
| &nbsp;&nbsp;&nbsp;Configuration services | 945817 | 1158516 | 847984 |
| &nbsp;&nbsp;&nbsp;Hardware rental and sales | 113901 | 338020 | 247416 |
| &nbsp;&nbsp;&nbsp;Maintenance services | 33753 | 71183 | 52103 |
| &nbsp;&nbsp;&nbsp;License subscription | 26308 | 63847 | 46733 |
| Total operating revenue | 1119779 | 1631566 | 1194236 |
| COST OF REVENUES | (846942) | (855777) | (626392) |
| GROSS PROFIT | 272837 | 775789 | 567844 |
| SELLING AND MARKETING EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp;Marketing expenses | (2198) | (9255) | (6774) |
| &nbsp;&nbsp;&nbsp;Payroll on sales and marketing staff | (318825) | (371459) | (271892) |
|  | (321023) | (380714) | (278666) |
| GENERAL AND ADMINISTRATIVE EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp;Payroll and welfare expenses | (100971) | (89876) | (65786) |
| &nbsp;&nbsp;&nbsp;Office related expenses | (18978) | (22674) | (16596) |
| &nbsp;&nbsp;&nbsp;Operating lease expenses | (87561) | (62133) | (45479) |
| &nbsp;&nbsp;&nbsp;Professional service expenses | (13742) | (16926) | (12389) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | (62269) | (39911) | (29213) |
| &nbsp;&nbsp;&nbsp;Other Administrative expense | (22651) | (233509) | (170918) |
|  | (306172) | (465029) | (340381) |
| OTHER SEGMENT ITEMS |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign exchange loss | (474) | (13580) | (9940) |
| &nbsp;&nbsp;&nbsp;Interest expense | (17087) | (16929) | (12391) |
| &nbsp;&nbsp;&nbsp;Other income, net | 103819 | 75445 | 55223 |
|  | 86258 | 44936 | 32892 |
| PROVISION FOR INCOME TAX | (1472) | (733) | (537) |
| NET LOSS | (269572) | (25751) | (18848) |

---

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Geographical Information**

Although the Company operates as a single reportable segment, management monitors the **geographical distribution of revenues** as part of its performance evaluation and strategic planning. The following table sets forth the Company's revenues by geographical markets for the years ended December 31, 2023 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Year ended December 31,** |
| | **2023** | **2023** | **2024** | **2024** |
| <br>**Geographical Location of Customer** | **Revenue**<br> **SGD** | **%** | **Revenue**<br> **SGD** | **%** |
| Singapore | 1015640 | 90.7 | 1266095 | 77.6 |
| Vietnam | 100780 | 9.0 | 52210 | 3.2 |
| Saudi Arabia |  |  | 311629 | 19.1 |
| Other Countries | 3359 | 0.3 | 1632 | 0.1 |
| **Total** | **1119779** | **100.0%** | **1631566** | **100.0** |

---

**Note 15—Commitments and contingencies**

In the ordinary course of business, the Company may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Company records contingent liabilities resulting from such claims, when a loss is assessed to be probable, and the amount of the loss is reasonably estimable. In the opinion of management, there were no pending or threatened claims and litigation as of December 31, 2024 and up through the issuance date of these consolidated financial statements were available to be issued.

**Note 16—Subsequent events**

In the subsequent period after the reporting period, the Company entered into Convertible loan agreements with third-party lender for an aggregated amount of SGD 600,000 (USD 439,174) with the same terms and conditions disclosed in Note 9 in March 2025, May 2025 and June 2025.

Additionally, on February 20, 2025, the Company acquired approximately 14.36% of the equity interest in IntentAI Pte. Ltd.. This other investment does not provide the Company with controlling interest in IntentAI Pte. Ltd..

Management evaluated all the subsequent events of the Company from December 31, 2024 through the date the consolidated financial statements were issued and concluded that no other subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the Notes to the consolidated financial statements other than events detailed above.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**UNAUDITED INTERIM CONDENSED** **CONSOLIDATED BALANCE SHEETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,**<br>**2024** | **June 30,**<br>**2025** | **June 30,**<br>**2025** |
|  | **SGD**<br> **(Audited)**  | **SGD**<br> **(Unaudited)** | **USD<br> Note 2(e)** |
| **ASSETS** |  |  |  |
| **CURRENT ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214267 | 209533 | 164740 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 6723 | 397073 | 312189 |
| &nbsp;&nbsp;&nbsp;Deposits, prepayments and other receivables | 78297 | 28866 | 22695 |
| &nbsp;&nbsp;&nbsp;Inventory | 44528 | 32440 | 25505 |
| **Total current assets** | 343815 | 667912 | 525129 |
| **NON-CURRENT ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Equipment, net | 31498 | 23027 | 18104 |
| &nbsp;&nbsp;&nbsp;Deferred IPO cost |  | 317853 | 249904 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 45 | 30 | 24 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets, net | 47360 | 22650 | 17808 |
| &nbsp;&nbsp;&nbsp;Long term investment, net | - | 475020 | 373473 |
| **Total non-current assets** | 78903 | 838580 | 659313 |
| **TOTAL ASSETS** | 422718 | 1506492 | 1184442 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
| **CURRENT LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable |  | 14206 | 11169 |
| &nbsp;&nbsp;&nbsp;Other payables and accrued liabilities | 132294 | 398776 | 313528 |
| &nbsp;&nbsp;&nbsp;Amount due to controlling shareholder | 50076 | 44076 | 34654 |
| &nbsp;&nbsp;&nbsp;Bank loans, current | 38503 | 74282 | 58402 |
| &nbsp;&nbsp;&nbsp;Lease liability, current | 49950 | 24164 | 18998 |
| **Total current liabilities** | 270823 | 555504 | 436751 |
| **NON-CURRENT LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank loans, non-current | 106303 | 193446 | 152092 |
| &nbsp;&nbsp;&nbsp;Convertible loan | 100000 | 500000 | 393114 |
| **Total non-current liabilities** | 206303 | 693446 | 545206 |
| **TOTAL LIABILITIES** | 477126 | 1248950 | 981957 |
| COMMITMENTS AND CONTINGENCIES |  |  |  |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Class A ordinary shares, Class B shares, US$0.0001 par value, 490,000,000 Class A ordinary shares and 10,000,000 Class B ordinary shares authorized, 19,975,000 Class A ordinary share issued and outstanding, 1,275,000 Class B ordinary share issued and outstanding as of December 31, 2024 and June 30, 2025, respectively\*\* | \* | \* | \* |
| Additional paid-in capital | 510002 | 985022 | 774449 |
| Non-controlling interests | (3763) | (55778) | (43854) |
| Foreign currency translation reserve | 9416 | (2622) | (2062) |
| Accumulated deficits | (570063) | (669080) | (526048) |
| Total shareholders' equity | (54408) | 257542 | 202485 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | 422718 | 1506492 | 1184442 |

---

\* Denote less than SGD1

\*\* Giving retroactive effect to reflect reorganization which is expected to complete prior to the Company's listing. See Note 1.

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**UNAUDITED INTERIM CONDENSED** **CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **SGD** | **SGD** | **USD** |
|  | (Unaudited) | (Unaudited) | Note 2(e) |
| OPERATING REVENUES |  |  |  |
| &nbsp;&nbsp;&nbsp;Configuration services | 605792 | 194544 | 152955 |
| &nbsp;&nbsp;&nbsp;Hardware rental and sales | 141384 | 19121 | 15033 |
| &nbsp;&nbsp;&nbsp;Maintenance services | 27340 | 39890 | 31362 |
| &nbsp;&nbsp;&nbsp;License subscription | 21138 | 8664 | 6812 |
| Total operating revenues | 795654 | 262219 | 206162 |
| COST OF REVENUES | (461671) | (148997) | (117145) |
| **GROSS PROFIT** | **333983** | **113222** | **89017** |
| OPERATING EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing expenses | (82556) | (61787) | (47371) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (381119) | (180063) | (142777) |
| Total operating expenses | (463675) | (241850) | (190148) |
| **LOSS FROM OPERATIONS** | **(129692)** | **(128628)** | **(101131)** |
| OTHER INCOME/(EXPENSE) |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (9208) | (24438) | (18403) |
| &nbsp;&nbsp;&nbsp;Other income, net | 2889 | 14216 | 10366 |
| Total other income, net | (6319) | (10222) | (8037) |
| **LOSS BEFORE INCOME TAX** | **(136011)** | **(138850)** | **(109168)** |
| PROVISION FOR INCOME TAX |  |  |  |
| &nbsp;&nbsp;&nbsp;Current tax expense | (771) | (616) | (484) |
| Total provision for income tax | (771) | (616) | (484) |
| **NET LOSS** | **(136782)** | **(139466)** | **(109652)** |
| *NET LOSS ATTRIBUTABLE TO:* |  |  |  |
| Shareholders of the Company | (69759) | (99017) | (77850) |
| Non-controlling interest | (67023) | (40449) | (31802) |
|  | **(136782)** | **(139466)** | **(109652)** |
| *Foreign currency translation loss* |  |  |  |
| Attribute to shareholder of the Company | (1705) | (12038) | (9465) |
| Attribute to non-controlling interest | (1638) | (11566) | (9094) |
|  | (3343) | (23604) | (18559) |
| WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted\*\* | 19975000 | 19975000 | 19975000 |
| EARNINGS PER SHARE |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | (0.00 7) | (0.007) | (0.007) |

---

\*\* Giving retroactive effect to reflect reorganization which is expected to complete prior to the Company's listing. See Note 1.

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**UNAUDITED INTERIM CONDENSED** **CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares,** | **Ordinary Shares,** | **Ordinary Shares,** | **Ordinary Shares,** | | | | | |
|  | **Class A**<br>**No.<br> of shares\*\*** |<br>**Amount** | **Class B**<br>**No.<br> of shares** |<br>**Amount** |<br>**Additional**<br>**paid-in<br> capital** |<br>**Foreign**<br>**currency translation** |<br>**Accumulated<br> deficits** |<br>**Non-**<br>**controlling <br> interests** |<br>**Total**<br>**Shareholders' <br> Equity** |
|  | | **SGD** | | **SGD** | **SGD** | **SGD** | **SGD** | **SGD** | **SGD** |
| Balance as of January 1, 2024 | 19975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | 1275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | 510002 | (4356) | (552966) | (8341) | (55661) |
| Net loss for the year |  |  |  |  |  |  | (17097) | (8654) | (25751) |
| Other comprehensive income for the year | - | - | - | - | - | 13772 | - | 13232 | 27004 |
| Balance as of December 31, 2024 | 19975000 | \* | 1275000 | \* | 510002 | 9416 | (570063) | (3763) | (54408) |
| Balance as of January 1, 2024 | 19975000 | \* | 1275000 | \* | 510002 | 9416 | (570063) | (3763) | (54408) |
| Additional paid-in-capital |  |  |  |  | 475020 |  |  |  | 475020 |
| Net income for the year |  |  |  |  |  |  | (99017) | (40449) | (139466) |
| Other comprehensive loss for the year | - | - | - | - | - | (12038) | - | (11566) | (23604) |
| Balance as of June 30, 2025 | 19975000 | \* | 1275000 | \* | 985022 | (2622) | (669080) | (55778) | 257542 |
| Balance as of June 30, 2025 (USD) (Note 2(e)) | 19975000 | \* | 1275000 | \* | 774449 | (2062) | (526048) | (43854) | 202485 |

---

\* Denote less than SGD1

\*\* Giving retroactive effect to reflect reorganization which is expected to complete prior to the Company's listing. See Note 1.

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**UNAUDITED INTERIM CONDENSED** **CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **SGD** | **SGD** | **USD** |
|  | (Unaudited) | (Unaudited) | Note 2(e) |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | (136782) | (139466) | (109652) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of equipment | 22980 | 10488 | 8246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of right-of-use assets | 37424 | 24710 | 19428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivables, net | 185375 | (390350) | (306903) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 667 | 15 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | 27271 | 12088 | 9504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits, prepayments and other receivables | 7927 | 49430 | 38864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (142431) | 14206 | 11169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables and accrued liabilities | (115595) | 244963 | 192595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease obligation | (38090) | (25786) | (20273) |
| &nbsp;&nbsp;&nbsp; **Cash used in operating activities** | **(151254)** | **(199702)** | **(157010)** |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of equipment | (2186) | (2017) | (1586) |
| &nbsp;&nbsp;&nbsp;**Cash used in investing activities** | **(2186)** | **(2017)** | **(1586)** |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from drawdown of convertible loans |  | 500000 | 393113 |
| &nbsp;&nbsp;&nbsp;Proceeds from bank loan |  | 150000 | 117933 |
| &nbsp;&nbsp;&nbsp;Repayment to bank loans | (17476) | (111558) | (87710) |
| &nbsp;&nbsp;&nbsp;Deferred IPO cost | - | (317853) | (249904) |
| &nbsp;&nbsp;&nbsp;**Net cash (used in)/provided by financing activities** | **(17476)** | **220589** | **173432** |
| **NET CHANGE IN CASH AND CASH EQUIVALENTS** | **(170196)** | **18870** | **14836** |
| &nbsp;&nbsp;&nbsp;Effect of foreign currency translation | (3340) | (23604) | (18558) |
| CASH AND CASH EQUIVALENTS, at beginning of period | 472493 | 214267 | 168462 |
| CASH AND CASH EQUIVALENT end of period | 298237 | 209533 | 164740 |
| **SUPPLEMENTAL CASH FLOW INFORMATION:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest paid | - | 15520 | 12202 |
| **SUPPLEMENTAL CASH FLOW INFORMATION:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Class A shares for purchase of long-term investment\* | - | 475020 | 373473 |

---

\* The Company issued 13,670,752 Class A ordinary shares as consideration for the acquisition of a 14.36% equity interest in IntentAI Pte. Ltd., with an aggregate fair value of S$475,020. As the transaction was settled through the issuance of equity instruments and did not involve cash, it is classified as a non-cash financing transaction and is therefore excluded from the statements of cash flows.

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 1—Nature of business and organization**

Optimal AI Pte. Ltd. ("OAPL") is an investment holding company incorporated on July 13, 2024 in Singapore with limited liability. The Company conducts its primary operations through its subsidiaries that are incorporated and domiciled in Singapore namely Hiverlab Pte Ltd ("Hiverlab") and Hiverlab International Pte Ltd and another subsidiary incorporated and domiciled in Vietnam namely Hiverlab Vietnam Co. Ltd. The Company, through these subsidiaries, is a provider of customized software, technology solutions and applications. The Company's headquarter is located in Singapore. All of the Company's business activities are carried out in Singapore and Vietnam.

***Organization***

 

*Optimal AI Limited*

As part of the reorganization for the purpose of listing, Optimal AI Limited (the "Company" or "OAL") was incorporated in the Cayman Islands on June 27, 2025 under the Companies Act as an exempted company with limited liability. The authorized share capital was USD 50,000 divided into 500,000,000 ordinary shares, par value USD 0.0001 each at the time of incorporation and the initial 1 ordinary share was transferred to Mr. Lai Kee Chwee on the date of incorporation for cash at par. On August 20, 2025, the Company passed written resolutions to re-classify its then existing authorized shares. Subsequent to the registration of the Amended and Restated Memorandum and Articles with the Cayman Registrar of Corporate Affairs, the Company is authorized to issue up to a maximum of 490,000,000 Class A ordinary shares and up to a maximum of 10,000,000 Class B ordinary shares with par value of USD 0.0001 respectively. The 1 ordinary share held by Mr. Lai Kee Chwee has been redesignated into Class A ordinary share by the Company.

*Optimal AI Pte. Ltd.*

On July 13, 2024, Optimal AI Pte. Ltd. ("OAPL") was incorporated in Singapore with limited liability. OAPL is authorized to issue a maximum of 25,000,000 shares of a single class and the initial 2 shares were issued to Mr Lai Kee Chwee and Mr Lee Kunfeng Daniel on the date of incorporation for cash.

***Share Swap Arrangement***

On September 30, 2024, Optimal Investment Limited ("OIL") and Mr. Jiang Shutao with percentage ownership in Hiverlab of 17.96% (representing 12,500 ordinary shares) and 58.72% (representing 40,868 ordinary shares) respectively, entered into share swap agreements pursuant to which OIL and Mr. Jiang transferred their percentage ownership of 17.96% (representing 12,500 ordinary shares) and 33.04% (representing 22,996 ordinary shares) shareholding interest respectively in Hiverlab to OAPL for the consideration of OAPL allotting and issuing 18,549,998 ordinary shares (representing 74.2% of percentage ownership) and 6,200,000 ordinary shares (representing 24.8% of percentage ownership) to OIL and Mr. Jiang. Upon completion of the share swap whereby, OAPL owns 51% of shareholding interest in Hiverlab as our indirect owned subsidiary. Nonetheless, prior to the share swap, OAPL has joint control arrangement with Mr. Jiang Shutao in Hiverlab by virtue of a concert party deed signed by both parties.

***Reorganization***

The Company is expected to complete an internal reorganization prior to the Company's listing on NYSE American, which will involve the subscription by the shareholders of OAPL of certain shares in the Company in consideration of the transfer of their equity interest in OAPL to the Company. Prior to the reorganization, OAPL was directly owned and controlled by OIL, Mr. Jiang Shutao and the other existing shareholders with percentage ownership of 74.2% (representing 18,549,898 ordinary shares), 24.8% (representing 6,200,000 ordinary shares) and 1% (representing 250,002 ordinary shares), respectively. As a result of share swaps and related issuances by and among, OIL, Mr. Jiang Shutao and the other existing shareholders, whereby OAPL is ultimately expected to become an immediate subsidiary of the Company, OIL is expected to own 7,650,000 Class A ordinary shares and 1,275,000 Class B ordinary shares, which represents 42.0% ownership of the Company. Mr Jiang Shutao is expected to own 5,270,000 Class A ordinary shares, which represents 24.8% ownership of the Company. Other existing shareholders from OAPL, will own in total 7,055,000 Class A ordinary shares, which represents 33.2% of the Company, after internal reorganization is completed.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

The Company has accounted for these re-organizations as a transfer of assets between entities under common control in accordance with ASC 805-50-50-3 to 4 because economic interests of OAPL, Mr Jiang Shutao and the other existing shareholders remained the same immediate before and after the reorganization, as such the accompanying financial statements include the results of operations of Hiverlab for two operating periods in accordance with guidance set forth in ASC 805-50-45-2 to 5. The unaudited interim condensed consolidated financial statements are prepared on the basis as if the reorganization became effective as of the beginning of the first period presented in the accompanying unaudited interim condensed consolidated financial statements of the Company.

The unaudited interim condensed consolidated financial statements are prepared based on the basis as if the reorganization has been accounted for as a business combination among entities under common control since the same controlling shareholders controlled Hiverlab before and after the reorganization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the abovementioned transactions had became effective as of the beginning of the first period presented in the accompanying unaudited interim condensed consolidated financial statements of the Company. Results of operations for the periods presented comprise of the previously separate entities combined from the beginning of the period to the end of the period eliminating the effects of intra entity transactions.

The unaudited interim condensed consolidated financial statements reflect the activities of each of the following entities:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Background** | **Ownership** | **Principal activity** |
| Optimal AI Limited | ● A Cayman company <br> ● Incorporated on June 27, 2025 |  | Investment holding |
| Optimal AI Pte. Ltd. | ● A Singapore company <br> ● Incorporated on July 13, 2024 | 100% owned by OAL | Singapore-based group operating company |
| Hiverlab Pte Ltd | ● A Singapore company <br> ● Incorporated on February 18, 2014 | 51% owned by OAPL | Provider of customized software, technology solutions and applications |
| Hiverlab Vietnam Co. Ltd | ● A Vietnam company <br> ● Incorporated on July 6, 2021 | 100% owned by Hiverlab | Sales of hardware |
| Hiverlab International Pte Ltd | ● A Singapore company <br> ● Incorporated on November 18, 2022 | 100% owned by Hiverlab | Provision of information technology consultancy |

---

The accompanying financial statements are presented assuming that the Company was in existence at the beginning of the first period presented.

**Note 2—Summary of significant accounting policies**

<u>(a) Basis of presentation</u>

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and applicable rules and regulations of the Securities and Exchange Commission ("SEC").

In the opinion of the Company's management, these unaudited condensed financial statements include all adjustments, which are only of a normal and recurring nature, necessary for a fair statement of the Company's financial position as of June 30, 2025 and the Company's results of operations and cash flows for the periods presented.

Interim results of operations are not necessarily indicative of the results expected for the full fiscal year or for any future period. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes included in this registration statement.

<u>(b) Principles of consolidation</u>

The unaudited interim condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All inter-company transactions have been eliminated upon consolidation.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

<u>(c) Use of estimates and assumptions</u>

The preparation of unaudited interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the unaudited interim condensed consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company's unaudited interim condensed consolidated financial statements include the useful lives of equipment, impairment of long-lived assets, allowance for credit loss and valuation allowance of deferred taxes. Actual results could differ from these estimates and assumptions that were used.

As of the date of issuance of the unaudited interim condensed consolidated financial statements, the Company is not aware of any specific event or circumstance that would require it to update its estimates, its judgments, or the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the unaudited interim condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates, and any such differences may be material to the Company's unaudited interim condensed consolidated financial statements.

<u>(d) Foreign currency translation and transaction</u>

The Company uses Singapore Dollars ("SGD") as its reporting currency. The functional currency of the Company is United States Dollars ("USD") and its subsidiaries which are incorporated in Singapore and Vietnam are SGD and Vietnamese Dong, respectively, which are its respective local currency based on the criteria of ASC 830, "Foreign Currency Matters".

Foreign currency transactions denominated in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the applicable exchange rates at the balance sheet dates. Net gains and losses resulting from foreign exchange transactions are included in exchange gains/(losses) on the consolidated statements of loss and comprehensive loss.

Foreign currency translation — The financial statements of subsidiaries whose functional currency differs from the Company's reporting currency are translated into the reporting currency using the current-rate method. Assets and liabilities are translated at exchange rates prevailing at the balance sheet date, while revenues and expenses are translated at average exchange rates for the period. Resulting translation differences are recorded in Other Comprehensive Income ("OCI") and accumulated within the Foreign Exchange Translation Reserve under equity.

In accordance with ASC 830-30-45-17, the cumulative translation adjustments are attributed to both the parent and the non-controlling interest based on their respective ownership interests. Such translation differences are not included in the determination of net income until the disposal of the foreign operations.

<u>(e) Convenience translation</u>

Translations of balances in the consolidated balance sheets, consolidated statements of operations, consolidated statements of changes in shareholders' equity and consolidated statements of cash flows from SGD into USD as of June 30, 2025 are solely for the convenience of the readers and are calculated at the rate of USD1.00=SGD1.2719, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on June 30, 2025. No representation is made that the SGD amounts could have been, or could be, converted, realized or settled into USD at such rate, or at any other rate.

<u>(f) Cash and cash equivalents</u>

Cash primarily consists of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use. The Company maintains most of its bank accounts in Singapore.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

<u>(g) Accounts receivable, net</u>

Accounts receivable is recorded in accordance with ASC 310, "Receivables." Accounts receivable is recorded at the invoiced amount and do not bear interest. The expected credit loss accounts is the Company's best estimate of the amount of expected credit losses in its existing accounts receivable and other receivables. The Company determines the allowance based on aging data, historical collection experience, customer specific facts and economic conditions. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company did not have any off-balance sheet credit exposure relating to its customers, suppliers or others. For the six months ended June 30, 2025 and the year ended December 31, 2024, the provision for estimated credit loss on receivable are nil and $42,782 respectively.

<u>(h) Deposit, prepayments and other receivables</u>

Deposits are mainly for rent. These amounts are refundable and bear no interest. The short-term deposits usually have one year term and are refundable upon contract termination. Pursuant to ASC340-10, prepayments refer to payments made in advance to vendors or service providers for services that are yet to be rendered, including prepayment of rent for office. These amounts are refundable and bear no interest. As of June 30, 2025 and December 31, 2024, the prepaid expenses amounted to nil and SGD45 respectively. Other receivables are unsecured and relate to receivables from third parties. Management reviews its prepayments and other receivables on a regular basis to determine if the allowance is adequate and adjusts the allowance when necessary. The Company determined that no allowance was deemed necessary for six months ended June 30, 2025 and year ended December 31, 2024.

<u>(i) Inventory</u>

Inventories are comprised of hardware products that are for sale and are stated at the lower of cost or net realizable value using the first-in-first-out (FIFO) method. Management reviews inventories for obsolescence and cost in excess of net realizable value periodically when appropriate and records a reserve against the inventory when the carrying value exceeds net realizable value. As of June 30, 2025 and December 31, 2024, the Company's inventory amounted to SGD 32,440 (USD 25,505) and SGD 44,528, respectively. No allowance for inventory valuation or obsolescence loss was recognized for both years.

<u>(j) Short-term deposits</u>

Short-term deposits are mainly for rent, utilities and money deposited with certain suppliers. These amounts are refundable and bear no interest. The short-term deposits usually have one year term and are refundable upon contract termination.

<u>(k) Equipment, net</u>

Equipment, net are stated at cost less accumulated depreciation and impairment if applicable. Depreciation is computed using the straight-line method after consideration of the estimated useful lives. The estimated useful lives are as follows:

---

| | |
|:---|:---|
|  | **Useful Life** |
| Hardware equipment | 4 years |
| Leasehold improvements | 5 years |
| Furniture and fittings | 4 years |

---

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statements of operations. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

<u>(l) Long term investment</u>

The Company accounts for investment with less than 20% of the voting shares and does not have the ability to exercise significant influence over operating and financial policies of the investee using the cost method. The Company records cost method investment at the historical cost in its financial statements and subsequently records any dividends received from the net accumulated earrings of the investee as income. Dividends received in excess of earnings are considered a return of investment and are recorded as reduction in the cost of the investment.

Cost method investment is evaluated for impairment when facts or circumstances indicate that the fair value of the long-term investment is less than its carrying value. An impairment is recognized when a decline in fair value is determined to be other-than-temporary.

The Company holds 14.36% interest of equity security in a privately held company operating in the AI software development industry in which the Company does not have a controlling interest or significant influence. The investment is recorded at cost of SGD 475,020 (USD 373,473) and nil as of June 30, 2025 and December 31, 2024, respectively. The impairment of the investment is nil and nil as of June 30, 2025 and December 31, 2024.

The Company reviews several factors to determine whether a loss is other-than-temporary. These factors include, but are not limited to, the: (i) nature of the investment; (ii) cause and duration of the impairment; (iii) extent to which fair value is less than cost; (iv) financial condition and near term prospects of the investment; and (v) ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. No event had occurred and indicated that other-than-temporary impairment existed and therefore the Company did not record any impairment charges for its investment as of June 30, 2025 and December 31, 2024.

<u>(m) Impairment for long-lived assets</u>

Long-lived assets, including equipment with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognizes an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of June 30, 2025 and December 31, 2024, no impairment of long-lived assets was recognized.

<u>(n) Fair value measurement</u>

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

● Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.

● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value.

Cash and cash equivalents, accounts receivable, net, deposits, prepayment, other receivables, accounts payable, other payables and accrued liabilities, amount due to controlling shareholder are subject to fair value measurement; however, because of their being short term in nature management believes their carrying values approximate their fair value. Financial instruments are fair value financial assets that are marked to fair value and are accounted for under as Level 3 under the above hierarchy. The Company accounts for bank loans and convertible loan at amortized cost and has elected not to account for them under the fair value hierarchy.

<u>(o) Revenue recognition</u>

Effective July 1, 2019, the Company adopted ASC Topic 606, Revenue from Contracts with Clients, which replaced ASC Topic 605, using the modified retrospective method of adoption. Results for reporting periods beginning after July 1, 2019 are presented under ASC Topic 606 while prior period amounts are not adjusted and continue to be presented under the Company's historic accounting under ASC Topic 605. The Company's accounting for revenue remains substantially unchanged. There were no cumulative effect adjustments for service contracts in place prior to July 1, 2019. The effect from the adoption of ASC Topic 606 was not material to the Company's unaudited interim condensed consolidated financial statements.

The five-step model defined by ASC Topic 606 requires the Company to (1) identify its contracts with clients, (2) identify its performance obligations under those contracts, (3) determine the transaction prices of those contracts, (4) allocate the transaction prices to its performance obligations in those contracts and (5) recognize revenue when each performance obligation under those contracts is satisfied. Revenue is recognized when promised goods or services are transferred to the client in an amount that reflects the consideration expected in exchange for those goods or services.

The Company applied practical expedient when sales taxes were collected from clients, meaning sales tax is recorded net of revenue, instead of cost of revenue, which are subsequently remitted to governmental authorities and are excluded from the transaction price. The Company does not offer rights of refund of previously paid or delivered amounts, rebates, rights of return or price protection. In all instances, the Company limits the amount of revenue recognized to the amounts for which it has the right to bill its' clients.

The Company derives its revenues from four sources: (1) revenue from configuration services, (2) revenue from license subscription, (3) maintenance services, and (4) revenue from hardware rental and sales. All of the Company's contracts with clients do not contain cancellable and refund-type provisions.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Configuration services

The contract is typically fixed priced and does not provide any post contract client support or upgrades. The Company customize and configure their AI suite and AI application based on clients' specific needs which require the Company to perform services including design, development, and integration. Upon delivery of the services, client acceptance is generally required. The Company assesses that configuration service is considered as one performance obligation as the clients do not obtain benefit for each separate service. The duration of the configuration period is short, usually less than one year.

The Company's configuration service revenues are generated primarily from contracts with government or related agencies and state-owned enterprises. The contracts contain negotiated billing terms which generally include multiple payment phases throughout the contract term, and a portion of contract amount usually is billed upon the completion of the related projects. Pursuant to the contract terms, the Company has enforceable right on payments for the work performed.

The Company's revenue from configuration service contracts is generally recognized at point in time as the Company's performance obligation is completed and the control is transferred to the Company's clients. The Company uses an output method based on completion of performance obligation as the Company believes that this method most accurately reflects the Company's revenue recognition based on satisfaction of the performance obligation, which usually takes less than one year.

In certain configuration service arrangements, the Company sells equipment to be customized and integrated with the configured software. The Company assesses that the customized equipment and service are interdependent and highly interrelated. In these cases, the Company controls the customized equipment before it is transferred to the clients. The Company has the right to direct the suppliers and control the goods or assets transferred to its clients. Thus, the Company considers it should recognize revenue as a principal in the gross amount of consideration to which it is entitled in exchange for the customized equipment delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) License subscription

Revenue from license subscription is primarily comprised of fixed-fee contracts, which require the Company to provide product licensing services with their AI suite and AI application over contract terms beginning on the commencement date of each contract, which is the date its service is made available to clients. Billings to the clients are generally on a monthly or annually basis over the contract term, which is typically 1 to 12 months. The license subscription contracts typically include a single performance obligation. The revenue is recognized over the contract term as clients receive and consume benefits as such services are provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Maintenance services

Revenue from maintenance services is primarily comprised of fixed-fee contracts, which require the Company to provide support and maintenance services over contract terms beginning on the commencement date of each contract, which is the date its service is made available to clients. Billings to the clients are generally on a monthly or yearly basis over the contract term, which is typically 1 to 12 months. The maintenance services contracts typically include a single performance obligation. The revenue is recognized over the contract term as clients receive and consume benefits as such services are provided.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Hardware rental and sales

The Company typically enters into a rental agreement with its client where the rights of the parties, including rental period, payment terms, are identified and rental fees to the clients are fixed with no separate sales rebate, discount, or other incentive and no right of refund exists in the agreement. The Company's performance obligation is to deliver products according to the agreement specifications and period. The Company recognizes the rental of hardware revenue over the rental period as client receive and consume benefit of such services as provided.

The Company engages in sale of VR/AR hardware and related accessories. The Company typically enters into contracts with its client where the rights of the parties, including payment terms, are identified and sales prices to the clients are fixed with no separate sales rebate, discount, or other incentive and no right of return exists on sales of inventory. The Company's performance obligation is to deliver products according to contract specifications. The Company recognizes hardware sale revenue at a time when the control of products is transferred to clients.

Revenue includes reimbursements of travel and out-of-pocket expense, with equivalent amounts of expense recorded in cost of revenue.

*Practical Expedient and Exemptions*

The Company does not disclose the value of unsatisfied performance obligations within one year by applying the right to invoice practical expedient provided by ASC 606-10-55-18.

<u>(p) Cost of Revenue</u>

Cost of revenue consists primarily of personnel costs (including salaries and benefits) for employees associated with technical support and subcontractors, professional services organizations, cost of hardware, third party license fees and allocable overhead.

<u>(q) Selling and marketing expenses</u>

Selling and marketing expenses mainly consist of promotion and marketing expenses and transportation expenses. The Company does not carry any capitalized contract acquisition costs that would be amortized to its results of operations over time, and potential expenses related to customer and contract acquisitions costs if any are accounted for as periodic costs.

<u>(r) General and administrative expenses</u>

General and administrative expenses mainly consist of staff costs, depreciation or amortization, office supplies and upkeep expenses, travelling and entertainment, legal and professional fees, property and related expenses, other miscellaneous administrative expenses.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

<u>(s) Operating leases</u>

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets, operating lease liability, and operating lease liability, non-current in the Company's consolidated balance sheets. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company's leases do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company has elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise, the Company elected not to apply ASC 842 recognition requirements; and (ii) the Company elected to apply the package of practical expedients for existing arrangements entered into prior to January 1, 2019 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and (c) initial direct costs.

<u>(t) Income taxes</u>

The Company accounts for income tax in accordance with U.S. GAAP. Under the asset and liability method as required by this accounting standard, the recognition of deferred income tax liabilities and assets for the expected future tax consequences of temporary differences between the income tax basis and financial reporting basis of assets and liabilities. Provision for income taxes consists of taxes currently due plus deferred tax.

The charge for taxation is based on the results for the fiscal year as adjusted for items which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the unaudited interim condensed consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled.

Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

An uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. No penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. The Company had no uncertain tax positions for the six months ended June 30, 2025 and 2024. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

<u>(u) Loss per share</u>

Basic loss per share is computed by dividing net loss attributable to the holders of ordinary shares by the weighted average number of ordinary shares outstanding during the period presented. Diluted loss per share is calculated by dividing net loss attributable to the holders of ordinary shares as adjusted for the effect of dilutive ordinary share equivalents, if any, by the weighted average number of ordinary shares and dilutive ordinary share equivalents outstanding during the period. However, ordinary share equivalents are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive, such as in a period in which a net loss is recorded.

<u>(v) Employee benefit</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Defined contribution plan

The Company participates in the national pension schemes as defined by the laws of Singapore's jurisdictions in which it has operations. Contributions to defined contribution pension schemes are recognized as an expense in the period in which the related service is performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Employee leave entitlement

Employee entitlements to annual leave are recognized as a liability when they are accrued to the employees. The undiscounted liability for leave expected to be settled wholly before twelve months after the end of the reporting period is recognized for services rendered by employees up to the end of the reporting period.

<u>(w) Related parties</u>

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence, such as a family member or relative, shareholder, or a related corporation.

<u>(x) Commitments and Contingencies</u>

In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical performance and the specific facts and circumstances of each matter.

<u>(y) Concentration of Risks</u>

Concentration of credit risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company places its cash with financial institutions with high-credit ratings and quality.

Accounts receivable primarily comprise of amounts receivable from the service clients. To reduce credit risk, the Company performs on-going credit evaluations of the financial condition of these service clients. The Company establishes an allowance for credit loss accounts based upon estimates, factors surrounding the credit risk of specific service clients and other information.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

Concentration of clients

As of June 30, 2025, three clients, Company A, Company B, and Company K accounted for 30.2%, 11.9% and 29.1% of the Company's total accounts receivable respectively. As of December 31, 2024, three clients, Company Q, Company R and Company N, accounted for 50.49%, 22.90% and 16.51% of the Company's total accounts receivable respectively.

For the six-month period ended June 30, 2025, three clients, Company A, Company B and Company C, and accounted for 41.9%, 16.5% and 11.0% of the Company's total revenues respectively. For the six-month period ended June 30, 2024, three clients, Company D, Company E and Company F, and accounted for 39.2%, 24.4%and 19.0% of the Company's total revenues respectively.

Concentration of vendors

As of June 30, 2025, one vendor, Company M accounted for 59.7% of the Company's total account payable. As of December 31, 2024, the account payable for the Company is nil.

For the six-month period ended June 30, 2025, one vendor, Company G, accounted for 26.1% of the Company's total purchase. For the six-month period ended June 30, 2024, four vendors, Company A, Company G, Company I and Company J accounted for 31.9%, 24.6%, 20.2% and 13.0% of the Company's total purchase respectively.

<u>(z) Segment reporting</u>

ASC 280, "Segment Reporting", establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organizational structure as well as information about geographical areas, business segments and major clients in the unaudited interim condensed consolidated financial statements for detailing the Company's business segments. Based on the criteria established by ASC 280, the Company's chief operating decision maker ("CODM") has been identified as the Chief Executive Officer, who reviews unaudited interim condensed consolidated results when making decisions about allocating resources and assessing performance of the Company. As a whole and hence, the Company has only one reportable segment. The Company does not distinguish between markets or segments for the purpose of internal reporting. As the Company's long-lived assets are substantially located in Singapore, no geographical segments are presented.

<u>(zz) Recently issued accounting pronouncements</u>

The Company is an "emerging growth company" ("EGC") as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies.

In December 2023, the FASB issued ASU 2024-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Under this ASU, public entities must annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). This ASU's amendments are effective for all entities that are subject to Topic 740, Income Taxes, for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this pronouncement on our disclosures.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

Other accounting standards that have been issued by the FASB that do not require adoption until a future date are not expected to have a material impact on the unaudited interim condensed consolidated financial statements upon adoption. The Company does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its unaudited interim condensed consolidated financial condition, results of operations, cash flows or disclosures.

**Note 3—Operating Revenues**

Revenues are recognized when control of the promised services and deliverables are transferred to the Company's clients in an amount that reflects the consideration which the Company expects to be entitled to and receive in exchange for services and deliverables rendered.

