# EDGAR Filing Document

**Accession Number:** 0001723069
**File Stem:** 0001213900-26-005801
**Filing Date:** 2026-1
**Character Count:** 347378
**Document Hash:** 5cee9936a5c102b002fce32070202d65
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-005801.hdr.sgml**: 20260121

**ACCESSION NUMBER**: 0001213900-26-005801

**CONFORMED SUBMISSION TYPE**: POS AM

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20260121

**DATE AS OF CHANGE**: 20260120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tiziana Life Sciences Ltd
- **CENTRAL INDEX KEY:** 0001723069
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** POS AM
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-286064
- **FILM NUMBER:** 26544192

**BUSINESS ADDRESS:**
- **STREET 1:** 3RD FLOOR, 11-12 ST. JAMES'S SQUARE
- **CITY:** LONDON, ENGLAND
- **STATE:** X0
- **ZIP:** SW1Y 4LB
- **BUSINESS PHONE:** 0044(0) 207-495-2379

**MAIL ADDRESS:**
- **STREET 1:** 3RD FLOOR, 11-12 ST. JAMES'S SQUARE
- **CITY:** LONDON, ENGLAND
- **STATE:** X0
- **ZIP:** SW1Y 4LB

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tiziana Life Sciences plc
- **DATE OF NAME CHANGE:** 20171116

**As filed with the Securities and Exchange Commission on March 24, 2025.**

**Registration No. 333-286064**

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

**POST-EFFECTIVE AMENDMENT NO. 1**

**to**

**FORM F-3**

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

**Tiziana Life Sciences Ltd.**<br> (Exact Name of registrant as Specified in its charter)

**Not Applicable**<br> (Translation of registrant's name into English)

---

| | |
|:---|:---|
| **Bermuda** | **Not Applicable** |
| (State or Other Jurisdiction of<br> Incorporation or Organization) | (I.R.S. Employer<br> Identification No.) |

---

Clarendon House,

2 Church Street,

Hamilton HM 11,

Bermuda **+44 (0) 20 7495 2379**

(Address and telephone number of registrant's principal executive offices)

**Tiziana Therapeutics, Inc.**

**420 Lexington Avenue, Suite 2525**

**New York, NY 10170**

**+44 (0) 20 7495 2379**<br> (Name, address and telephone number of agent for service)

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

**Ed Lukins and Ed Dyson**

**Orrick, Herrington & Sutcliffe (UK) LLP**

**107 Cheapside**

**London EC2V 6DN**

**United Kingdom**

**Approximate date of commencement of proposed sale to the public: As soon as practicable after the effective date of this registration statement.**

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

If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☐

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

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

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

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

Indicate by check mark whether the registrant is 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 Commission, acting pursuant to such Section 8(a), may determine.**

**Filed Pursuant to Rule 424(b)(5)<br> Registration No. 333-286064**

**8,800,000 Common Shares**

![](image_001.jpg)

**Tiziana Life Sciences Ltd.**

We are offering 8,800,000 common shares, par value $0.001 per common share on a best efforts basis at a price of $1.25 per ordinary share. For every common share subscribed in this offering, participants will receive one warrant entitling the holder to subscribe for one new common share at a price of $1.50 at any time up to and including July 16, 2026 (when the warrants expire).

Our common shares are listed on The Nasdaq Capital Market ("Nasdaq") under the symbol "TLSA." On January 15, 2026, the last reported sale price of our common shares on Nasdaq was $1.45 per common share.

These securities are being sold in this offering to certain purchasers under securities purchase agreements dated January 15, 2026 between us and the purchasers. As of the date of this prospectus supplement, the aggregate market value of our outstanding ordinary shares held by nonaffiliates, or our public float, was approximately $149,125,865 based on 76,474,803 outstanding ordinary shares held by non-affiliates and a per ordinary share price of $1.95, which was the closing price of our ordinary shares on October 28, 2025 and is the highest closing sale price of our ordinary shares on The Nasdaq Capital Market within the prior 60 days. As of the date of this prospectus supplement, we have sold $169,078 of ordinary shares during the prior 12-month calendar period that ends on, and includes, the date of this prospectus supplement (but excluding this offering). We are thus currently eligible to offer and sell up to an aggregate of approximately $150 million of our securities pursuant to General Instruction I.B.5 of Form F-3. We are an "emerging growth company," as defined by the Jumpstart Our Business Startups Act of 2012, or JOBS Act, and as such, have elected to comply with certain reduced public company reporting requirements for this prospectus and future filings. Investing in our securities involves a high degree of risk. You should carefully consider all of the information set forth in this prospectus supplement, the accompanying base prospectus and the documents incorporated by reference in this prospectus supplement before deciding to invest in our ordinary shares. Please see "Risk Factors" on page S-3 of this prospectus supplement and page 6 of the accompanying base prospectus and in the documents incorporated by reference in this prospectus supplement and the accompanying base prospectus to read about factors you should carefully consider before deciding to purchase our securities. Neither the U.S. Securities and Exchange Commission nor any U.S. state securities commission nor any other foreign securities commission has approved or disapproved of the securities being offered by this prospectus supplement or the prospectus to which it relates, or determined if this prospectus supplement or the prospectus to which it relates are truthful or complete. Any representation to the contrary is a criminal offense. We expect to deliver the ordinary shares to purchasers on or about January 19, 2025, subject to customary closing conditions. The date of this prospectus supplement is January 16, 2026.

**Investing in our securities involves substantial risks. Please read "Risk Factors" beginning on page S-3 of this prospectus supplement and the risk factors included in the accompanying base prospectus and in the documents filed with the U.S. Securities and Exchange Commission (the "SEC") and incorporated by reference herein and therein to read about certain factors you should consider before investing in our common shares.**

**Neither the SEC nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.**

---

| | | |
|:---|:---|:---|
|  | **Per**<br>**Share** |<br>**Total** |
| Public offering price | $1.25 | $8800000 |
| Placement agent fees | $nil | $nil |
| Proceeds to us, before expenses | $1.25 | $8800000 |

---

Delivery of the common shares is expected to be made on or about January 19, 2026.

The date of this prospectus supplement is January 16, 2026

**TABLE OF CONTENTS**

**PROSPECTUS SUPPLEMENT**

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| | |
|:---|:---|
|  | **Page** |
| [ABOUT THIS PROSPECTUS SUPPLEMENT](#s_001) | S-ii |
| [PROSPECTUS SUPPLEMENT SUMMARY](#s_002) | S-1 |
| [THE OFFERING](#s_003) | S-2 |
| [RISK FACTORS](#s_004) | S-3 |
| [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#s_005) | S-5 |
| [USE OF PROCEEDS](#s_006) | S-6 |
| [DIVIDEND POLICY](#s_007) | S-6 |
| [DILUTION](#s_008) | S-7 |
| [PLAN OF DISTRIBUTION](#s_009) | S-8 |
| [LEGAL MATTERS](#s_010) | S-13 |
| [EXPERTS](#s_011) | S-13 |
| [WHERE YOU CAN FIND MORE INFORMATION](#s_012) | S-13 |
| [INCORPORATION OF CERTAIN INFORMATION BY REFERENCE](#s_013) | S-14 |

---

**BASE PROSPECTUS**

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| | |
|:---|:---|
| [ABOUT THIS PROSPECTUS](#a_001) | ii |
| [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#a_002) | iii |
| [PROSPECTUS SUMMARY](#a_003) | 1 |
| [RISK FACTORS](#a_004) | 6 |
| [CAPITALIZATION](#a_005) | 6 |
| [USE OF PROCEEDS](#a_006) | 6 |
| [DESCRIPTION OF SHARE CAPITAL AND MEMORANDUM OF ASSOCIATION](#a_007) | 7 |
| [DESCRIPTION OF WARRANTS](#a_008) | 13 |
| [DESCRIPTION OF UNITS](#a_009) | 14 |
| [PLAN OF DISTRIBUTION](#a_010) | 15 |
| [TAXATION](#a_011) | 18 |
| [EXPENSES](#a_012) | 18 |
| [LEGAL MATTERS](#a_013) | 18 |
| [EXPERTS](#a_014) | 18 |
| [ENFORCEMENT OF CIVIL LIABILITIES](#a_015) | 19 |
| [INCORPORATION OF CERTAIN INFORMATION BY REFERENCE](#a_016) | 20 |
| [WHERE YOU CAN FIND MORE INFORMATION](#a_017) | 21 |