The following table presents the Company's revenues disaggregated by service lines for the six months ended June 30, 2024 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **SGD** | **SGD** | **USD** |
| Configuration services | 605792 | 194544 | 152955 |
| &nbsp;&nbsp;&nbsp;Hardware rental and sales | 141384 | 19121 | 15033 |
| &nbsp;&nbsp;&nbsp;Maintenance Services | 27340 | 39890 | 31362 |
| &nbsp;&nbsp;&nbsp;License subscription | 21138 | 8664 | 6812 |
| Total operating revenues | 795654 | 262219 | 206162 |

---

The following table presents the Company's revenues disaggregated by the timing of revenue recognition for the six months ended June 30, 2024 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **SGD** | **SGD** | **USD** |
| Services and deliverables transferred at a point in time | 747176 | 213665 | 167988 |
| Services and deliverables transferred over time | 48478 | 48554 | 38174 |
| Total revenues | 795654 | 262219 | 206162 |

---

The Company elected to utilize practical expedients to exclude from this disclosure the remaining performance obligations that have an original expected duration of one year or less.

**Note 4—Accounts receivable, net**

Accounts receivable, net consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,<br> 2024** | **June 30,<br> 2025** | **June 30,<br> 2025** |
|  | **SGD** | **SGD** | **USD** |
| Accounts Receivable | 49505 | 397073 | 312189 |
| Less: Allowance for credit losses | (42782) | - | - |
| Accounts receivable, net | 6723 | 397073 | 312189 |

---

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 5—Inventory**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31,<br> 2024** | **December 31,<br> 2024** | **June 30,<br> 2025** | **June 30,<br> 2025** | **June 30,<br> 2025** | **June 30,<br> 2025** |
|  | **SGD** | **SGD** | **SGD** | **SGD** | **USD** | **USD** |
| Merchandise goods | | 44,528 | | 32,440 | | 25,505 |

---

**Note 6—Equipment, net**

Equipment, net consists of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,<br> 2024** | **June 30,<br> 2025** | **June 30,<br> 2025** |
|  | **SGD** | **SGD** | **USD** |
| Leasehold improvements | 142590 | 142590 | 112108 |
| &nbsp;&nbsp;&nbsp;Furniture and fittings | 41361 | 41361 | 32519 |
| &nbsp;&nbsp;&nbsp;Hardware equipment | 242421 | 244439 | 192184 |
| &nbsp;&nbsp;&nbsp;Subtotal | 426372 | 428390 | 336811 |
| Less: accumulated depreciation | (394874) | (405363) | (318707) |
| Property and equipment, net | 31498 | 23027 | 18104 |

---

Depreciation expense for the six months ended June 30, 2025 and 2024, amounted to SGD 10,488 (USD 8,246) and SGD 22,980, respectively.

No impairment loss had been recognized during the six months ended June 30, 2025 and 2024, respectively.

**Note 7—Other payables and accrued liabilities**

Other payables and accrued liabilities consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,<br> 2024** | **June 30, <br> 2025** | **June 30,<br> 2025** |
|  | **SGD** | **SGD** | **USD** |
| Other payables | 126712 | 245680 | 193161 |
| Accrued expenses | 5582 | 153096 | 120367 |
| Total other payables and accrued liabilities | 132294 | 398776 | 313528 |

---

Other payables mainly consist of deferred revenue representing customer payments received in advance for which the related performance obligations have not yet been fulfilled.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 8—Bank loans**

The bank loans as of December 31, 2024 and June 30, 2025 are set out below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Bank loans** | **Currency** | **Period** | **Interest<br> rate** | **Maturity <br> Date** | **Directors'**<br> **Personal**<br> **guarantee** | **Carrying amount** |
|  | |  | | | | **SGD** |
| Secured fixed rate bank loans 1 | SGD | June, 2023 – May, 2028 | 7.75% | May 2028 |  | 144806 |
| Balance as of December 31, 2024 |  |  |  |  | 144806 | 144806 |
| Secured fixed rate bank loans 1 | SGD | June, 2023 – May,2028 | 7.75% | May 2028 |  | 125926 |
| Secured fixed rate bank loans 2 | SGD | April, 2025 – March 2029 | 7.00% | March 2029 |  | 141802 |
| Balance as of June 30, 2025 |  |  |  |  | 267728 | 267728 |
| Balance as of June 30, 2025 (USD) |  |  |  |  | 210494 | 210494 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bank loans** | **Carrying amount** | **Within<br> 1 year** | **2026** | **2027** | **2028** | **2029** | **Thereafter** |
|  | **SGD** |  |  |  |  |  |  |
| Secured fixed rate bank loans 1 | 144806 | 38503 | 41595 | 44936 | 19772 |  |  |
| Balance as of December 31, 2024 | 144806 | 38503 | 41595 | 44936 | 19772 |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bank loans** | **Carrying amount** | **Within<br> 1 year** | **2027** | **2028** | **2029** | **2030** | **Thereafter** |
|  | **SGD** |  |  |  |  |  |  |
| Secured fixed rate bank loans 1 | 125926 | 40019 | 43233 | 42674 |  |  |  |
| Secured fixed rate bank loans 2 | 141802 | 34263 | 36739 | 39395 | 31405 |  |  |
| Balance as of June 30, 2025 | 267728 | 74282 | 79972 | 82069 | 31405 |  |  |
| Balance as of June 30, 2025 (USD) | 210494 | 58402 | 62876 | 64524 | 24692 |  |  |

---

The bank loans outstanding were guaranteed by Mr. Jiang Shu Tao, who is the Director and Shareholder of the Company.

**Note 9—Convertible loan agreement**

The Company entered into a Convertible Loan Agreement (the "Agreement") with certain third-party lender as part of its pre-initial public offering fundraising, seeking aggregate proceeds of approximately SGD 1,200,000. For the six months ended June 30, 2025, an amount of SGD 500,000 (USD 393,113) was raised and drawn down under the Agreement.

Under the terms of the Agreement, the outstanding principal amount provided by the lenders is initially interest-free and will automatically convert into common shares of the Company upon the completion of the public offering. The conversion price per share will be set at USD 2.

If the Company completes a trade sale prior to maturity, the outstanding principal amount is repayable to the Lenders using a formula based on the principal outstanding and a 50% discount rate applied. In the event that neither a public offering nor a trade sale occurs by the maturity date which is two years from the initial drawdown date, the loan becomes repayable in full along with interest accruing from that date forward at an annual rate of 10%, calculated based on a 365-day year.

The lender has agreed to customary lock-up restrictions, prohibiting them from selling or transferring 50% of the shares acquired through the conversion for a period of 180 days following the closing of a public offering.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

The Agreement also specifies events of default, including but not limited to insolvency or other similar proceedings, which could trigger immediate repayment obligations.

The Company adopted ASU 2020-06 using the full retrospective approach. As a result of the adoption, convertible loan is recorded as a single liability measured at its amortized cost.

**Note 10—Related party balances and transactions**

Nature of relationships with related parties:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **As of<br> December 31,** | **As of<br> December 31,** | **As of June 30,** | **As of June 30,** | **As of June 30,** | **As of June 30,** |
| <br>**Related parties** | <br>**Relationship** | **2024** | **2024** | **2025** | **2025** | **2025** | **2025** |
|  |  | **SGD** | **SGD** | **SGD** | **SGD** | **USD** | **USD** |
| *Amount due to:* |  | | | | | | |
| Mr. Jiang Shutao | Director, Chief Technological Officer and Shareholder |  | 50076 |  | 44076 |  | 34654 |

---

Non-trade advance from controlling shareholder is unsecured, interest-free and repayable on demand.

Share Swap Acquisition of IntentAI Pte. Ltd.

On February 20, 2025, the Company's subsidiary, Optimal AI Pte. Ltd.(OAPL) entered into a share swap agreement with OIL pursuant to which the Company acquired an equity interest in IntentAI Pte. Ltd("Intent AI")., a company incorporated in Singapore with business related to artificial intelligence.

Under the terms of the agreement, the Company acquired 261 ordinary shares of IntentAI, representing approximately 14.36% of the issued and outstanding share capital of IntentAI, in exchange for the issuance and allotment of 13,670,752 newly issued ordinary shares of the Company, credited as fully paid-up and issued otherwise than in cash. The aggregate transaction consideration was S$475,020. The transaction was completed on February 20, 2025, and no cash consideration was paid. The ordinary shares issued by the Company rank pari passu with all other ordinary shares outstanding at the time of issuance.

Mr. Lai Kee Chwee, our Chairman, Director of the Board and Chief Executive Officer, serves as a director of IntentAI. Mr. Lai does not control IntentAI, and IntentAI has multiple shareholders and a multi-member board of directors. Mr. Lai was not involved in the founding of IntentAI and does not control or direct its management or operations, nor does he possess veto rights, special approval rights, or other contractual arrangements conferring significant influence over IntentAI.

Other than the above-mentioned disclosure, there were no other significant related party transactions conducted during the six months ended June 30, 2025 and 2024.

**Note 11—Taxes**

*Income tax*

 

*Cayman Islands*

The Company is incorporated in the Cayman Islands and conducts all of the Company's businesses through the Company's subsidiary in Singapore, OAPL. Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gains.

*Singapore*

OAPL and its subsidiary Hiverlab is incorporated in Singapore and is subject to Singapore Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore, with 75% of the first SGD 10,000 (approximately USD 7,395) taxable income and 50% of the next SGD 190,000 (approximately USD 140,501) taxable income exempted from income tax.

Net operating loss will be carried forward indefinitely under Singapore profits tax regulation. As of June 30, 2025 and December 31, 2024, the Company through its subsidiary, OAPL and Hiverlab has incurred net operating loss carry forwards of SGD 806,668 (USD 634,223) and SGD703,002, respectively, to offset future taxable income.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

A reconciliation between the Company's actual provision for income taxes and the provision at the Singapore statutory rate was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **SGD** | **SGD** | **USD** |
| Loss before income tax | (136011) | (138850) | (109168) |
| Income tax rate | 17% | 17% | 17% |
| Income tax expense computed at statutory rate | (23122) | (23605) | (18559) |
| Reconciling items: |  |  |  |
| Tax effect of expenses that are not deductible in determining taxable profit | 10811 | 6566 | 5162 |
| Tax effect of tax losses carry forwards not recognized in current year | 12985 | 17623 | 13856 |
| Tax effect of foreign jurisdiction | 97 | 31 | 25 |
| Total income tax expense | 771 | 616 | 484 |
| Effective tax rate | (0.6)% | (0.4)% | (0.4)% |

---

Deferred tax

Significant components of deferred tax were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | | **June 30,** | **June 30,** |
|  | **December 31,**<br>**2024** | **2025** | **2025** |
|  | **SGD** | **SGD** | **USD** |
| Net operating losses carry forward | 119510 | 137134 | 107818 |
| Valuation allowance | (119510) | (137134) | (107818) |
| Deferred tax assets, net | - | - | - |

---

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the cumulative earnings and projected future taxable income in making this assessment. Recovery of substantially all of the Company's deferred tax assets is dependent upon the generation of future income, exclusive of reversing taxable temporary differences.

**Note 12—Equity**

*Ordinary shares*

The Company was established under the laws of Cayman Island on June 27, 2025 with authorized share of 500,000,000 ordinary shares at the time of incorporation. One ordinary share was issued on June 27, 2025. The Company is authorized to issue one class of ordinary share. On August 20, 2025, the Company passed written resolutions to re-classify its then existing authorized shares. Subsequent to the registration of the Amended and Restated Memorandum and Articles with the Cayman Registrar of Corporate Affairs, the Company is authorized to issue up to a maximum of 490,000,000 Class A ordinary shares and up to a maximum of 10,000,000 Class B ordinary shares with par value of USD 0.0001 respectively. The 1 ordinary share has been redesignated into Class A ordinary share by the Company.

For the sake of undertaking a public offering of the Company's ordinary shares, the Company is expected to complete an internal reorganization prior to the Company's listing on NYSE American, which will involve the subscription by the shareholders of OAPL of certain shares in the Company in consideration of the transfer of their equity interest in OAPL to the Company. Prior to the reorganization, OAPL was directly owned and controlled by OIL, Mr Jiang Shutao and the other existing shareholders with percentage ownership of 74.2% (representing 18,549,898 ordinary shares), 24.8% (representing 6,200,000 ordinary shares) and 1% (representing 250,002 ordinary shares), respectively. As a result of share swaps and related issuances by and among, OIL, Mr Jiang Shutao and the other existing shareholders, whereby OAPL is ultimately expected to become an immediate subsidiary of the Company, OIL is expected to own 7,650,000 Class A ordinary shares and 1,275,000 Class B ordinary shares, which represents 42.0% ownership of the Company. Mr Jiang Shutao is expected to own 5,270,000 Class A ordinary shares, which represents 24.8% ownership of the Company. Other existing shareholders from OAPL, will own in total 7,055,000 Class A ordinary shares, which represents 33.2% of the Company, after internal reorganization is completed.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

The holders of the Company's ordinary share are entitled to the following rights:

Voting Rights: Each share of the Company's ordinary share entitles its holder to one vote per share on all matters to be voted or consented upon by the stockholders. Holders of the Company's ordinary shares are not entitled to cumulative voting rights with respect to the election of directors.

Dividend Right: Subject to limitations under Cayman law and preferences that may apply to any shares of preferred stock that the Company may decide to issue in the future, holders of the Company's ordinary share are entitled to receive ratably such dividends or other distributions, if any, as may be declared by the Board of the Company out of funds legally available thereof.

Liquidation Right: In the event of the liquidation, dissolution or winding up of our business, the holders of the Company's ordinary share are entitled to share ratably in the assets available for distribution after the payment of all of the debts and other liabilities of the Company.

Other Matters: The holders of the Company's ordinary share have no subscription, redemption or conversion privileges. The Company's ordinary share does not entitle its holders to preemptive rights. All of the outstanding shares of the Company's ordinary share are fully paid and non-assessable. The rights, preferences and privileges of the holders of the Company's ordinary share are subject to the rights of the holders of shares of any series of preferred stock which the Company may issue in the future.

**Note 13—Leases**

The Company determines if a contract contains a lease at inception. US GAAP requires that the Company's leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which results in an economic penalty.

The Company has one property lease agreement with a lease term for two years. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Upon adoption of ASU 2016-02, no right-of-use ("ROU") assets nor lease liability was recorded for the lease with lease term with one year.

The Company recognized operating lease ROU assets and lease liabilities as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | | **June 30,** | **June 30,** |
|  | **December 31,**<br>**2024** | **2025** | **2025** |
|  | **SGD** | **SGD** | **USD** |
| Right-of-use assets | 148257 | 148257 | 116563 |
| Less: accumulated amortization | (100897) | (125607) | (98755) |
| Operating lease ROU asset, net | 47360 | 22650 | 17808 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **June, 30** | **June, 30** |
|  | **December 31,**<br>**2024** | **2025** | **2025** |
|  | **SGD** | **SGD** | **USD** |
| Operating lease liabilities |  |  |  |
| Current portion | 49950 | 24164 | 18998 |
| Non-current portion | - | - | - |
| Total | 49950 | 24164 | 18998 |

---

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

The following is a schedule of future lease payments under the non-cancellable operating leases as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Year ending December 31,** | **Amount <br> SGD** | **Amount <br> USD** |
| &nbsp;&nbsp;&nbsp;2025 | 24510 | 19270 |
| &nbsp;&nbsp;&nbsp;2026 |  |  |
| &nbsp;&nbsp;&nbsp;2027 |  |  |
| &nbsp;&nbsp;&nbsp;2028 |  |  |
| &nbsp;&nbsp;&nbsp;2029 |  |  |
| &nbsp;&nbsp;&nbsp;Thereafter | - | - |
| &nbsp;&nbsp;&nbsp;Total future lease payments | 24510 | 19270 |
| Amount representing interest | (346) | (272) |
| Present value of future payments | 24164 | 18998 |
| Less: current portion | 24164 | 18998 |
| &nbsp;&nbsp;&nbsp;Long term portion |  |  |

---

The following summarizes other supplemental information about the Company's operating lease as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| Weighted average discount rate | 5.25 | % |
| Weighted average remaining lease term (years) | 1 |  |

---

**Note 14—Segment information** 

*Reportable Segments*

The Company operates as a single reportable segment, which is consistent with how the Chief Operation Decision Maker ("CODM"), the Chief Executive Officer, allocates resources and assesses performance. The Company's operations are centralized and integrated, with financial results reviewed and managed on a consolidated basis. Accordingly, management has determined that the Company has one reportable segment under ASC Topic 280, Segment Reporting.

Measure of Segment Profit or Loss

The Company operates within one aggregated reportable segment. This segment integrates four distinct but closely interrelated revenue streams, including configuration services, hardware rental and sales, maintenance services and license subscription. These revenue streams collectively provide comprehensive solutions to customers.

The CODM has carefully evaluated and determined that aggregation of these revenue streams into a single reportable segment is appropriate. This determination was based on an assessment of several critical factors indicating substantial similarities across the revenue streams. These factors include closely aligned economic characteristics, such as comparable profit margins, similar risk profiles, and synchronized market dynamics. Additionally, the underlying products and services are inherently linked, as the hardware products supplied or rented by the Company are specifically designed or configured to seamlessly integrate with the Company's principal activities.

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

Furthermore, these revenue streams share unified software development processes, supported by centralized research, development, and operational infrastructures. They predominantly serve similar types of customers, generally comprising enterprise-level and mid-sized businesses seeking integrated software technology solutions. Distribution methods across all streams are harmonized, primarily involving direct sales teams and digital channels. Lastly, all streams operate within comparable regulatory environments applicable to software and technology businesses.

The CODM reviews financial information on a consolidated basis, using Operating Loss as the primary measure of segment performance. Operating loss is defined as revenue less cost of goods sold and operating expenses, excluding interest expenses and income taxes.

Significant Segment Expense Categories Provided to the CODM

The CODM regularly receives and reviews the following expense categories, which are included in the segment's measure of profit or loss.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **SGD** | **SGD** | **USD** |
| OPERATING REVENUES |  |  |  |
| &nbsp;&nbsp;&nbsp;Configuration services | 605792 | 194544 | 152955 |
| &nbsp;&nbsp;&nbsp;Hardware rental and sales | 141384 | 19121 | 15033 |
| &nbsp;&nbsp;&nbsp;Maintenance services | 27340 | 39890 | 31362 |
| &nbsp;&nbsp;&nbsp;License subscription | 21138 | 8664 | 6812 |
| Total operating revenue | 795654 | 262219 | 206162 |
| COST OF REVENUES | (461671) | (148997) | (117145) |
| GROSS PROFIT | 333983 | 113222 | 89017 |
| SELLING AND MARKETING EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp;Marketing expenses | (1055) |  |  |
| &nbsp;&nbsp;&nbsp;Payroll on sales and marketing staff | (81501) | (61787) | (48579) |
|  | (82556) | (61787) | (48579) |
| GENERAL AND ADMINISTRATIVE EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp;Payroll and welfare expenses | (163393) | (128102) | (100716) |
| &nbsp;&nbsp;&nbsp;Office related expenses | (6961) | (6670) | (5244) |
| &nbsp;&nbsp;&nbsp;Operating lease expenses | (37424) | (24709) | (19427) |
| &nbsp;&nbsp;&nbsp;Professional service expenses | (175) | (39816) | (31305) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | (22980) | (10488) | (8246) |
| &nbsp;&nbsp;&nbsp;Other Administrative expense | (150186) | 29722 | 23369 |
|  | (381119) | (180063) | (141569) |
| OTHER SEGMENT ITEMS |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign exchange loss | (1461) | (226) | (178) |
| &nbsp;&nbsp;&nbsp;Interest expense | (9208) | (23438) | (19214) |
| &nbsp;&nbsp;&nbsp;Other income, net | 4350 | 14442 | 11355 |
|  | (6319) | (10222) | (8037) |
| PROVISION FOR INCOME TAX | (771) | (616) | (484) |
| NET LOSS | (136782) | (139466) | (109652) |

---

**OPTIMAL AI LIMITED AND ITS SUBSIDIARIES**

**NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Geographical Information**

Although the Company operates as a single reportable segment, management monitors the geographical distribution of revenues as part of its performance evaluation and strategic planning. The following table sets forth the Company's revenues by geographical markets for the six months ended June 30, 2024 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** |
|  | **2024** | **2024** | **2025** | **2025** |
| **Geographical Location of Customer** | **Revenue**<br>**SGD** | <br>**%** | **Revenue**<br>**SGD** | **%** |
| Singapore | 445715 | 56.0 | 242369 | 92.4 |
| Vietnam | 37157 | 4.7 | 14437 | 5.5 |
| Saudi Arabia | 311892 | 39.2 |  |  |
| Other Countries | 890 | 0.1 | 5413 | 2.1 |
| **Total** | **795654** | **100.0%** | **262219** | **100.0** |

---

**Note 15—Commitments and contingencies**

In the ordinary course of business, the Company may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Company records contingent liabilities resulting from such claims, when a loss is assessed to be probable, and the amount of the loss is reasonably estimable. In the opinion of management, there were no pending or threatened claims and litigation as of June 30, 2025 and up through the issuance date of these unaudited interim condensed consolidated financial statements were available to be issued.

**Note 16—Subsequent events**

In the subsequent period after the reporting period, the Company entered into Convertible loan agreements with third-party lender for an aggregated amount of SGD 200,000 (USD157,245) with the same terms and conditions disclosed in Note 9 in July 2025.

On December 23, 2025, the Company disposed of its entire equity interest in Hiverlab International Pte. Ltd., a former wholly owned subsidiary, through a share transfer to Mr. Jiang Shutao, a related party, for total consideration of SGD $100. Management determined that the disposal did not result in a material gain or loss, and accordingly, no material impact was recognized in the consolidated financial statements. This transaction was evaluated as a related party transaction and occurred after the reporting period; therefore, it has not been reflected in the accompanying consolidated financial statements.

The Company has assessed all other events from June 30, 2025 through the issuance date of these unaudited interim condensed consolidated financial statements. There are no other material subsequent events that require disclosure in these unaudited interim condensed consolidated financial statements.

**2,500,000**

**Class A Ordinary Shares**

PROSPECTUS

[ ], 2026

**No dealer, salesperson or any other person is authorized to give any information or make any representations in connection with this Offering other than those contained in this prospectus and, if given or made, the information or representations must not be relied upon as having been authorized by us. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any security other than the securities offered by this prospectus, or an offer to sell or a solicitation of an offer to buy any securities by anyone in any jurisdiction in which the offer or solicitation is not authorized or is unlawful.**

 **Through and including , 2026 (the 25<sup>th</sup> day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this Offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.**

 **[Alternate Page for Resale Prospectus]**

The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

SUBJECT TO COMPLETION, DATED JANUARY 26, 2026

 **PRELIMINARY PROSPECTUS**

 **Optimal AI Limited**

![](image_019.jpg)

 **1,250,687 Class A Ordinary Shares**

This prospectus relates to the resale of up to 1,250,687 Class A Ordinary Shares of Optimal AI Limited held in the aggregate by the Selling Shareholders named in this prospectus. We will not receive any of the proceeds from the sale of Class A Ordinary Shares by the Selling Shareholders.

No sales of the shares covered by this prospectus shall occur until the Class A Ordinary Shares sold in our initial public offering begin trading on NYSE American. Thereafter, any sales will occur at prevailing market prices or in privately negotiated prices. The distribution of securities offered hereby may be effected in one or more transactions that may take place in ordinary brokers' transactions, privately negotiated transactions or through sales to one or more dealers for resale of such securities as principals. Usual and customary or specifically negotiated brokerage fees or commissions may be paid by the Selling Shareholders.

Our subsidiary, Optimal AI, entered into eight separate convertible loan agreements in 2025 (the "Convertible Loan Agreements") with eight third-party lenders (the "Lenders") as part of our pre-IPO fundraising, seeking an aggregate proceeds of approximately SGD 1,200,000. Under the Convertible Loan Agreements, SGD 100,000 was raised and drawn down in 2024 and SGD 900,000 in 2025. Since the beginning of 2026, an additional SGD 80,000 has been drawn, and the total amount of convertible loans issued to date is SGD 1,080,000.Under the terms of the Convertible Loan Agreements, the outstanding principal amount provided by the Lenders is initially interest-free and will automatically convert into Class A Ordinary Shares upon the completion of our initial public offering. The conversion price per share is fixed at USD 2.00, which, based on an estimated USD and SGD exchange rate of 1.3, will result in the issuance of 415,380 Class A Ordinary Shares upon the automatic conversion of the SGD 1,080,000 principal amount. The conversion price of US$2.00 per share represents an estimated 50% discount to the estimated initial public offering price of US$4.00 per share. Of the 1,250,687 Class A Ordinary Shares being offered for resale hereunder, 227,687 Class A Ordinary Shares are expected to be issued upon automatic conversion pursuant to the Convertible Loan Agreements.

We intend to list our Class A Ordinary Shares on the NYSE American under the symbol "[____]." There is no guarantee or assurance that our Class A Ordinary Shares will be approved for listing on NYSE American.

Immediately after the completion of our initial public offering, Mr. Lai Kee Chwee, through Optimal Investments Limited, will hold 33.42% of our outstanding Class A Ordinary Shares and 100% of our outstanding Class B Ordinary Shares, which represents approximately 68.51% of the total voting power (or approximately 67.98% of the total voting power if the underwriter's option to purchase additional shares is exercised in full). As a result, we expect to be a "controlled company" as defined by the NYSE American Company Guide. For so long as we remain a "controlled company," we are permitted to elect not to comply with certain corporate governance requirements. If we rely on these exemptions, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. Although we currently do not intend to rely on the "controlled company" exemptions under the NYSE American Company Guide, we could elect to rely on the exemptions after we complete this offering. See section titled "Prospectus Summary—Implications of Being a Controlled Company".

Upon completion of our initial public offering, we will have a dual class ordinary share structure. Our Ordinary Shares will be divided into Class A Ordinary Shares and Class B Ordinary Shares. Holders of Class A and Class B Ordinary Shares will have the same rights, including dividend rights, except that holders of Class A Ordinary Shares will be entitled to one (1) vote per share, while holders of Class B Ordinary Shares will be entitled to twenty (20) votes per share, and Class B Ordinary Shares may be converted into the same number of Class A Ordinary Shares by the holders thereof at any time, while Class A Ordinary Shares cannot be converted into Class B Ordinary Shares under any circumstances. Upon the transfer of any Class B Ordinary Share by a holder thereof to any person other than an affiliate of the holder or upon a change of ultimate beneficial ownership of any Class B Ordinary Share to any person who is not an affiliate of such holder, such Class B Ordinary Share will be automatically and immediately converted into one Class A Ordinary Share. See "Description of Share Capital—Ordinary Shares" for more details regarding our Class A Ordinary Shares and Class B Ordinary Shares.

We are not a Singaporean operating company, but an offshore holding company incorporated in the Cayman Islands on June 27, 2025 for the purpose of becoming the ultimate holding company and listing vehicle of the Group. As part of our internal corporate structure reorganization, we acquired 100% of Optimal AI Pte. Ltd. ("Optimal AI"), a Singapore intermediate holding company that was incorporated on July 13, 2024 with no business operations, which in turn holds 14.36% of IntentAI Pte. Ltd. (formerly known as Emo Technologies Pte. Ltd.) and 51% of Hiverlab Pte. Ltd. ("Hiverlab Singapore"). Hiverlab Singapore holds 100% of Hiverlab Vietnam Co., Ltd. ("Hiverlab Vietnam"). As a holding company with no material operations of our own, we conduct substantial part of our operations through our operating subsidiaries in Singapore, IntentAI and Hiverlab Singapore, and the subsidiary of Hiverlab Singapore, Hiverlab Vietnam. We used to conduct our operations through Hiverlab International Pte. Ltd. ("Hiverlab International"), a subsidiary of Hiverlab Singapore. Hiverlab International had been dormant with no ongoing activities or revenue generation. As part of our corporate reorganization, on December 23, 2025, Hiverlab Singapore entered into a share transfer agreement with Mr. Jiang Shutao, our Director and Chief Technology Officer, to transfer all outstanding shares of Hiverlab International for a consideration of S$100 to Mr. Jiang Shutao (the "Disposition"). Following the Disposition, Hiverlab International is no longer owned by the Company.

This is an offering of the Class A Ordinary Shares of Optimal AI Limited, the holding company in the Cayman Islands, instead of the shares of Intent AI, Hiverlab Singapore and Hiverlab Vietnam. References to the "Company", "we", "us", and "our" in the prospectus are to Optimal AI Limited, the Cayman Islands entity that will issue the Class A Ordinary Shares being offered. Our Singapore subsidiary, Hiverlab Singapore, is the main entity operating the business and generating most of the revenue and profit stated in the consolidated financial statements of the Company included elsewhere in this prospectus. The Company owns 51% equity interest in Hiverlab Singapore. Investors in our Class A Ordinary Shares should be aware that they may never hold equity interests in the Singapore operating companies directly. Investors are purchasing equity solely in Optimal AI Limited, our Cayman Islands holding company, which directly owns issued shares and equity interests in the Singapore operating companies.

On [\*], 2026, a registration statement (of which this prospectus forms a part) under the Securities Act with respect to our initial public offering of 2,500,000 Class A Ordinary Shares was declared effective by the Securities and Exchange Commission. We received approximately $[\*] million in net proceeds from the offering (assuming no exercise of the underwriters' over-allotment option) after payment of underwriting discounts and commissions and estimated expenses of the offering.

  **

 ***Investing in the Class A Ordinary Shares involves a high degree of risk. See section titled "Risk Factors" beginning on page 15 of this prospectus.***

  

 ***We are both an "emerging growth company" and a "foreign private issuer" under applicable U.S. Securities and Exchange Commission rules and will be eligible for reduced public company disclosure requirements. See section titled "Prospectus Summary—Implications of Being an 'Emerging Growth Company' and a 'Foreign Private Issuer'" for additional information.***

 ***Neither the Securities and Exchange Commission nor any state securities commission nor any other regulatory body has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.***

 

 **[Alternate Page for Resale Prospectus]**

 **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [PROSPECTUS SUMMARY](#a_001) | 1 |
| [THE OFFERING](#s_001) | Alt-1 |
| [RISK FACTORS](#a_003) | 15 |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#a_004) | 42 |
| [USE OF PROCEEDS](#s_002) | Alt-2 |
| [DIVIDEND POLICY](#a_006) | 44 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a_009) | 46 |
| [OUR CORPORATE HISTORY AND STRUCTURE](#a_010) | 63 |
| [INDUSTRY OVERVIEW](#a_011) | 67 |
| [BUSINESS](#a_012) | 68 |
| [REGULATIONS](#a_013) | 88 |
| [MANAGEMENT](#a_014) | 91 |
| [PRINCIPAL SHAREHOLDERS](#a_015) | 96 |
| [RELATED PARTY TRANSACTIONS](#a_016) | 98 |
| [DESCRIPTION OF SHARE CAPITAL](#a_017) | 99 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#a_018) | 109 |
| [TAXATION](#a_019) | 111 |
| [SELLING SHAREHOLDERS](#s_003) | Alt-3 |
| [PLAN OF DISTRIBUTION](#s_004) | Alt-4 |
| [EXPENSES OF THE OFFERING](#a_027) | 123 |
| [LEGAL MATTERS](#s_005) | Alt-6 |
| [EXPERTS](#a_022) | 123 |
| [ENFORCEMENT OF CIVIL LIABILITIES](#a_023) | 124 |
| [WHERE YOU CAN FIND MORE INFORMATION](#a_024) | 125 |
| [INDEX TO FINANCIAL STATEMENTS](#a_025) | F-1 |
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#a_026) | F-2 |

---

Alt-i

 **[Alternate Page for Resale Prospectus]**

 **THE OFFERING**

---

| | |
|:---|:---|
| Class A Ordinary Shares being offered by Selling Shareholders | In aggregate 1,250,687 Class A Ordinary Shares by the Selling Shareholders. |
| Class A Ordinary Shares outstanding immediately before this offering | 24,165,380 Ordinary Shares, consisting of 22,890,380 Class A Ordinary Shares (or 23,265,380 Class A Ordinary Shares if the Underwriter exercises its option to purchase additional Class A Ordinary Shares within 45 days of the date of the closing of the initial public offering from us in full) which includes an aggregate of 415,380 Class A Ordinary Shares issuable to holders of certain convertible loans upon completion of the initial public offering and 1,275,000 Class B Ordinary Shares. |
| Use of proceeds | We will not receive any proceeds from the sale of Class A Ordinary Shares held by the Selling Shareholders being registered in this prospectus. |
| Proposed NYSE American Symbol | We intend to list the Class A Ordinary Shares on the NYSE American under the symbol "[____]." |
| Risk factors | An investment in our securities involves a high degree of risk. See "Risk Factors" beginning on page [15] of this prospectus and other information included in this prospectus for a discussion of factors you should carefully consider before deciding to invest in our Class A Ordinary Shares. |

---

 **[Alternate Page for Resale Prospectus]**

 **USE OF PROCEEDS**

We will not receive any of the proceeds from the sale of the Class A Ordinary Shares by the Selling Shareholders.

 **[Alternate Page for Resale Prospectus]**

 **SELLING SHAREHOLDERS**

We are registering these Class A Ordinary Shares held by the Selling Shareholders in order to permit the Selling Shareholders to offer their shares for resale from time to time.

This prospectus covers the offering for resale of up to 1,250,687 Class A Ordinary Shares by the Selling Shareholders. This prospectus and any prospectus supplement will only permit the Selling Shareholders to sell the number of Class A Ordinary Shares identified in the column "Number of Class A Ordinary Shares to be Sold." The Class A Ordinary Shares issued to the Selling Shareholders are "restricted" securities under applicable U.S. federal and state securities laws and are being registered to provide the Selling Shareholders the opportunity to sell those Class A Ordinary Shares.

The following table sets forth the name of Selling Shareholders who are offering the Class A Ordinary Shares for resale by this prospectus, the number and percentage of Class A Ordinary Shares beneficially owned, the number of Class A Ordinary Shares that may be offered for resale by this prospectus and the number and percentage of ordinary shares they will own after the offering. The information appearing in the table below is based on information provided by or on behalf of the Selling Shareholders. We will not receive any proceeds from the resale of the Class A Ordinary Shares by the Selling Shareholders. The Selling Shareholders may sell all, some or none of their shares in this offering. See "Plan of Distribution."

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Selling Shareholders<sup>(1)</sup>** | **Class A Ordinary<br> Shares<br> Beneficially<br> Owned Prior <br> to Offering** | **Percentage<br> Ownership of <br> Class A<br> Ordinary Shares<br> Prior to<br> Offering<sup>(2)</sup>** | **Number of<br> Class A<br> Ordinary<br> Shares to be <br> Sold** | **Number of Class A<br> Ordinary<br> Shares Owned<br> After Offering<sup>(3)</sup>** | **Percentage<br> Ownership of <br> Class A<br> Ordinary<br> Shares After<br> Offering<sup>(2)</sup>** |
| Lim Chye Poh | 38461<sup>(4)</sup> | \* | 19230 | 19231 | \* |
| Abuthahir S/O Abdul Gafoor | 38461<sup>(4)</sup> | \* | 19230 | 19231 | \* |
| Jason Koh Chin Kuan | 38461<sup>(4)</sup> | \* | 19230 | 19231 | \* |
| Lee So Kang | 38461<sup>(4)</sup> | \* | 19230 | 19231 | \* |
| Jimmy Low Sing Khiang | 38461<sup>(4)</sup> | \* | 19230 | 19231 | \* |
| Kiranjeet Kaur | 38461<sup>(4)</sup> | \* | 19230 | 19231 | \* |
| Mariadelos Angeles Herraro Ocana | 69230<sup>(4)</sup> | \* | 34615 | 34615 | \* |
| Tan Yong Kiang | 179134<sup>(5)</sup> | \* | 77692 | 101442 | \* |
| Ng Shin Yueh | 212500 | \* | 52500 | 160000 | \* |
| Leow Leong Ju | 977500 | 4.27% | 161750 | 815750 | 3.56% |
| Lim Cha Yin | 977500 | 4.27% | 161750 | 815750 | 3.56% |
| Peng Chee Seng | 977500 | 4.27% | 161750 | 815750 | 3.56% |
| Lee Chee Ping Clarence | 977500 | 4.27% | 161750 | 815750 | 3.56% |
| Wang Kangzhong | 977500 | 4.27% | 161750 | 815750 | 3.56% |
| G&L Chartered Business Consultants Pte Ltd<sup>(6)</sup> | 913750 | 3.99% | 161750 | 752000 | 3.29% |

---

\* Less than 1%.

(1) Unless otherwise specified,
 the principal address of each of the Selling Shareholders is c/o 1008 Toa Payoh North #04-12/14/15,
 Singapore 318996.

(2) Based on 24,165,380
 Ordinary Shares, consisting of 22,890,380 Class A Ordinary Shares and 1,275,000 Class B Ordinary
 Shares issued and outstanding immediately after the completion of our initial public offering,
 assuming the underwriter does not exercise the over-allotment option in our initial public
 offering.

(3) Since we do not have
 the ability to control how many, if any, of the Class A Ordinary Shares held by the Selling
 Shareholders will be sold, we have assumed that they will sell all of their shares offered
 herein for purposes of determining how many shares they will own after the offering and their
 percentage of ownership following the offering.

(4) Represent Class A
 Ordinary Shares to be issued upon automatic conversion of the Convertible Loan Agreements
 at the completion of our initial public offering.

(5) Tan Yong Kiang currently
 holds 63,750 Class A Ordinary Shares, and an additional 115,384 Class A Ordinary Shares will
 be issued to him upon automatic conversion of the Convertible Loan Agreements at the completion
 of our initial public offering.

(6) Ms
 Soh Li Xuan Charis has voting and dispositive power over the shares held by G&L Chartered Business Consultants Pte Ltd. The business
 address of G&L Chartered Business Consultants Pte Ltd is 3 Temasek Avenue, #21-00, Centennial Tower, Singapore 039190.

 **[Alternate Page for Resale Prospectus]**

 **PLAN OF DISTRIBUTION**

The Selling Shareholders and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of the Class A Ordinary Shares covered hereby on the NYSE American or any other stock exchange, market or trading facility on which the Class A Ordinary Shares are traded or in private transactions. These sales may be at fixed or negotiated prices. The Selling Shareholders may use any one or more of the following methods when selling their Class A Ordinary Shares:

● ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

● block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction;

● purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

● an exchange distribution in accordance with the rules of the applicable exchange;

● privately negotiated transactions;

● settlement of short sales;

● in transactions through broker-dealers that agree with the Selling Shareholders to sell a specified number of such securities at a stipulated price per security;

● through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

● a combination of any such methods of sale; or

● any other method permitted pursuant to applicable law.