---

S-i

**ABOUT THIS PROSPECTUS SUPPLEMENT**

This prospectus supplement is part of a registration statement that we have filed with the SEC, utilizing a "shelf" registration process, and relates to the offering of the securities. Before buying any of the securities that we are offering, we urge you to carefully read this prospectus supplement and accompanying base prospectus, together with the information incorporated by reference as described under the headings "Where You Can Find More Information" and "Incorporation of Certain Information by Reference" in this prospectus supplement and the accompanying base prospectus. These documents contain important information that you should consider when making your investment decision.

We provide information to you about this offering of our securities in two separate documents that are bound together: (1) this prospectus supplement, which describes the specific details regarding this offering; and (2) the accompanying base prospectus, dated March 24, 2025, which became effective on March 27, 2025, which provides general information, some of which may not apply to this offering. Generally, when we refer to this "prospectus," we are referring to both documents combined. This prospectus supplement and accompanying base prospectus add to and update information contained in the documents incorporated by reference into this prospectus supplement and accompanying base prospectus. To the extent there is a conflict between the information contained in this prospectus supplement and accompanying base prospectus, on the one hand, and the information contained in any document incorporated by reference into this prospectus supplement and accompanying base prospectus that was filed with the SEC before the date of this prospectus supplement and accompanying base prospectus, on the other hand, you should rely on the information in this prospectus supplement and accompanying base prospectus. If any statement in one of these documents is inconsistent with a statement in another document having a later date (for example, a document incorporated by reference into this prospectus supplement and accompanying base prospectus) the statement in the document having the later date modifies or supersedes the earlier statement.

You should rely only on the information contained in or incorporated by reference in this prospectus supplement and accompanying base prospectus and in any free writing prospectus that we have authorized for use in connection with this offering. We have not authorized anyone to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. We are not, and the placement agent is not, making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus supplement and accompanying base prospectus, the documents incorporated by reference in this prospectus supplement and accompanying base prospectus, and in any free writing prospectus that we have authorized for use in connection with this offering, is accurate only as of the date of those respective documents. Our business, financial condition, results of operations and prospects may have changed since those dates. You should read this prospectus supplement and accompanying base prospectus, the documents incorporated by reference in this prospectus supplement and accompanying base prospectus, and any free writing prospectus that we have authorized for use in connection with this offering, in their entirety before making an investment decision.

Throughout this prospectus, unless otherwise designated, the terms "Tiziana," "Tiziana Life Sciences Ltd.," "the Company," "we," "us" and "our" refer to Tiziana Life Sciences Ltd. and its wholly-owned subsidiaries, Tiziana Therapeutics, Inc., Tiziana Pharma Limited and Longevia Genomics S.r.l. References to "common shares" refer to the ordinary shares of Tiziana Life Sciences Ltd.

Certain figures included in this prospectus have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them.