The Selling Shareholders may also sell their Class A Ordinary Shares under Rule 144 or any other exemption from registration under the Securities Act of 1933, as amended, or the Securities Act, if available, rather than under this prospectus.

Broker-dealers engaged by the Selling Shareholders may arrange for other broker-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the Selling Shareholders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this prospectus, in the case of an agency transaction not in excess of a customary brokerage commission in compliance with FINRA Rule 2121; and in the case of a principal transaction a markup or markdown in compliance with FINRA Rule 2121.

In connection with the sale of the Class A Ordinary Shares or interests therein, the Selling Shareholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the Class A Ordinary Shares in the course of hedging the positions they assume. The Selling Shareholders may also sell Class A Ordinary Shares short and deliver these shares to close out their short positions, or loan or pledge the shares to broker-dealers that in turn may sell these shares. The Selling Shareholders may also enter into option or other transactions with broker-dealers or other financial institutions or create one or more derivative securities which require the delivery to such broker-dealer or other financial institution of Class A Ordinary Shares offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).

[Alternate Page for Resale Prospectus]

The Selling Shareholders and any broker-dealers or agents that are involved in selling the Class A Ordinary Shares may be deemed to be "underwriters" within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the Class A Ordinary Shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. Any broker-dealers or agents that are deemed to be underwriters may not sell shares offered under this Resale Prospectus unless and until we set forth the names of the underwriters and the material details of their underwriting arrangements in a supplement to this Resale Prospectus or, if required, in a replacement resale prospectus included in a post-effective amendment to the registration statement of which this Resale Prospectus is a part.

We are required to pay certain fees and expenses incurred by us incident to the registration of the Class A Ordinary Shares.

We expect to keep this prospectus effective until the earlier of (i) the date on which the Class A Ordinary Shares may be resold by the Selling Shareholders without registration and without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for us to be in compliance with the current public information under Rule 144 under the Securities Act or any other rule of similar effect; or (ii) all of the Class A Ordinary Shares held by the Selling Shareholders have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar effect. The Class A Ordinary Shares will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws. In addition, in certain states, the Class A Ordinary Shares covered hereby may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.

Under applicable rules and regulations under the Exchange Act, any person engaged in the distribution the Class A Ordinary Shares may not simultaneously engage in market making activities with respect to the Class A Ordinary Shares for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution. In addition, the Selling Shareholders will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the Class A Ordinary Shares by the Selling Shareholders or any other person. We will make copies of this prospectus available to the Selling Shareholders and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).

 **[Alternate Page for Resale Prospectus]**

 **LEGAL MATTERS**

The validity of the Class A Ordinary Shares being offered by this prospectus will be passed upon for us by Harney Westwood & Riegels Singapore LLP.

**Part II — Information Not Required in the Prospectus**

**Item 6. Indemnification of Directors and Officers.**

Cayman Islands law does not limit the extent to which a company's articles of association may provide indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to the public interest, such as providing indemnification against wilful default, fraud or the consequences of committing a crime. Our articles of association provide that each officer or director of the registrant shall be indemnified out of the assets of the registrant from and against all actions, costs, charges, losses, damages and expenses which they or any of them, shall or may incur or sustain by or by reason of any act done, concurred in or omitted in or about the execution of their duty, or supposed duty, in their respective offices or trust unless such actions, costs, charges, losses, damages and expenses arise from wilful default, wilful neglect or fraud which may attach to such directors or officers.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Item 7. Recent Sales of Unregistered Securities.**

Set forth below is information regarding securities issued by us during the last three years. None of the below described transactions involved any underwriters, underwriting discounts and commissions or commissions, or any public offering.

Optimal AI Limited was incorporated in the Cayman Islands on June 27, 2025 as an exempted company with limited liability. Upon incorporation, the Company issued 1 ordinary share of par value US$0.0001 to Harneys Fiduciary (Cayman) Limited, and such share was transferred to Lai Kee Chwee on June 27, 2025.

On August 20, 2025, the 1 ordinary share of par value USD $0.0001 held by Lai Kee Chwee was redesignated to 1 Class A Ordinary Share.

On 12 January 2026, the Company issued Class A Ordinary Shares and Class B Ordinary Shares as set out below to various shareholders, in exchange for all of the issued and outstanding shares in Optimal AI Pte. Ltd.

---

| | | | |
|:---|:---|:---|:---|
| **Subscriber** | **Date of Issuance** | **Number and Type of Shares** | **Consideration** |
| Optimal Investments Limited | 12 January 2026 | 7,649,999 Class A ordinary shares of the Company | 9,000,000 Class A ordinary shares of Optimal AI Pte. Ltd. |
| Optimal Investments Limited | 12 January 2026 | 1,275,000 Class B ordinary shares of the Company | 1,500,000 Class B ordinary shares of Optimal AI Pte. Ltd. |
| Jiang Shutao | 12 January 2026 | 5,270,000 Class A ordinary shares of the Company | 6,200,000 Class A ordinary shares of Optimal AI Pte. Ltd. |
| Ng Shin Yueh | 12 January 2026 | 212,500 Class A ordinary shares of the Company | 250,000 Class A ordinary shares of Optimal AI Pte. Ltd. |
| Leow Leong Ju | 12 January 2026 | 977,500 Class A ordinary shares of the Company | 1,150,000 Class A ordinary shares of Optimal AI Pte. Ltd. |
| Lim Cha Yin | 12 January 2026 | 977,500 Class A ordinary shares of the Company | 1,150,000 Class A ordinary shares of Optimal AI Pte. Ltd. |
| Peng Chee Seng | 12 January 2026 | 977,500 Class A ordinary shares of the Company | 1,150,000 Class A ordinary shares of Optimal AI Pte. Ltd. |
| Lee Chee Ping Clarence | 12 January 2026 | 977,500 Class A ordinary shares of the Company | 1,150,000 Class A ordinary shares of Optimal AI Pte. Ltd. |
| Wang Kangzhong | 12 January 2026 | 977,500 Class A ordinary shares of the Company | 1,150,000 Class A ordinary shares of Optimal AI Pte. Ltd. |
|  G&L Chartered Business Consultants Private Limited | 12 January 2026 | 913,750 Class A ordinary shares of the Company | 1,075,000 Class A ordinary shares of Optimal AI Pte. Ltd. |
| Tan Yong Kiang | 12 January 2026 | 63,750 Class A ordinary shares of the Company | 75,000 Class A ordinary shares of Optimal AI Pte. Ltd. |
| iCapital Holdings (SG) Pte. Ltd. | 12 January 2026 | 977,500 Class A ordinary shares of the Company | 1,150,000 Class A ordinary shares of Optimal AI Pte. Ltd. |

---

Set forth below is information regarding securities issued by our subsidiaries during the last three years. None of the below described transactions involved any underwriters, underwriting discounts and commissions or commissions, or any public offering.

Optimal AI Pte. Ltd. entered into Convertible Loan Agreements with certain third-party lenders as part of a pre-initial public offering fundraising, seeking an aggregate proceeds of approximately SGD 1,200,000. In 2024 and 2025, an amount of SGD 100,000 and SGD 900,000 respectively, was raised and drawn down under the Agreement. Under the terms of the Convertible Loan Agreements, the outstanding principal amount provided by the Lenders is initially interest-free and will automatically convert into Class A Ordinary Shares upon the completion of the this offering. The conversion price per share is fixed at USD 2.00, which, based on an estimated USD and SGD exchange rate of 1.3, will result in the issuance of 384,615 Class A Ordinary Shares upon the automatic conversion of the SGD 1,000,000 principal amount.

Our other subsidiaries, namely Hiverlab Pte Ltd, Hiverlab Vietnam Co. Ltd and Hiverlab International Pte Ltd, did not issue any securities during the last three years.

We believe that the offers, sales and issuances of the securities described in the preceding paragraph were exempt from registration either (a) under Section 4(a)(2) of the Securities Act and the rules and regulations promulgated thereunder, in that the transactions were between an issuer and sophisticated investors or members of its senior executive management and did not involve any public offering within the meaning of Section 4(a)(2), (b) under Regulation S promulgated under the Securities Act in that offers, sales and issuances were not made to persons in the United States and no directed selling efforts were made in the United States, or (c) under Rule 701 promulgated under the Securities Act in that the transactions were underwritten compensatory benefit plans or written compensatory contracts.

**Item 8. Exhibits.**

(a) Exhibits.

The following documents are filed as part of this registration statement:

---

| | |
|:---|:---|
| 1.1 | [Form of Underwriting Agreement](ea027388801ex1-1_optimal.htm) |
| 3.1 | [Amended and Restated Memorandum and Articles of Association of the Company](ea027388801ex3-1_optimal.htm) |
| 3.2+ | [Memorandum and Articles of Association of Hiverlab Singpaore](https://www.sec.gov/Archives/edgar/data/2083345/000121390025126476/ea027109301ex3-2_optimal.htm) |
| 4.1\* | Specimen Certificate for Class A Ordinary Shares |
| 4.2 | [Form of Representative's Warrants](ea027388801ex4-2_optimal.htm) |
| 5.1 | [Opinion of Harney Westwood & Riegels Singapore LLP as to the validity of the Class A Ordinary Shares](ea027388801ex5-1_optimal.htm) |
| 10.1+ | [Form of Employment Agreement, by and between the registrant and its Executive Officer](https://www.sec.gov/Archives/edgar/data/2083345/000121390025126476/ea027109301ex10-1_optimal.htm) |
| 10.2+ | [Form of Independent Director Agreement by and between the registrant and its Independent Director](https://www.sec.gov/Archives/edgar/data/2083345/000121390025126476/ea027109301ex10-2_optimal.htm) |
| 10.3+ | [Form of Indemnification Agreement](https://www.sec.gov/Archives/edgar/data/2083345/000121390025126476/ea027109301ex10-3_optimal.htm) |
| 10.4+ | [Form of Convertible Loan Agreement](https://www.sec.gov/Archives/edgar/data/2083345/000121390025126476/ea027109301ex10-4_optimal.htm) |
| 10.5+ | [Share Swap Agreement dated February 20, 2025 by and between Optimal Investments Limited and Optimal AI Pte. ltd.](https://www.sec.gov/Archives/edgar/data/2083345/000121390025126476/ea027109301ex10-5_optimal.htm) |
| 14.1+ | [Code of Business Conduct and Ethics](https://www.sec.gov/Archives/edgar/data/2083345/000121390025126476/ea027109301ex14-1_optimal.htm) |
| 21.1+ | [List of Subsidiaries](https://www.sec.gov/Archives/edgar/data/2083345/000121390025126476/ea027109301ex21-1_optimal.htm) |
| 23.1 | [Consent of Assentsure PAC](ea027388801ex23-1_optimal.htm) |
| 23.2 | [Consent of Harney Westwood & Riegels Singapore LLP (included in Exhibit 5.1)](ea027388801ex5-1_optimal.htm) |
| 24.1 | [Power of Attorney (included on signature page to the registration statement)](#toc) |
| 99.1+ | [Charter of the Audit Committee](https://www.sec.gov/Archives/edgar/data/2083345/000121390025126476/ea027109301ex99-1_optimal.htm) |
| 99.2+ | [Charter of the Compensation Committee](https://www.sec.gov/Archives/edgar/data/2083345/000121390025126476/ea027109301ex99-2_optimal.htm) |
| 99.3+ | [Charter of the Nominating and Corporate Governance Committee](https://www.sec.gov/Archives/edgar/data/2083345/000121390025126476/ea027109301ex99-3_optimal.htm) |
| 99.4+ | [Consent of Chong Eng Wee, Independent Director Nominee](https://www.sec.gov/Archives/edgar/data/2083345/000121390025126476/ea027109301ex99-4_optimal.htm) |
| 99.5+ | [Consent of Low See Lien, Independent Director Nominee](https://www.sec.gov/Archives/edgar/data/2083345/000121390025126476/ea027109301ex99-5_optimal.htm) |
| 99.6+ | [Consent of Ong Shen Chieh, Independent Director Nominee](https://www.sec.gov/Archives/edgar/data/2083345/000121390025126476/ea027109301ex99-6_optimal.htm) |
| 99.7+ | [Insider Trading Policy](https://www.sec.gov/Archives/edgar/data/2083345/000121390025126476/ea027109301ex99-7_optimal.htm) |
| 99.8+ | [Clawback Policy](https://www.sec.gov/Archives/edgar/data/2083345/000121390025126476/ea027109301ex99-8_optimal.htm) |
| 99.9 | [Registrant's Representation under Item 8.A.4 of Form 20-F](ea027388801ex99-9_optimal.htm) |
| 107 | [Calculation of Registration Fee](ea027388801ex-fee_optimal.htm) |

---

\* To be filed by amendment. <br> + Previously filed.

(b) Financial
 Statement Schedules

None.

**Item 9. Undertakings**

The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to provide to the underwriter at the
 closing specified in the underwriting agreements, certificates in such denominations and registered in such names as required by
 the underwriter to permit prompt delivery to each purchaser;

(b) insofar as indemnification for liabilities
 arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant
 to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the U.S. Securities and Exchange
 Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that
 a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a
 director, officer, or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted
 by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless
 in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
 the question of whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final
 adjudication of such issue;

(c) for purposes of determining any liability
 under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement
 in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant pursuant to Rule 424(b)(1) or (4) or 497(h)
 under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective; and

(d) for the purpose of determining any
 liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be
 a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be
 deemed to be the initial bona fide offering thereof.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Singapore, on January 26, 2026.

---

| | |
|:---|:---|
| Optimal AI Limited | Optimal AI Limited |
| By: | */s/ Lai Kee Chwee* |
| Name: | Lai Kee Chwee |
| Title: | Director, Chief Executive Officer, and Chairman of the Board of Directors |

---

KNOW ALL BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Lai Kee Chwee his or her true and lawful agent, proxy and attorney-in-fact, with full power of substitution and resubstitution, for and in his or her name, place and stead, in any and all capacities, to (1) act on, sign and file with the Securities and Exchange Commission any and all amendments (including post-effective amendments) to this Registration Statement together with all schedules and exhibits thereto and any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, together with all schedules and exhibits thereto, (2) act on, sign and file such certificates, instruments, agreements and other documents as may be necessary or appropriate in connection therewith, (3) act on and file any supplement to any prospectus included in this Registration Statement or any such amendment or any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and (4) take any and all actions which may be necessary or appropriate to be done, as fully for all intents and purposes as he or she might or could do in person, hereby approving, ratifying and confirming all that such agent, proxy and attorney-in-fact or any of his or her substitutes may lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Position** | **Date** |
| */s/ Lai Kee Chwee* | Director, Chief Executive Officer, and Chairman of the Board of Directors | January 26, 2026 |
| Lai Kee Chwee | (Principal executive officer) |  |
| */s/ Tay Boon Zhuan* | Director, Deputy Chief Executive Officer, and<br> Chief Financial Officer | January 26, 2026 |
| Tay Boon Zhuan | (Principal financial and accounting officer) |  |
| */s/ Jiang Shutao* | Director and Chief Technology Officer | January 26, 2026 |
| Jiang Shutao |  |  |

---

**Authorized U.S. Representative**

Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Optimal AI Limited, has signed this registration statement in New York, on January 26, 2026.

---

| | |
|:---|:---|
| Authorized U.S. Representative Cogency Global Inc. | Authorized U.S. Representative Cogency Global Inc. |
| By: | */s/ Colleen A. De Vries* |
| Name: | Colleen A. De Vries |
| Title: | Senior Vice-President on behalf of Cogency Global Inc. |

---

## Exhibit 1.1

**Exhibit 1.1**

**OPTIMAL AI LIMITED**

**FORM OF UNDERWRITING AGREEMENT**

[●], 2026

R. F. Lafferty & Co., Inc.

40 Wall Street, 27th Floor

New York, NY 10005

*As the Representative of several Underwriters named on Schedule A hereto*

Ladies and Gentlemen:

The undersigned, Optimal AI Limited, a company incorporated under the laws of the Cayman Islands (the "**Company**"), hereby confirms its agreement (this "**Agreement**") with R. F. Lafferty & Co., Inc. (the "**Representative**" of several underwriters as disclosed in <u>Schedule A</u> attached hereto, collectively the "**Underwriters**" and each an "**Underwriter**") to issue and sell to the Underwriters an aggregate of [●] Class A ordinary shares, par value US$0.0001 per share ("**Shares**" or "**Ordinary Shares**"), of the Company (the "**Firm Shares**"). The Company also agrees to issue and sell to the Underwriters up to an additional [●] Shares, representing 15% of the Firm Shares sold in the offering (the "**Option Shares**"), if and to the extent that the Representative shall have determined to exercise, on behalf of the Underwriters, the right to purchase such Option Shares granted to the Underwriters in Section 1(c) hereof. The Firm Shares and the Option Shares are hereinafter collectively referred to as the "**Securities**." The offering and sale of the Securities contemplated by this Agreement is referred to herein as the "**Offering**."

**1.** <u>Purchase and Sale of Securities.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Purchase of Firm Shares</u>. On the basis of the representations and warranties herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the Underwriters an aggregate of [●] Firm Shares at a purchase price (net of underwriting discounts) of $[●] per share (the "**Purchase Price**"). The Underwriters, severally and not jointly, agrees to purchase from the Company the Firm Shares set forth opposite its name on <u>Schedule A</u> attached hereto and made a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Delivery of and Payment for Firm Shares</u>. Delivery of and payment for the Firm Shares shall be made at [●] A.M., Eastern time, on the [●]th Business Day following the effective date of the Registration Statement ("**Effective Date**") or at such time as shall be agreed upon by the Representative and the Company, at the offices of VCL Law LLP (the "**Underwriters' Counsel**"**)** or at such other place as shall be agreed upon by the Representative and the Company. The hour and date of delivery of and payment for the Firm Shares is called the "**Closing Date**." The closing of the payment of the Purchase Price for, and delivery of the Firm Shares through the facilities of Depository Trust Company (the "**DTC**") for the accounts of the Underwriters is referred to herein as the "**Closing**." Payment for the Firm Shares shall be made on the Closing Date by wire transfer in federal (same day) funds upon delivery to the Underwriters the Firm Shares through the full fast transfer facilities of the DTC for the account of the Underwriters. The Firm Shares shall be registered in such names and in such denominations as the Underwriters may request in writing at least one (1) Business Days prior to the Closing Date. The Company shall not be obligated to sell or deliver the Firm Shares except upon tender of payment by the Underwriters for all the Firm Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Option Shares</u>. The Company hereby agrees to issue and sell to the Underwriters the Option Shares, and the Underwriters shall have the option to purchase, severally and not jointly, in whole or in part, the Option Shares from the Company (the "**Over-Allotment Option**"), in each case, at a price per share equal to the Purchase Price (the "**Over-Allotment Option Purchase Price**"). The Company and the Underwriters agree that the Underwriters may only exercise the Over-Allotment Option for the purpose of covering over-allotments made in connection with the offering of the Firm Shares. The Representative may exercise the Over-Allotment Option on behalf of the Underwriters at any time in whole, or from time to time in part, on or before the forty-fifth (45th) day after the Effective Date, by giving written notice to the Company (the "**Over-Allotment Exercise Notice**"). Each exercise date must be at least one (1) business day after the written notice is given and may not be earlier than the Closing Date nor later than ten (10) business days after the date of such notice. On each day, if any, that the Option Shares are to be purchased, each Underwriter agrees, severally and not jointly, to purchase the number of the Option Shares (subject to such adjustments to eliminate fractional shares as the Representative may determine) that bears the same proportion to the total number of the Option Shares to be purchased on such additional closing date ("**Additional Closing Date**") as the number of Firm Shares set forth in <u>Schedule A</u> hereto opposite the name of such Underwriter bears to the total number of the Firm Shares. The Representative may cancel any exercise of the Over-Allotment Option at any time prior to the Closing Date or the applicable Additional Closing Date, as the case may be, by giving written notice of such cancellation to the Company. The Over-Allotment Exercise Notice shall set forth: (i) the aggregate number of Option Shares as to which the Over-Allotment Option is being exercised; (ii) the Over-Allotment Option Purchase Price; (iii) the names and denominations in which the Option Shares are to be registered; and (iv) any Additional Closing Date. Payment for the Option Shares shall be made, against delivery of the Option Shares to be purchased, by wire transfer in immediately available funds to the account(s) specified by the Company to the Representative at least two (2) business days in advance of such payment at the office of VCL Law LLP on any Additional Closing Date, or at such other place on the same or such other date and time, as shall be designated in writing by the Representative. The Company shall not be obligated to sell or deliver the Option Shares except upon tender of payment by the Underwriters for the applicable Option Shares. Delivery of the Option Shares shall be made through the facilities of DTC, unless the Representative shall otherwise instruct.

**2.** <u>Representations and Warranties of the Company</u>. The Company represents and warrants to the Underwriters as of the Applicable Time (as defined below), the Closing Date, and the applicable Additional Closing Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Filing of Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Pursuant to the Act</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Company has filed with the U.S. Securities and Exchange Commission (the "**Commission**") a registration statement and an amendment or amendments thereto, on Form F-1 (File No. 333-292484), including any related prospectus or prospectuses, for the registration of the Securities under the Securities Act of 1933, as amended (the "**Act**"), which registration statement and amendment or amendments have been prepared by the Company and conform, in all material respects, with the requirements of the Act and the rules and regulations of the Commission under the Act (the "**Regulations**"). Except as the context may otherwise require, such registration statement on file with the Commission at the time the registration statement becomes effective (including the prospectus, financial statements, schedules, exhibits and all other documents filed as a part thereof or incorporated therein and all information deemed to be a part thereof as of the Effective Date pursuant to paragraph (b) of Rule 430A of the Regulations), is referred to herein as the "**Registration Statement**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The prospectus to be filed pursuant to Rule 424(b) under the Act after the execution and delivery of this Agreement by the parties hereto, or, if no filing pursuant to Rule 424(b) under the Act is required, the prospectus relating to the Offering included in the Registration Statement at the effective date of the Registration Statement, is hereinafter called the "**Prospectus**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Registration Statement has been declared effective by the Commission on or prior to the date hereof. "**Applicable Time**" means 5:00 p.m. Eastern Time, on the date of this Agreement, or such other time as agreed to by the Company and the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Registration under the Exchange Act</u>. The Securities are registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 (the "**Exchange Act**"), and the Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Securities under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration except as described in the Registration Statement and Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Listing on NYSE American</u>. The Shares will be approved for listing on NYSE American LLC ("**NYSE American**") by the Closing Date, subject to official notice of issuance, and the Company has taken no action designed to, or likely to have the effect of, terminating the listing of the Securities on NYSE American nor has the Company received any notification that NYSE American is contemplating revoking or withdrawing approval for listing of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Stop Orders, etc</u>. Neither the Commission nor, to the best of the Company's knowledge, any state regulatory authority has issued any order preventing or suspending the use of any preliminary prospectus ("**Preliminary Prospectus**"), the Prospectus or the Registration Statement or has instituted or, to the best of the Company's knowledge, threatened to institute any proceedings with respect to such an order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Disclosures in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>10b-5 Representation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Registration Statement, the Disclosure Materials, and the Prospectus and any post-effective amendments thereto, at the time the Registration Statement became effective, complied in all material respects with the requirements of the Act and the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Registration Statement, when it became effective, and any amendment or supplement thereto, did not contain and, at the Closing Date and any Additional Closing Date, will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and the Prospectus when filed with the Commission does not contain and, at the Closing Date and any Additional Closing Date, will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The representation and warranty made in this <u>Section 2(c)(i)(B)</u> does not apply to statements made or statements omitted in reliance upon and in conformity with written information with respect to the Underwriters furnished to the Company by the Underwriters expressly for use in the Registration Statement or Prospectus or any amendment thereof or supplement thereto. The parties acknowledge and agree that such information provided by or on behalf of any of the Underwriters consists solely of the Underwriters' names (the "**Underwriters' Information**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Any issuer free writing prospectus(es) as defined in Rule 433 of the Regulations (the "**Issuer Free Writing Prospectus**") and Preliminary Prospectus(es), when taken together as a whole (collectively, the "**Disclosure Materials**"), do not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from the Disclosure Materials based upon and in conformity with the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Prior Securities Transactions</u>. No securities of the Company have been sold by the Company or by or on behalf of, or for the benefit of, any person or persons controlling, controlled by, or under common control with the Company, except as disclosed in the Registration Statement and Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Changes After Dates in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>No Material Adverse Change in Business</u>. Since the end of the period covered by the latest audited financial statements included in the Registration Statement, the Disclosure Materials, and the Prospectus, and except as otherwise specifically stated therein: (A) there have been no events, individually or in the aggregate, that have occurred that would have a material adverse effect on the assets, business, conditions, financial position, results of operations or business prospects of the Company and its subsidiaries, taken as a whole, or the ability of the Company to perform its obligations under this Agreement, including the issuance and sale of the Securities, or to consummate the transactions contemplated in the Registration Statement, the Disclosure Materials, and the Prospectus (each of such effects and changes a "**Material Adverse Effect**" and a "**Material Adverse Change**," respectively); and (B) there have been no material transactions entered into by the Company not in the ordinary course of business, other than as contemplated pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Recent Securities Transactions, etc</u>. Since the end of the period covered by the latest audited financial statements or interim financial statements included in the Registration Statement, the Disclosure Materials, and the Prospectus, and except as may otherwise be indicated or contemplated herein or disclosed in the Registration Statement, the Disclosure Materials, and the Prospectus, the Company has not: (A) issued any securities or incurred any material liability or obligation, direct or contingent, for borrowed money other than in the ordinary course of business; or (B) declared or paid any dividend or made any other distribution on or in respect to its share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Independent Accountants</u>. To the best of the Company's knowledge, Assentsure PAC, whose report is filed with the Commission as part of the Registration Statement, is an independent registered public accountant as required by the Act and the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Financial Statements, etc</u>. The financial statements, including the notes thereto and supporting schedules included in the Registration Statement, the Disclosure Materials, and the Prospectus fairly present the financial position and the results of operations of the Company at the dates and for the periods to which they apply; and such financial statements have been prepared in conformity with United States generally accepted accounting principles ("GAAP"), consistently applied throughout the periods involved except as disclosed therein; and the supporting schedules included in the Registration Statement present fairly the information required to be stated therein. The Registration Statement discloses all material off-balance sheet transactions, arrangements, obligations (including contingent obligations), and other relationships of the Company with unconsolidated entities or other persons that may have a material current or future effect on the Company's financial condition, changes in financial condition, results of operations, liquidity, capital expenditures, capital resources, or significant components of revenues or expenses, if any. Except as disclosed in the Registration Statement, the Disclosure Materials, and the Prospectus, (i) neither the Company nor any of its subsidiaries has incurred any material liabilities or obligations, direct or contingent, or entered into any material transactions other than in the ordinary course of business, (ii) the Company has not declared or paid any dividends or made any distribution of any kind with respect to its share capital, (iii) there has not been any change in the share capital of the Company or any of its subsidiaries, or any grants under any currently in-effect stock compensation plan, (iv) there has been no change related to stock compensation plans, if any, and, (v) there has not been any material adverse change in the Company's long-term or short-term debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Authorized Capital; Options, etc</u>. The Company has the duly authorized, issued and outstanding capitalization as set forth in the Registration Statement, the Disclosure Materials, and the Prospectus. Based on the assumptions stated in the Registration Statement, the Disclosure Materials, and the Prospectus, the Company will have on the Closing Date and any Additional Closing Date the adjusted capitalization set forth therein. Except as set forth in, or contemplated by, this Agreement, the Registration Statement, the Disclosure Materials and the Prospectus, on the Effective Date, the Closing Date and any Additional Closing Date, there will be no options, warrants, or other rights to purchase or otherwise acquire any authorized, but unissued share capital of the Company or any security convertible into share capital of the Company, or any contracts or commitments to issue or sell shares or any such options, warrants, rights or convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Valid Issuance of Securities, etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Outstanding Securities</u>. All issued and outstanding securities of the Company issued prior to the transactions contemplated by this Agreement have been duly authorized and validly issued and are fully paid and non-assessable; the holders thereof have no rights of rescission with respect thereto, and are not subject to personal liability by reason of being such holders; and none of such securities were issued in violation of the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Securities Sold Pursuant to this Agreement</u>. The Securities have been duly authorized for issuance and sale and, when issued and paid for, will be validly issued, fully paid and non-assessable; the Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the foregoing Securities has been duly and validly taken. The Securities conform in all material respects to all statements with respect thereto contained in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Issuance of Securities</u>. Upon issuance of Securities, and subject to full payment by the Underwriters in accordance with the terms hereof, such Securities will be duly and validly issued, and the persons in whose names the Securities are registered will be entitled to the rights specified in the Securities. Upon the sale and delivery of these Securities, and payment therefor, pursuant to this Agreement, the purchasers will acquire good, marketable and valid title to such Securities, free and clear of all pledges, liens, security interests, charges, claims or encumbrances of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Registration Rights of Third Parties</u>. Except as set forth in the Registration Statement, the Disclosure Materials, and the Prospectus, no holders of any securities of the Company or any rights exercisable for or convertible or exchangeable into securities of the Company have the right to require the Company to register any such securities of the Company under the Act or to include any such securities in a registration statement to be filed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Validity and Binding Effect of This Agreement</u>. This Agreement has been duly and validly authorized by the Company, and, when executed and delivered by the parties hereto, will constitute, the valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except: (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally; (ii) as the enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws; and (iii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefore may be brought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>No Conflicts.</u> The execution, delivery, and performance by the Company of this Agreement, the consummation by the Company of the transactions herein and therein contemplated and the compliance by the Company with the terms hereof do not and will not, with or without the giving of notice or the lapse of time or both: (i) result in a material breach of, or conflict with any of the terms and provisions of, or constitute a material default under, or result in the creation, modification, termination or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any agreement or instrument to which the Company is a party; (ii) result in any violation of the provisions of the Company's amended and restated memorandum and articles of association or bylaws (as the same may be amended from time to time, the "**Charter**"); or (iii) violate any existing applicable law, rule, regulation, judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its properties or business constituted as of the date hereof, except such violation or breach that would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>No Defaults; Violations</u>. Except as described in the Registration Statement, the Disclosure Materials, and the Prospectus, no default exists in the due performance and observance of any term, covenant or condition of any material license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other material agreement or instrument evidencing an obligation for borrowed money, or any other material agreement or instrument to which the Company is a party or by which the Company is bound or to which any of the properties or assets of the Company is subject, except for such defaults that would not, singly or in the aggregate, result in a Material Adverse Effect to the Company and its subsidiaries when taken as a whole and that are not otherwise disclosed in the Registration Statement, the Prospectus or Disclosure Materials. The Company is not in violation of any term or provision of its Charter, or in violation in any respect of any franchise, license, permit, applicable law, rule, regulation, judgment or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its properties or businesses, except for such defaults that would not, singly or in the aggregate, result in a Material Adverse Effect to the Company and its subsidiaries, taken as a whole, and that are not otherwise disclosed in the Registration Statement, the Prospectus or Disclosure Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Corporate Power; Licenses; Consents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Conduct of Business</u>. Except as described in the Registration Statement, the Disclosure Materials, and the Prospectus, the Company has all requisite corporate power and authority, and has all necessary authorizations, approvals, orders, licenses, certificates and permits of and from all governmental regulatory officials and bodies that it needs as of the date hereof to conduct its business purpose as described in the Prospectus except, any non-compliance, in each case, would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Transactions Contemplated Herein</u>. The Company has the corporate power and authority to enter into this Agreement and to carry out the provisions and conditions hereof and thereof, and the consents, authorizations, approvals, and orders required in connection therewith have been obtained. No consent, authorization or order of, and no filing with, any court, government agency or other body is required for the valid issuance, sale and delivery of the Securities and the consummation by the Company of the transactions and agreements contemplated by this Agreement and as contemplated by the Prospectus, except with respect to applicable federal and state securities laws and the rules and regulations of the Financial Industry Regulatory Authority, Inc. ("**FINRA**") and NYSE American.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>D&O Questionnaires</u>. To the Company's knowledge, all information contained in the questionnaires (the "**Questionnaires**") completed by each of the Company's directors and officers named in the section "Management" in the Prospectus and the beneficial owners of 5% or greater of the Company's outstanding voting securities immediately prior to the Offering (the "**Insiders**") as well as in the lock-up agreement in the form attached hereto as <u>Annex IV</u> provided to the Underwriters is true and correct in all respects and the Company has not become aware of any information which would cause the information disclosed in the questionnaires completed by each Insider to become inaccurate and incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Litigation; Governmental Proceedings</u>. Except as disclosed in the Registration Statement, Disclosure Materials and the Prospectus, there is no action, suit, proceeding, inquiry, arbitration, investigation, litigation or governmental proceeding pending or, to the Company's knowledge, threatened against, or involving the Company or, to the best of the Company's knowledge, any executive officer or director that has not been disclosed in the Registration Statement, the Disclosure Materials, and the Prospectus or in connection with the Company's listing application for the listing of the Securities on NYSE American.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Good Standing</u>. The Company has been duly incorporated, is validly existing and is in good standing under the laws of the Cayman Islands as of the date hereof and is duly qualified to do business and is in good standing in each jurisdiction in which the conduct of business requires such qualification, except where the failure to qualify would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Transactions Affecting Disclosure to FINRA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Payments Within Twelve (12) Months</u>. Except as described in the Registration Statement, the Disclosure Materials, and the Prospectus, the Company or any Insider has not made any direct or indirect payments (in cash, securities or otherwise) or reached any arrangements, agreements, or understanding with any person or entity that would give rise to a valid claim against the Company or any Underwriters for a brokerage commission, finder's fee or similar arrangement in connection with this Offering, in consideration of such person or entity raising capital for the Company or introducing to the Company persons who raised or provided capital to the Company, within the twelve months prior to the Effective Date, that may affect the Underwriters' compensation as determined by FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>FINRA Affiliation</u>. To the best of the Company's knowledge, and except as may have been previously disclosed in writing to the Underwriters, no Insiders have any direct or indirect affiliation or association with any FINRA member (as determined in accordance with the rules and regulations of FINRA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Foreign Corrupt Practices Act</u>. Neither the Company nor any of its subsidiaries, nor any director or officer of the Company or any of its subsidiaries nor, to the best knowledge of the Company, any agent, employee, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries has (i) made, offered, promised or authorized any unlawful contribution, gift, entertainment or other unlawful expense (or taken any act in furtherance thereof), (ii) made, offered, promised or authorized any direct or indirect unlawful payment or (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or the rules and regulations thereunder, the Bribery Act 2010 of the United Kingdom or any other applicable anti-corruption, anti-bribery or related law, statute or regulation (collectively, the "**Anti-Corruption Laws**"); the Company and its subsidiaries have conducted their businesses in compliance with Anti-Corruption Laws and have instituted and maintained and will continue to maintain policies and procedures reasonably designed to promote and achieve compliance with such laws and with the representations and warranties contained herein; neither the Company nor any of its subsidiaries will use, directly or indirectly, the proceeds of the Offering in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in violation of Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Officers' Certificate</u>. Any certificate signed by any duly authorized officer of the Company and delivered to Underwriters or to Underwriters' Counsel shall be deemed a representation and warranty by the Company to the Underwriters as to the matters covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Lock-Up Period.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the Company's officers, directors, and holders of four percent (4%) or more of the Company's securities, including any securities convertible into or exercisable or exchangeable for such securities, as listed on <u>Schedule B</u> hereto (the "**Lock-Up Parties**") have agreed pursuant to executed lock-up agreements in the form attached hereto as <u>Annex IV</u> that for a period of six (6) months from the Closing Date, such persons and their affiliated parties shall not offer, pledge, sell, contract to sell, grant, lend or otherwise transfer or dispose of, directly or indirectly, any securities of the Company, including Shares or any securities convertible into or exercisable or exchangeable for the share capital of the Company, without the prior written consent of the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company, on behalf of itself and any successor entity, has agreed that, without the prior written consent of the Underwriters, it will not, for a period of six (6) months from the Closing Date, (A) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any share capital of the Company or any securities convertible into or exercisable or exchangeable for the share capital of the Company; (B) file or cause to be filed any registration statement with the Commission relating to the offering of any share capital of the Company or any securities convertible into or exercisable or exchangeable for the share capital of the Company or (C) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of share capital of the Company, whether any such transaction described in clause (A), (B) or (C) above is to be settled by delivery of the share capital of the Company or such other securities, in cash or otherwise. The restrictions contained in this section (ii) shall not apply to the Securities to be sold hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Subsidiaries</u>. The subsidiaries of the Company are duly organized and in good standing under the laws of the place of organization or incorporation, and each such subsidiary is in good standing in each jurisdiction in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to qualify would not have a Material Adverse Effect. The Company's ownership and control of each subsidiary and each subsidiary's ownership and control of other subsidiaries, is as described in the Registration Statement, the Disclosure Materials and the Prospectus. The Company does not own or control, directly or indirectly, any corporation, association or entity other than the subsidiaries described in the Registration Statement, the Disclosure Materials and the Prospectus. Each of the Company and its subsidiaries has full corporate power and authority to own or lease, as the case may be, and to operate its properties and conduct its business as described in the Disclosure Materials and the Prospectus and is duly qualified to do business under the laws of each jurisdiction which requires such qualification. Exhibit 21.1 of the Registration Statement lists all the Company's significant subsidiaries (as such term is defined in Rule 1-02 of Regulation S-X promulgated under the Act) and the Registration Statement sets forth the ownership of all of such subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Related Party Transactions</u>. Except as disclosed in the Registration Statement, the Disclosure Materials, and the Prospectus, there are no business relationships or related party transactions involving the Company or any other person required to be described in the Registration Statement, the Disclosure Materials and the Prospectus that have not been described as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Board of Directors</u>. The board of directors of the Company is comprised of the persons set forth under the section of the Prospectus captioned "Management." The qualifications of the persons serving as board members and the overall composition of the board comply with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder applicable to the Company and the rules of NYSE American. At least one member of the board of directors of the Company qualifies as an "audit committee financial expert" as such term is defined under the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder and the rules of NYSE American. In addition, at least a majority of the persons serving on the board of directors qualify as "independent" as defined under the rules of NYSE American.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Sarbanes-Oxley Compliance</u>. Except as described in the Registration Statement, the Disclosure Materials and the Prospectus, the Company has taken all necessary actions to ensure that, on the Effective Date, it will be in material compliance with the provisions of the Sarbanes-Oxley Act of 2002 applicable to it and has implemented or will implement such programs and taken reasonable steps to ensure the Company's future compliance (not later than the relevant statutory and regulatory deadlines therefor) with all the material provisions of the Sarbanes-Oxley Act of 2002.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>No Investment Company Status</u>. The Company is not and, after giving effect to the Offering and sale of the Securities and the application of the net proceeds thereof as described in the Registration Statement, the Disclosure Materials and the Prospectus, will not be, an "investment company" as defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>No Material Labor Disputes</u>. No labor dispute with the employees of the Company or any of its subsidiaries exists or, to the best of the Company's knowledge, is imminent, which would result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Intellectual Property</u>. Except as described in the Registration Statement, the Disclosure Materials and the Prospectus, the Company and each of its subsidiaries owns or possesses or has valid rights to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses, inventions, trade secrets and similar rights ("**Intellectual Property**") necessary for the conduct of the business of the Company and its subsidiaries as currently carried out and as described in the Registration Statement, the Disclosure Materials, and the Prospectus, except for such Intellectual Property, the failure of which to own or possess, as the case may be, would not reasonably be expected to result in a Material Adverse Effect. To the best of the Company's knowledge, no action or use by the Company or any of its subsidiaries will involve or give rise to any infringement of, or material license or similar fees for, any Intellectual Property of others, that would reasonably be expected to have a Material Adverse Effect on the Company and the subsidiaries, taken as a whole, except as disclosed in the Registration Statement. Neither the Company nor any of its subsidiaries has received any notice alleging any such infringement or fee, except such infringement or fee that would not reasonably be expected to have a Material Adverse Effect on the Company or the subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the Company and its subsidiaries has filed all returns (as hereinafter defined) required to be filed with taxing authorities prior to the date hereof or has duly obtained extensions of time for the filing thereof. Each of the Company and its subsidiaries has paid all taxes (as hereinafter defined) shown as due on such returns that were filed and has paid all material taxes imposed on or assessed against the Company or such subsidiaries. The provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement are sufficient for all accrued and unpaid taxes, whether or not disputed, for all periods to and including the dates of such consolidated financial statements. Except as disclosed in writing to the Underwriters and to the knowledge of the Company, (A) no material issues have been raised (or are currently pending) by any taxing authority in connection with any of the returns or taxes asserted as due from the Company or its subsidiaries, and (B) no waivers of statutes of limitation with respect to the returns or collection of taxes have been given by or requested from the Company or its subsidiaries. The term "**taxes**" means all federal, state, local, foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments, or charges of any kind whatever, together with any interest and any penalties, additions to tax, or additional amounts with respect thereto. The term "**returns**" means all returns, declarations, reports, statements, and other documents required to be filed with relevant taxing authorities in respect to taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as disclosed in the Registration Statement, the Disclosure Materials, and the Prospectus, no transaction, stamp, capital or other issuance, registration, transfer or withholding taxes or duties are payable in the Cayman Islands ("**Cayman**"), the Republic of Singapore ("**Singapore**") and the Socialist Republic of Vietnam ("**Vietnam**") to any taxation authority of the relevant countries in connection with (A) the issuance, sale and delivery of the Securities to or for the account of the purchasers, and (B) the purchase from the Company and the sale and delivery of the Securities to purchasers thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Data</u>. The statistical, industry-related and market-related data included in the Registration Statement, the Disclosure Materials, and the Prospectus are based on or derived from sources which the Company reasonably and in good faith believes are reliable and accurate, and such data agree with the sources from which they are derived. The Company has obtained the written consent to the use of such data from such sources to the extent necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Board of Directors</u>. The Company's board of directors has validly appointed an audit committee whose composition satisfies the requirements of the rules and regulations of NYSE American and the board of directors and/or audit committee has adopted a charter that satisfies the requirements of the rules and regulations of NYSE American. Except as described in the Registration Statement, the Disclosure Materials, and the Prospectus, the board of directors has not been informed, nor is any director of the Company aware, of any significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>No Integration.</u> Neither the Company nor any of its affiliates, nor any person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the Offering to be integrated with prior offerings by the Company for purposes of the Securities Act that would require the registration of any such securities under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Money Laundering</u>. The operations of the Company and the subsidiaries are and have been conducted at all times in all material respects in compliance with applicable financial recordkeeping and reporting requirements of money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the "**Money Laundering Laws**") and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company, or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the best of the Company's knowledge, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>Office of Foreign Assets Control</u>. Neither the Company nor any of its subsidiaries, nor any director or officer of the Company or any of its subsidiaries nor, to the knowledge of the Company, any agent, employee, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries is (A) currently the subject or the target of any sanctions administered or enforced by the U.S. Government, including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury ("OFAC"), or the U.S. Department of State and including, without limitation, the designation as a "specially designated national" or "blocked person," the European Union, His Majesty's Treasury, the United Nations Security Council, or other relevant sanctions authority (collectively, "Sanctions"), (B) located, organized, or resident in a country or territory that is the subject or target of comprehensive Sanctions (a "Sanctioned Jurisdiction"), and the Company will not directly or indirectly use the proceeds of the Offering hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with any person that, at the time of such funding, is the subject or the target of Sanctions or with a Sanctioned Jurisdiction (ii) in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions; neither the Company nor any of its subsidiaries is engaged in, or has, at any time in the past five years, engaged in, any dealings or transactions with or involving any individual or entity that was or is, as applicable, at the time of such dealing or transaction, the subject or target of Sanctions or with any Sanctioned Jurisdiction; the Company and its subsidiaries have instituted, and maintain, policies and procedures designed to promote and achieve continued compliance with Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>No Immunity</u>. None of the Company, its subsidiaries, or any of its or their properties or assets has any immunity from the jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise) under the laws of Cayman, Singapore, Vietnam, the State of New York or United States federal law; and, to the extent that the Company, its subsidiaries, or any of their respective properties, assets or revenues may have or may hereafter become entitled to any such right of immunity in any such court in which proceedings may at any time be commenced, each of the Company and its subsidiaries waives or will waive such right to the extent permitted by law and has consented to such relief and enforcement under New York law as provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Free Transferability of Dividends or Distributions</u>. All dividends and other distributions declared and payable on the Shares may under current laws and regulations of Cayman, Singapore or Vietnam be paid to the holders of Securities in United States dollars and may be converted into foreign currency that may be transferred out of Cayman, Singapore or Vietnam in accordance with, and all such payments made to holders thereof or therein who are non-residents of Cayman, Singapore or Vietnam will not be subject to income, withholding or other taxes under, the laws and regulations of Cayman, Singapore or Vietnam, or any political subdivision or taxation authority thereof or therein and will otherwise be free and clear of any other tax, duty, withholding or deduction in Cayman, Singapore and Vietnam or any political subdivision or taxing authority thereof or therein and without the necessity of obtaining any governmental authorization in Cayman, Singapore and Vietnam or any political subdivision or taxing authority thereof or therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>Not a PFIC</u>. Except as disclosed in the Disclosure Materials, Registration Statement and Prospectus, the Company does not expect that it will be treated as a Passive Foreign Investment Company ("**PFIC**") within the meaning of Section 1297 of the United States Internal Revenue Code of 1986, as amended, for its current taxable year. The Company has no plan or intention to operate in such a manner that would reasonably be expected to result in the Company becoming a PFIC in future taxable years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) <u>Foreign Private Issuer Status</u>. The Company is a "foreign private issuer" within the meaning of Rule 405 under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>Choice of Law</u>. The choice of law provision set forth in this Agreement constitutes a legal and valid choice of law under the laws of Cayman, Singapore or Vietnam and will be observed and given effect by courts in Cayman, Singapore and Vietnam , subject to compliance with relevant civil procedural requirements (that do not involve a re-examination of the merits of the claim) in Cayman, Singapore and Vietnam. The Company has the power to submit, and pursuant to <u>Section 14</u> of this Agreement, has legally, validly, effectively and submitted, to the personal jurisdiction of each of the New York Courts, and the Company has the power to designate, appoint and authorize, and pursuant to <u>Section 14</u> of this Agreement, has legally, validly, effectively and irrevocably designated, appointed an authorized agent for service of process in any action arising out of or relating to this Agreement, or the Securities in any New York Court, and service of process effected on such authorized agent will be effective to confer valid personal jurisdiction over the Company as provided in <u>Section 14</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) <u>Recognition of Judgments</u>. Except as described under the section "Enforceability of Civil Liabilities" in the Prospectus, the courts of Cayman, Singapore and Vietnam would recognize as a valid judgment any final monetary judgment obtained against the Company in the courts of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) <u>MD&A</u>. The section entitled "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" in the Preliminary Prospectus included in the Disclosure Materials and the Prospectus accurately and fully describes in all material respects (i) accounting policies that the Company believes are the most important in the portrayal of the Company's financial condition and results of operations and that require management's most difficult, subjective or complex judgments ("**Critical Accounting Policies**"); (ii) judgments and uncertainties affecting the application of the Critical Accounting Policies; and (iii) the likelihood that materially different amounts would be reported under different conditions or using different assumptions and an explanation thereof; and the Company's management have reviewed and agreed with the selection, application and disclosure of the Critical Accounting Policies as described in the Disclosure Materials and the Prospectus and have consulted with its independent accountants with regard to such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) <u>Scheme or Arrangement with Shareholders</u>. Neither the Company nor any of its affiliates is a party to any scheme or arrangement through which shareholders or potential shareholders are being loaned, given or otherwise having money made available for the purchase of shares whether before, in or after the Offering. Neither the Company nor any of its affiliates is aware of any such scheme or arrangement, regardless of whether it is a party to a formal agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) <u>Dividends and Distributions</u>. Except as disclosed in the Registration Statement, the Disclosure Materials, and the Prospectus, no subsidiaries of the Company is currently prohibited or restricted, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such subsidiary's securities, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary's property or assets to the Company or any other subsidiary of the Company.

**3.** <u>Offering</u>. Upon authorization of the release of the Securities by the Underwriters, the Underwriters propose to offer the Securities for sale to the public upon the terms and conditions set forth in the Prospectus as soon after the Registration Statement and this Agreement have become effective as in the judgment of the Representatives is advisable. The Company is further advised by the Representatives that the Firm Shares are to be offered to the public initially at US$[●] per share.

**4.** <u>Covenants of the Company</u>. The Company acknowledges, covenants and agrees with the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement and any amendments thereto have been declared effective, and if Rule 430A is used or the filing of the Prospectus is otherwise required under Rule 424(b), the Company will file the Prospectus (properly completed if Rule 430A has been used) pursuant to Rule 424(b) within the prescribed time period and will provide evidence satisfactory to the Underwriters of such timely filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period beginning on the date hereof and ending on the later of the Closing Date or such date as, in the reasonable opinion of Underwriters' Counsel, the Prospectus is no longer required by law to be delivered (or in lieu thereof the notice referred to in Rule 173(a) under the Act is no longer required to be provided) in connection with sales by an underwriter or dealer (the "**Prospectus Delivery Period**"), prior to amending or supplementing the Registration Statement, the Disclosure Materials or the Prospectus, the Company shall furnish to the Underwriters and Underwriters' Counsel for review a copy of each such proposed amendment or supplement, and the Company shall not file any such proposed amendment or supplement to which the Underwriters reasonably object within 36 hours of delivery thereof to Underwriters' Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After the date of this Agreement, the Company shall promptly advise the Underwriters in writing of: (i) the receipt of any comments of, or requests for additional or supplemental information from, the Commission; (ii) the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to any prospectus, the Disclosure Materials or the Prospectus; (iii) the time and date that any post-effective amendment to the Registration Statement becomes effective; and (iv) the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or of any order preventing or suspending its use or the use of the Disclosure Materials, the Prospectus, or the initiation of any proceedings to remove, suspend or terminate from listing the Securities from any securities exchange upon which the Securities are listed for trading, or of the threatening of initiation of any proceedings for any of such purposes. If the Commission shall enter any such stop order at any time, the Company will use its reasonable efforts to obtain the lifting of such order at the earliest possible moment. Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b), 430A and 430B, as applicable, under the Act and will use its reasonable efforts to confirm that any filings made by the Company under Rule 424(b) or Rule 433 were received in a timely manner by the Commission (without reliance on Rule 424(b)(8) or Rule 164(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) During the Prospectus Delivery Period, the Company will comply with all requirements imposed upon it by the Act, as now and hereafter amended, and by the Regulations, as from time to time in force, so far as necessary to permit the continuance of sales of or dealings in the Securities as contemplated by the provisions hereof, the Registration Statement, the Disclosure Materials, and the Prospectus. If during such period any event or development occurs as a result of which the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the Disclosure Materials) would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary or appropriate in the opinion of the Company or its counsel or the Underwriters or Underwriters' Counsel to amend the Registration Statement or supplement the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the Disclosure Materials) to comply with the Act, the Company will promptly notify the Underwriters and will promptly amend the Registration Statement or supplement the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the Disclosure Materials) or file such document (at the expense of the Company) so as to correct such statement or omission or effect such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If at any time following the issuance of an Issuer Free Writing Prospectus there occurs an event or development as a result of which such Issuer Free Writing Prospectus would conflict with the information contained in the Registration Statement or the Prospectus or would include an untrue statement of a material fact or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances there existing, not misleading, the Company will promptly notify the Underwriters and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company will deliver to the Underwriters and Underwriters' Counsel a copy of the Registration Statement, as initially filed, and all amendments thereto, including all consents and exhibits filed therewith, and will maintain in the Company's files manually signed copies of such documents for at least five (5) years after the date of filing thereof. The Company will promptly deliver to each of the Underwriters such number of copies of any Preliminary Prospectus, the Prospectus, the Registration Statement, and all amendments of and supplements to such documents, if any, and all documents which are exhibits to the Registration Statement and any Preliminary Prospectus or Prospectus or any amendment thereof or supplement thereto, as the Underwriters may reasonably request. On the Business Day next succeeding the date of this Agreement, and from time to time thereafter, the Company will furnish to the Underwriters copies of the Prospectus in such quantities as the Underwriters may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company consents to the use and delivery of the Preliminary Prospectus by the Underwriters in accordance with Rule 430 and Section 5(b) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If the Company elects to rely on Rule 462(b) under the Act, the Company shall both file a Rule 462(b) Registration Statement with the Commission in compliance with Rule 462(b) by the earlier of: (i) 10:00 P.M., Eastern Time, on the date of this Agreement, and (ii) the time that confirmations are given or sent, as specified by Rule 462(b)(2), and pay the applicable fees in accordance with Rule 111 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company will endeavor, in cooperation with the Underwriters, at or prior to the time of effectiveness of the Registration Statement, to qualify the Securities for offering and sale under the securities laws relating to the Offering or sale of the Securities of such jurisdictions as the Underwriters may designate and to maintain such qualifications in effect for so long as required for the distribution thereof; except that in no event shall the Company be obligated in connection therewith to qualify as a foreign corporation or to execute a general consent to service of process or to subject itself to taxation if it is otherwise not so subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company will make generally available (which includes filings pursuant to the Exchange Act made publicly through the Electronic Data Gathering, Analysis and Retrieval ("**EDGAR**") system) to its security holders as soon as practicable, but in any event not later than 15 months after the end of the Company's current fiscal quarter, an earnings statement (which need not be audited) covering a 12-month period that shall satisfy the provisions of Section 11(a) of the Act and Rule 158 of the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) During three months following the Closing Date, the Company or any successor to the Company shall not undertake any public or private offerings of any equity securities of the Company (including equity-linked securities) without the prior written consent of the Representative, which shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Company will deliver to the Underwriters the lock-up agreements of the Lock-Up Parties on the date of this Agreement, which agreements shall be substantially in the form attached hereto as <u>Annex IV</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Company will not issue press releases or engage in any other publicity without the Underwriters' prior written consent, for a period ending at 5:00 P.M., Eastern Time, on the first Business Day following the twenty-fifth (25th) day following the Closing Date, other than normal and customary releases issued in the ordinary course of the Company's business, or as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company will apply the net proceeds from the sale of the Securities as set forth under the caption "Use of Proceeds" in the Prospectus; will not invest or otherwise use the proceeds received by the Company from its sale of the Securities in such a manner (i) as would require the Company or any of the subsidiaries to register as an investment company under the Investment Company Act of 1940, and (ii) that would result in the Company being not in compliance with the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Company will use its best efforts to effect and maintain the listing of the Shares on NYSE American for at least three (3) years after the Effective Date, unless such listing is terminated as a result of a transaction approved by the holders of a majority of the voting securities of the Company. The Company shall use its best efforts to maintain the effectiveness of the Registration Statement and a current Prospectus relating thereto for as long as the Representative's Warrants, as defined in Section 6(a)(iv), remain outstanding. During any period when the Company fails to have maintained an effective Registration Statement and a current Prospectus relating thereto and a holder of the Representative's Warrants desires to exercise such warrant and, in the opinion of counsel to the holder, Rule 144 is not available as an exemption from registration for the resale of the Shares underlying the Representative's Warrants, the Company shall promptly file a new registration statement or a post-effective amendment to the Registration Statement covering the resale of such Shares within thirty (30) days after receipt of a demand notice from the holder of the Representative's Warrants and use its best efforts to have it declared effective by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Company will use its best efforts to do and perform all things required to be done or performed under this Agreement by the Company prior to the Closing Date and any Additional Closing Date, and to satisfy all conditions precedent to the delivery of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Company will not take, and will cause its subsidiaries not to take, directly or indirectly, any action which constitutes or is designed to cause or result in, or which could reasonably be expected to constitute, cause or result in, the stabilization or manipulation of the price of any security to facilitate the sale or resale of any of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Company shall cause to be prepared and delivered to the Underwriters, at its expense, within two (2) Business Days from the date of this Agreement, an Electronic Prospectus to be used by the Underwriters in connection with the Offering. As used herein, the term "Electronic Prospectus" means a form of prospectus, and any amendment or supplement thereto, that meets each of the following conditions: (i) it shall be encoded in an electronic format, satisfactory to the Underwriters, that may be transmitted electronically by the Underwriters to offerees and purchasers of the Securities for at least the period during which a Prospectus relating to the Securities is required to be delivered under the Act or the Exchange Act; (ii) it shall disclose the same information as the paper prospectus and prospectus filed pursuant to EDGAR, except to the extent that graphic and image material cannot be disseminated electronically, in which case such graphic and image material shall be replaced in the electronic prospectus with a fair and accurate narrative description or tabular representation of such material, as appropriate; and (iii) it shall be in or convertible into a paper format or an electronic format, satisfactory to the Underwriters, that will allow recipients thereof to store and have continuously ready access to the prospectus at any future time, without charge to such recipients (other than any fee charged for subscription to the Internet as a whole and for online time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Company will engage a nationally recognized, PCAOB registered firm of independent certified public accountants (as may be determined by the Company's audit committee) for a period of at least three (3) years after the closing date of this Offering.

**5.** <u>Representations and Warranties of the Underwriters</u>.

The Underwriters represent and agree that, unless they obtain the prior written consent of the Company, they have not made and will not make any offer relating to the Securities that would constitute a "free writing prospectus," as defined in Rule 405 under the Act, required to be filed with the Commission; *provided* that the prior written consent of the parties hereto shall be deemed to have been given in respect of the free writing prospectuses. Any such free writing prospectus consented to by the Underwriters is herein referred to as a "Permitted Free Writing Prospectus." The Underwriters represent that they have treated or agree that they will treat each Permitted Free Writing Prospectus as an "issuer free writing prospectus," as defined in Rule 433, and have complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely Commission filing where required, legending and record keeping.

**6.** <u>Consideration; Payment of Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration of the services to be provided for hereunder, the Company shall pay to the Underwriters or their respective designees their pro rata portion (based on the Securities purchased) of the following compensation with respect to the Securities which they are offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an underwriting discount equal to seven percent (7.0%) of the aggregate gross proceeds raised in the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a non-accountable expense allowance of one percent (1.0%) of the gross proceeds of the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an accountable expense allowance of up to $200,000.00, including, among other things, all reasonable fees and expenses of the Underwriters' outside legal counsel; any reasonable costs and expenses incurred in conducting background checks of the Company's officers and directors by a background search firm acceptable to the Underwriters; and the costs associated with bound volumes and mementos in such quantities as the Underwriters may reasonably request (the "Accountable Out-of-Pocket Expenses"). The Company has advanced an amount of [$50,000.00] (the "**Advances**") to the Representative in anticipation of any Accountable Out-of-Pocket Expenses to be incurred by the Underwriters. The Representative shall promptly return to the Company the Advances against the Accountable Out-of-Pocket Expenses, to the extent that such Accountable Out-of-Pocket Expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) non-redeemable warrants for the Representative or its designated affiliates to purchase an amount equal to five percent (5.0%) of the Shares sold in this Offering (including the Option Shares), substantially in the form and content attached hereto as <u>Annex V</u>, which shall be non-callable and non-cancelable, are due and exercisable upon the closing of this Offering for nominal consideration, and have a five (5) year term starting from the date of the commencement of sales of this Offering, and a cashless exercise feature (the "**Representative's Warrants**"). Such Representative's Warrants are exercisable at a price of one hundred and ten percent (110%) of the public offering price of the Shares offered pursuant to this Offering. The Representative's Warrants and the underlying Shares will be deemed compensation by FINRA, and therefore will be subject to FINRA Rule 5110(e)(1). In accordance with FINRA Rule 5110(e)(1), and except as otherwise permitted by FINRA rules, neither the Representative's Warrants nor any of our Shares issued upon exercise of the Representative's Warrants may be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of such securities by any person, for a period of 180 days beginning on the date of commencement of sales of this Offering, except that (i) they may be transferred, in whole or in part, to any member participating in the Offering and its officers or partners, its registered persons or affiliates, if all transferred securities remain subject to the lock-up restriction for the remainder of the 180-day lock-up period pursuant to FINRA Rule 5110(e)(2)(B)(i), (ii) they may be exercised or converted, in whole or in part, if all securities received remain subject to the lock-up restriction for the remainder of the 180-day lock-up period, (iii) they may be transferred back to the Company in a transaction exempt from registration with the Commission, or other exceptions as provided under FIRNA Rule 5110(e)(2). Although the Representative's Warrants and the underlying Ordinary Shares will be registered in the Registration Statement, the Representative's Warrants will contain provisions for one (1) demand registration right at the Company's expense, one (1) additional demand registration right at the warrant holders' expense, and unlimited "piggyback" registration rights at the Company's expense, for the sale of the underlying shares at the Company's expense. These registration rights apply to all of the securities directly and indirectly issuable upon exercise of the Representative's Warrants. The durations of the demand registration right and the "piggyback" registration right provided will not be more than five (5) years from the effective date of the Offering in compliance with FINRA Rule 5110(g)(8)(C) and (D). The exercise price and number of Shares issuable upon exercise of the Representative's Warrants may be adjusted in certain circumstances, including in the event of a stock split, stock dividend, extraordinary cash dividend, or our recapitalization, reorganization, merger, or consolidation. As a result, the Representative's Warrants' exercise price and/or underlying shares may also be adjusted for issuances of Shares at a price below the warrant exercise price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company and the Representative agree that the Representative shall have an irrevocable right of first refusal (the "**Right of First Refusal**") for a period of twelve (12) months from the Closing Date, to provide investment banking services to the Company on an exclusive basis in all matters for which investment banking services are sought by the Company on terms that are the same or more favorable to the Company comparing to the terms offered to the Company by other underwriters or placement agents, which right is exercisable at the Representative's sole and exclusive discretion. For these purposes, investment banking services shall include, without limitation, (a) acting as the lead or sole underwriter, dealer manager, or book runner for any public equity, equity-linked or debt (excluding commercial bank debt) offering and (b) acting as the exclusive placement agent or initial purchaser in connection with any private equity, equity-linked or debt (excluding commercial bank debt) offering of securities of the Company, provided, however, that such right shall be subject to FINRA Rule 5110(g). The Representative shall notify the Company of its intention to exercise the Right of First Refusal under this Section 6(b) within fifteen (15) business dates following the receipt of the Company's written notification of its financing needs. Any decision by the Representative to act in any such capacity shall be contained in separate agreements, which agreements would contain, among other matters, provisions for customary fees for transactions of similar size and nature, as may be mutually agreed upon, and indemnification of the Representative and shall be subject to general market conditions. If the Representative declines to exercise the Right of First Refusal or is unable to provide same or more favorable terms to the Company under reasonable standard, the Company shall have the right to retain any other person or persons to provide such services on terms and conditions which are not more favorable to such other person or persons than the terms declined by the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, during the period that is twelve (12) months following the Closing Date, the Company or its subsidiaries consummates a financing with investors with whom the Company has had a conference call or a meeting arranged by the Representative during the period in which the Company engaged the Representative in connection with this Offering, the Company will pay the Representative a fee equal to seven percent (7.0%) of the gross proceeds of such financing and warrants to purchase a number of the securities equal to five percent (5.0%) of the aggregate number of securities sold in such offering at an exercise price equal to one hundred and ten percent (110%) of the offering price of the securities sold in such offering consistent with the fees outlined in this <u>Section 6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Underwriters reserve the right to reduce any item of compensation or adjust the terms thereof as specified herein in the event that a determination shall be made by FINRA to the effect that the Underwriters' aggregate compensation is in excess of FINRA Rules or that the terms thereof require adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Whether or not the transactions contemplated by this Agreement, the Registration Statement, the Disclosure Materials, and the Prospectus are consummated or this Agreement is terminated, the Company hereby agrees to bear all costs and expenses incident to the Offering, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all expenses in connection with the preparation, printing, formatting for EDGAR and filing of the Registration Statement, any Preliminary Prospectus and the Prospectus and any and all amendments and supplements thereto and the mailing and delivering of copies thereof to the Underwriters and dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all filing fees in connection with filings with FINRA's Public Offering System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all fees, disbursements and expenses of the Company's counsel and accountants in connection with the registration of the Securities under the Act and the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all reasonable expenses in connection with the qualifications of the Securities for offering and sale under state or foreign securities or blue sky laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all fees and expenses in connection with listing the Securities on a national securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all reasonable travel expenses of the Company's officers, directors and employees and any other expense of the Company incurred in connection with attending or hosting meetings with prospective purchasers of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all the road show expenses incurred by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any stock transfer taxes or other taxes incurred in connection with this Agreement or the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the costs associated with book building, prospectus tracking and compliance software and the cost of preparing certificates representing the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the cost and charges of any transfer agent or registrar for the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) It is understood, however, that except as provided in this <u>Section 6</u>, and <u>Sections 8</u>,<u>9</u> and <u>11(d)</u> hereof, the Underwriters will pay all of their own costs and expenses. Notwithstanding anything to the contrary in this <u>Section 6</u>, in the event that this Agreement is terminated pursuant to <u>Section 11(b)</u> hereof, or subsequent to a Material Adverse Change, (i) the Company will pay, less the amount of the Advances previously paid, all Accountable Out-of-Pocket Expenses (including but not limited to fees and disbursements of Underwriters' Counsel and reasonable and accountable travel) incurred in connection herewith which shall be limited to expenses which are actually incurred as allowed under FINRA Rule 5110 and in any event, the aggregate amount of such expenses to be reimbursed by the Company shall not exceed $200,000, including the Advances, and (ii) to the extent that the Underwriters' Accountable Out-of-Pocket Expenses are less than the Advances, the Underwriters will return to the Company that portion of the Advances not offset by actual expenses.

**7.** <u>Conditions of Underwriters' Obligations</u>. The obligations of the Underwriters to purchase and pay for the Firm Shares as provided herein shall be subject to: (i) the accuracy of the representations and warranties of the Company herein contained, as of the date hereof and as of the Closing Date, (ii) the absence from any certificates, opinions, written statements or letters furnished to the Underwriters or to Underwriters' Counsel pursuant to this <u>Section 7</u> of any misstatement or omission, (iii) the performance by the Company of its obligations hereunder, and (iv) each of the following additional conditions. For purposes of this <u>Section 7</u>, the terms "Closing Date" and "Closing" shall refer to the Closing Date for the Firm Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement shall have become effective and all necessary regulatory and listing approvals shall have been received not later than 5:30 P.M., Eastern Time, on the date of this Agreement, or at such later time and date as shall have been consented to in writing by the Underwriters. If the Company shall have elected to rely upon Rule 430A under the Act, the Prospectus shall have been filed with the Commission in a timely fashion in accordance with the terms thereof and a form of the Prospectus containing information relating to the description of the Securities and the method of distribution and similar matters shall have been filed with the Commission pursuant to Rule 424(b) within the applicable time period; and, at or prior to the Closing Date and the actual time of the Closing, no stop order suspending the effectiveness of the Registration Statement or any part thereof, or any amendment thereof, nor suspending or preventing the use of the Disclosure Materials and the Prospectus shall have been issued; no proceedings for the issuance of such an order shall have been initiated or threatened; all requests of the Commission for additional information (to be included in the Registration Statement, the Disclosure Materials, and the Prospectus or otherwise) shall have been complied with to the Underwriters' satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters shall not have reasonably determined, and advised the Company, that the Registration Statement, the Disclosure Materials or the Prospectus, or any amendment thereof or supplement thereto, contains an untrue statement of fact which, in the Underwriters' reasonable opinion, is material, or omits to state a fact which, in the Underwriters' reasonable opinion, is material and is required to be stated therein or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Underwriters shall have received, in form satisfactory to the Underwriters and Underwriters' counsel of (i) favorable legal opinions from Harney Westwood & Riegels Singapore LLP, Cayman legal counsel to the Company dated as of the Closing Date and addressed to the Representative, (ii) favorable legal opinions from [●], the Singapore legal counsel to the Company, dated as of the Closing Date and addressed to the Representative and (iii) favorable legal opinions and negative assurance letter from Loeb & Loeb LLP, U.S. legal counsel to the Company, dated as of the Closing Date and addressed to the Representative. Copies of such opinions shall have been provided to the Underwriters with consent from such counsels. Additionally, the Underwriters shall have received on the Closing Date an opinion and negative assurance letter from VCL Law LLP, counsel for the Underwriters, dated the Closing Date, each in form and substance satisfactory to the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Underwriters shall have received a certificate from the Chief Executive Officer and Chief Financial Officer of the Company (the "**Officers' Certificate**"), substantially in the form attached hereto as <u>Annex I</u> and dated as of the Closing Date, to the effect that: (i) the conditions set forth in subsection (a) of this <u>Section 7</u> have been satisfied, (ii) as of the date hereof and as of the Closing Date, the representations and warranties of the Company set forth in <u>Section 2</u> hereof are accurate, (iii) as of the Closing Date, all agreements, conditions and obligations of the Company to be performed or complied with hereunder on or prior thereto have been duly performed or complied with, (iv) the Company has not sustained any material loss or interference with its businesses, whether or not covered by insurance, or from any labor dispute or any legal or governmental proceeding, (v) no stop order suspending the effectiveness of the Registration Statement or any amendment thereof has been issued and no proceedings therefor have been initiated or threatened by the Commission, (vi) there are no pro forma or as adjusted financial statements that are required to be included in the Registration Statement, the Disclosure Materials, and the Prospectus pursuant to the Regulations which are not so included, and (vii) subsequent to the respective dates as of which information is given in the Registration Statement, the Disclosure Materials, and the Prospectus, there has not been any Material Adverse Change or any development involving a prospective Material Adverse Change, whether or not arising from transactions in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At each of the Closing Date, the Underwriters shall have received a certificate of the Company signed by the Chief Executive Officer of the Company (the "**CEO's Certificate**"), substantially in the form attached hereto as <u>Annex II</u> and dated the Closing Date, certifying: (i) that each of the Charter is true and complete, has not been modified and is in full force and effect; (ii) that the resolutions of the Company's board of directors relating to the Offering are in full force and effect and have not been modified; (iii) the good standing of the Company; (iv) as to the incumbency of the officers of the Company. The documents referred to in such certificate shall be attached to such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On the date of this Agreement and on the Closing Date, the Underwriters shall have received "comfort" letters from Assentsure PAC (the "**Auditor Comfort Letter**") as of each such date, addressed to the Representative and in form and substance satisfactory to the Underwriters and Underwriters' Counsel, confirming that they are independent certified public accountants with respect to the Company within the meaning of the Act and all applicable Regulations, and stating, as of such date (or, with respect to matters involving changes or developments since the respective dates as of which specified financial information is given in the Prospectus, as of a date not more than two (2) business days prior to such date), the conclusions and findings of such firm with respect to the financial information and other matters relating to the Registration Statement covered by such letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) On the date of this Agreement and on the Closing Date, the Company shall have furnished to the Representative, a certificate on behalf of the Company, dated the respective dates of delivery thereof and addressed to the Underwriters, of its Chief Financial Officer with respect to certain financial date contained in the Registration Statement and Prospectus (the "**CFO Certificate**"), providing "management comfort" with respect to such information, in form and substance reasonably satisfactory to the Representative, substantially in the form attached hereto as <u>Annex III</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Subsequent to the execution and delivery of this Agreement and prior to the Closing Date or, if earlier, the dates as of which information is given in the Registration Statement (exclusive of any amendment thereof) and the Prospectus (exclusive of any supplement thereto), there shall not have been any change in the share capital or long-term debt of the Company or any change or development involving a change, whether or not arising from transactions in the ordinary course of business, in the business, condition (financial or otherwise), results of operations, shareholders' equity, or properties of the Company, taken as a whole, including but not limited to the occurrence of any fire, flood, storm, explosion, accident, act of war or terrorism or other calamity, the effect of which, in any such case described above, is, in the reasonable judgment of the Underwriters, so material and adverse as to make it impracticable or inadvisable to proceed with the sale of Securities or Offering as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Underwriters shall have received a lock-up agreement from each Lock-Up Party, duly executed by the applicable Lock-Up Party, in each case substantially in the form attached as <u>Annex IV</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Securities are registered under the Exchange Act and, as of the Closing Date, the Securities shall be listed and admitted and authorized for trading on NYSE American and satisfactory evidence of such action shall have been provided to the Underwriters. The Company shall have taken no action designed to terminate, or likely to have the effect of terminating, the registration of the Securities under the Exchange Act or delisting or suspending the Securities from trading on the NYSE American, nor will the Company have received any information suggesting that the Commission or the NYSE American is contemplating terminating such registration or listing. The Firm Shares shall be DTC eligible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) FINRA shall have confirmed that it has not raised any objection with respect to the fairness and reasonableness of the underwriting terms and arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date, prevent the issuance or sale of the Securities; and no injunction or order of any federal, state or foreign court shall have been issued that would, as of the Closing Date, prevent the issuance or sale of the Securities or materially and adversely affect or potentially materially and adversely affect the business or operations of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company shall have furnished the Underwriters and Underwriters' Counsel with such other certificates, opinions or documents as they may have reasonably requested.

**8.** <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees to indemnify and hold harmless (to the fullest extent permitted by applicable law) the Underwriters and each person, if any, who controls the Underwriters within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, against any losses, liabilities, claims, damages and expenses whatsoever, as incurred (including but not limited to reasonable attorneys' fees and any and all reasonable expenses whatsoever, incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become subject under the Act, the Exchange Act or otherwise (including in settlement of any litigation if such settlement is effected with the written consent of the Company), insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon: (i) an untrue statement or alleged untrue statement of a material fact contained in (A) the Registration Statement, including the information deemed to be a part of the Registration Statement at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Regulations, any Preliminary Prospectus, the Disclosure Materials, the Prospectus, or any amendment or supplement to any of them or (B) any Issuer Free Writing Prospectus or any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing of the offering of the Securities ("**Marketing Materials**"), including any road show or investor presentations made to investors by the Company (whether in person or electronically), or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading and will reimburse such indemnified party for any legal or other expenses reasonably incurred by it in connection with investigations or defending against such losses, liabilities, claims, damages or expenses (or actions in respect thereof); or (ii) in whole or in part upon any inaccuracy in the representations and warranties of the Company contained herein; or (iii) in whole or in part upon any failure of the Company to perform its obligations hereunder; *provided, however*, that the Company shall not be liable in any such case to the extent that any such loss, liability, claim, damage or expense (or action in respect thereof) arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, any Preliminary Prospectus, the Disclosure Materials, the Prospectus, or any such amendment or supplement to any of them, or any Issuer Free Writing Prospectus or any Marketing Materials in reliance upon and in conformity with the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters agree to indemnify and hold harmless the Company, each of the directors of the Company, each of the officers of the Company who shall have signed the Registration Statement, and each other person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, against any losses, liabilities, claims, damages and expenses whatsoever, as incurred (including but not limited to reasonable attorneys' fees and any and all reasonable expenses whatsoever, incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become subject under the Act, the Exchange Act or otherwise (including in settlement of any litigation if such settlement is effected with the written consent of the Underwriters), insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Regulations, any Preliminary Prospectus, the Disclosure Materials, the Prospectus, any amendment or supplement to any of them or any Marketing Materials, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse such indemnified party for any legal or other expenses reasonably incurred by it in connection with investigating or defending against such losses, liabilities, claims, damages or expenses (or actions in respect thereof), in each case to the extent, but only to the extent, that any such loss, liability, claim, damage or expense (or action in respect thereof) arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made in the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of any claim or the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify each party against whom indemnification is to be sought in writing thereof (but the failure so to notify an indemnifying party shall not relieve the indemnifying party from any liability which it may have under this <u>Section 8</u> to the extent that it is not materially prejudiced as a result thereof). In case any such claim or action is brought against any indemnified party, and it so notifies an indemnifying party thereof, the indemnifying party will be entitled to participate at its own expense in the defense of such action, and to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel satisfactory to such indemnified party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such indemnified party or parties unless: (i) the employment of such counsel shall have been authorized in writing by one of the indemnifying parties in connection with the defense of such action; (ii) the indemnifying parties have not employed counsel to have charge of the defense of such action within a reasonable time after notice of the claim or the commencement of the action; (iii) the indemnifying party does not diligently defend the action after assumption of the defense; or (iv) such indemnified party or parties shall have reasonably concluded that a conflict may arise between the positions of the indemnifying party and the indemnified party, or any of them, in conducting the defense of any such action or there may be legal defenses available to it or them which are different from or additional to those available to any of the indemnifying parties (in which case the indemnifying parties shall not have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the indemnifying parties and shall be paid as incurred. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) of the indemnified party or parties unless such separate representations are required under applicable ethics rules that govern the representations of the indemnified party or parties by such legal counsel. In the case of any separate firm for the Underwriters and such control persons and affiliates of any Underwriters, such firm shall be designated in writing by the Underwriters. In the case of more than one separate firm (in addition to any local counsel) for the Company, and such directors, officers and control persons of the Company, such firm shall be designated in writing by the Company. No indemnifying party shall, without the prior written consent of the indemnified parties, effect any settlement or compromise of, or consent to the entry of judgment with respect to, any pending or threatened claim, investigation, action or proceeding in respect of which indemnity or contribution may be or could have been sought by an indemnified party under this <u>Section 8</u> or <u>Section 9</u> hereof (whether or not the indemnified party is an actual or potential party thereto), unless (v) such settlement, compromise or judgment (A) includes an unconditional release of the indemnified party from all liability arising out of such claim, investigation, action or proceeding and (B) does not include a statement as to or an admission of fault, culpability or any failure to act, by or on behalf of the indemnified party, and (vi) the indemnifying party confirms in writing its indemnification obligations hereunder with respect to such settlement, compromise or judgment.