The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section titled "Risk Factors" beginning on page S-3 of this prospectus supplement and the risk factors included in the accompanying base prospectus and in the documents filed with the SEC, and incorporated by reference herein and therein. These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

We are a "foreign private issuer" as defined in Rule 3b-4 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As a result, our proxy solicitations are not subject to the disclosure and procedural requirements of Regulation 14A under the Exchange Act and transactions in our equity securities by our officers and directors are exempt from Section 16 of the Exchange Act. In addition, we are not required under the Exchange Act to file periodic reports and financial statements as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

We are a "smaller reporting company", meaning we are not an investment company, an asset-backed issuer, or a majority-owned subsidiary of a parent company that is not a "smaller reporting company" which allows us to take advantage of certain exemptions from disclosure requirements including reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and certain reduced financial disclosures in our periodic reports. In addition, we are eligible to remain a smaller reporting company, for so long as we have a public float (based on our common equity) of less than $250 million measured as of the last business day of our most recently completed second fiscal quarter or a public float (based on our common equity) of less than $700 million as of such date and annual revenues of less than $100 million during the most recently completed fiscal year. We cannot predict if investors will find our common shares less attractive because we may rely on these exemptions. If some investors find our common shares less attractive as a result of these disclosure exemptions, there may be a less active trading market for our common shares and our share price may be more volatile.

S-ii

**PROSPECTUS SUPPLEMENT SUMMARY**

*This summary highlights information contained in other parts of this prospectus supplement, the accompanying base prospectus or incorporated by reference herein or therein from our filings with the SEC. As it is only a summary, it does not contain all of the information that you should consider before purchasing our securities and it is qualified in its entirety by, and should be read in conjunction with, the more detailed information appearing elsewhere or incorporated by reference into this prospectus supplement or accompanying base prospectus. You should read the entire prospectus supplement, the registration statement of which this prospectus supplement is a part, and the information incorporated by reference in its entirety, including the sections titled "Risk Factors" and our financial statements and the related notes contained in and incorporated by reference into this prospectus supplement and accompanying base prospectus, before purchasing our securities.*

 

**Overview**

Our clinical pipeline includes drug assets for Secondary Progressive Multiple Sclerosis ("SPMS"), Alzheimer's Disease, Multiple System Atrophy ("MSA") and Amyotrophic Lateral Sclerosis ("ALS"). We are led by a team of highly qualified executives with extensive drug development and commercialization experience.

Our mission is to design and deliver next generation immunotherapies for neurodegenerative and neuroinflammatory diseases.

We employ a lean and virtual research and development ("R&D"), model using highly experienced teams of experts for each business function to maximize value accretion by focusing resources on the drug discovery and development processes.

Our lead immunotherapeutic candidate, foralumab (TZLS-401), is being developed for non-active SPMS, Alzheimer's and other central nervous system ("CNS") indications. Foralumab is the only fully human anti-CD3 monoclonal antibody ("mAb") under clinical development and is expected to minimize adverse immune responses in patients. We in-licensed the intellectual property from Novimmune SA("Novimmune") in December 2014, as a potential treatment for neurodegenerative diseases such as SPMS, Alzheimer's disease, MSA and ALS. On November 10, 2022, we announced a short-term focus on administration of intranasal foralumab for treatment of neurodegenerative diseases, especially SPMS, based on positive clinical findings of Expanded Access ("EA") SPMS patients at Brigham and Women's Hospital treated with intranasal foralumab for up to 1 year. As the only fully human engineered human anti-CD3 mAb in clinical development, foralumab has significant potential advantages such as a shorter treatment duration and reduced immunogenicity. We believe intranasal administration of foralumab has the potential to reduce inflammation while minimizing the toxicity and related side effects.

Foralumab is being developed as both an immunosuppressive and immunomodulatory agent, with therapeutic benefits of rendering T-cells unable to orchestrate an immune response and induction of immune tolerance via maintenance of regulatory T-cells.

There is further potential for foralumab to be combined TZLS-501, our fully human anti-IL-6R mAb in development to target autoimmune and inflammatory diseases. As previously announced, we intend to develop the TZLS-501 and related assets via a spinout into a separate publicly traded company.

As announced in 2022, all other assets have been temporarily deprioritized to focus resources on our lead asset.