**9.** <u>Contribution</u>. In order to provide for contribution in circumstances in which the indemnification provided for in Section 8 is for any reason held to be unavailable from any indemnifying party or is insufficient to hold harmless a party indemnified thereunder, the Company and the Underwriters shall contribute to the aggregate losses, claims, damages, liabilities and expenses of the nature contemplated by such indemnification provision (including any investigation, legal and other expenses incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claims asserted, but after deducting in the case of losses, claims, damages, liabilities and expenses suffered by the Company, any contribution received by the Company from persons, other than the Underwriters, who may also be liable for contribution, including persons who control the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, officers of the Company who signed the Registration Statement and directors of the Company), as incurred, to which the Company and one or more of the Underwriters may be subject, in such proportions as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other hand from the Offering and sale of the Securities or, if such allocation is not permitted by applicable law, in such proportions as are appropriate to reflect not only the relative benefits referred to above but also the relative fault of the Company and the Underwriters in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits received by the Company and the Underwriters shall be deemed to be in the same proportion as (i) the total proceeds from the Offering (net of underwriting discount and commission but before deducting expenses) received by the Company bears to (ii) the underwriting discount and commissions received by the Underwriters, in each case as set forth in the table on the cover page of the Prospectus. The relative fault of the Company and the Underwriters shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or the Underwriters and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section 9 were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 9. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this Section 9 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any judicial, regulatory or other legal or governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. Notwithstanding the provisions of this Section 9: (iii) no Underwriter shall be required to contribute any amount in excess of the underwriting discounts applicable to the Securities underwritten by it and distributed to the public and (iv) no Person guilty of fraudulent misrepresentation (within the meaning of Section 12(f) of the Act) shall be entitled to contribution from any Person who was not guilty of fraudulent misrepresentation (within the meaning of Section 12(f) of the Act). For purposes of this Section 9, each Person, if any, who controls an Underwriter within the meaning of Section 15 of the Act or Section 20 of the Exchange Act shall have the same rights to contribution as such Underwriter, and each Person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, each officer of the Company who shall have signed the Registration Statement and each director of the Company shall have the same rights to contribution as the Company, subject in each case to clauses (iii) and (iv) of the immediately preceding sentence. Any party entitled to contribution will, promptly after receipt of notice of commencement of any action, suit or proceeding against such party in respect of which a claim for contribution may be made against another party or parties, notify each party or parties from whom contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have under this <u>Section 9</u> or otherwise. As used herein, a "Person" refers to an individual or entity.

**10.** <u>Survival of Representations and Agreements</u>. All representations, warranties, covenants and agreements of the Company and the Underwriters contained in this Agreement or in certificates of officers of the Company submitted pursuant hereto, including, without limitation, the agreements contained in <u>Sections 6</u>,<u>13</u> and <u>14</u>, the indemnity agreements contained in <u>Section 8</u> and the contribution agreements contained in <u>Section 9</u>, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Underwriters or any controlling Person thereof or by or on behalf of the Company, any of its officers or directors or any controlling Person thereof, and shall survive delivery of and payment for the Securities to and by the Underwriters. The representations and warranties contained in <u>Section 2</u> and the covenants and agreements contained in <u>Sections 4</u>, <u>6, 8</u>, <u>9</u>, <u>13</u> and <u>14</u> shall survive any termination of this Agreement, including termination pursuant to <u>Sections 11</u> and <u>Section 15</u>. For the avoidance of doubt, in the event of termination the Underwriters will be reimbursed Accountable Out-of-Pocket Expenses subject to the limit in <u>Section 6(d)</u> and <u>Section 11(d)</u> below, in compliance with FINRA Rules 5110.

**11.** <u>Effective Date of Agreement; Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective upon the later of: (i) receipt by the Underwriters and the Company of notification of the effectiveness of the Registration Statement or (ii) the execution of this Agreement. Notwithstanding any termination of this Agreement, the provisions of this <u>Section 11</u> and of <u>Sections 1</u>, <u>4</u>, <u>6</u>, <u>8</u>, <u>9</u>, <u>13</u> and <u>14</u> shall remain in full force and effect at all times after the execution hereof to the extent they are in compliance with FINRA Rule 5110(g)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters shall have the right to terminate this Agreement at any time prior to the consummation of the Closing if: (i) any domestic or international event or act or occurrence has materially disrupted, or in the reasonable opinion of the Underwriters will in the immediate future materially disrupt, the market for the Company's Shares or securities in general; or (ii) trading on the New York Stock Exchange or the Nasdaq Stock Market has been suspended or made subject to material limitations, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices for securities have been required, on the New York Stock Exchange or the Nasdaq Stock Market or by order of the Commission, by FINRA or any other governmental authority having jurisdiction; or (iii) a banking moratorium has been declared by any state or federal authority or any material disruption in commercial banking or securities settlement or clearance services has occurred; or (iv) (A) there has occurred any outbreak or escalation of hostilities or acts of terrorism involving the United States or there is a declaration of a national emergency or war by the United States or (B) there has been any other calamity or crisis or any change in political, financial or economic conditions, if the effect of any such event in (A) or (B), in the reasonable judgment of the Underwriters, is so material and adverse that such event makes it impracticable or inadvisable to proceed with the offering, sale and delivery of the Firm Shares on the terms and in the manner contemplated by the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any notice of termination pursuant to this <u>Section 11</u> shall be in writing and delivered in accordance with <u>Section 12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If this Agreement shall be terminated pursuant to any of the provisions hereof, or if the sale of the Securities provided for herein is not consummated because any condition to the obligations of the Underwriters set forth herein is not satisfied or because of any refusal, inability or failure on the part of the Company to perform any agreement herein or comply with any provision hereof, the Company will, subject to demand by the Underwriters, reimburse the Underwriters for only those documented Accountable Out-Of-Pocket Expenses (including the reasonable fees and expenses of their counsel), actually incurred by the Underwriters in connection herewith as allowed under FINRA Rule 5110 less the amount of the Advances previously paid by the Company).

**12.** <u>Notices</u>. All communications hereunder, except as may be otherwise specifically provided herein, shall be in writing, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if sent to the Representative, shall be mailed, delivered, or emailed, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. F. Lafferty & Co., Inc.

40 Wall Street, 27th Floor

New York, NY 10005

Email: rhackel@rflafferty.com

Attention: Robert Hackel

with a copy (which shall not constitute notice) to Underwriter's Counsel at:

VCL Law LLP

1945 Old Gallows Rd., Suite 260

Vienna, VA 22182

Email: fliu@vcllegal.com

Attention: Fang Liu

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if sent to the Company, shall be mailed, delivered, or emailed, to:

Optimal AI Limited

1008 Toa Payoh North #04-12/14/15

Singapore 318996

Email: [●]

Attention: [●]

with a copy (which shall not constitute notice) to the Company's Counsel at:

Loeb & Loeb LLP

2206-19 Jardine House

1 Connaught Road Central

Hong Kong SAR

Email: [●]

Attention: [●]

**13.** <u>Parties; Limitation of Relationship</u>. This Agreement shall inure solely to the benefit of, and shall be binding upon, the Underwriters, the Company and the controlling persons, directors, officers, employees and agents referred to in <u>Sections 8</u> and <u>9</u> hereof, and their respective successors and assigns, and no other Person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the parties hereto and such persons and their respective successors and assigns, and not for the benefit of any other person. The term "successors and assigns" shall not include a purchaser, in its capacity as such, of Securities from the Underwriter.

**14.** <u>Governing Law</u>. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to the conflict of laws principles thereof. Each of the parties hereto hereby submits to the exclusive jurisdiction of the federal and state courts in the Borough of Manhattan in The City of New York (each, a "New York Court") in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. Each of the parties hereto irrevocably waives any objection to the laying of venue of any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby in the New York Courts, and irrevocably waives and agrees not to plead or claim in any such court that any such suit or proceeding in any such court has been brought in an inconvenient forum. The Company irrevocably appoints Cogency Global Inc. as its authorized agent (the "**Authorized Agent**"), upon which process may be served in any such suit or proceeding, and agrees that service of process in any manner permitted by applicable law upon such agent shall be deemed in every respect effective service of process in any manner permitted by applicable law upon the Company in any such suit or proceeding. The Company further agrees to take any and all actions as may be necessary to maintain such designation and appointment of such agent in full force and effect for a period of three years from the date of this Agreement.

**15.** <u>Default of Underwriters</u>. If, on the Closing Date or any Additional Closing Date, as the case may be, any one or more of the Underwriters shall fail or refuse to purchase the Shares that it has or they have agreed to purchase hereunder on such date, and the aggregate number of the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase is not more than one-tenth (10%) of the aggregate number of the Shares to be purchased on such date, the other Underwriters shall be obligated severally in the proportions that the number of Firm Shares set forth opposite their respective names in <u>Schedule A</u> bears to the aggregate number of Firm Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as the Representative may specify, to purchase the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date; provided that, in no event shall the number of Shares that any Underwriter has agreed to purchase pursuant to this Agreement be increased pursuant to this <u>Section 15</u> by an amount in excess of one-ninth (1/9) of such number of Shares without the written consent of such Underwriter. If, on the Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Firm Shares and the aggregate number of Firm Shares with respect to which such default occurs is more than one-tenth (10%) of the aggregate number of Firm Shares to be purchased on such date, and arrangements satisfactory to the Representative and the Company for the purchase of such Firm Shares are not made within thirty six (36) hours after such default, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter or the Company. In any such case, either the Representative or the Company shall have the right to postpone the Closing Date, but in no event for longer than seven days, in order that the required changes, if any, in the Registration Statement, in the Disclosure Materials, in the Prospectus or in any other documents or arrangements may be effected. If, on an Additional Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Option Shares and the aggregate number of Option Shares with respect to which such default occurs is more than one-tenth (10%) of the aggregate number of Option Shares to be purchased on such Additional Closing Date, the non-defaulting Underwriters shall have the option to (i) terminate their obligation hereunder to purchase the Option Shares to be sold on such Additional Closing Date or (ii) purchase not less than the number of Option Shares that such non-defaulting Underwriters would have been obligated to purchase in the absence of such default. Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.

**16.** <u>Entire Agreement</u>. This Agreement, together with the schedules and annexes attached hereto and as the same may be amended from time to time in accordance with the terms hereof, contains the entire agreement among the parties hereto relating to the subject matter hereof and there are no other or further agreements outstanding not specifically mentioned herein. This Agreement supersedes any prior agreements or understandings among or between the parties hereto.

**17.** <u>Severability</u>. If any term or provision of this Agreement or the performance thereof shall be invalid or unenforceable to any extent, such invalidity or unenforceability shall not affect or render invalid or unenforceable any other provision of this Agreement and this Agreement shall be valid and enforceable to the fullest extent permitted by law.

**18.** <u>Amendment</u>. This Agreement may only be amended by a written instrument executed by each of the parties hereto.

**19.** <u>Waiver, etc.</u> The failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Agreement or any provision hereof or the right of any of the parties hereto to thereafter enforce each and every provision of this Agreement. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver may be sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment. The parties to this Agreement hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal suit, action or proceeding arising out of or relating to this Agreement, the Registration Statement, the Disclosure Materials, the Prospectus, the offering of the securities or the transactions contemplated hereby.

**20.** <u>No Fiduciary Relationship</u>. The Company hereby acknowledges that the Underwriters are acting solely as Underwriters in connection with the offering of the Company's Securities. The Company further acknowledges that the Underwriters are acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm's-length basis and in no event do the parties intend that the Underwriters act or be responsible as a fiduciary to the Company, its management, shareholders, creditors or any other person in connection with any activity that the Underwriters may undertake or have undertaken in furtherance of the offering of the Company's Securities, either before or after the date hereof. The Underwriters hereby expressly disclaim any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect. The Company hereby further confirms its understanding that the Underwriters have not assumed an advisory or fiduciary responsibility in favor of the Company with respect to the Offering contemplated hereby or the process leading thereto, including, without limitation, any negotiation related to the pricing of the Securities; and the Company has consulted its own legal and financial advisors to the extent it has deemed appropriate in connection with this Agreement and the Offering. The Company and the Underwriters agree that they are each responsible for making their own independent judgments with respect to any such transactions, and that any opinions or views expressed by the Underwriters to the Company regarding such transactions, including but not limited to any opinions or views with respect to the price or market for the Company's securities, do not constitute advice or recommendations to the Company. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Underwriters with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions.

**21.** <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all such counterparts shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or other electronic transmission shall constitute valid and sufficient delivery thereof.

**22.** <u>Headings</u>. The headings herein are inserted for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement.

**23.** <u>Time is of the Essence.</u> Time shall be of the essence of this Agreement. As used herein, the term "Business Day" shall mean any day other than a Saturday, Sunday or any day on which any of the major U.S. stock exchanges are not open for business.

*[Signature Page Follows]*

 

If the foregoing correctly sets forth your understanding, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement among us.

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| | | |
|:---|:---|:---|
| Very truly yours, | Very truly yours, | Very truly yours, |
| **Optimal AI Limited** | **Optimal AI Limited** | **Optimal AI Limited** |
| By: |  |  |
|  | Name: | Lai Kee Chwee |
|  | Title: | Chief Executive Officer and Chairman of the Board |

---

Accepted by the Representative

as of the date first written above

Acting on behalf of itself and as Representative of the Underwriters named in <u>Schedule A</u> hereto

---

| | | |
|:---|:---|:---|
| **R. F. Lafferty & Co., Inc.** | **R. F. Lafferty & Co., Inc.** | **R. F. Lafferty & Co., Inc.** |
| By: |  |  |
|  | Name: | Robert Hackel |
|  | Title: | Chief Operating Officer |

---

*[Signature Page to Underwriting Agreement]*

**SCHEDULE A**

---

| | | |
|:---|:---|:---|
| **Underwriters** | **Number of<br> Firm Shares<br> to Be<br> Purchased** | **Purchase<br> Price** |
| R. F. Lafferty & Co., Inc. | [●] | $[●] |
| **Total** | **[●]** | $**[●]** |

---

**SCHEDULE B**

Lock-Up Parties

---

| |
|:---|
| **Name** |
| Lai Kee Chwee |
| Tay Boon Zhuan |
| Jiang Shutao |
| Chong Eng Wee |
| Low See Lien |
| Ong Shen Chieh |
| Optimal Investments Limited |
| [Other 4% or more shareholders, if any, pending receipt of the latest ROM of the Cayman ListCo] |

---

Annex I

**OPTIMAL AI LIMITED**

**FORM OF OFFICERS' CERTIFICATE**

[●], 2026

The undersigned, Lai Kee Chwee, Chief Executive Officer, and Tay Boon Zhuan, Chief Financial Officer, of Optimal AI Limited, a company incorporated under the laws of the Cayman Islands (the "**Company"**), pursuant to Section 7(d) of the Underwriting Agreement, dated as of [●], 2026 by and between the Company and R. F. Lafferty & Co., Inc., as representative of the several underwriters listed on Schedule A thereto (the "**Underwriting Agreement**"), do hereby certify, each in his or her capacity as an officer of the Company, and not individually and without personal liability, on behalf of the Company, as follows:

1. Such officer has carefully
 examined the Registration Statement, the Disclosure Materials, and the Prospectus and, in his or her opinion, the Registration Statement
 and each amendment thereto, as of the Applicable Time and the Closing Date, did not include any untrue statement of a material fact
 and did not omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading,
 and the Disclosure Materials, as of the Applicable Time and as of the Closing Date, any Permitted Free Writing Prospectus as of its
 date and as of the Closing Date, the Prospectus and each amendment or supplement thereto, as of the respective date thereof and as
 of the Closing Date, did not include any untrue statement of a material fact and did not omit to state a material fact necessary
 in order to make the statements therein, in the light of the circumstances in which they were made, not misleading.

2. Subsequent to the respective
 dates as of which information is given in the Registration Statement, the Disclosure Materials, or the Prospectus, there has not
 been any Material Adverse Changes or any development involving a prospective Material Adverse Change, whether or not arising from
 transactions in the ordinary course of business.

3. To the best of his or her
 knowledge after reasonable investigation, as of the Closing Date, the representations and warranties of the Company in the Underwriting
 Agreement are true and correct in all material respects (except for those representations and warranties qualified as to materiality,
 which shall be true and correct in all respects and except for those representations and warranties which refer to facts existing
 at a specific date, which shall be true and correct as of such date) and the Company has complied with all agreements and satisfied
 all conditions on its part to be performed or satisfied under the Underwriting Agreement at or prior to the Closing Date.

4. To the best of his or her
 knowledge after reasonable investigation, as of the Closing Date, the Company has not sustained any material loss or interference
 with its businesses, whether or not covered by insurance, or from any labor dispute or any legal or governmental proceeding.

5. There are no pro forma
 or as adjusted financial statements that are required to be included in the Registration Statement, the Disclosure Materials, and
 the Prospectus pursuant to the Regulations which are not so included.

6. No stop order or other
 order suspending the effectiveness of the Registration Statement or any part thereof or any amendment thereof or the qualification
 of the Securities for offering or sale, nor suspending or preventing the use of the Disclosure Materials and the Prospectus, has
 been issued, and no proceeding for that purpose has been instituted or, to the best of his or her knowledge, is contemplated by the
 Commission or any state or regulatory body.

Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Underwriting Agreement. This certificate may be executed in one or more counterparts, all of which together shall be deemed to be one and the same instrument.

*[Signature Page Follows]*

 

**IN WITNESS WHEREOF**, I have, on behalf of the Company, signed this certificate as of the date first written above.

 <br> Name: Lai Kee Chwee <br> Title: Chief Executive Officer

 <br> Name: Tay Boon Zhuan <br> Title: Chief Financial Officer

*[Signature Page of Officers' Certificate]*

 

Annex II

**OPTIMAL AI LIMITED**

**FORM OF CEO'S CERTIFICATE**

[●], 2026

The undersigned, Lai Kee Chwee, hereby certifies that he is the duly elected chief executive officer of Optimal AI Limited, a company incorporated under the laws of the Cayman Islands (the "**Company**"), and that as such he is authorized to execute and deliver this certificate in the name and on behalf of the Company. Pursuant to Section 7(e) of the Underwriting Agreement, dated as of [●], 2026, by and between the Company and R. F. Lafferty & Co., Inc., as representative of the several underwriters listed on Schedule A thereto (the "**Underwriting Agreement**"), the undersigned further certifies in his capacity as the chief executive officer of the Company and without personal liability, on behalf of the Company, the items set forth below. Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Underwriting Agreement.

1. Attached
 hereto as <u>Exhibit A</u> are true and complete copies of the resolutions adopted by the board of directors of the Company
 (the "**Board**") either at a meeting or meetings properly held or by the unanimous written consent of each member of
 the Company's Board and any committee of or designated by the Company's Board relating to the public offering contemplated by
 the Underwriting Agreement. All of such resolutions were duly adopted, have not been amended, modified or rescinded and remain in
 full force and effect; and such resolutions are the only resolutions adopted by the Board or by any committee of or designated by
 the Board relating to the public offering contemplated by the Underwriting Agreement.

2. Attached
 hereto as <u>Exhibit B</u> is a true, correct, and complete copy of the Certificate of Incorporation of the Company, together
 with any and all amendments thereto. No action has been taken to further amend, modify, or repeal such charter documents, which
 remain in full force and effect in the attached form as of the date hereof. No action has been taken by the Company, its
 shareholders, directors, or officers in contemplation of the filing of any such amendment or other document or in contemplation of
 the liquidation or dissolution of the Company prior to the consummation of the transactions contemplated by the Underwriting
 Agreement.

3. Attached
 hereto as <u>Exhibit C</u> is a true, correct, and complete copy of the memorandum and articles of association of the Company
 and any and all amendments thereto. No action has been taken to further amend, modify, or repeal such memorandum and articles of
 association, which remain in full force and effect in the attached form as of the date hereof.

4. Attached
 hereto as <u>Exhibit D</u> are (i) a true and complete copy of a Certificate of Good Standing of the Company, dated close to
 the date of this certificate; and (ii) true and complete copies, dated close to the date of this certificate , showing the subsidiaries of the Company are duly organized and in good standing under the laws of their respective place of organization
 or incorporation.

5. Each person listed below
 has been duly elected or appointed to the positions indicated opposite its name and is duly authorized to sign the Underwriting Agreement
 and each of the documents in connection therewith on behalf of the Company, and the signature appearing opposite such person's name
 below is its genuine signature.

---

| | | |
|:---|:---|:---|
| **<u>Name</u>** | **<u>Position</u>** | **<u>Signature</u>** |
| Lai Kee Chwee | Chief Executive Officer | |
| Tay Boon Zhuan | Chief Financial Officer | |

---

This certificate may be executed in one or more counterparts, all of which together shall be deemed to be one and the same instrument.

*[Signature Page Follows]*

 

 

**IN WITNESS WHEREOF**, the undersigned has signed this certificate as of the date first written above.

 <br> Name: Lai Kee Chwee <br> Title: Chief Executive Officer

*[Signature Page of CEO's Certificate]*

 

 

<u>Annex III</u>

**OPTIMAL AI LIMITED**

**FORM OF CHIEF FINANCIAL OFFICER'S CERTIFICATE**

[●], 2026

The undersigned, Mr. Tay Boon Zhuan, hereby certifies that he is the duly elected, qualified, and acting Chief Financial Officer of Optimal AI Limited, a company incorporated under the laws of the Cayman Islands (the "**Company**"), and that as such he is authorized to execute and deliver this certificate in the name and on behalf of the Company. Pursuant to Section 7(g) of the Underwriting Agreement, dated as of [●], 2026 by and between the Company and R. F. Lafferty & Co., Inc., as the representative of the several underwriters listed on Schedule A thereto (the "**Underwriting Agreement**"), the undersigned further certifies, solely in the capacity as an officer of the Company for and on behalf of the Company as set forth below.

1. I am the Chief Financial
 Officer of the Company and have been duly appointed to such position as of the date hereof.

2. I am providing
 this certificate in connection with the offering of the securities described in the Registration Statement, the Disclosure Materials,
 and the Prospectus.

3. I am familiar with the
 accounting, operations, records systems and internal controls of the Company and have participated in the preparation of the Registration
 Statement, the Disclosure Materials, and the Prospectus.

4. The Company's financial
 statements included in the Registration Statement, the Disclosure Materials, and the Prospectus present fairly, in all material respects,
 the financial condition of the Company and its subsidiaries and their results of operations for the periods presented in the Registration
 Statement, the Disclosure Materials, and the Prospectus.

5. I have reviewed the disclosure
 in the Registration Statement, the Disclosure Materials, and the Prospectus, including the financial and operating information and
 data identified and circled by VCL Law LLP in the Registration Statement, the Disclosure Materials, and the Prospectus attached hereto
 as <u>Exhibit A</u>, and to the best of my knowledge such information is correct, complete and accurate in all material
 respects.

Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Underwriting Agreement.

*[Signature Page Follows]*

**IN WITNESS WHEREOF**, the undersigned has signed this certificate as of the date first written above.

---

| | |
|:---|:---|
| **Optimal AI Limited** | **Optimal AI Limited** |
| By: |  |
| Name: | Tay Boon Zhuan |
| Title: | Chief Financial Officer |

---

*[Signature Page of CFO's Certificate]*

<u>Annex IV</u>

**Form of Lock-Up Agreement**

[●], 2026

R. F. Lafferty & Co., Inc.

40 Wall Street, 27th Floor

New York, NY 10005

Ladies and Gentlemen:

The undersigned understands R. F. Lafferty & Co., Inc., as the representative of the several underwriters (the "Representative"), proposes to enter into an Underwriting Agreement (the "**Underwriting Agreement**") with Optimal AI Limited, a company incorporated under the laws of the Cayman Islands (the "**Company**"), providing for the initial public offering in the United States (the "**Initial Public Offering**") of a certain number of ordinary shares of the Company, par value US$0.0001 per share (the "**Shares**").

To induce the Representative to continue its efforts in connection with the Initial Public Offering, the undersigned hereby agrees that, without the prior written consent of the Representative, the undersigned will not, during the period commencing on the date hereof and ending six (6) months from the Closing Date (as defined in the Underwriting Agreement) of the Initial Public Offering (the "**Lock-Up Period**"), (1) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, make any short sale, or otherwise transfer or dispose of, directly or indirectly, any Shares or any securities convertible into or exercisable or exchangeable for or represent the right to receive Shares, whether now owned or hereafter acquired by the undersigned (collectively, the "**Lock-Up Securities**"); (2) enter into any swap or other agreement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (1) above or this clause (2) is to be settled by delivery of Shares or such other securities, in cash or otherwise; (3) make any written demand for or exercise any right with respect to the registration of any Shares or any security convertible into or exercisable or exchangeable for Shares; or (4) publicly disclose the intention to do any of the foregoing.

Notwithstanding the foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Securities without the prior written consent of the Representative in connection with (a) transactions relating to Lock-Up Securities acquired in open market transactions after the completion of the Initial Public Offering; (b) transfers of Lock-Up Securities as a *bona fide* gift, by will or intestacy or to a family member or trust for the benefit of the undersigned and/or one or more family members (for purposes of this lock-up agreement, "family member" means any relationship by blood, marriage or adoption, not more remote than first cousin); (c) transfers of Lock-Up Securities to a charity or educational institution or other not-for-profit organization; (d) if the undersigned, directly or indirectly, controls a corporation, partnership, limited liability company or other business entity, any transfers of Lock-Up Securities to any such corporation, partnership, limited liability company or other business entity, or any shareholder, partner or member of, or owner of similar equity interests in, the same, as the case may be; (e) a sale or surrender to the Company of any options or Shares of the Company underlying options in order to pay the exercise price or taxes associated with the exercise of options or (f) transfers or distributions pursuant to any *bona fide* third-party tender offer, merger, acquisition, consolidation or other similar transaction made to all holders of the Company's Shares involving a Change of Control of the Company, provided that in the event that such tender offer, merger, acquisition, consolidation or other such transaction is not completed, the Lock-Up Securities held by the undersigned shall remain subject to the provisions of this lock-up agreement;<u>provided</u> that in the case of any transfer pursuant to the foregoing clauses (b), (c) or (d), (i) any such transfer shall not involve a disposition for value, (ii) each transferee shall sign and deliver to the Representative a lock-up agreement substantially in the form of this lock-up agreement and (iii) no filing under Section 16(a) of the U.S. Securities Exchange Act of 1934, as amended shall be required or shall be voluntarily made (collectively, "**Permitted Transfers**"). For purposes of this paragraph, the term "Change of Control" shall mean any transaction or series of related transactions pursuant to which any "person" or "group" (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) becomes the "beneficial owner" (as such term is defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the Shares of the Company on a fully diluted basis. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the undersigned's Lock-Up Securities except in compliance with this lock-up agreement.

The undersigned agrees that, prior to engaging in any transaction or taking any other action that is subject to the terms of this lock-up agreement (for the avoidance of doubt, excluding any transaction or other action in connection with a Permitted Transfer) during the period from the date hereof to the expiration of the initial Lock-Up Period, the undersigned will give notice thereof to the Company and will not consummate any such transaction or take any such action unless it has received written confirmation from the Company that the Lock-Up Period has expired.

The undersigned agrees that (i) the foregoing restrictions shall be equally applicable to any issuer-directed or "friends and family" Shares that the undersigned may purchase in the Initial Public Offering, (ii) at least three (3) business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Lock-Up Securities, the Representative will notify the Company of the impending release or waiver. Any release or waiver granted by the Representative hereunder to any such officer or director shall only be effective two (2) business days after the publication date of a press release by the Company for such release or waiver. The provisions of this paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer of Lock-Up Securities not for consideration or in connection with any other Permitted Transfer and (b) the transferee has agreed in writing to be bound by a lock-up agreement substantially in the form of this lock-up agreement.

The undersigned agrees that except as set forth in this Lock-Up Agreement, there are no and will be no other agreement or arrangement, either verbal or in writing, with any other individuals or entities, including but not limited to shareholders, friends and family, and other third parties, to circumvent or has an effect of circumventing the obligations set forth in this Lock-Up Agreement.

No provision in this agreement shall be deemed to restrict or prohibit the exercise, exchange or conversion by the undersigned of any securities exercisable or exchangeable for or convertible into Shares, as applicable;<u>provided</u> that the undersigned does not transfer the Shares acquired on such exercise, exchange or conversion during the Lock-Up Period, unless in connection with a Permitted Transfer or in a transfer otherwise permitted pursuant to the terms of this lock-up agreement. In addition, no provision herein shall be deemed to restrict or prohibit the entry into or modification of a so-called "10b5-1" plan at any time (other than the entry into or modification of such a plan in such a manner as to cause the sale of any Lock-Up Securities within the Lock-Up Period).

The undersigned understands that the Company and the Representative are relying upon this lock-up agreement in proceeding toward consummation of the Initial Public Offering. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned's heirs, legal Underwriters, successors, and assigns.

The undersigned understands that, if the Underwriting Agreement does not become effective, or if the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Shares to be sold thereunder, then this lock-up agreement shall be void and of no further force or effect.

Whether or not the Initial Public Offering actually occurs depends on a number of factors, including market conditions. The Initial Public Offering will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Representative.

This lock-up agreement shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to the conflict of laws principles thereof. Delivery of a signed copy of this lock-up agreement by facsimile or e-mail/.pdf transmission shall be effective as the delivery of the original hereof.

[**SIGNATURE PAGE TO FOLLOW**]

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|:---|
| Very truly yours, |
| By: |
| Name: |
| Address: |

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*[Signature Page of Lock-up Agreement]*

<u>Annex V</u>

**Form of Representative's Warrants**

## Exhibit 3.1

**Exhibit 3.1**

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

<br> **OPTIMAL AI LIMITED**

(adopted by a Special Resolution passed on 20<sup>th</sup> August 2025)

1. The name of the Company is Optimal AI Limited.

2. The Registered Office of the Company will be situated at Harneys Fiduciary (Cayman)
Limited, 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands or at such other location
within the Cayman Islands as the Directors may from time to time determine.

3. The objects for which the Company is established are unrestricted and the Company
shall have full power and authority to carry out any object not prohibited by the Companies Act or any other law of the Cayman Islands.

4. The Company shall have and be capable of exercising all the functions of a natural
person of full capacity irrespective of any question of corporate benefit as provided by the Companies Act.

5. The Company will not trade in the Cayman Islands with any person, firm or corporation
except in furtherance of the business of the Company carried on outside the Cayman Islands; provided that nothing in this section shall
be construed as to prevent the Company effecting and concluding contracts in the Cayman Islands, and exercising in the Cayman Islands
all of its powers necessary for the carrying on of its business outside the Cayman Islands.

6. The liability of each Shareholder is limited to the amount, if any, unpaid on
the Shares held by such Shareholder.

7. The authorised share capital of the Company is US$50,000 divided into 500,000,000
ordinary shares of par value of US$0.0001 each, comprising (a) 490,000,000 Class A Ordinary Shares of par value of US$0.0001 each and
(b) 10,000,000 Class B Ordinary Shares of par value of US$0.0001 each. Subject to the Companies Act and the Articles, the Company shall
have power to redeem or purchase any of its Shares and to increase or reduce its authorised share capital and to sub-divide or consolidate
the said Shares or any of them and to issue all or any part of its capital whether
original, redeemed, increased or reduced with or without any preference, priority, special privilege or other rights or subject to any
postponement of rights or to any conditions or restrictions whatsoever and so that unless the conditions of issue shall otherwise expressly
provide every issue of shares whether stated to be ordinary, preference or otherwise shall be subject to the powers on the part of the
Company hereinbefore provided.

8. The Company has the power contained in the Companies Act to deregister in the
Cayman Islands and be registered by way of continuation in some other jurisdiction.

9. Capitalised terms that are not defined in this Memorandum of Association bear the
same meanings as those given in the Articles of Association of the Company.

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED<br> ARTICLES OF ASSOCIATION**

**OF**

<br> **OPTIMAL AI LIMITED**

(adopted by a Special Resolution passed on 20<sup>th</sup> August 2025)

**TABLE A**

The regulations contained or incorporated in Table A in the First Schedule of the Companies Act shall not apply to the Company and the following Articles shall comprise the Articles of Association of the Company.

1. In these Articles the following defined terms will have the meanings ascribed to them,
if not inconsistent with the subject or context:

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| | |
|:---|:---|
| **"Affiliate"** | means in respect of a Person, any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person, and (i) in the case of a natural person, shall include, without limitation, such person's spouse, parents, children, siblings, mother-in-law, father-in-law, brothers-in-law and sisters-in-law, whether by blood, marriage or adoption, a trust for the benefit of any of the foregoing, and a corporation, partnership or any other entity wholly or jointly owned by any of the foregoing, and (ii) in the case of an entity, shall include a partnership, a corporation or any other entity or any natural person which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity. The term "control" shall mean the ownership, directly or indirectly, of shares possessing more than fifty per cent (50%) of the voting power of the corporation, partnership or other entity (other than, in the case of a corporation, securities having such power only by reason of the happening of a contingency), or having the power to control the management or elect a majority of members to the board of directors or equivalent decision-making body of such corporation, partnership or other entity; |

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| | |
|:---|:---|
| **"Articles"** | means these articles of association of the Company, as amended, restated and/or substituted from time to time; |
| **"Board"** and **"Board of <br> Directors"** and **"Directors"** | means the directors of the Company for the time being, or as the case may be, the directors assembled as a board or as a committee thereof; |
| **"Chairman"** | means the chairman of the Board of Directors; |
| **"Class" or "Classes"** | means any class or classes of Shares as may from time to time be issued by the Company; |
| **"Class A Ordinary Share"** | means an ordinary share of a par value of US$0.0001 in the capital of the Company, designated as a Class A Ordinary Shares and having the rights provided for in these Articles; |
| **"Class B Ordinary Share"** | means an ordinary share of a par value of US$0.0001 in the capital of the Company, designated as a Class B Ordinary Share and having the rights provided for in these Articles; |
| **"Commission"** | means the Securities and Exchange Commission of the United States of America or any other federal agency for the time being administering the Securities Act; |
| **"Communication Facilities"** | means video, video-conferencing, internet or online conferencing applications, telephone or tele-conferencing and/or any other video-communications, internet or online conferencing application or telecommunications facilities by means of which all Persons participating in a meeting are capable of hearing and being heard by each other; |
| **"Company"** | means Optimal AI Limited, a Cayman Islands exempted company; |
| **"Companies Act"** | means the Companies Act (As Revised) of the Cayman Islands and any statutory amendment or re-enactment thereof; |
| **"Company's Website"** | means the main corporate/investor relations website of the Company, the address or domain name of which has been disclosed in any registration statement filed by the Company with the Commission in connection with its initial public offering of the Class A Ordinary Shares, or which has otherwise been notified to Shareholders; |
| **"Designated Stock <br> Exchange"** | means the stock exchange in the United States on which any Shares are listed for trading; |

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| | | |
|:---|:---|:---|
| **"Designated Stock <br> Exchange Rules"** | means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing of any Shares on the Designated Stock Exchange; | means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing of any Shares on the Designated Stock Exchange; |
| **"electronic"** | has the meaning given to it in the Electronic Transactions Act and any amendment thereto or re-enactments thereof for the time being in force and includes every other law incorporated therewith or substituted therefor; | has the meaning given to it in the Electronic Transactions Act and any amendment thereto or re-enactments thereof for the time being in force and includes every other law incorporated therewith or substituted therefor; |
| **"electronic<br> communication"** | means a communication sent by electronic means, including electronic posting to the Company's Website, transmission to any number, address or internet website (including the website of the Commission) or other electronic delivery methods as otherwise decided and approved by not less than a majority of the vote of the Board; | means a communication sent by electronic means, including electronic posting to the Company's Website, transmission to any number, address or internet website (including the website of the Commission) or other electronic delivery methods as otherwise decided and approved by not less than a majority of the vote of the Board; |
| **"electronic record"** | has the meaning given to it in the Electronic Transactions Act and any amendment thereto or re-enactments thereof for the time being in force and includes every other law incorporated therewith or substituted therefor; | has the meaning given to it in the Electronic Transactions Act and any amendment thereto or re-enactments thereof for the time being in force and includes every other law incorporated therewith or substituted therefor; |
| **"Electronic Transactions <br> Act"** | means the Electronic Transactions Act (As Revised) of the Cayman Islands and any statutory amendment or re-enactment thereof; | means the Electronic Transactions Act (As Revised) of the Cayman Islands and any statutory amendment or re-enactment thereof; |
| **"Memorandum of <br> Association"** | means the memorandum of association of the Company, as amended or substituted from time to time; | means the memorandum of association of the Company, as amended or substituted from time to time; |
| **"Ordinary <br> Resolution"** | means a resolution: | means a resolution: |
|  | (a) | passed by a simple majority of the votes cast by such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorised representatives, at a general meeting of the Company held in accordance with these Articles (in computing the majority regard shall be had to the number of votes to which each Shareholder is entitled by these Articles); or |
|  | (b) | approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Shareholders and the effective date of the resolution so adopted shall be the date on which the instrument, or the last of such instruments, if more than one, is executed; |

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| | |
|:---|:---|
| **"Ordinary Share"** | means a Class A Ordinary Share or a Class B Ordinary Share; |
| **"paid up"** | means paid up as to the par value in respect of the issue of any Shares and includes credited as paid up; |
| **"Person"** | means any natural person, firm, company, joint venture, partnership, corporation, association or other entity (whether or not having a separate legal personality) or any of them as the context so requires; |
| **"Present"** | means, in respect of any Person, such Person's presence at a general meeting of Shareholders (or any meeting of the holders of any Class of Shares), which may be satisfied by means of such Person or, if a corporation or other non-natural Person, its duly authorised representative (or, in the case of any Shareholder, a proxy which has been validly appointed by such Shareholder in accordance with these Articles), being: (a) physically present at the meeting; or (b) in the case of any meeting at which Communication Facilities are permitted in accordance with these Articles, including any Virtual Meeting, connected by means of the use of such Communication Facilities; |
| **"Register"** | means the register of members of the Company maintained in accordance with the Companies Act; |
| **"Registered Office"** | means the registered office of the Company as required by the Companies Act; |
| **"Seal"** | means the common seal of the Company (if adopted) including any facsimile thereof; |
| **"Secretary"** | means any Person appointed by the Directors to perform any of the duties of the secretary of the Company; |
| **"Securities Act"** | means the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time; |
| **"Share"** | means a share in the capital of the Company. All references to "Shares" herein shall be deemed to be Shares of any or all Classes as the context may require. For the avoidance of doubt in these Articles the expression "Share" shall include a fraction of a Share; |
| **"Shareholder"** | means a Person who is registered as the holder of one or more Shares in the Register; |

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| | | |
|:---|:---|:---|
| **"Share Premium <br> Account"** | means the share premium account established in accordance with these Articles and the Companies Act; | means the share premium account established in accordance with these Articles and the Companies Act; |
| **"signed"** | means bearing a signature or representation of a signature affixed by mechanical means or an electronic symbol or process attached to or logically associated with an electronic communication and executed or adopted by a Person with the intent to sign the electronic communication; | means bearing a signature or representation of a signature affixed by mechanical means or an electronic symbol or process attached to or logically associated with an electronic communication and executed or adopted by a Person with the intent to sign the electronic communication; |
| **"Special <br> Resolution"** | means a special resolution of the Company passed in accordance with the Companies Act, being a resolution: | means a special resolution of the Company passed in accordance with the Companies Act, being a resolution: |
|  | (a) | passed by not less than two-thirds of the votes cast by such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorised representatives, at a general meeting of the Company of which notice specifying the intention to propose the resolution as a special resolution has been duly given; or |
|  | (b) | approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Shareholders and the effective date of the special resolution so adopted shall be the date on which the instrument or the last of such instruments, if more than one, is executed; |
| **"Treasury Share"** | means a Share held in the name of the Company as a treasury share in accordance with the Companies Act; | means a Share held in the name of the Company as a treasury share in accordance with the Companies Act; |
| **"United States"** | means the United States of America, its territories, its possessions and all areas subject to its jurisdiction; and | means the United States of America, its territories, its possessions and all areas subject to its jurisdiction; and |
| **"Virtual Meeting"** | means any general meeting of the Shareholders (or any meeting of the holders of any Class of Shares) at which the Shareholders (and any other permitted participants of such meeting, including without limitation the chairman of the meeting and any Directors) are permitted to attend and participate solely by means of Communication Facilities. | means any general meeting of the Shareholders (or any meeting of the holders of any Class of Shares) at which the Shareholders (and any other permitted participants of such meeting, including without limitation the chairman of the meeting and any Directors) are permitted to attend and participate solely by means of Communication Facilities. |

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2. In these Articles, save where the context requires otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words importing the singular number shall include the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words importing the masculine gender only shall include the feminine gender and
any Person as the context may require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the word "may" shall be construed as permissive and the word "shall"
shall be construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reference to a dollar or dollars (or US$) and to a cent or cents is reference
to dollars and cents of the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to a statutory enactment shall include reference to any amendment or
re-enactment thereof for the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) reference to any determination by the Directors shall be construed as a determination
by the Directors in their sole and absolute discretion and shall be applicable either generally or in any particular case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any phrase introduced by the terms "including", "include"
or "in particular" or similar expression shall be construed as illustrative and shall not limit the sense of the words preceding
those terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) reference to "in writing" shall be construed as written or represented
by any means reproducible in writing, including any form of print, lithograph, email, facsimile, photograph or telex or represented by
any other substitute or format for storage or transmission for writing including in the form of an electronic record or partly one and
partly another;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any requirements as to delivery under the Articles include delivery in the form
of an electronic record or an electronic communication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any requirements as to execution or signature under the Articles, including the
execution of the Articles themselves, can be satisfied in the form of an electronic signature as defined in the Electronic Transactions
Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Sections 8 and 19(3) of the Electronic Transactions Act shall not apply.