**Corporate Information**

We were originally incorporated under the laws of England and Wales on February 11, 1998 with the goal of leveraging the expertise of our management team as well as Dr. Napoleone Ferrara, Dr. Arun Sanyal, Dr. Howard Weiner and Dr. Kevan Herold, and to acquire and exploit certain intellectual property in biotechnology. We subsequently changed our name to Tiziana Life Sciences plc in April 2014 as a result of the acquisition of Tiziana Pharma Limited in April 2014. On August 20, 2021 we announced that we had formally commenced a strategic plan to change our corporate structure by establishing Tiziana Life Sciences Ltd, a Bermuda-incorporated company, to become the ultimate parent company of the Tiziana Group. The reorganization was performed under a scheme of arrangement under Part 26 of the Companies Act 2006 of England and Wales and became effective on October 20, 2021, at which point all shareholders became shareholders in the new Bermuda company.

Our registered office is located at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda and our telephone number is +44 (0) 20 7495 2379. Our website address is *www.tizianalifesciences.com*. The reference to our website is an inactive textual reference only and the information contained in, or that can be accessed through, our website is not a part of this registration statement. Our agent for service of process in the United States is Tiziana Therapeutics, Inc.

**THE OFFERING**

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| | |
|:---|:---|
| **Common Shares Offered by Us** | common shares. |
| **Offering price** | $1.25 per common share. |
| **Common Shares Outstanding After This Offering** | 127,259,131 of our common shares |
| **Use of Proceeds** | We estimate that the net proceeds to us from this offering will be approximately $8.6 million, after deducting estimated offering expenses payable by us.<br>We intend to use the net proceeds that we receive from this offering, to enable the company to complete its Phase 2 na-SPMS and MSA clinical trials, and achieve top line data readouts in both trials . See "Use of Proceeds" beginning on page S-6 of this prospectus supplement for more information. |
| **Warrants** | For every common share subscribed in this offering, participants will receive one warrant entitling the holder to subscribe for one new common share at a price of $1.50 at any time up to and including July 16, 2026 (when the warrants expire). |
| **Risk Factors** | Investing in our securities involves significant risks. See "Risk Factors" beginning on page S-3 of this prospectus supplement and under similar headings in other documents incorporated by reference into this prospectus supplement, for a discussion of factors that you should read and consider before investing in our securities. |
| **Nasdaq Listing Symbol** | "TLSA" |

---

The number of common shares that will be outstanding immediately after this offering as shown above is based on 118,851,954 common shares outstanding as of June 30, 2025. The number of common shares outstanding as of June 30, 2025, as used throughout this prospectus supplement, unless otherwise indicated, excludes:

● 7,930,702 common issuable upon the exercise of share options at exercise prices between $0.50 and $3.72 per common share outstanding as of June 30, 2025, of which 125,000 shares have been issued upon the exercise of options and 585,000 options have been forfeited since June 30, 2025;

● 4,200,000 common shares issuable upon the vesting of restricted stock units ("RSUs");

● 290,000 common shares issuable upon the exercise of share options at exercise price of $1.58 per common share granted subsequent to June 30, 2025;

● 157,894 common shares issuable upon the exercise of warrants at exercise price of $1.50 per common share of which 31,578 shares have been issued upon the exercise of warrants; and

● 1,210,599 common shares sold pursuant to the ATM Agreement since June 30, 2025.

Unless otherwise indicated, the information in this prospectus supplement assumes:

● no exercise of outstanding share options or warrants described above.

**RISK FACTORS**

*Investing in our securities involves a high degree of risk. Before making a decision to invest in our securities, you should consider carefully the risks and uncertainties described under the heading "Risk Factors" contained or incorporated by reference in this prospectus supplement and the accompanying prospectus, including the risk factors incorporated by reference herein from our Annual Report on Form 20-F for the year ended December 31, 2024, as may be updated by our subsequent annual reports and other filings we make with the SEC. The risks described in these documents are not the only ones we face. There may be other unknown or unpredictable economic, business, competitive, regulatory or other factors that could harm our future results. Past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results or trends in future periods. If any of these risks actually occurs, our business, financial condition, results of operations or cash flow could be harmed. This could cause the trading price of our common shares to decline, resulting in a loss of all or part of your investment.*