3. Subject to the last two preceding Articles, any words defined in the Companies
Act shall, if not inconsistent with the subject or context, bear the same meaning in these Articles.

**PRELIMINARY**

4. The business of the Company may be conducted as the Directors see fit.

5. The Registered Office shall be at such address in the Cayman Islands as the Directors
may from time to time determine. The Company may in addition establish and maintain such other offices and places of business and agencies
in such places as the Directors may from time to time determine.

6. The expenses incurred in the formation of the Company and in connection with the
offer for subscription and issue of Shares shall be paid by the Company. Such expenses may be amortised over such period as the Directors
may determine and the amount so paid shall be charged against income and/or capital in the accounts of the Company as the Directors shall
determine.

7. The Directors shall keep, or cause to be kept, the Register at such place as the
Directors may from time to time determine and, in the absence of any such determination, the Register shall be kept at the Registered
Office.

**SHARES**

8. Subject to these Articles and where applicable the Designated Stock Exchange Rules,
all Shares for the time being unissued shall be under the control of the Directors who may, in their absolute discretion and without the
approval of the Shareholders, cause the Company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue, allot, or otherwise dispose of Shares (including, without limitation, preferred
shares) (whether in certificated form or non-certificated form) to such Persons, in such manner, at such times and on such terms and having
such rights and being subject to such restrictions as they may from time to time determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) grant rights over Shares or other securities to be issued in one or more classes
or series as they deem necessary or appropriate and determine the designations, powers, preferences, privileges and other rights attaching
to such Shares or securities, including dividend rights, voting rights, conversion rights, terms of redemption and liquidation preferences,
any or all of which may be greater than the powers, preferences, privileges and rights associated with the then issued and outstanding
Shares, at such times and on such other terms as they think proper; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) grant options with respect to Shares and issue warrants or similar instruments
with respect thereto, at such times and on such terms and having such rights and being subject to such restrictions as they may from time
to time determine.

9. The Directors may authorise the division of Shares into any number of Classes and the different Classes shall be authorised, established and designated (or re- designated as the case may be) and the variations in the relative rights (including, without limitation, voting, dividend and redemption rights), restrictions, preferences, privileges and payment obligations as between the different Classes (if any) may be fixed and determined by the Directors or by an Ordinary Resolution. The Directors may issue Shares with such preferred or other rights, all or any of which may be greater than the rights of Ordinary Shares, at such time and on such terms as they may think appropriate. Notwithstanding Article 17, the Directors may issue from time to time, out of the authorised share capital of the Company, series of preferred shares in their absolute discretion and without approval of the Shareholders; provided, however, before any preferred shares of any such series are issued, the Directors may by resolution of Directors determine, with respect to any series of preferred shares, the terms and rights of that series, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the designation of such series, the number of preferred shares to constitute such
series and the subscription price thereof if different from the par value thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether the preferred shares of such series shall have voting rights, in addition
to any voting rights provided by law, and, if so, the terms of such voting rights, which may be general or limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the dividends, if any, payable on such series, whether any such dividends shall
be cumulative, and, if so, from what dates, the conditions and dates upon which such dividends shall be payable, and the preference or
relation which such dividends shall bear to the dividends payable on any shares of any other class or any other series of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) whether the preferred shares of such series shall be subject to redemption by
the Company, and, if so, the times, prices and other conditions of such redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) whether the preferred shares of such series shall have any rights to receive any
part of the assets available for distribution amongst the Shareholders upon the liquidation of the Company, and, if so, the terms of such
liquidation preference, and the relation which such liquidation preference shall bear to the entitlements of the holders of shares of
any other class or any other series of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) whether the preferred shares of such series shall be subject to the operation of
a retirement or sinking fund and, if so, the extent to and manner in which any such retirement or sinking fund shall be applied to the
purchase or redemption of the preferred shares of such series for retirement or other corporate purposes and the terms and provisions
relative to the operation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) whether the preferred shares of such series shall be convertible into, or exchangeable
for, shares of any other class or any other series of preferred shares or any other securities and, if so, the price or prices or the
rate or rates of conversion or exchange and the method, if any, of adjusting the same, and any other terms and conditions of conversion
or exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the limitations and restrictions, if any, to be effective while any preferred
shares of such series are outstanding upon the payment of dividends or the making of other distributions on,
and upon the purchase, redemption or other acquisition by the Company of, the existing shares or shares of any other class of shares or
any other series of preferred shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the conditions or restrictions, if any, upon the creation of indebtedness of the
Company or upon the issue of any additional shares, including additional shares of such series or of any other class of shares or any
other series of preferred shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any other powers, preferences and relative, participating, optional and other special
rights, and any qualifications, limitations and restrictions thereof; and, for such purposes, the Directors may reserve an appropriate
number of Shares for the time being unissued. The Company shall not issue Shares to bearer.

10. The Company may insofar as may be permitted by law, pay a commission to any Person
in consideration of his subscribing or agreeing to subscribe whether absolutely or conditionally for any Shares. Such commissions may
be satisfied by the payment of cash or the lodgment of fully or partly paid-up Shares or partly in one way and partly in the other. The
Company may also pay such brokerage as may be lawful on any issue of Shares.

11. The Directors may refuse to accept any application for Shares, and may accept
any application in whole or in part, for any reason or for no reason.

**CLASS A ORDINARY SHARES AND CLASS B ORDINARY SHARES**

12. Holders of Class A Ordinary Shares and Class B Ordinary Shares shall at all times
vote together as one class on all resolutions submitted to a vote by the Shareholders. Each Class A Ordinary Share shall entitle the holder
thereof to one (1) vote on all matters subject
to vote at general meetings of the Company, and each Class B Ordinary Share shall entitle the holder thereof to twenty (20) votes on all
matters subject to vote at general meetings of the Company.

13. Each Class B Ordinary Share is convertible into one (1) Class A Ordinary Share at
any time at the option of the holder thereof. The right to convert shall be exercisable by the holder of the Class B Ordinary Share delivering
a written notice to the Company that such holder elects to convert a specified number of Class B Ordinary Shares into Class A Ordinary
Shares. In no event shall Class A Ordinary Shares be convertible into Class B Ordinary Shares.

14. Any conversion of Class B Ordinary Shares into Class A Ordinary Shares pursuant
to these Articles shall be effected by means of the re-designation of each relevant Class B Ordinary Share as a Class A Ordinary Share.
Such conversion shall become effective (i) in the case of any conversion effected pursuant to Article 13, forthwith
upon the receipt by the Company of the written notice delivered to the Company as described in Article 13 (or
at such later date as may be specified in such notice), or (ii) in the case
of any automatic conversion effected pursuant to Article 15, forthwith upon occurrence of the event specified
in Article 15 which triggers such automatic conversion, and the Company shall make entries in the Register
to record the re-designation of the relevant Class B Ordinary Shares as Class A Ordinary Shares.

15. Upon any sale, transfer, assignment or disposition of any Class B Ordinary Share
by a Shareholder to any person who is not an Affiliate of such Shareholder, or upon a change of ultimate beneficial ownership of any Class
B Ordinary Share to any Person who is not an Affiliate of such Shareholder, such Class B Ordinary Share shall be automatically and immediately
converted into the same number of Class A Ordinary Share. For the avoidance of doubt, (i) where a sale, transfer, assignment or disposition
involves a change to the legal title to Class B Ordinary Shares, it shall be effective upon the Company's registration of such sale,
transfer, assignment or disposition in its Register, and where a sale, transfer, assignment or disposition involves a change to the ultimate
beneficial ownership or there is otherwise no change to the legal title to Class B Ordinary Shares, it shall be deemed effective at the
time of the change, as determined in good faith by the Directors in their sole discretion; and (ii) the creation of any pledge, charge,
encumbrance or other third party right of whatever description on any Class B Ordinary Shares to secure a holder's contractual or
legal obligations shall not be deemed as a sale, transfer, assignment or disposition, or a change of ultimate beneficial ownership, unless
and until any such pledge, charge, encumbrance or other third party right is enforced and results in the third party holding legal title
to the relevant Class B Ordinary Shares, in which case all the related Class B Ordinary Shares shall be automatically converted into the
same number of Class A Ordinary Shares. For the purposes of this Article 15, beneficial ownership shall have
the meaning set forth in Rule 13d-3 under the United States Securities Exchange Act of 1934, as amended.

16. Save and except for voting rights and conversion rights as set out in Articles 12
to 15 (inclusive), the Class A Ordinary Shares and the Class B Ordinary Shares shall rank *pari passu* with
one another and shall have the same rights, preferences, privileges and restrictions.

**MODIFICATION OF RIGHTS**

17. Whenever the capital of the Company is divided into different Classes the rights
attached to any such Class may, subject to any rights or restrictions for the time being attached to any Class, only be materially and
adversely varied with the consent in writing of the holders of two-thirds of the issued Shares of that Class or with the sanction of a
Special Resolution passed at a separate meeting of the holders of the Shares of that Class. To every such separate meeting all the provisions
of these Articles relating to general meetings of the Company or to the proceedings thereat shall, *mutatis mutandis*, apply, except
that the necessary quorum shall be one or more Persons holding or representing by proxy at least two-thirds in nominal or par value amount
of the issued Shares of the relevant Class (but so that if at any
adjourned meeting of such holders a quorum as above defined is not Present, those Shareholders who are Present shall form a quorum) and
that, subject to any rights or restrictions for the time being attached to the Shares of that Class, every Shareholder of the Class shall
have one (1) vote for each Class A Ordinary Share and twenty (20) votes for each Class B Ordinary Share of which such Shareholder is the
holder. For the purposes of this Article the Directors may treat all the Classes or any two or more Classes as forming one Class if they
consider that all such Classes would be affected in the same way by the proposals under consideration, but in any other case shall treat
them as separate Classes.

18. The rights conferred upon the holders of the Shares of any Class issued with preferred
or other rights shall not, subject to any rights or restrictions for the time being attached to the Shares of that Class, be deemed to
be materially and adversely varied by, inter alia, the creation, allotment or issue of further Shares ranking *pari passu* with or
subsequent to them or the redemption or purchase of any Shares of any Class by the Company. The rights of the holders of Shares shall
not be deemed to be materially and adversely varied by the creation or issue of Shares with preferred or other rights including, without
limitation, the creation of Shares with enhanced or weighted voting rights.

**CERTIFICATES**

19. A Shareholder may only be entitled to a share certificate if the Directors resolve
that share certificates shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine.
Share certificates shall be signed by one or more Directors or other person authorised by the Directors. The Directors may authorise certificates
to be issued with the authorised signature(s) affixed by mechanical process. All certificates for Shares shall be numbered or otherwise
identified and shall specify the Shares to which they relate. All certificates surrendered to the Company for transfer shall be cancelled
and, subject to these Articles, no new certificate shall be issued until the former certificate representing a like number of relevant
Shares shall have been surrendered and cancelled.

20. Every share certificate of the Company shall bear such legends as may be required
under applicable laws, including the Securities Act.

21. No certificate shall be issued representing shares of more than one class.

22. If a share certificate shall be damaged or defaced or alleged to have been lost,
stolen or destroyed, a new certificate representing the same Shares may be issued to the relevant Shareholder upon request, subject to
delivery up of the old certificate or (if alleged to have been lost, stolen or destroyed) compliance with such conditions as to evidence
and indemnity and the payment of out-of-pocket expenses of the Company in connection with the request as the Directors may think fit.

23. The Company shall not be bound to issue more than one certificate for Shares held
jointly by more than one person. In the event that Shares are held jointly by several Persons, any request may be made by any one of the
joint holders and if so made shall be binding on all of the joint holders.

**FRACTIONAL SHARES**

24. The Directors may issue fractions of a Share and, if so issued, a fraction of a
Share shall be subject to and carry the corresponding fraction of liabilities (whether with respect to nominal or par value, premium,
contributions, calls or otherwise), limitations, preferences, privileges, qualifications, restrictions, rights (including, without prejudice
to the generality of the foregoing, voting and participation rights) and other attributes of a whole Share. If more than one fraction
of a Share of the same Class is issued to or acquired by the same Shareholder such fractions shall be accumulated.

**LIEN**

25. The Company has a first and paramount lien on every Share (whether or not fully
paid) for all amounts (whether presently payable or not) payable at a fixed time or called in respect of that Share. The Company also
has a first and paramount lien on every Share registered in the name of a Person indebted or under liability to the Company (whether he
is the sole registered holder of a Share or one of two or more joint holders) for all amounts owing by him or his estate to the Company
(whether or not presently payable). The Directors may at any time declare a Share to be wholly or in part exempt from the provisions of
this Article. The Company's lien on a Share extends to any amount payable in respect of it, including but not limited to dividends.

26. The Company may sell, in such manner as the Directors in their absolute discretion
think fit, any Share on which the Company has a lien, but no sale shall be made unless an amount in respect of which the lien exists is
presently payable nor until the expiration of fourteen calendar days after a notice in writing, demanding payment of such part of the
amount in respect of which the lien exists as is presently payable, has been given to the registered holder for the time being of the
Share, or the Persons entitled thereto by reason of his death or bankruptcy.

27. For giving effect to any such sale the Directors may authorise a Person to transfer
the Shares sold to the purchaser thereof. The purchaser shall be registered as the holder of the Shares comprised in any such transfer
and he shall not be bound to see to the application of the purchase money, nor shall his title to the Shares be affected by any irregularity
or invalidity in the proceedings in reference to the sale.

28. The proceeds of the sale after deduction of expenses, fees and commissions incurred
by the Company shall be received by the Company and applied in payment of such part of the amount
in respect of which the lien exists as is presently payable, and the residue shall (subject to a like lien for sums not presently payable
as existed upon the Shares prior to the sale) be paid to the Person entitled to the Shares immediately prior to the sale.

**CALLS ON SHARES**

29. Subject to the terms of the allotment, the Directors may from time to time make
calls upon the Shareholders in respect of any moneys unpaid on their Shares, and each Shareholder shall (subject to receiving at least
fourteen calendar days' notice specifying the time or times of payment) pay to the Company at the time or times so specified the
amount called on such Shares. A call shall be deemed to have been made at the time when the resolution of the Directors authorising such
call was passed.

30. The joint holders of a Share shall be jointly and severally liable to pay calls
in respect thereof.

31. If a sum called in respect of a Share is not paid before or on the day appointed
for payment thereof, the Person from whom the sum is due shall pay interest upon the sum at the rate of eight per cent per annum from
the day appointed for the payment thereof to the time of the actual payment, but the Directors shall be at liberty to waive payment of
that interest wholly or in part.

32. The provisions of these Articles as to the liability of joint holders and as to
payment of interest shall apply in the case of non-payment of any sum which, by the terms of issue of a Share, becomes payable at a fixed
time, whether on account of the amount of the Share, or by way of premium, as if the same had become payable by virtue of a call duly
made and notified.

33. The Directors may make arrangements with respect to the issue of partly paid Shares
for a difference between the Shareholders, or the particular Shares, in the amount of calls to be paid and in the times of payment.

34. The Directors may, if they think fit, receive from any Shareholder willing to
advance the same all or any part of the moneys uncalled and unpaid upon any partly paid Shares held by him, and upon all or any of the
moneys so advanced may (until the same would, but for such advance, become presently payable) pay interest at such rate (not exceeding
without the sanction of an Ordinary Resolution, eight per cent per annum) as may be agreed upon between the Shareholder paying the sum
in advance and the Directors. No such sum paid in advance of calls shall entitle the Shareholder paying such sum to any portion of a dividend
declared in respect of any period prior to the date upon which such sum would, but for such payment, become presently payable.

**FORFEITURE OF SHARES**

35. If a Shareholder fails to pay any call or instalment of a call in respect of partly
paid Shares on the day appointed for payment, the Directors may, at any time thereafter during such time as any part of such call or instalment
remains unpaid, serve a notice on him requiring payment of so much of the call or instalment as is unpaid, together with any interest
which may have accrued.

36. The notice shall name a further day (not earlier than the expiration of fourteen
calendar days from the date of the notice) on or before which the payment required by the notice is to be made, and shall state that in
the event of non- payment at or before the time appointed, the Shares in respect of which the call was made will be liable to be forfeited.

37. If the requirements of any such notice as aforesaid are not complied with, any
Share in respect of which the notice has been given may at any time thereafter, before the payment required by notice has been made, be
forfeited by a resolution of the Directors to that effect.

38. A forfeited Share may be sold or otherwise disposed of on such terms and in such
manner as the Directors think fit, and at any time before a sale or disposition the forfeiture may be cancelled on such terms as the Directors
think fit.

39. A Person whose Shares have been forfeited shall cease to be a Shareholder in respect
of the forfeited Shares, but shall, notwithstanding, remain liable to pay to the Company all moneys which at the date of forfeiture were
payable by him to the Company in respect of the Shares forfeited, but his liability shall cease if and when the Company receives payment
in full of the amount unpaid on the Shares forfeited.

40. A certificate in writing under the hand of a Director that a Share has been duly
forfeited on a date stated in the certificate shall be conclusive evidence of the facts in the declaration as against all Persons claiming
to be entitled to the Share.

41. The Company may receive the consideration, if any, given for a Share on any sale
or disposition thereof pursuant to the provisions of these Articles as to forfeiture and may execute a transfer of the Share in favour
of the Person to whom the Share is sold or disposed of and that Person shall be registered as the holder of the Share and shall not be
bound to see to the application of the purchase money, if any, nor shall his title to the Shares be affected by any irregularity or invalidity
in the proceedings in reference to the disposition or sale.

42. The provisions of these Articles as to forfeiture shall apply in the case of non-
payment of any sum which by the terms of issue of a Share becomes due and payable, whether on account of the amount of the Share, or by
way of premium, as if the same had been payable by virtue of a call duly made and notified.

**TRANSFER OF SHARES**

43. The instrument of transfer of any Share shall be in writing and in any usual or
common form or such other form as the Directors may, in their absolute discretion, approve and be executed by or on behalf of the transferor
and if in respect of a nil or partly paid up Share, or if so required by the Directors, shall also be executed on behalf of the transferee
and shall be accompanied by the certificate (if any) of the Shares to which it relates and such other evidence as the Directors may reasonably
require to show the right of the transferor to make the transfer. The transferor shall be deemed to remain a Shareholder until the name
of the transferee is entered in the Register in respect of the relevant Shares. Subject to these Articles, any Shareholder may transfer
all or any of his shares by an instrument of transfer in the usual or common form or in a form prescribed by the Designated Stock Exchange
or in any other form approved by the Board and may be under hand or, if the transferor or transferee is a clearing house or a central
depository house or its nominee(s), by hand or by machine imprinted signature or by such other manner of execution as the Board may approve
from time to time.

44. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Directors may in their absolute discretion decline to register any transfer of
Shares which is not fully paid up or on which the Company has a lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors may also decline to register any transfer of any Share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the instrument of transfer is lodged with the Company, accompanied by the certificate
for the Shares to which it relates and such other evidence as the Board may reasonably require to show the right of the transferor to
make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the instrument of transfer is in respect of only one Class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of a transfer to joint holders, the number of joint holders to whom
the Share is to be transferred does not exceed four; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a fee of such maximum sum as the Designated Stock Exchange may determine to be
payable, or such lesser sum as the Board of Directors may from time to time require, is paid to the Company in respect thereof.

45. The registration of transfers may, after compliance with any notice required by
the Designated Stock Exchange Rules, be suspended and the Register closed at such times and for such periods as the Directors may, in
their absolute discretion, from time to time determine, provided always that such registration of transfer shall not be suspended nor
the Register closed for more than thirty calendar days in any calendar year.

46. All instruments of transfer that are registered shall be retained by the Company.
If the Directors refuse to register a transfer of any Shares, they shall within two calendar months after the date on which the transfer
was lodged with the Company send notice of the refusal to each of the transferor and the transferee.

**TRANSMISSION OF SHARES**

47. The legal personal representative of a deceased sole holder of a Share shall be
the only Person recognised by the Company as having any title to the Share. In the case of a Share registered in the name of two or more
holders, the survivors or survivor, or the legal personal representatives of the deceased survivor, shall be the only Person recognised
by the Company as having any title to the Share.

48. Any Person becoming entitled to a Share in consequence of the death or bankruptcy
of a Shareholder shall, upon such evidence being produced as may from time to time be required by the Directors, have the right either
to be registered as a Shareholder in respect of the Share or, instead of being registered himself, to make such transfer of the Share
as the deceased or bankrupt Person could have made; but the Directors shall, in either case, have the same right to decline or suspend
registration as they would have had in the case of a transfer of the Share by the deceased or bankrupt Person before the death or bankruptcy.

49. A Person becoming entitled to a Share by reason of the death or bankruptcy of a
Shareholder shall be entitled to the same dividends and other advantages to which he would be entitled if he were the registered Shareholder,
except that he shall not, before being registered as a Shareholder in respect of the Share, be entitled in respect of it to exercise any
right conferred by membership in relation to meetings of the Company, provided however, that the Directors may at any time give notice
requiring any such Person to elect either to be registered himself or to transfer the Share, and if the notice is not complied with within
ninety calendar days, the Directors may thereafter withhold payment of all dividends, bonuses or other monies payable in respect of the
Share until the requirements of the notice have been complied with.

**REGISTRATION OF EMPOWERING INSTRUMENTS**

50. The Company shall be entitled to charge a fee not exceeding
one dollar (US$1.00) on the registration of every probate, letters of administration, certificate of death or marriage, power of attorney,
notice in lieu of distringas, or other instrument.

**ALTERATION OF SHARE CAPITAL**

51. The Company may from time to time by Ordinary Resolution increase the share capital
by such sum, to be divided into Shares of such Classes and amount, as the resolution shall prescribe and with such rights, priorities
and privileges annexed thereto, as the Company in general meeting may determine.

52. The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by new Shares of such amount as it thinks appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into Shares of a larger
amount than its existing Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) divide its Shares into several classes and without prejudice to any special rights
previously conferred on the holders of existing Shares attach thereto respectively any preferential, deferred, qualified or special rights,
privileges, conditions or such restrictions which in the absence of any such determination by the Company in general meeting, as the Directors
may determine provided always that, for the avoidance of doubt, where a Class of Shares has been authorised by the Company, no resolution
of the Company in general meeting is required for the issuance of Shares of that Class and the Directors may issue Shares of that Class
and determine such rights, privileges, conditions or restrictions attaching thereto as aforesaid, and further provided that where the
Company issues shares which do not carry voting rights, the words "non-voting" shall appear in the designation of such Shares
and where the equity capital includes shares with different voting rights, the designation of each Class of Shares, other than those with
the most favourable voting rights, must include the words "restricted voting" or "limited voting";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subdivide its Shares, or any of them, into Shares of an amount smaller than that
fixed by the Memorandum, provided that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each
reduced Share shall be the same as it was in case of the Share from which the reduced Share is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel any Shares that, at the date of the passing of the resolution, have not
been taken or agreed to be taken by any Person and diminish the amount of its share capital by the amount of the Shares so cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;53. All new Shares created in accordance with the provisions of the preceding Article shall be subject
 to the same provisions of the Articles with reference to the payment of calls, Liens, transfer, transmission, forfeiture and
 otherwise as the Shares in the original share capital. The Board may settle as it considers expedient any difficulty which arises in
 relation to any consolidation and division under the preceding Article and in particular but without prejudice to the generality of
 the foregoing may arrange for the sale of the shares representing fractions and the distribution of the net proceeds of sale (after
 deduction of the expenses of such sale) in due proportion amongst the Shareholders who would have been entitled to the fractions,
 and for this purpose the Board may authorise some person to transfer the shares representing fractions to their purchaser or resolve
 that such net proceeds be paid to the Company
for the Company's benefit. Such purchaser will not be bound to see to the application of the purchase money nor will his title to
the shares be affected by any irregularity or invalidity in the proceedings relating to the sale.

54. The Company may by Special Resolution reduce its share capital and any capital
redemption reserve in any manner authorised by the Companies Act.

**REDEMPTION, PURCHASE AND SURRENDER OF SHARES**

55. Subject to the provisions of the Companies Act and these Articles, the Company
may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue Shares that are to be redeemed or are liable to be redeemed at the option
of the Shareholder or the Company. The redemption of Shares shall be effected in such manner and upon such terms as may be determined,
before the issue of such Shares, by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase its own Shares (including any redeemable Shares) on such terms and in
such manner and terms as have been approved by the Board, or are otherwise authorised by these Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make a payment in respect of the redemption or purchase of its own Shares in any
manner permitted by the Companies Act, including out of capital.

56. The purchase of any Share shall not oblige the Company to purchase any other Share
other than as may be required pursuant to applicable law and any other contractual obligations of the Company.

57. The holder of the Shares being purchased shall be bound to deliver up to the Company
the certificate(s) (if any) thereof for cancellation and thereupon the Company shall pay to him the purchase or redemption monies or consideration
in respect thereof.

58. The Directors may accept the surrender for no consideration of any fully paid Share.

**TREASURY SHARES**

59. The Directors may, prior to the purchase, redemption or surrender of any Share,
determine that such Share shall be held as a Treasury Share.

60. The Directors may determine to cancel a Treasury Share or transfer a Treasury
Share on such terms as they think proper (including, without limitation, for nil consideration).

**GENERAL MEETINGS**

61. All general meetings other than annual general meetings shall be called extraordinary
general meetings.

62. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may (but shall not be obliged to) in each calendar year hold a general
meeting as its annual general meeting and shall specify the meeting as such in the notices calling it. The annual general meeting shall
be held at such time and place as may be determined by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At these meetings the report of the Directors (if any) shall be presented.

63. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Chairman or a majority of the Directors (acting by a resolution of the Board)
may call general meetings, and they shall on a Shareholders' requisition forthwith proceed to convene an extraordinary general meeting
of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Shareholders' requisition is a requisition of Shareholders holding at
the date of deposit of the requisition Shares which carry in aggregate not less than one-third (1/3) of the total number of votes attaching
to all issued and outstanding Shares that as at the date of the deposit carry the right to vote at general meetings of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The requisition must state the objects of the meeting and must be signed by the
requisitionists and deposited at the Registered Office, and may consist of several documents in like form each signed by one or more requisitionists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If there are no Directors as at the date of the deposit of the Shareholders'
requisition, or if the Directors do not within twenty-one (21) calendar days from the date of the deposit of the requisition duly proceed
to convene a general meeting to be held within a further twenty-one (21) calendar days, the requisitionists, or any of them representing
more than one-half of the total voting rights of all of them, may themselves convene a general meeting, but any meeting so convened shall
not be held after the expiration of three calendar months after the expiration of the said twenty-one (21) calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A general meeting convened as aforesaid by requisitionists shall be convened in
the same manner as nearly as possible as that in which general meetings are to be convened by Directors.

**NOTICE OF GENERAL MEETINGS**

64. At least ten (10) clear days' notice shall be given for any general meeting.
Every notice shall be exclusive of the day on which it is given or deemed to be given and of the day for which it is given and shall specify
the place, the day and the hour of the meeting and the general nature of the business and shall be given in the manner hereinafter mentioned
or in such other manner if any as may be prescribed by the Company, provided that a general meeting of the Company shall, whether or not
the notice specified in this Article has been given and whether or not the provisions of these Articles regarding general meetings have
been complied with, be deemed to have been duly convened if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an annual general meeting, by all the Shareholders (or their proxies)
entitled to attend and vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an extraordinary general meeting, by holders of at least two- thirds
of the votes and having a right to attend and vote at the meeting Present or, in the case of a corporation or other non-natural person,
represented by its duly authorised representative or proxy.

65. The accidental omission to give notice of a meeting to or the non-receipt of a
notice of a meeting by any Shareholder shall not invalidate the proceedings at any meeting.

**PROCEEDINGS AT GENERAL MEETINGS**

66. No business except for the appointment of a chairman for the meeting shall be
transacted at any general meeting unless a quorum of Shareholders is Present at the time when the meeting proceeds to business. One or
more Shareholders holding Shares which carry in aggregate (or representing by proxy) not less than a majority of all votes attaching to
all Shares in issue and entitled to vote at such general meeting Present shall be a quorum for all purposes.

67. If within half an hour from the time appointed for the meeting a quorum is not
Present, the meeting shall be dissolved.

68. If the Directors wish to make this facility available for a specific general meeting
or all general meetings of the Company, attendance and participation in any general meeting of the Company may be by means of Communication
Facilities. Without limiting the generality of the foregoing, the Directors may determine that any general meeting may be held as a Virtual
Meeting. The notice of any general meeting at which Communication Facilities will be utilised (including any Virtual Meeting) must disclose
the Communication Facilities that will be used, including the procedures to be followed by any Shareholder or other participant of the
meeting who wishes to utilise such Communication Facilities for the purposes of attending and participating in such meeting, including
attending and casting any vote thereat.

69. The Chairman, if any, shall preside as chairman at every general meeting of the
Company. If there is no such Chairman, or if at any general meeting he is not Present within fifteen minutes after the time appointed
for holding the meeting or is unwilling to act as chairman of the meeting, any Director or Person nominated by the Directors shall preside
as chairman of that meeting, failing which the Shareholders Present shall choose any Person Present to be chairman of that meeting.

70. The chairman of any general meeting shall be entitled to attend and participate
at any such general meeting by means of Communication Facilities, and to act as the chairman of such general meeting, in which event the
following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The chairman of the meeting shall be deemed to be Present at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Communication Facilities are interrupted or fail for any reason to enable
the chairman of the meeting to hear and be heard by all other Persons participating in the meeting, then the other Directors Present at
the meeting shall choose another Director Present to act as chairman of the meeting for the remainder of the meeting; provided that if
no other Director is Present at the meeting, or if all the Directors Present decline to take the chair, then the meeting shall be automatically
adjourned to the same day in the next week and at such time and place as shall be decided by the Board of Directors.

71. The chairman of any general meeting at which a quorum is Present may with the
consent of the meeting (and shall if so directed by the meeting) adjourn the meeting from time to time and from place to place, but no
business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment
took place. When a meeting, or adjourned meeting, is adjourned for fourteen calendar days or more, notice of the adjourned meeting shall
be given as in the case of an original meeting. Save as aforesaid it shall not be necessary to give any notice of an adjournment or of
the business to be transacted at an adjourned meeting.

72. The Directors may cancel or postpone any duly convened general meeting at any
time prior to such meeting, except for general meetings requisitioned by the Shareholders in accordance with these Articles, for any reason
or for no reason, upon notice in writing to Shareholders. A postponement may be for a stated period of any length or indefinitely as the
Directors may determine.

73. At any general meeting a resolution put to the vote of the meeting shall be decided
by poll.

74. The result of the poll shall be deemed to be the resolution of the meeting.

75. All questions submitted to a meeting shall be decided by an Ordinary Resolution
except where a greater majority is required by these Articles or by the Companies Act. In the case of an equality of votes, the chairman
of the meeting shall be entitled to a second or casting vote.

**VOTES OF SHAREHOLDERS**

76. Subject to any rights and restrictions for the time being attached to any Share,
every Shareholder Present in person or represented by its duly authorised representative or proxy shall have one (1) vote for each Class
A Ordinary Share and twenty (20) votes for each Class B Ordinary Share of which such Shareholder is the holder.

77. In the case of joint holders the vote of the senior who tenders a vote whether
in person or by proxy (or, if a corporation or other non-natural person, by its duly authorised representative or proxy) shall be accepted
to the exclusion of the votes of the other joint holders and for this purpose seniority shall be determined by the order in which the
names stand in the Register.

78. Shares carrying the right to vote that are held by a Shareholder of unsound mind,
or in respect of whom an order has been made by any court having jurisdiction in lunacy, may be voted, by his committee, or other Person
in the nature of a committee appointed by that court, and any such committee or other Person may vote in respect of such Shares by proxy.

79. No Shareholder shall be entitled to vote at any general meeting of the Company
unless all calls, if any, or other sums presently payable by him in respect of Shares carrying the right to vote held by him have been
paid.

80. Votes may be given either personally or by proxy.

81. Each Shareholder, other than a recognised clearing house (or its nominee(s)) or
depositary (or its nominee(s)), may only appoint one proxy. The instrument appointing a proxy shall be in writing under the hand of the
appointor or of his attorney duly authorised in writing or, if the appointor is a corporation, either under Seal or under the hand of
an officer or attorney duly authorised. A proxy need not be a Shareholder.

82. An instrument appointing a proxy may be in any usual or common form or such other
form as the Directors may approve.

83. The instrument appointing a proxy shall be deposited at the Registered Office or at such other place
 as is specified for that purpose in the notice convening the meeting, or in any instrument of proxy sent out by the Company not less
 than 48 hours before the time for holding the meeting or adjourned meeting at which the person named in the instrument proposes to
 vote, provided that the Directors may in the notice convening the meeting, or in an instrument of proxy sent out by the Company,
 direct that the instrument appointing a proxy may be deposited at such other time (no later than the time for holding the meeting
 or adjourned meeting) at the Registered Office or at such other place as is specified for that purpose in the notice convening the
 meeting, or in any instrument of proxy sent out by the Company. The chairman of the meeting may in any event at his discretion
 direct that an instrument of proxy shall be deemed to have been duly deposited. An instrument of proxy that is not deposited in the
 manner permitted shall be invalid.

84. A resolution in writing signed by all the Shareholders for the time being entitled
to receive notice of and to attend and vote at general meetings of the Company (or being corporations by their duly authorised representatives)
shall be as valid and effective as if the same had been passed at a general meeting of the Company duly convened and held.

**CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS**

85. Any corporation which is a Shareholder or a Director may by resolution of its directors
or other governing body authorise such Person as it thinks fit to act as its representative at any meeting of the Company or of any meeting
of holders of a Class or of the Directors or of a committee of Directors, and the Person so authorised shall be entitled to exercise the
same powers on behalf of the corporation which he represents as that corporation could exercise if it were an individual Shareholder or
Director.

**DEPOSITARY AND CLEARING HOUSES**

86. If a recognised clearing house (or its nominee(s)) or depositary (or its nominee(s))
is a Shareholder of the Company it may, by resolution of its directors or other governing body or by power of attorney, authorise such
Person(s) as it thinks fit to act as its representative(s) at any general meeting of the Company or of any Class of Shareholders provided
that, if more than one Person is so authorised, the authorisation shall specify the number and Class of Shares in respect of which each
such Person is so authorised. A Person so authorised pursuant to this Article shall be entitled to exercise the same powers on behalf
of the recognised clearing house (or its nominee(s)) or depositary (or its nominee(s)) which he represents as that recognised clearing
house (or its nominee(s)) or depositary (or its nominee(s)) could exercise if it were an individual Shareholder holding the number and
Class of Shares specified in such authorisation, including the right to vote individually.

**DIRECTORS**

87. (a) Unless otherwise determined by the Company in general meeting, the number of Directors
shall not be less than one (1) Director, the exact number of Directors to be determined from time to time by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board of Directors shall elect and appoint a Chairman by a majority of the
Directors then in office. The period for which the Chairman will hold office will also be determined by a majority of all of the Directors
then in office. The Chairman shall preside as chairman at every meeting of the Board of Directors. To the extent the Chairman is not present
at a meeting of the Board of Directors within fifteen minutes after the time appointed for holding the same, the attending Directors may
choose one of their number to be the chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company may by Ordinary Resolution appoint any person to be a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board may, by the affirmative vote of a simple majority of the remaining Directors
present and voting at a Board meeting, appoint any person as a Director, to fill a casual vacancy on the Board or as an addition to the
Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An appointment of a Director may be on terms that the Director shall automatically
retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event
or after any specified period in a written agreement between the Company and the Director, if any; but no such term shall be implied in
the absence of express provision. Any Director whose term of office expires shall be eligible for re-election at a meeting of the Shareholders
or re-appointment by the Board.

88. A Director may be removed from office by an Ordinary Resolution, notwithstanding
anything in these Articles or in any agreement between the Company and such Director (but without prejudice to any claim for damages under

Resolution or by the affirmative vote of a simple majority of the remaining Directors present and voting at a Board meeting. The notice
of any meeting at which a resolution to remove a Director shall be proposed or voted upon must contain a statement of the intention to
remove that Director and such notice must be served on that Director not less than ten (10) calendar days before the meeting. Such Director
is entitled to attend the meeting and be heard on the motion for his removal.

89. The Board may, from time to time, and except as required by applicable law or Designated
Stock Exchange Rules, adopt, institute, amend, modify or revoke the corporate governance policies or initiatives of the Company and determine
on various corporate governance related matters of the Company as the Board shall determine by resolution of Directors from time to time.

90. A Director shall not be required to hold any Shares in the Company by way of qualification.
A Director who is not a Shareholder of the Company shall nevertheless be entitled to attend and speak at general meetings.

91. The remuneration of the Directors may be determined by the Directors or by Ordinary
Resolution.

92. The Directors shall be entitled to be paid for their travelling, hotel and other
expenses properly incurred by them in going to, attending and returning from meetings of the Directors, or any committee of the Directors,
or general meetings of the Company, or otherwise in connection with the business of the Company, or to receive such fixed allowance in
respect thereof as may be determined by the Directors from time to time, or a combination partly of one such method and partly the other.

**ALTERNATE DIRECTOR OR PROXY**

93. Any Director may in writing appoint another Person to be his alternate and, save
to the extent provided otherwise in the form of appointment, such alternate shall have authority to sign written resolutions on behalf
of the appointing Director, but shall not be required to sign such written resolutions where they have been signed by the appointing director,
and to act in such Director's place at any meeting of the Directors at which the appointing Director is unable to be present. Every
such alternate shall be entitled to attend and vote at meetings of the Directors as a Director when the Director appointing him is not
personally present and where he is a Director to have a separate vote on behalf of the Director he is representing in addition to his
own vote. A Director may at any time in writing revoke the appointment of an alternate appointed by him. Such alternate shall be deemed
for all purposes to be a Director and shall not be deemed to be the agent of the Director appointing him. The remuneration of such alternate
shall be payable out of the remuneration of the Director appointing him and the proportion thereof shall be agreed between them.

94. Any Director may appoint any Person, whether or not a Director, to be the proxy
of that Director to attend and vote on his behalf, in accordance with instructions given by that Director, or in the absence of such instructions
at the discretion of the proxy, at a meeting or meetings of the Directors which that Director is unable to attend personally. The instrument
appointing the proxy shall be in writing under the hand of the appointing Director and shall be in any usual or common form or such other
form as the Directors may approve, and must be lodged with the chairman of the meeting of the Directors at which such proxy is to be used,
or first used, prior to the commencement of the meeting.

**POWERS AND DUTIES OF DIRECTORS**

95. Subject to the Companies Act, these Articles and any resolutions passed in a general
meeting, the business of the Company shall be managed by the Directors, who may pay all expenses incurred in setting up and registering
the Company and may exercise all powers of the Company. No resolution passed by the Company in general meeting shall invalidate any prior act of
the Directors that would have been valid if that resolution had not been passed.

96. Subject to these Articles, the Directors may from time to time appoint any natural
person or corporation, whether or not a Director to hold such office in the Company as the Directors may think necessary for the administration
of the Company, including but not limited to, chief executive officer, one or more other executive officers, president, one or more vice
presidents, treasurer, assistant treasurer, manager or controller, and for such term and at such remuneration (whether by way of salary
or commission or participation in profits or partly in one way and partly in another), and with such powers and duties as the Directors
may think fit. Any natural person or corporation so appointed by the Directors may be removed by the Directors. The Directors may also
appoint one or more of their number to the office of managing director upon like terms, but any such appointment shall ipso facto terminate
if any managing director ceases for any cause to be a Director, or if the Company by Ordinary Resolution resolves that his tenure of office
be terminated.

97. The Directors may appoint any natural person or corporation to be a Secretary (and
if need be an assistant Secretary or assistant Secretaries) who shall hold office for such term, at such remuneration and upon such conditions
and with such powers as they think fit. Any Secretary or assistant Secretary so appointed by the Directors may be removed by the Directors
or by the Company by Ordinary Resolution.

98. The Directors may delegate any of their powers to committees consisting of such
member or members of their body as they think fit; any committee so formed shall in the exercise of the powers so delegated conform to
any regulations that may be imposed on it by the Directors.

99. The Directors may from time to time and at any time by power of attorney (whether
under Seal or under hand) or otherwise appoint any company, firm or Person or body of Persons, whether nominated directly or indirectly
by the Directors, to be the attorney or attorneys or authorised signatory (any such Person being an "Attorney" or "Authorised
Signatory", respectively) of the Company for such purposes and with such powers, authorities and discretion (not exceeding those
vested in or exercisable by the Directors under these Articles) and for such period and subject to such conditions as they may think fit,
and any such power of attorney or other appointment may contain such provisions for the protection and convenience of Persons dealing
with any such Attorney or Authorised Signatory as the Directors may think fit, and may also authorise any such Attorney or Authorised
Signatory to delegate all or any of the powers, authorities and discretion vested in him.

100. The Directors may from time to time provide for the management of the affairs
of the Company in such manner as they shall think fit and the provisions contained in the three next following Articles shall
not limit the general powers conferred by this Article.

101. The Directors from time to time and at any time may establish any committees, local
boards or agencies for managing any of the affairs of the Company and may appoint any natural person or corporation to be a member of
such committees or local boards and may appoint any managers or agents of the Company and may fix the remuneration of any such natural
person or corporation.

102. The Directors from time to time and at any time may delegate to any such committee,
local board, manager or agent any of the powers, authorities and discretions for the time being vested in the Directors and may authorise
the members for the time being of any such local board, or any of them to fill any vacancies therein and to act notwithstanding vacancies
and any such appointment or delegation may be made on such terms and subject to such conditions as the Directors may think fit and the
Directors may at any time remove any natural person or corporation so appointed and may annul or vary any such delegation, but no Person
dealing in good faith and without notice of any such annulment or variation shall be affected thereby.

103. Any such delegates as aforesaid may be authorised by the Directors to sub- delegate
all or any of the powers, authorities, and discretion for the time being vested in them.

**BORROWING POWERS OF DIRECTORS**

104. The Directors may from time to time at their discretion exercise all the powers
of the Company to raise or borrow money and to mortgage or charge its undertaking, property and assets (present and future) and uncalled
capital or any part thereof, to issue debentures, debenture stock, bonds and other securities, whether outright or as collateral security
for any debt, liability or obligation of the Company or of any third party.

**THE SEAL**

105. The Seal shall not be affixed to any instrument except by the authority of a resolution
of the Directors provided always that such authority may be given prior to or after the affixing of the Seal and if given after may be
in general form confirming a number of affixing of the Seal. The Seal shall be affixed in the presence of a Director or a Secretary (or
an assistant Secretary) or in the presence of any one or more Persons as the Directors may appoint for the purpose and every Person as
aforesaid shall sign every instrument to which the Seal is so affixed in their presence.

106. The Company may maintain a facsimile of the Seal in such countries or places as
the Directors may appoint and such facsimile Seal shall not be affixed to any instrument except by the authority of a resolution of the
Directors provided always that such authority may
be given prior to or after the affixing of such facsimile Seal and if given after may be in general form confirming a number of affixing
of such facsimile Seal. The facsimile Seal shall be affixed in the presence of such Person or Persons as the Directors shall for this
purpose appoint and such Person or Persons as aforesaid shall sign every instrument to which the facsimile Seal is so affixed in their
presence and such affixing of the facsimile Seal and signing as aforesaid shall have the same meaning and effect as if the Seal had been
affixed in the presence of and the instrument signed by a Director or a Secretary (or an assistant Secretary) or in the presence of any
one or more Persons as the Directors may appoint for the purpose.

107. Notwithstanding the foregoing, a Secretary or any assistant Secretary shall have
the authority to affix the Seal, or the facsimile Seal, to any instrument for the purposes of attesting authenticity of the matter contained
therein but which does not create any obligation binding on the Company.

**DISQUALIFICATION OF DIRECTORS**

108. The office of Director shall be vacated, if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) becomes bankrupt or makes any arrangement or composition with his creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) dies or is found to be or becomes of unsound mind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) resigns his office by notice in writing to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) without special leave of absence from the Board, is absent from meetings of the
Board for three consecutive meetings and the Board resolves that his office be vacated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is prohibited by law from being a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) is removed from office pursuant to any other provision of these Articles.

**PROCEEDINGS OF DIRECTORS**

109. The Directors may meet together (either within or outside the Cayman Islands) for
the despatch of business, adjourn, and otherwise regulate their meetings and proceedings as they think fit. Questions arising at any meeting
shall be decided by a majority of votes. At any meeting of the Directors, each Director present in person or represented by his proxy
or alternate shall be entitled to one vote. In case of an equality of votes the chairman of the meeting shall have a second or casting
vote. A Director may, and a Secretary or assistant Secretary on the requisition of a Director shall, at any time summon a meeting of the
Directors.

110. A Director may participate in any meeting of the Directors, or of any committee
appointed by the Directors of which such Director is a member, by means of telephone or similar communication equipment by way of which
all Persons participating in such meeting can communicate with each other and such participation shall be deemed to constitute presence
in person at the meeting.

111. The quorum necessary for the transaction of the business of the Board may be fixed
by the Directors, and unless so fixed the presence of a majority of Directors then in office shall constitute a quorum. A Director represented
by proxy or by an alternate Director at any meeting shall be deemed to be present for the purposes of determining whether or not a quorum
is present.

112. A Director who is in any way, whether directly or indirectly, interested in a
contract or transaction or proposed contract or transaction with the Company shall declare the nature of his interest at a meeting of
the Directors. A general notice given to the Directors by any Director to the effect that he is a member of any specified company or firm
and is to be regarded as interested in any contract or transaction which may thereafter be made with that company or firm shall be deemed
a sufficient declaration of interest in regard to any contract so made or transaction so consummated. Subject to the Designated Stock
Exchange Rules and disqualification by the chairman of the relevant Board meeting, a Director may vote in respect of any contract or transaction
or proposed contract or transaction notwithstanding that he may be interested therein and if he does so his vote shall be counted and
he may be counted in the quorum at any meeting of the Directors at which any such contract or transaction or proposed contract or transaction
shall come before the meeting for consideration.

113. A Director may hold any other office or place of profit under the Company (other
than the office of auditor) in conjunction with his office of Director for such period and on such terms (as to remuneration and otherwise)
as the Directors may determine and no Director or intending Director shall be disqualified by his office from contracting with the Company
either with regard to his tenure of any such other office or place of profit or as vendor, purchaser or otherwise, nor shall any such
contract or arrangement entered into by or on behalf of the Company in which any Director is in any way interested be liable to be avoided,
nor shall any Director so contracting or being so interested be liable to account to the Company for any profit realised by any such contract
or arrangement by reason of such Director holding that office or of the fiduciary relation thereby established. A Director, notwithstanding
his interest, may be counted in the quorum present at any meeting of the Directors whereat he or any other Director is appointed to hold
any such office or place of profit under the Company or whereat the terms of any such appointment are arranged and he may vote on any
such appointment or arrangement.

114. Any Director may act by himself or through his firm in a professional capacity
for the Company, and he or his firm shall be entitled to remuneration for professional services as if he were not a Director; provided that
nothing herein contained shall authorise a Director or his firm to act as auditor to the Company.

115. The Directors shall cause minutes to be made for the purpose of recording:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all appointments of officers made by the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the names of the Directors present at each meeting of the Directors and of any committee
of the Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all resolutions and proceedings at all meetings of the Company, and of the Directors
and of committees of Directors.

116. When the chairman of a meeting of the Directors signs the minutes of such meeting
the same shall be deemed to have been duly held notwithstanding that all the Directors have not actually come together or that there may
have been a technical defect in the proceedings.

117. A resolution in writing signed by all the Directors or all the members of a committee
of Directors entitled to receive notice of a meeting of Directors or committee of Directors, as the case may be (an alternate Director,
subject as provided otherwise in the terms of appointment of the alternate Director, being entitled to sign such a resolution on behalf
of his appointer), shall be as valid and effectual as if it had been passed at a duly called and constituted meeting of Directors or committee
of Directors, as the case may be. When signed a resolution may consist of several documents each signed by one or more of the Directors
or his duly appointed alternate.

118. A Director may, or other officer on the requisition of a Director shall, call a
meeting of the Directors by at least two calendar days' notice in writing to every Director which notice shall set forth the general nature
of the business to be considered unless notice is waived by all the Directors either at, before or after the meeting is held.

119. The continuing Directors may act notwithstanding any vacancy in their body but
if and for so long as their number is reduced below the number fixed by or pursuant to these Articles as the necessary quorum of Directors,
the continuing Directors may act for the purpose of increasing the number, or of summoning a general meeting of the Company, but for no
other purpose.

120. Subject to any regulations imposed on it by the Directors, a committee appointed
by the Directors may elect a chairman of its meetings. If no such chairman is elected, or if at any meeting the chairman is not present
within fifteen minutes after the time appointed for holding the meeting, the committee members present may choose one of their number
to be chairman of the meeting.

121. A committee appointed by the Directors may meet and adjourn as it thinks proper.
Subject to any regulations imposed on it by the Directors, questions arising at any meeting shall be determined by a majority of votes
of the committee members present and in case of an equality of votes the chairman shall have a second or casting vote.

122. All acts done by any meeting of the Directors or of a committee of Directors, or
by any Person acting as a Director, shall notwithstanding that it be afterwards discovered that there was some defect in the appointment
of any such Director or Person acting as aforesaid, or that they or any of them were disqualified, be as valid as if every such Person
had been duly appointed and was qualified to be a Director.

**PRESUMPTION OF ASSENT**

123. A Director who is present at a meeting of the Board of Directors at which an action
on any Company matter is taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes
of the meeting or unless he shall file his written dissent from such action with the person acting as the chairman or secretary of the
meeting before the adjournment thereof or shall forward such dissent by registered post to such person immediately after the adjournment
of the meeting. Such right to dissent shall not apply to a Director who voted in favour of such action.

**DIVIDENDS**

124. Subject to any rights and restrictions for the time being attached to any Shares,
the Directors may from time to time declare dividends (including interim dividends) and other distributions on Shares in issue and authorise
payment of the same out of the funds of the Company lawfully available therefor.

125. Subject to any rights and restrictions for the time being attached to any Shares,
the Company by Ordinary Resolution may declare dividends, but no dividend shall exceed the amount recommended by the Directors.

126. The Directors may, before recommending or declaring any dividend, set aside out
of the funds legally available for distribution such sums as they think proper as a reserve or reserves which shall, in the absolute discretion
of the Directors, be applicable for meeting contingencies or for equalising dividends or for any other purpose to which those funds may
be properly applied, and pending such application may in the absolute discretion of the Directors, either be employed in the business
of the Company or be invested in such investments (other than Shares of the Company) as the Directors may from time to time think fit.

127. Any dividend payable in cash to the holder of Shares may be paid in any manner
determined by the Directors. If paid by cheque it will be sent by mail addressed to the holder at his address in the Register, or addressed
to such person and at such addresses as the holder
may direct. Every such cheque or warrant shall, unless the holder or joint holders otherwise direct, be made payable to the order of the
holder or, in the case of joint holders, to the order of the holder whose name stands first on the Register in respect of such Shares,
and shall be sent at his or their risk and payment of the cheque or warrant by the bank on which it is drawn shall constitute a good discharge
to the Company.

128. The Directors may determine that a dividend shall be paid wholly or partly by the
distribution of specific assets (which may consist of the shares or securities of any other company) and may settle all questions concerning
such distribution. Without limiting the generality of the foregoing, the Directors may fix the value of such specific assets, may determine
that cash payment shall be made to some Shareholders in lieu of specific assets and may vest any such specific assets in trustees on such
terms as the Directors think fit.

129. Subject to any rights and restrictions for the time being attached to any Shares,
all dividends shall be declared and paid according to the amounts paid up on the Shares, but if and for so long as nothing is paid up
on any of the Shares dividends may be declared and paid according to the par value of the Shares. No amount paid on a Share in advance
of calls shall, while carrying interest, be treated for the purposes of this Article as paid on the Share.

130. If several Persons are registered as joint holders of any Share, any of them may
give effective receipts for any dividend or other moneys payable on or in respect of the Share.

131. No dividend shall bear interest against the Company.

132. Any dividend unclaimed after a period of six calendar years from the date of declaration
of such dividend may be forfeited by the Board of Directors and, if so forfeited, shall revert to the Company.

**ACCOUNTS, AUDIT AND ANNUAL RETURN AND DECLARATION**

133. The books of account relating to the Company's affairs shall be kept in
such manner as may be determined from time to time by the Directors.

134. The books of account shall be kept at the Registered Office, or at such other
place or places as the Directors think fit, and shall always be open to the inspection of the Directors.

135. The Directors may from time to time determine whether and to what extent and at what
times and places and under what conditions or regulations the accounts and books of the Company or any of them shall be open to the inspection
of Shareholders not being Directors, and no Shareholder (not being a Director) shall have any right to inspect any account or book or
document of the Company except as conferred by law or authorised by the Directors or by Ordinary Resolution, provided that the
Shareholders may inspect the Register without charge, and receive the annual audited financial statements of the Company.

136. The accounts relating to the Company's affairs shall be audited in such manner
and with such financial year end as may be determined from time to time by the Directors or failing any determination as aforesaid shall
not be audited.

137. The Directors may appoint an auditor of the Company who shall hold office until
removed from office by a resolution of the Directors and may fix his or their remuneration.

138. Every auditor of the Company shall have a right of access at all times to the books
and accounts and vouchers of the Company and shall be entitled to require from the Directors and officers of the Company such information
and explanation as may be necessary for the performance of the duties of the auditors.

139. The auditors shall, if so required by the Directors, make a report on the accounts
of the Company during their tenure of office at the next annual general meeting following their appointment, and at any time during their
term of office, upon request of the Directors or any general meeting of the Shareholders.

140. The Directors in each calendar year shall prepare, or cause to be prepared, an
annual return and declaration setting forth the particulars required by the Companies Act and deliver a copy thereof to the Registrar
of Companies in the Cayman Islands.

**CAPITALISATION OF RESERVES**

141. Subject to the Companies Act, the Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) resolve to capitalise an amount standing to the credit of reserves (including
a Share Premium Account, capital redemption reserve and profit and loss account), which is available for distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appropriate the sum resolved to be capitalised to the Shareholders in proportion
to the nominal amount of Shares (whether or not fully paid) held by them respectively and apply that sum on their behalf in or towards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) paying up the amounts (if any) for the time being unpaid on Shares held by them respectively,
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) paying up in full unissued Shares or debentures of a nominal amount equal to that
sum,

and allot the Shares or debentures, credited as fully paid, to the Shareholders (or as they may direct) in those proportions, or partly in one way and partly in the other, but the Share Premium Account, the capital redemption reserve and profits which are not available for distribution may, for the purposes of this Article, only be applied in paying up unissued Shares to be allotted to Shareholders credited as fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make any arrangements they think fit to resolve a difficulty arising in the distribution
of a capitalised reserve and in particular, without limitation, where Shares or debentures become distributable in fractions the Directors
may deal with the fractions as they think fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) authorise a Person to enter (on behalf of all the Shareholders concerned) into
an agreement with the Company providing for either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the allotment to the Shareholders respectively, credited as fully paid, of Shares
or debentures to which they may be entitled on the capitalisation, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the payment by the Company on behalf of the Shareholders (by the application of
their respective proportions of the reserves resolved to be capitalised) of the amounts or part of the amounts remaining unpaid on their
existing Shares,

and any such agreement made under this authority being effective and binding on all those Shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) generally do all acts and things required to give effect to the resolution.

142. Notwithstanding any provisions in these Articles and subject to the Companies Act,
the Directors may resolve to capitalise an amount standing to the credit of reserves (including the share premium account, capital redemption
reserve and profit and loss account) or otherwise available for distribution by applying such sum in paying up in full unissued Shares
to be allotted and issued to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) employees (including Directors) or service providers of the Company or its Affiliates
upon exercise or vesting of any options or awards granted under any share incentive scheme or employee benefit scheme or other arrangement
which relates to such persons that has been adopted or approved by the Directors or the Shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any trustee of any trust or administrator of any share incentive scheme or employee
benefit scheme to whom shares are to be allotted and issued by the Company in connection with the operation of any share incentive scheme
or employee benefit scheme or other arrangement which relates to such persons that has been adopted or approved by the Directors or Shareholders.

**SHARE PREMIUM ACCOUNT**

143. The Directors shall in accordance with the Companies Act establish a Share Premium
Account and shall carry to the credit of such account from time to time a sum equal to the amount or value of the premium paid on the
issue of any Share.

144. There shall be debited to any Share Premium Account on the redemption or purchase
of a Share the difference between the nominal value of such Share and the redemption or purchase price provided always that at the discretion
of the Directors such sum may be paid out of the profits of the Company or, if permitted by the Companies Act, out of capital.

**NOTICES**

145. Except as otherwise provided in these Articles, any notice or document may be
served by the Company or by the Person entitled to give notice to any Shareholder either personally, or by posting it by airmail or a
recognised courier service in a prepaid letter addressed to such Shareholder at his address as appearing in the Register, or by electronic
mail to any electronic mail address such Shareholder may have specified in writing for the purpose of such service of notices, or by facsimile
to any facsimile number such Shareholder may have specified in writing for the purpose of such service of notices, or by placing it on
the Company's Website should the Directors deem it appropriate. In the case of joint holders of a Share, all notices shall be given
to that one of the joint holders whose name stands first in the Register in respect of the joint holding, and notice so given shall be
sufficient notice to all the joint holders.

146. Notices sent from one country to another shall be sent or forwarded by prepaid
airmail or a recognised courier service.

147. Any Shareholder Present at any meeting of the Company shall for all purposes be
deemed to have received due notice of such meeting and, where requisite, of the purposes for which such meeting was convened.

148. Any notice or other document, if served by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) post, shall be deemed to have been served five calendar days after the time when
the letter containing the same is posted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) facsimile, shall be deemed to have been served upon production by the transmitting
facsimile machine of a report confirming transmission of the facsimile in full to the facsimile number of the recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) recognised courier service, shall be deemed to have been served 48 hours after
the time when the letter containing the same is delivered to the courier service; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) electronic means, shall be deemed to have been served immediately (i) upon the
time of the transmission to the electronic mail address supplied by the Shareholder to the Company or (ii) upon the time of
its placement on the Company's Website.

In proving service by post or courier service it shall be sufficient to prove that the letter containing the notice or documents was properly addressed and duly posted or delivered to the courier service.

149. Any notice or document delivered or sent by post to or left at the registered
address of any Shareholder in accordance with the terms of these Articles shall notwithstanding that such Shareholder be then dead or
bankrupt, and whether or not the Company has notice of his death or bankruptcy, be deemed to have been duly served in respect of any Share
registered in the name of such Shareholder as sole or joint holder, unless his name shall at the time of the service of the notice or
document have been removed from the Register as the holder of the Share, and such service shall for all purposes be deemed a sufficient
service of such notice or document on all Persons interested (whether jointly with or as claiming through or under him) in the Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150. Notice of every general meeting of the Company shall be given to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Shareholders holding Shares with the right to receive notice and who have supplied
to the Company an address for the giving of notices to them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) every Person entitled to a Share in consequence of the death or bankruptcy of
a Shareholder, who but for his death or bankruptcy would be entitled to receive notice of the meeting.

No other Person shall be entitled to receive notices of general meetings.

**INFORMATION**

151. Subject to the relevant laws, rules and regulations applicable to the Company,
no Shareholder shall be entitled to require discovery of any information in respect of any detail of the Company's trading or any
information which is or may be in the nature of a trade secret or secret process which may relate to the conduct of the business of the
Company and which in the opinion of the Board would not be in the interests of the Shareholders of the Company to communicate to the public.

152. Subject to due compliance with the relevant laws, rules and regulations applicable
to the Company, the Board shall be entitled to release or disclose any information in its possession, custody or control regarding the
Company or its affairs to any of its Shareholders including, without limitation, information contained in the Register and transfer books
of the Company.

**INDEMNITY**

153. Every Director (including for the purposes of this Article any alternate Director
appointed pursuant to the provisions of these Articles), Secretary, assistant Secretary, or other officer for the time being and from
time to time of the Company (but not including the Company's auditors) and the personal representatives of the same (each an "Indemnified
Person") shall be indemnified and secured harmless against all actions, proceedings, costs, charges, expenses, losses, damages or
liabilities incurred or sustained by such Indemnified Person, other than by reason of such Indemnified Person's own dishonesty,
willful default or fraud, in or about the conduct of the Company's business or affairs (including as a result of any mistake of
judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality
of the foregoing, any costs, expenses, losses or liabilities incurred by such Indemnified Person in defending (whether successfully or
otherwise) any civil proceedings concerning the Company or its affairs in any court whether in the Cayman Islands or elsewhere. To the
extent permissible under applicable laws, the Shareholders waive any claim or right of action that they may have, both individually and
on the Company's behalf, against any Director in relation to any action or failure to take action by such Director in the performance
of his or her duties with or for the Company, except in respect of any dishonesty, willful default or fraud of such Director.

154. No Indemnified Person shall be liable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for the acts, receipts, neglects, defaults or omissions of any other Director or
officer or agent of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any loss on account of defect of title to any property of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on account of the insufficiency of any security in or upon which any money of
the Company shall be invested; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for any loss incurred through any bank, broker or other similar Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for any loss occasioned by any negligence, default, breach of duty, breach of
trust, error of judgement or oversight on such Indemnified Person's part; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) for any loss, damage or misfortune whatsoever which may happen in or arise from
the execution or discharge of the duties, powers, authorities, or discretions of such Indemnified Person's office or in relation
thereto;

unless the same shall happen through such Indemnified Person's own dishonesty, willful default or fraud.

**FINANCIAL YEAR**

155. Unless the Directors otherwise prescribe, the financial year of the Company shall
end on 31 December in each calendar year and shall begin on 1 January in each calendar year.

**NON-RECOGNITION OF TRUSTS**

156. No Person shall be recognised by the Company as holding any Share upon any trust
and the Company shall not, unless required by law, be bound by or be compelled in any way to recognise (even when having notice thereof)
any equitable, contingent, future or partial interest in any Share or (except only as otherwise provided by these Articles or as the Companies
Act requires) any other right in respect of any Share except an absolute right to the entirety thereof in each Shareholder registered
in the Register.

**WINDING UP**

157. If the Company shall be wound up the liquidator may, with the sanction of a Special
Resolution of the Company and any other sanction required by the Companies Act, divide amongst the Shareholders in species or in kind
the whole or any part of the assets of the Company (whether they shall consist of property of the same kind or not) and may for that purpose
value any assets and determine how the division shall be carried out as between the Shareholders or different classes of Shareholders.
The liquidator may, with the like sanction, vest the whole or any part of such assets in trustees upon such trusts for the benefit of
the Shareholders as the liquidator, with the like sanction, shall think fit, but so that no Shareholder shall be compelled to accept any
asset upon which there is a liability.

158. If the Company shall be wound up, and the assets available for distribution amongst
the Shareholders shall be insufficient to repay the whole of the share capital, such assets shall be distributed so that, as nearly as
may be, the losses shall be borne by the Shareholders in proportion to the par value of the Shares held by them. If in a winding up the
assets available for distribution amongst the Shareholders shall be more than sufficient to repay the whole of the share capital at the
commencement of the winding up, the surplus shall be distributed amongst the Shareholders in proportion to the par value of the Shares
held by them at the commencement of the winding up subject to a deduction from those Shares in respect of which there are monies due,
of all monies payable to the Company for unpaid calls or otherwise. This Article is without prejudice to the rights of the holders of
Shares issued upon special terms and conditions.

**AMENDMENT OF ARTICLES OF ASSOCIATION**

159. Subject to the Companies Act, the Company may at any time and from time to time
by Special Resolution alter or amend these Articles in whole or in part.

**CLOSING OF REGISTER OR FIXING RECORD DATE**

160. For the purpose of determining those Shareholders that are entitled to receive
notice of, attend or vote at any meeting of Shareholders or any adjournment thereof, or those Shareholders that are entitled to receive
payment of any dividend, or in order to make a determination as to who is a Shareholder for any other purpose, the Directors may provide
that the Register shall be closed for transfers for a stated period which shall not exceed in any case thirty calendar days in any calendar
year.

161. In lieu of or apart from closing the Register, the Directors may fix in advance
a date as the record date for any such determination of those Shareholders that are entitled to receive notice of, attend or vote at a
meeting of the Shareholders and for the purpose of determining those Shareholders that are entitled to receive payment of any dividend
the Directors may, at or within ninety calendar days prior to the date of declaration of such dividend, fix a subsequent date as the record
date for such determination.

162. If the Register is not so closed and no record date is fixed for the determination
of those Shareholders entitled to receive notice of, attend or vote at a meeting of Shareholders or those Shareholders that are entitled
to receive payment of a dividend, the date on which notice of the meeting is posted or the date on which the resolution of the Directors
declaring such dividend is adopted, as the case may be, shall be the record date for such determination of Shareholders. When a determination
of those Shareholders that are entitled to receive notice of, attend or vote at a meeting of Shareholders has been made as provided in
this Article, such determination shall apply to any adjournment thereof.

**REGISTRATION BY WAY OF CONTINUATION**

163. The Company may by Special Resolution resolve to be registered by way of continuation
in a jurisdiction outside the Cayman Islands or such other jurisdiction in which it is for the time being incorporated, registered or
existing. In furtherance of a resolution adopted pursuant to this Article, the Directors may cause an application to be made to the Registrar
of Companies to deregister the Company in the Cayman Islands or such other jurisdiction in which it is for the time being incorporated,
registered or existing and may cause all such further steps as they consider appropriate to be taken to effect the transfer by way of
continuation of the Company.

**DISCLOSURE**

164. The Directors, or any service providers (including the officers, the Secretary
and the registered office provider of the Company) specifically authorised by the Directors, shall be entitled to disclose to any regulatory
or judicial authority any information regarding the affairs of the Company including without limitation information contained in the Register
and books of the Company.

**MERGERS AND CONSOLIDATIONS**

165. The Company shall have the power to merge or consolidate with one or more other
constituent companies (as defined in the Statute) upon such terms as the Directors may determine and (to the extent required by the Statute)
with the approval of a Special Resolution.

## Exhibit 4.2

**Exhibit 4.2**

**Form of Representative's Warrants**

THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES BY HIS, HER OR ITS ACCEPTANCE HEREOF, THAT SUCH HOLDER WILL NOT FOR A PERIOD OF ONE HUNDRED EIGHTY (180) DAYS BEGINNING ON THE DATE OF COMMENCEMENT OF SALES OF THE OFFERING: (A) SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT OR THE SECURITIES ISSUABLE HEREUNDER TO ANYONE OTHER THAN any member participating in the Offering and its OFFICERS OR PARTNERS, EACH OF WHOM SHALL HAVE AGREED TO THE RESTRICTIONS CONTAINED HEREIN, IN ACCORDANCE WITH FINRA CONDUCT RULE 5110(E), OR (B) CAUSE THIS PURCHASE WARRANT OR THE SECURITIES ISSUABLE HEREUNDER TO BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF THIS PURCHASE WARRANT OR THE SECURITIES HEREUNDER, EXCEPT AS PROVIDED FOR IN FINRA RULE 5110(E)(2).

THIS PURCHASE WARRANT IS EXERCISABLE AFTER THE CLOSING DATE, VOID AFTER 5:00 P.M., EASTERN TIME, [●], 2031*.*

ORDIANRY SHARES PURCHASE WARRANT

For the Purchase of [●] Class A Ordinary Shares

of

OPTIMAL AI LIMITED

1. <u>Purchase Warrant</u>. THIS ORDINARY SHARES PURCHASE WARRANT (this "**Purchase Warrant**") certifies that, pursuant to that certain underwriting agreement by and between Optimal AI Limited, a company incorporated under the law of the Cayman Islands (the "**Company**"), and R.F. Lafferty & Co., Inc. ("**Lafferty**"), dated [●], 2026 (the "**Underwriting Agreement**"), Lafferty (in such capacity with its permitted successors or assigns, the "**Holder**"), as registered owner of this Purchase Warrant, is entitled, at any time or from time to time from [●], 2026 (the "**Exercise Date**") , and at or before 5:00 p.m., Eastern time, [●], 2031 (the "**Expiration Date**"), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to [●] Class A ordinary shares of (five percent (5.0%) of the total shares sold in the offering contemplated under the Underwriting Agreement, the "**Offering**," including the Option Shares), par value $0.0001 per share, of the Company (the "**Shares**"), subject to adjustment as provided in <u>Section 5</u> hereof. If the Expiration Date is a day on which banking institutions are authorized by law or executive order to close, then this Purchase Warrant may be exercised on the next succeeding day which is not such a day in accordance with the terms herein, provided, however, for clarification, that banking institutions shall not be deemed to be authorized or required by law or executive order to remain closed due to "stay at home," "shelter-in-place," "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of banking institutions in The City of New York generally are open for use by customers on such day. During the period commencing on the date hereof and ending on the Expiration Date, the Company agrees not to take any action that would terminate this Purchase Warrant. This Purchase Warrant is initially exercisable at $[●] per Share (one hundred ten percent (110%) of the price of the Shares sold in the Offering); provided, however, that upon the occurrence of any of the events specified in <u>Section 5</u> hereof, this Purchase Warrant, including the exercise price per Share and the number of Shares to be received upon such exercise, shall be adjusted as therein specified. The term "**Exercise Price**" shall mean the initial exercise price or the adjusted exercise price, depending on the context. Any term not defined herein shall have the meaning ascribed thereto in the Underwriting Agreement.

2. <u>Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Exercise Form</u>. In order to exercise this Purchase Warrant, the exercise form attached hereto as <u>Exhibit A</u> (the "**Exercise Form**") must be duly executed, completed and delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Shares being purchased payable in cash by wire transfer of immediately available funds to an account designated by the Company or by certified check or official bank check to the order of the Company. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration Date, this Purchase Warrant shall become and be void without further force or effect, and all rights represented hereby shall cease and expire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Cashless Exercise</u>. In lieu of exercising this Purchase Warrant by payment of cash or check payable to the order of the Company pursuant to <u>Section 2.1</u> above, Holder may elect to receive the number of Shares equal to the value of this Purchase Warrant (or the portion thereof being exercised), by surrender of this Purchase Warrant to the Company, together with the Exercise Form, in which event the Company shall issue to Holder, Shares in accordance with the following formula:

 X = <u>Y(A – B)</u> <br> A

---

| | |
|:---|:---|
| Where, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X = The number of Shares to be issued to Holder;<br>Y = The number of Shares that would be issuable upon exercise of this Purchase Warrant in accordance with the terms of this Purchase Warrant if such exercise were by means of a cash exercise rather than a cashless exercise;<br>A = The fair market value of one Share; and<br>B = The Exercise Price of this Purchase Warrant, as adjusted hereunder. |

---

For purposes of this <u>Section 2.2</u>, the fair market value of a Share is defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Company's Shares are traded on a securities exchange, the value shall be deemed to be the closing price on such exchange on the trading day immediately prior to the Exercise Form being submitted to the Company in connection with the exercise of this Purchase Warrant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Company's Shares are actively traded over-the-counter, the value shall be deemed to be the closing bid price on the trading day immediately prior to the Exercise Form being submitted to the Company in connection with the exercise of the Purchase Warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if there is no market for the Shares, the value shall be the fair market value thereof, as determined in good faith by the Company's Board of Directors.

3. <u>Transfer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>General Restrictions</u>. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder will not for a period of six (6) months beginning on the date of commencement of sales of the Offering: (a) sell, transfer, assign, pledge or hypothecate this Purchase Warrant or the securities hereunder to anyone other than: (i) Lafferty or a selected dealer participating in the Offering contemplated by the Underwriting Agreement, or (ii) officers or partners of Lafferty, each of whom shall have agreed to the restrictions contained herein, in accordance with FINRA Rule 5110(e)(1), or (b) cause this Purchase Warrant or the securities issuable hereunder to be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of this Purchase Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(e)(2). The registered Holder of this Purchase Warrant will have the option to exercise their warrants at any time, provided that such Shares are not transferred or sold for a period of six (6) months following the date of their issuance. On and after the date that is six months after the date of commencement of sales of the Offering, transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto as <u>Exhibit B</u> duly executed and completed, together with this Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall, within five (5) Business Days, transfer this Purchase Warrant on the books of the Company and shall execute and deliver a new Purchase Warrant or Purchase Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Shares purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Restrictions Imposed by the Act</u>. The securities evidenced by this Purchase Warrant shall not be transferred unless and until: (i) the Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption from registration under the Act and applicable state securities laws, the availability of which is established to the reasonable satisfaction of the Company, or (ii) a registration statement or a post-effective amendment to such registration statement relating to the offer and sale of such securities that includes a current prospectus has been filed and declared effective by the U.S. Securities and Exchange Commission (the "**Commission**") and compliance with applicable state securities law has been established.