 

**Risks Related to this Offering**

***Investors in this offering will pay a substantially higher price than the book value of our common shares and therefore you will incur immediate and substantial dilution of your investment.***

 ****

The offering price of common shares in this offering will be substantially higher than the net tangible book value per common share based on the total value of our tangible assets less our total liabilities immediately following this offering. After giving effect to the sale of common shares in this offering at the offering price of $1.25 per common share, and after deducting estimated offering expenses payable by us, you would experience immediate and substantial dilution of approximately $1.11 per common share, representing the difference between our adjusted net tangible book value per common share as of June 30, 2025 after giving effect to this offering. The exercise of warrants or options and the vesting of RSUs may result in further dilution of your investment. For a further description of the dilution that you will experience immediately after this offering, see the section titled "Dilution."

***Raising additional capital may restrict our operations or require us to relinquish rights to our technologies or product candidates, and if we sell our common shares in future financings, shareholders may experience immediate dilution and, as a result, our share price may decline.***

 ****

Until such time, if ever, as we can generate substantial product revenues, we expect to finance our cash needs through a combination of equity offerings, debt financings, partnerships and marketing, distribution or licensing arrangements. We do not have any committed external source of funds. We may also from time to time issue additional common shares at a discount from the then current trading price of our common shares. As a result, our shareholders would experience immediate dilution upon the purchase of any of our common shares sold at such discount. In addition, as opportunities present themselves, we may enter into financing or similar arrangements in the future, including the issuance of debt securities, preference shares or common shares. If we issue common share or securities convertible into common shares, our shareholders would experience additional dilution and, as a result, our share price may decline. Debt financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends, in addition to the limitations and restrictions we are subject to pursuant to our current debt facility.

If we raise additional funds through partnerships or marketing, distribution or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams or product candidates or to grant licenses on terms that may not be favorable to us. If we are unable to raise additional funds through equity or debt financings when needed, we may be required to delay, limit, reduce or terminate our product development or future commercialization efforts or grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves.

 **

***Resales of our common shares in the public market by our shareholders as a result of this offering may cause the market price of our common shares to fall.***

 **

Sales of a substantial number of our common shares could occur at any time. The issuance of new equity, or equity linked, securities could result in resales of common shares by our current shareholders concerned about the potential ownership dilution of their holdings. In turn, these resales could have the effect of depressing the market price for our common shares.

***We have broad discretion to determine how to use the funds raised in this offering, and may use them in ways that may not enhance our operating results or the price of our common shares.***

 ****

Our management will have broad discretion as to the application of the net proceeds from this offering and could use them for purposes other than those contemplated at the time of the offering. We could spend the proceeds from this offering in ways our shareholders may not agree with or that do not yield a favorable return, if at all. We intend to use the net proceeds, from this offering, together with our existing cash and cash equivalents, primarily to fund our clinical development, and for working capital, capital expenditures and general corporate purposes, which may include the scheduled repayment of debt and interest thereon, working capital, clinical trial expenditures and capital expenditures. However, our actual use of these proceeds may differ from our current plans. You will be relying on the judgment of our management with regard to the use of these net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used in ways with which you would agree. It is possible that the net proceeds will be invested in a way that does not yield a favorable, or any, return for us. The failure of our management to use such funds effectively could have a material adverse effect on our business, financial condition, operating results and cash flow. See "Use of Proceeds."

***The trading price of our common shares could be highly volatile, and purchasers of our common shares could incur substantial losses.***

 ****

Since our common shares began trading on Nasdaq on November 20, 2018, our common shares have traded at prices as low as $0.42 per common share and as high as $6.09 per common share through January 15, 2026. Such volatility resulted in rapid and substantial increases and decreases in our share price that may or may not be related to our operating performance or prospects. Our share price is likely to continue to be volatile and subject to significant price and volume fluctuations in response to market and other factors, including those described in the sections captioned "Risk Factors" in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein. Consequently, the current market price of our common shares may not be indicative of future market prices, and we may be unable to sustain or increase the value of an investment in common shares.

As a result, you may not be able to sell common shares at or above the price at which you purchase them. In addition, the stock market in general, and Nasdaq and the stock of biotechnology and emerging pharmaceutical companies in particular, have experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of these companies. Broad market and industry factors may negatively affect the market price of our common shares, regardless of our actual operating performance.

***Following this offering, we will require additional capital to finance our operations and achieve our goals. If we are unable to raise capital when needed or on terms acceptable to us, we may be forced to delay, reduce or eliminate our research or product development programs, any future commercialization efforts or other operations.***

 ****

Developing pharmaceutical products, including conducting preclinical studies and clinical trials, is a very time-consuming, expensive and uncertain process that takes years to complete. Our operations have consumed substantial amounts of cash since inception, and we expect our expenses to increase substantially in connection with our ongoing activities, particularly as we advance our lead product candidate and any future product candidates through clinical development. We will require substantial additional funding following this offering in order, among other things, to further advance our programs, including conducting additional clinical and regulatory development activities. We expect increased expenses as we continue our research and development, conduct our clinical trials, seek to expand our product pipeline, seek marketing approval for our lead programs and future product candidates, if any, and invest in our organization. In addition, if we obtain marketing approval for any of our product candidates, we expect to incur significant commercialization expenses related to product manufacturing, marketing, sales and distribution. Furthermore, we have incurred and will continue to incur additional costs associated with operating as a public company, such as acquiring and retaining experienced personnel, developing new information technology systems, and other costs associated with being a public company. Also, we expect to experience ongoing and additional costs related to preparing and filing patent applications, maintaining our intellectual property and potentially expanding our office facilities. Accordingly, following this offering, we will require substantial additional capital in connection with our continuing operations.

After this offering, we plan on seeking additional capital, subject to our lock-up restrictions, although adequate additional financing may not be available to us on favorable terms, or at all. In addition, we may seek additional capital due to favorable market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans. If we are unable to raise capital when needed or on favorable terms, we could be forced to delay, reduce or eliminate our research and development programs, our commercialization plans or other operations. Our ability to raise capital may be adversely impacted by potential worsening global economic conditions and disruptions to and volatility in the credit and financial markets in the United States and worldwide resulting from inflation, changes in interest rates, disruptions in the global banking system, geopolitical instability, including the war in Ukraine, the Middle East and public health epidemics.

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus supplement, the accompanying prospectus and the documents we incorporate by reference each contains forward-looking statements that involve substantial risks and uncertainties. The forward-looking statements are contained principally, among other places in the sections of this prospectus supplement titled "About this Prospectus," "Risk Factors," and "Prospectus Supplement Summary." All statements, other than statements of historical facts, contained in this prospectus supplement the accompanying prospectus and the documents we incorporate by reference, including statements regarding our future results of operations and financial position, business strategy, prospective products, product approvals, research and development costs, timing and likelihood of success, plans and objectives of management for future operations, and future results of current and anticipated products, are forward-looking statements. These statements relate to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The words "anticipate," "assume," "believe," "contemplate," "continue," "could," "estimate," "expect," "goal," "intend," "may," "might," "objective," "plan," "potential," "predict," "project," "positioned," "seek," "should," "target," "will," "would," or the negative of these terms or other similar expressions are intended to identify forward- looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and management's beliefs and assumptions, are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other factors.

Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. As a result, any or all of our forward-looking statements in this prospectus, the accompanying prospectus and the documents we incorporate by reference may turn out to be inaccurate. We have included important factors in the cautionary statements included in this prospectus supplement the accompanying prospectus and the documents we incorporate by reference, particularly in the sections titled "Risk Factors," that we believe could cause actual results or events to differ materially from the forward-looking statements that we make. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Moreover, we operate in a highly competitive and rapidly changing environment in which new risks often emerge. It is not possible for our management to predict all risks, 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 may make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.