4. <u>New Purchase Warrants to be Issued</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Partial Exercise or Transfer</u>. Subject to the restrictions in <u>Section 3</u> hereof, this Purchase Warrant may be exercised or assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax if exercised pursuant to <u>Section 2.1</u> hereof, the Company shall cause to be delivered to the Holder without charge a new Purchase Warrant of like tenor to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number of Shares purchasable hereunder as to which this Purchase Warrant has not been exercised or assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Lost Certificate</u>. Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Purchase Warrant and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase Warrant of like tenor and date. Any such new Purchase Warrant executed and delivered as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.

5. <u>Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Adjustments to Exercise Price and Number of Shares</u>. The Exercise Price and the number of Shares underlying this Purchase Warrant shall be subject to adjustment from time to time as hereinafter set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1 <u>Share Dividends; Split Ups</u>. If, after the date hereof, and subject to the provisions of <u>Section 5.3</u> below, the number of outstanding Shares is increased by a stock dividend payable in Shares or by a reverse split of Shares or other similar event, then, on the effective day thereof, the number of Shares purchasable hereunder shall be increased or decreased in proportion to such increase or decrease in outstanding shares, and the Exercise Price shall be proportionately adjusted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2 <u>Aggregation of Shares</u>. If, after the date hereof, and subject to the provisions of <u>Section 5.3</u> below, the number of outstanding Shares is decreased by a consolidation, combination or reclassification of Shares or other similar event, then, on the effective date thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding shares, and the Exercise Price shall be proportionately increased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.3 <u>Replacement of Shares upon Reorganization, etc</u>. In case of any reclassification or reorganization of the outstanding Shares other than a change covered by <u>Section 5.1.1</u> or <u>Section 5.1.2</u> hereof or that solely affects the par value of such Shares, or in the case of any share reconstruction or amalgamation or consolidation of the Company with or into another corporation (other than a consolidation or share reconstruction or amalgamation in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding Shares), or in the case of any sale or conveyance to another corporation or entity of the property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise of this Purchase Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, share reconstruction or amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the number of Shares of the Company obtainable upon exercise of this Purchase Warrant immediately prior to such event; and if any reclassification also results in a change in Shares covered by <u>Section 5.1.1</u> or <u>Section 5.1.2</u>, then such adjustment shall be made pursuant to <u>Section 5.1.1</u>, <u>Section 5.1.2</u> and this <u>Section 5.1.3</u>. The provisions of this <u>Section 5.1.3</u> shall similarly apply to successive reclassifications, reorganizations, share reconstructions or amalgamations, or consolidations, sales or other transfers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.4 <u>Changes in Form of Purchase Warrant</u>. This form of Purchase Warrant need not be changed because of any change pursuant to this <u>Section 5.1</u>, and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Shares as are stated in the Purchase Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Warrants reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Effective Date or the computation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Substitute Purchase Warrant</u>. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the Company with or into, another corporation (other than a consolidation or share reconstruction or amalgamation which does not result in any reclassification or change of the outstanding Shares), the corporation formed by such consolidation or share reconstruction or amalgamation shall execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase Warrant then outstanding or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to receive, upon exercise of such Purchase Warrant, the kind and amount of shares of stock and other securities and property receivable upon such consolidation or share reconstruction or amalgamation, by a holder of the number of Shares of the Company for which such Purchase Warrant might have been exercised immediately prior to such consolidation, share reconstruction or amalgamation, sale or transfer. Such supplemental Purchase Warrant shall provide for adjustments which shall be identical to the adjustments provided for in this <u>Section 5</u>. The above provision of this <u>Section 5</u> shall similarly apply to successive consolidations or share reconstructions or amalgamations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Elimination of Fractional Interests</u>. The Company shall not be required to issue certificates representing fractions of Shares upon the exercise of the Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may be, to the nearest whole number of Shares or other securities, properties or rights.

6. <u>Registration Rights</u>. The Company has filed a registration statement on Form F-1 with the Commission (File No. 333-292484, the "**Registration Statement**"),which registered both the initial public offering shares and the Shares underlying the exercisable Purchase Warrant. The Registration Statement has been declared effective on [●], 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Demand Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1 <u>Grant of Right</u>. Unless all of the Registrable Securities (defined as below) are included in an effective registration statement with a current prospectus, the Company, upon written demand ("**Demand Notice**") of the Holder(s) of at least 51% of the Representative's Warrants and/or the underlying securities ("**Majority Holder(s)**"), agrees to register on one (1) occasion at the expense of the Company and on one (1) occasion at the expense of the Holder(s), all or any portion of the remaining Shares issuable upon exercise of the Purchase Warrant (collectively, the "**Registrable Securities**") as requested by the Majority Holder(s) in the Demand Notice; provided that no such registration will be required unless the Holder(s) requests registration of an aggregate of at least 51% of the outstanding Registrable Securities. On such occasion(s), the Company will file a new registration statement or a post-effective amendment to the Registration Statement covering the Registrable Securities within thirty (30) days after receipt of the Demand Notice and use its best efforts to have such registration statement or post-effective amendment declared effective as soon as possible thereafter. The demand for registration may be made at any time from the Exercise Date, but no later than five (5) years from the date of commencement of sales of the Offering in compliance with FINRA Rule 5110(g)(8)(C). The Company covenants and agrees to give written notice of its receipt of any Demand Notice by any Holder(s) to all other registered Holders of the Representative's Warrants and/or the Registrable Securities within ten (10) days from the date of the receipt of any such Demand Notice, who shall have five (5) days from the receipt of such Notice to notify the Company of their desire to have their Registrable Securities included in the registration statement or post-effective amendment to the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2 <u>Terms</u>. The Company shall bear all fees and expenses attendant to registering the Registrable Securities upon the first Demand Notice. The Company agrees to use its commercially reasonable efforts to qualify or register the Registrable Securities in such States as are reasonably requested by the Majority Holder(s); provided, however, that in no event shall the Company be required to register the Registrable Securities in a State in which such registration would cause (i) the Company to be obligated to qualify to do business in such State or execute a general consent to service of process, or would subject the Company to taxation as a foreign corporation doing business in such jurisdiction or (ii) the principal shareholders of the Company to be obligated to escrow their shares of capital stock of the Company. The Company shall cause any registration statement or post-effective amendment filed pursuant to the demand rights granted under <u>Section 6.1.1</u> to remain effective for a period of twelve (12) consecutive months from the effective date of such registration statement or post-effective amendment or until the Holders have completed the distribution of the Registrable Securities included in the registration statement or post-effective amendment, whichever occurs first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.3. <u>Deferred Filing</u>. If (i) in the good faith judgment of the board of directors of the Company (the "**Board**"), filing a registration statement pursuant to <u>Section 6.1</u> would be seriously detrimental to the Company and the Board concludes, as a result, that it is essential to defer the filing of such registration statement at such time, and (ii) the Company shall furnish to such Holders a certificate signed by the Chief Executive Officer of the Company stating that in the good faith judgment of the Board it would be seriously detrimental to the Company for such registration statement to be filed in the near future and that it is, therefore, essential to defer the filing of such registration statement, then the Company shall have the right to defer such filing on two (2) occasions for an aggregate of not more than one hundred and twenty (120) days in any twelve-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.4. <u>No Cash Settlement Option</u>. In no event is the Company obligated to settle any Purchase Warrant, in whole or in part, for cash in the event it is unable to register the Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 "<u>Piggy-Back" Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.1 <u>Grant of Right</u>. Unless all of the Registrable Securities are included in an effective registration statement with a current prospectus, the Holder(s) of the Purchase Warrant shall have the right for a period of not more than five (5) years from the date of commencement of sales of the Offering, to include all or any portion of the remaining Registrable Securities as part of any other registration of securities filed by the Company (other than in connection with a transaction contemplated by Rule 145(a) promulgated under the Act or pursuant to Form S-8 or any successor or equivalent form); provided, however, that if, in the written opinion of the Company's managing underwriter or underwriters, if any, for such offering, the inclusion of the Registrable Securities, when added to the securities being registered by the Company or the selling shareholder(s), will exceed the maximum amount of the Company's securities which can be marketed (i) at a price reasonably related to their then current market value, and (ii) without materially and adversely affecting the entire offering, then the Company will still be required to include the Registrable Securities, but may require the Holders to agree, in writing, to delay the sale of all or any portion of the Registrable Securities for a period of ninety (90) days from the effective date of the offering, provided, further, that if the sale of any Registrable Securities is so delayed, then the number of securities to be sold by all shareholders in such public offering shall be apportioned pro rata among all such selling shareholders, including all holders of the Registrable Securities, according to the total amount of securities of the Company owned by said selling shareholders, including all holders of the Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2 <u>Terms</u>. The Company shall bear all fees and expenses attendant to registering the Registrable Securities. In the event of such a proposed registration, the Company shall furnish the then Holders of outstanding Registrable Securities with not less than fifteen (15) business days written notice prior to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for each applicable registration statement filed (during the period in which the Purchase Warrant is exercisable) by the Company until such time as all of the Registrable Securities have been registered and sold. The holders of the Registrable Securities shall exercise the "piggy-back" rights provided for herein by giving written notice, within ten (10) business days of the receipt of the Company's notice of its intention to file a registration statement. The Company shall use its best efforts to cause any registration statement filed pursuant to the above "piggy-back" rights that does not relate to a firm commitment underwritten offering to remain effective for at least nine (9) consecutive months from the effective date of such registration statement or until the Holders have completed the distribution of the Registrable Securities in the registration statement, whichever occurs first.

7. <u>Reservation and Listing</u>. The Company shall at all times reserve and keep available out of its authorized Shares, solely for the purpose of issuance upon exercise of this Purchase Warrant, such number of Shares or other securities, properties or rights as shall be issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of this Purchase Warrant and payment of the Exercise Price therefor, in accordance with the terms hereby, all of the Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder. For as long as this Purchase Warrant shall be outstanding, the Company shall use its commercially reasonable efforts to cause all Shares issuable upon exercise of this Purchase Warrant to be listed (subject to official notice of issuance) on all national securities exchanges (or, if applicable, on the OTC Markets or any successor quotation system) on which the Shares issued to the public in the Offering may then be listed and/or quoted, if any.

8. <u>Certain Notice Requirements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Holder's Right to Receive Notice</u>. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder of the Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the events described in <u>Section 8.2</u> shall occur, then, in one or more of said events, the Company shall give written notice of such event at least fifteen (15) days prior to the date fixed as a record date or the date of closing the transfer books (the "**Notice Date**") for the determination of the shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each notice given to the other shareholders of the Company at the same time and in the same manner that such notice is given to the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Events Requiring Notice</u>. The Company shall be required to give the notice described in this <u>Section 8</u> upon one or more of the following events: (i) if the Company takes a record of the holders of its Shares for the purpose of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company offers to all the holders of its Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation or share reconstruction or amalgamation) or a sale of all or substantially all of its property, assets and business is proposed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Notice of Change in Exercise Price</u>. The Company shall, within ten (10) days after an event requiring a change in the Exercise Price pursuant to <u>Section 5</u> hereof, send notice to the Holders of such event and change ("**Price Notice**"). The Price Notice shall describe the event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company's Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Transmittal of Notices</u>. All notices, requests, consents and other communications under this Purchase Warrant shall be in writing and shall be deemed to have been duly made (1) when hand delivered, (2) electronic mail, on the day the notice was sent if sent during normal business hours, or (3) when mailed by express mail or private courier service, then on the following business day following the Notice Date: (i) if to the registered Holder of the Purchase Warrant, to following address or to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to following address or to such other address as the Company may designate by notice to the Holders:

If to the Holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. F. Lafferty & Co., Inc.

40 Wall Street, 27th Floor

New York, NY 10005

Attention: Robert Hackel

Email: rhackel@rflafferty.com

*with a copy (which shall not constitute notice) to:*

VCL Law LLP

1945 Old Gallows Rd., Suite 260

Vienna, VA 22182

Attn: Fang Liu

Email: fliu@vcllegal.com

If sent to the Company:

Optimal AI Limited

1008 Toa Payoh North #04-12/14/15

Singapore 318996

Email: [●]

Attention: [●]

*with a copy (which shall not constitute notice) to:*

Loeb & Loeb LLP

2206-19 Jardine House

1 Connaught Road Central

Hong Kong SAR

Email: [●]

Attention: [●]

9. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Amendments</u>. The Company and Lafferty may from time to time supplement or amend this Purchase Warrant without the approval of any of the Holders in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company and Lafferty may deem necessary or desirable and that the Company and Lafferty deem shall not adversely affect the interest of the Holders. All other modifications or amendments shall require the written consent of and be signed by (i) the Company and (ii) the Holder(s) of Purchase Warrants then-exercisable for at least a majority of the Shares then-exercisable pursuant to all then-outstanding Purchase Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Headings</u>. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Purchase Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Entire Agreement</u>. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection with this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Binding Effect</u>. This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions herein contained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Governing Law; Submission to Jurisdiction; Trial by Jury</u>. This Purchase Warrant shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflict of laws principles thereof. Each of the Company and Holder hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Warrant shall be brought and enforced in the Borough of Manhattan in The City of New York (each, a "**New York Court**"), and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Each of the Company and Holder hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon the Company or the Holder may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in <u>Section 8.4</u> hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys' fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its shareholders and affiliates) and the Holder hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>Waiver, etc</u>. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 <u>Exchange Agreement</u>. As a condition of the Holder's receipt and acceptance of this Purchase Warrant, Holder agrees that, at any time prior to the complete exercise of this Purchase Warrant by Holder, if the Company and Lafferty enter into an agreement ("**Exchange Agreement**") pursuant to which they agree that all outstanding Purchase Warrants will be exchanged for securities or cash or a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 <u>Execution in Counterparts</u>. This Purchase Warrant may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 <u>Restrictions</u>. The Holder acknowledges that the Shares acquired upon the exercise of this Purchase Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 <u>Severability</u>. Wherever possible, each provision of this Purchase Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Purchase Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Purchase Warrant.

**[Remainder of page intentionally left blank]**

**IN WITNESS WHEREOF**, the Company has caused this Purchase Warrant to be signed by its duly authorized officer as of the [●]th day of [●], 2026.

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|:---|:---|:---|
| OPTIMAL AI LIMITED | OPTIMAL AI LIMITED | OPTIMAL AI LIMITED |
| By: |  |  |
|  | Name: | Lai Kee Chwee |
|  | Title: | Chief Executive Officer and Chairman of the Board |

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**EXHIBIT A**

**EXERCISE FORM**

Form to be used to exercise the Purchase Warrant:

Date: __________, 20___

The undersigned hereby elects irrevocably to exercise the Purchase Warrant for ______ Class A ordinary shares of Optimal AI Limited, a company incorporated under the law of the Cayman Islands (the "**Company**"), par value $0.0001 per share (the "**Shares**"), and hereby makes payment of $____ (at the rate of $____ per Share) in payment of the Exercise Price pursuant thereto. Please issue the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been exercised.

or

The undersigned hereby elects irrevocably to convert its right to purchase ___ Shares under the Purchase Warrant for ______ Shares, as determined in accordance with the following formula:

X = <u>Y(A-B)</u> <br> A

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|:---|:---|
| Where, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X = The number of Shares to be issued to Holder;<br>Y = The number of Shares that would be issuable upon exercise of this Purchase Warrant in accordance with the terms of this Purchase Warrant if such exercise were by means of a cash exercise rather than a cashless exercise;<br>A = The fair market value of one Share; and<br>B = The Exercise Price of this Purchase Warrant, as adjusted hereunder |

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The undersigned agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement with respect to the calculation shall be resolved by the Company in its sole discretion.

Signature

Signature Guaranteed

**INSTRUCTIONS FOR REGISTRATION OF SECURITIES**

Name:

(Print in Block Letters)

Address:

NOTICE: The signature to this form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national securities exchange.

**EXHIBIT B**

**ASSIGNMENT FORM**

Form to be used to assign Purchase Warrant:

(To be executed by the registered Holder to effect a transfer of the within Purchase Warrant):

FOR VALUE RECEIVED, does hereby sell, assign and transfer unto the right to purchase ordinary shares of Optimal AI Limited, a company incorporated under the law of the Cayman Islands (the "**Company**"), evidenced by the Purchase Warrant and does hereby authorize the Company to transfer such right on the books of the Company to

_______________________________________________ whose address is

_______________________________________________________________.

_______________________________________________________________

Dated: ____________, 20__

Holder's Signature: _____________________________

Holder's Address: _____________________________

_____________________________

Signature Guaranteed: ___________________________________________

NOTICE: The signature to this form must correspond with the name as written upon the face of the within Purchase Warrant without alteration or enlargement or any change whatsoever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Purchase Warrant.

## Exhibit 5.1

**Exhibit 5.1**

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|:---|:---|
| ![](ex5-1_001.jpg) | Harney Westwood & Riegels Singapore LLP138 Market Street<br> #24-04 CapitaGreen<br> Singapore 048946<br> Tel: +65 6800 9830<br> Fax: +65 6800 9831 |

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26 January 2026

lishi.fong@harneys.com

+65 6800 9833<br> 066388.0001/LZF

**Optimal AI Limited**

c/o Harneys Fiduciary (Cayman) Limited<br> 4<sup>th</sup> Floor, Harbour Place<br> 103 South Church Street, P.O. Box 10240<br> Grand Cayman, KY1-1002<br> Cayman Islands

Dear Sir or Madam

**Optimal AI Limited, Company Number 423155** (the ***Company***)

We are attorneys-at-law qualified to practise in the Cayman Islands and have acted as Cayman Islands legal advisers to the Company in connection with the Registration Statement (as defined in Schedule 1), to be filed on or about the date of this opinion with the U.S. Securities and Exchange Commission (the ***Commission***) under the U.S. Securities Act of 1933, as amended (the ***Securities Act***), involving an initial public offering (the ***IPO***) of 2,500,000 Class A Ordinary Shares of par value of US$0.0001 each, and an option to issue up to 375,000 Class A Ordinary Shares of par value of US$0.0001 each to be offered by the Company to cover the over-allotment option to be granted to the underwriters (collectively, the ***IPO Shares***) to be issued pursuant to the Resolutions (as defined in Schedule 1). The Company will also be issuing warrants to the underwriters (the ***Warrants***) to purchase up to 143,750 Class A Ordinary Shares of par value of US$0.0001 each, which is equal to five (5%) percent of the IPO Shares (the ***Underlying Shares***, together with the IPO Shares, the ***Shares***). In this opinion ***Companies Act*** means the Companies Act (2025 Revision) of the Cayman Islands.

We are furnishing this opinion as Exhibit 5.1 to the Registration Statement.

For the purposes of giving this opinion, we have examined the Documents (as defined in Schedule 1). We have not examined any other documents, official or corporate records or external or internal registers and have not undertaken or been instructed to undertake any further enquiry or due diligence in relation to the transaction which is the subject of this opinion.

In giving this opinion we have relied upon the assumptions set out in Schedule 2 which we have not verified.

Based solely upon the foregoing examinations and assumptions and having regard to legal considerations which we deem relevant, and subject to the qualifications set out in Schedule 29, we are of the opinion that under the laws of the Cayman Islands:

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|:---|:---|
| 1 | **Existence and Good Standing.** The Company is an exempted company duly incorporated with limited liability and is validly existing and in good standing under the laws of the Cayman Islands, with power and authority (corporate and other) to own its properties and conduct its business as described in the Registration Statement. It is a separate legal entity and is subject to suit in its own name. |

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|:---|:---|
| Jersey legal services are provided through a referral arrangement with Harneys (Jersey) which is <br> an independently owned and controlled Jersey law firm. <br> Registered in Singapore with limited liability (T13LL2450G). <br> 614855873.1 | Anguilla \| Bermuda \| British Virgin Islands <br> Cayman Islands \| Cyprus \| Dubai \| Hong Kong \| Jersey<br> London \| Luxembourg \| Shanghai \| Singapore<br> harneys.com |

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|:---|:---|
| **2** | **Allotment and Issuance.** The allotment and issuance by the Company of the Shares on the basis contemplated in the Transaction Documents have been duly authorised by the Company by the Resolutions (as defined in Schedule 1) and, subject to the satisfaction of any conditions or requirements set forth in the Underwriting Agreement (as defined in Schedule 1) in relation to the Underlying Shares, will be validly and legally issued and allotted and credited as fully paid and non- assessable. |

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|:---|:---|
| 3 | **Share Capital.** Based on the M&A (as defined in Schedule 1), the Company has an authorised share capital of US$50,000 divided into 500,000,000 ordinary shares of par value of US$0.0001 each, comprising (a) 490,000,000 Class A Ordinary Shares of the Company of par value US$0.0001 each, and (b) 10,000,000 Class B Ordinary Shares of the Company of par value US$0.0001 each. When allotted, issued, paid for and registered in the register of members, the IPO Shares will be legally and validly allotted and issued, fully paid and non-assessable, will conform to the description of the IPO Shares contained in the Registration Statement and will rank *pari passu* in all respects with all other issued Shares subject to the rights, privileges and restrictions set forth in the M&A. |

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|:---|:---|
| 4 | **Disclosure.** The statements in the Registration Statement appearing under the headings "Risk Factors", "Dividend Policy", "Enforcement of Civil Liabilities", "Management", "Description of Share Capital" and "Taxation", in each case to the extent that they constitute statements of Cayman Islands law, are accurate and complete in all material respects. |

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This opinion is confined to the matters expressly opined on herein and given on the basis of the laws of the Cayman Islands as they are in force and applied by the Cayman Islands courts at the date of this opinion. We have made no investigation of, and express no opinion on, the laws of any other jurisdiction. We express no opinion as to matters of fact. Except as specifically stated herein, we make no comment with respect to any representations and warranties which may be made by or with respect to the Company in the Transaction Documents. We express no opinion with respect to the commercial terms of the transactions the subject of this opinion.

In connection with the above opinion, we hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act, as amended, or the Rules and Regulations of the Commission thereunder.

This opinion is limited to the matters referred to herein and shall not be construed as extending to any other matter or document not referred to herein.

This opinion shall be construed in accordance with the laws of the Cayman Islands.

Yours faithfully

/s/ Harney Westwood & Riegels Singapore LLP

**Harney Westwood & Riegels Singapore LLP**

**SCHEDULE 1**

List of Documents Examined

1 A copy of the certificate of incorporation of the Company dated 27 June 2025.

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|:---|:---|
| 2 | A copy of the amended and restated memorandum and articles of association of the Company as adopted by a special resolution dated 20 August 2025 (the ***M&A***). |

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|:---|:---|
| 3 | A copy of the certificate of good standing in respect of the Company, issued by the Registrar of Companies dated 21 January 2026 (the ***Certificate of Good Standing***). |

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|:---|:---|
| 4 | The Register of Writs and other Originating Process of the Grand Court of the Cayman Islands (the ***Court Register***) via the Court's Digital System (as defined in Schedule 3) from the incorporation date of the Company to 26 January 2026 (the ***Court Search Date***). |

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5 Copies of the register of directors and officers of the Company dated 27 June 2025 and the register of members of the Company dated 23 January 2026.

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| | |
|:---|:---|
| 6 | A copy of the written resolutions of the director(s) of the Company dated 23 January 2026 (together with 5 above, the ***Resolutions***); |

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(1 to 6 above are the ***Corporate Documents***)

7 Copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a draft underwriting agreement to be entered into between the Company and R.F Lafferty & Co., as representative
of the underwriters named therein (the  ***Underwriting Agreement***); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the registration statements on Form F-1 (including all amendments or supplements thereto) in relation
to the IPO (the  ***Registration Statement*** , which term does not include any other document or agreement whether or not specifically
referred to therein or attached as an exhibit or schedule thereto),

((a) and (b) above are the ***Transaction Documents***).

The Corporate Documents and the Transaction Documents are collectively referred to in this opinion as the ***Documents*.**

**SCHEDULE 2**

Assumptions

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|:---|:---|
| 1 | **Validity under Foreign Laws.** That (i) each party to the Underwriting Agreement (other than the Company) has the necessary capacity, power and authority to enter into the Underwriting Agreement and perform its obligations thereunder, and each such party will duly execute the Underwriting Agreement; (ii) the Underwriting Agreement will, when dated, executed and delivered, constitute valid, legally binding and enforceable obligations of each of the parties thereto under the laws of New York State by which law it is expressed to be governed; (iii) all formalities required under the laws of New York State and any other applicable laws (other than the laws of the Cayman Islands) have been complied with; and (iv) no other matters arising under any foreign law will affect the views expressed in this opinion. |

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|:---|:---|
| 2 | **Choice of Laws.** The choice of the laws of New York State selected to govern the respective Transaction Documents has been made in good faith and will be regarded as a valid and binding selection which will be upheld in the courts of that jurisdiction and all other relevant jurisdictions (other than the Cayman Islands) and the entry into and performance of the respective Transaction Documents will not cause any of the parties thereto to be in breach of any agreement or undertaking. |

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|:---|:---|
| 3 | **Draft Documents.** That the Company will duly execute and deliver the relevant Transaction Document in the form of the drafts provided to us for review. |

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|:---|:---|
| 4 | **Memorandum and Articles.** The M&A remain in full force and effect and are otherwise unamended. The M&A will be the memorandum and articles of association of the Company in effect at the time of the issue of the Shares. |

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| | |
|:---|:---|
| 5 | **Directors.** The sole director of the Company considers the transactions contemplated by the Transaction Documents to be in the best interests of the Company and the sole director does not have has a financial interest in or other relationship to a party to the transactions contemplated by the Transaction Documents which has not been properly disclosed in the Resolutions. |

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|:---|:---|
| 6 | **Conditions.** All conditions to the obligations of the parties to the Underwriting Agreement will be satisfied or duly waived prior to the issue and sale of the relevant Shares and there will be no breach of the terms of the Underwriting Agreement. |

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| | |
|:---|:---|
| 7 | **Bona Fide Transaction**. No disposition of property effected by the Transaction Documents is made for an improper purpose or wilfully to defeat an obligation owed to a creditor and at an undervalue. Each director has exercised proper care, diligence and skill in relation to the Transaction Documents. |

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| | |
|:---|:---|
| 8 | **Solvency**. The Company will on the date of execution of the Transaction Documents be able to pay its debts as they became due from its own moneys, any disposition or settlement of property effected by the Transaction Documents is made in good faith and for valuable consideration and, at the time of and following each such disposition of property by the Company pursuant to the Transaction Documents, the Company will be able to pay its debts as they become due from its own moneys. |

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| | |
|:---|:---|
| 9 | **Authenticity of Documents.** All original Documents are authentic, all signatures, initials and seals are genuine, all copies of Documents are true and correct copies and the Transaction Documents conform in every material respect to the latest drafts of the same produced to us and, where the Transaction Documents have been provided to us in successive drafts marked-up to indicate changes to such documents, all such changes have been so indicated. |

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|:---|:---|
| 10 | **Corporate Documents.** All matters required by law to be recorded in the Corporate Documents are so recorded, and all corporate minutes, resolutions, certificates, documents and records which we have reviewed are accurate and complete, and all facts expressed in or implied thereby are accurate and complete. |

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| | |
|:---|:---|
| 11 | **Court Search.** The Register of Writs and other Originating Process of the Grand Court of the Cayman Islands examined by us via the Court's Digital System on the Court Search Date, constitutes a complete record of the proceedings for such period before the Grand Court of the Cayman Islands. |

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|:---|:---|
| 12 | **No Steps to Wind-up**. The sole director and shareholders of the Company have not taken any steps to have the Company struck off or placed in liquidation, no steps have been taken to wind up the Company and no receiver has been appointed over any of the property or assets of the Company. |

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| | |
|:---|:---|
| 13 | **Resolutions**. The written Resolutions have been duly executed (and where by a corporate entity such execution has been duly authorised if so required) by or on behalf of each director or shareholder (as the case may be), and the signatures and initials thereon are those of a person or persons in whose name the Resolutions have been expressed to be signed. The Resolutions passed at a meeting were adopted at duly convened meetings of the board of directors and/or the shareholders of the Company, and such meetings were held and conducted in accordance with the Memorandum and Articles of Association of the Company. The Resolutions remain in full force and effect. |

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| | |
|:---|:---|
| 14 | **Unseen Documents.** Save for the Documents provided to us there are no resolutions, agreements, documents or arrangements which materially affect, amend or vary the transactions envisaged in the Documents and, in particular, that the entry into and performance of the Transaction Documents will not cause any of the parties thereto to be in breach of any agreement or undertaking. There is no contractual prohibition (other than as arising under Cayman Islands law) binding on the Company prohibiting it from issuing and allotting the Shares. |

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| | |
|:---|:---|
| 15 | **Proceeds of Crime.** No monies paid to or for the account of any party under the Transaction Documents represent or will represent criminal property or terrorist property (as defined in the Proceeds of Crime Act (2025 Revision) and the Terrorism Act (2018 Revision), respectively. |

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| | |
|:---|:---|
| 16 | **Exercise.** At the time of the exercise of the Warrants in accordance with the M&A (the ***Exercise***): |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Companies Act will not have changed in such a way as to materially impact the Exercise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company will have sufficient authorised but unallotted and unissued Underlying Shares, in each case to effect the Exercise in
accordance with the M&A and the Companies Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company will be able to pay its debts as they fall due in the ordinary course of business immediately following the Exercise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Company will have shares in issue immediately prior to the Exercise other than the Underlying Shares to be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all the considerations will have been fully paid and without obligation of the holder to make further payment to the Company in respect
of the issuance of the Underlying Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Company will not have been struck off or placed in liquidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the issue price for the Underlying Shares to be issued on the Exercise will not be less than the par value of such Underlying Shares;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the provisions of the M&A relating to the Exercise will not have been altered, amended and restated.

**SCHEDULE 3**

Qualifications

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| | |
|:---|:---|
| 1 | **Stamp Duty**. Cayman Islands stamp duty may be payable if the original Underwriting Agreement is executed in, brought to, or produced before a court of, the Cayman Islands. |

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| | |
|:---|:---|
| 2 | **Foreign Statutes.** We express no opinion in relation to provisions making reference to foreign statutes in the Underwriting Agreement. |

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| | |
|:---|:---|
| 3 | **Good Standing.** The Company shall be deemed to be in good standing at any time if all fees (including annual filing fees) and penalties under the Companies Act have been paid and the Registrar of Companies has no knowledge that the Company is in default under the Companies Act. |

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| | |
|:---|:---|
| 4 | **Court Search**. The search of the Register of Writs and other Originating Process of the Grand Court of the Cayman Islands has been undertaken on a digital system made available through the Grand Court of the Cayman Islands (the ***Court's Digital System***), and through inadvertent errors or delays in updating the digital system (and/or the Register from which the digital information is drawn) may not constitute a complete record of all proceedings and in particular may omit details of very recent filings. The Court Search of the Court Register would not reveal, amongst other things, any writ, originating summons, originating motion, petition (including any winding-up petition), counterclaim or third party notice (***Originating Process***) filed with the Grand Court which, pursuant to the Grand Court rules or best practice of the Clerk of the Courts' office, should have been entered in the Court Register but was not in fact entered in the Court Register (properly or at all), or any Originating Process which has been placed under seal or anonymised (whether by order of the Court or pursuant to the practice of the Clerk of the Courts' office). |

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| | |
|:---|:---|
| 5 | **Conflict of Laws.** An expression of an opinion on a matter of Cayman Islands law in relation to a particular issue in this opinion should not necessarily be construed to imply that the Cayman Islands courts would treat Cayman Islands law as the proper law to determine that issue under its conflict of laws rules. |

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| | |
|:---|:---|
| 6 | **Sanctions**. The obligations of the Company may be subject to restrictions pursuant to United Nations and United Kingdom sanctions as implemented under the laws of the Cayman Islands. |

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| | |
|:---|:---|
| 7 | **Economic Substance**. We have undertaken no enquiry and express no view as to the compliance of the Company with the International Tax Co-operation (Economic Substance) Act (2024 Revision). |

---

## Exhibit 23.1

**Exhibit 23.1**

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| | |
|:---|:---|
| ![](ex23-1_001.jpg) | **Assentsure PAC<br> UEN – 201816648N**<br> 180B Bencoolen Street<br> #03-01 The Bencoolen, Singapore 189648<br> http://www.assentsure.com.sg |

---

**Consent of Independent Registered Public Accounting Firm**

We hereby consent to the incorporation of our report dated September 2, 2025, except for non-controlling interest share of foreign currency translation reserve which is dated November 14, 2025, and the matters described in Note 1 relating to the reorganization under common control and number of shares which is dated December 30, 2025 in the Registration Statement on Form F-1, under the Securities Act of 1933, as amended, with respect to the consolidated balance sheets of Optimal AI Limited and its subsidiaries as of December 31, 2024 and December 31, 2023, the related consolidated statements of operations and comprehensive income, changes in shareholder's equity and cash flows for each of the years in the two year period ended December 31, 2024 and related notes.

/s/ Assentsure PAC

We have served as the Company's auditor since 2025.

Singapore

January 26, 2026

## Exhibit 99.9

**Exhibit 99.9**

**Optimal AI Limited**

1008 Toa Payoh North #04-12/14/15

Singapore 318996

January 26, 2026

**<u>VIA EDGAR</u>**

Division of Corporation Finance

Office of Technology

U.S. Securities & Exchange Commission

100 F Street, NE

Washington, D.C. 20549

---

| | |
|:---|:---|
| **Re:** | **Optimal AI Limited** |

---

**Registration Statement on Form F-1**

**File No. 333-292484**

**Representation under Item 8.A.4 of Form 20-F**

Ladies and Gentlemen:

The undersigned, Optimal AI Limited, a company incorporated under the laws of the Cayman Islands (the "Company"), is submitting this letter via EDGAR to the Securities and Exchange Commission (the "Commission") in connection with the Company's filing of the above-referenced registration statement on Form F-1 (the "Registration Statement") relating to the Company's proposed initial public offering of its ordinary shares.

The Company has included in the Registration Statement its audited consolidated financial statements as of December 31, 2023 and 2024 and for each of the two years ended December 31, 2023 and 2024 and unaudited interim condensed consolidated financial statements as of June 30, 2025 and for each of the six-month periods ended June 30, 2024 and 2025.

Item 8. A.4 of Form 20-F requires that in the case of a company's initial public offering, the audited financial statements shall be as of a date not older than 12 months at the time the document is filed. The Company is submitting this letter pursuant to Instruction 2 to Item 8.A.4 of Form 20-F, which provides that "*[a] company may comply with only the 15-month requirement in this item if the company is able to represent that it is not required to comply with the 12-month requirement in any other jurisdiction outside the United States and that complying with the 12-month requirement is impracticable or involves undue hardship.*"

The Company hereby represents to the Commission that:

&nbsp;&nbsp;&nbsp;&nbsp;1. the Company is not currently a public reporting company in any jurisdiction or marketplace;

2. the Company is not required by any jurisdiction outside the United States to comply with a requirement to issue financial statements for any reason 12 months after its year end;

3. full compliance with Item 8.A.4 of Form 20-F at present is impracticable and involves undue hardship for the Company;

4. the Company does not anticipate that its audited financial statements for the year ended December 31, 2025 will be available until end of March 2026; and

5. in no event will the Company seek effectiveness of its registration statement on Form F-1 if its audited financial statements are older than 15 months at the time of the Company's initial public offering.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **Optimal AI Limited** | **Optimal AI Limited** |
| By: | */s/ Lai Kee Chwee* |
| Name: | Lai Kee Chwee |
| Title: | Chief Executive Officer |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**Optimal AI Limited**

**Table 1: Newly Registered and Carry Forward Securities**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees Previously Paid | Equity | Class A Ordinary Shares, US$0.0001 per share | (1) | 457(o) | 2875000 | $5.00 | $14375000.00 | 0.0001381 | $1985.19 |
| Fees Previously Paid | Equity | Representative's warrants | (2) | Other | 0 | 0.00 | 0.00 | 0.0001381 | 0.00 |
| Fees Previously Paid | Equity | Class A Ordinary Shares issuable upon the exercise of the Representative's warrants | (3) | 457(o) | 143750 | 5.50 | 790625.00 | 0.0001381 | 109.19 |
| Fees to be Paid | Equity | Class A Ordinary Shares, US$0.0001 per share | (4) | 457(o) | 1250687 | $5.00 | $6253435.00 | 0.0001381 | $863.60 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $21419060.00 |  | 2957.98 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  | 2094.38 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $863.60 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to Rule 416 under the Securities Act of 1933, as amended (or the Securities Act), there is also being registered hereby such indeterminate number of additional shares of Class A Common Stock as may be issued or issuable because of stock splits, stock dividends and similar transactions. Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act. Includes 375,000 shares of Class A Ordinary Shares that the underwriters have the option to purchase pursuant to their over-allotment option.

&nbsp;&nbsp;&nbsp;&nbsp;(2) We have agreed to issue to the representative of the underwriters (the "Representative") warrants to purchase up to an aggregate number of shares of our Class A Ordinary Shares in an aggregate equal to five percent (5%) of the aggregate number of shares of ordinary shares sold in this offering) (the "Representative's Warrants"). The Representative's Warrants are exercisable at a per share price equal to 110% of the public offering price per share of the Class A Ordinary Shares sold in this offering. In accordance with Rule 457(g) under the Securities Act, because Class A Ordinary Shares underlying the Representative's warrants are registered hereby, no separate registration fee is required with respect to the warrants registered hereby.

&nbsp;&nbsp;&nbsp;&nbsp;(3) We have agreed to issue to the representative of the underwriters (the "Representative") warrants to purchase up to an aggregate number of shares of our Class A Ordinary Shares in an aggregate equal to five percent (5%) of the aggregate number of shares of ordinary shares sold in this offering) (the "Representative's Warrants"). The Representative's Warrants are exercisable at a per share price equal to 110% of the public offering price per share of the Class A Ordinary Shares sold in this offering. In accordance with Rule 457(g) under the Securities Act, because Class A Ordinary Shares underlying the Representative's warrants are registered hereby, no separate registration fee is required with respect to the warrants registered hereby.

&nbsp;&nbsp;&nbsp;&nbsp;(4) This Registration Statement also covers the resale under a separate resale prospectus (the "Resale Prospectus") by selling shareholders of the Registrant of up to 1,250,687 Class A Ordinary Shares issued or to be issued to the selling shareholders named in the Resale Prospectus.