You should read this prospectus supplement and the documents that we reference in this prospectus supplement, the accompanying prospectus and the documents we have filed as exhibits to the registration statement of which the accompanying prospectus is a part completely and with the understanding that our actual future results may be materially different from what we expect. The forward-looking statements contained in this prospectus supplement are made as of the date of this prospectus supplement, and we do not assume any obligation to update any forward-looking statements except as required by applicable law and regulation.

**USE OF PROCEEDS**

We estimate the net proceeds to us from this offering will be approximately $6.5 million, after deducting estimated offering expenses payable by us. We intend to use the net proceeds from this offering, together with our existing cash and cash equivalents, primarily to fund the clinical development of our lead assets, foralumab for non-active SPMS, Alzheimer's Disease and MAS, and for working capital, capital expenditures and general corporate purposes. We may also use a portion of the net proceeds to invest in or acquire businesses or technologies that we believe are complementary to our own, although we have no current plans, commitments or agreements with respect to any acquisitions as of the date of this prospectus.

Based on our current operating plan, we believe that the net proceeds from this offering, together with our existing cash and cash equivalents, will enable us to fund our planned operating expenses and capital expenditures through. Our expected use of net proceeds from this offering represents our intentions based on our present plans and business conditions, which could change as our plans and business conditions evolve. The amounts and timing of our actual expenditures will depend on numerous factors, including our development timeline, results of our research and development efforts, costs associated with drug development, and any unforeseen cash needs, the timing and outcome of regulatory submissions and other factors described under "Risk Factors" in this prospectus supplement, the accompanying base prospectus and the documents incorporated by reference herein and therein, as well as the amount of cash used in our operations. Our management will retain broad discretion over the use of such proceeds. Pending the use of the net proceeds from this offering, we intend to invest the net proceeds in investment-grade, interest-bearing instruments. We may find it necessary or advisable to use the net proceeds for other purposes, and we will have broad discretion in the application of the net proceeds.

The net proceeds from this offering, together with our existing cash, cash equivalents and marketable securities, will not be sufficient for us to fund our clinical programs, and we expect to need, and intend to seek, to raise additional capital to achieve our business objectives.

**DIVIDEND POLICY**

We have never declared or paid any cash dividends on our common shares and do not anticipate paying any cash dividends in the foreseeable future. Any future determination to pay dividends will be at the discretion of our board of directors and will depend on our financial condition, operating results, capital requirements and other factors that our board of directors considers to be relevant.

**DILUTION**

If you purchase our common shares in this offering, your interest will be diluted immediately to the extent of the difference between the offering price per common share and the as adjusted net tangible book value per common share immediately after this offering. Net tangible book value per share is equal to our total tangible assets, less our total liabilities, divided by the total number of our common shares outstanding.

Our net tangible book value as of June 30, 2025, was approximately $9.2 million, or $0.08 per common share. Net tangible book value per common share is determined by dividing the net of total tangible assets less total liabilities, by the aggregate number of our common shares outstanding as of June 30, 2025. After giving effect to the sale by us of 7,040,000 common shares in this offering, and after deducting estimated offering expenses payable by us, our as adjusted net tangible book value as of June 30, 2025 would have been $17.8 million, or $0.14 per common share. This represents an immediate increase in net tangible book value of $0.06 per common share to our existing shareholders and an immediate dilution of approximately $1.11 in net tangible book value per common share to the new investors participating in this offering based on the assumed public offering price. We determine dilution per common share to investors participating in this offering by subtracting as adjusted net tangible book value per common share after this offering from the assumed public offering price per common share paid by investors participating in this offering.

The following table illustrates this per common share dilution:

---

| | | |
|:---|:---|:---|
| Public offering price per common share |  | $1.25 |
| &nbsp;&nbsp;&nbsp;Net tangible book value per common share as of June 30, 2025 | $0.08 |  |
| &nbsp;&nbsp;&nbsp;Increase in as adjusted net tangible book value per common share attributable to new investors in this offering | $0.06 |  |
| As adjusted net tangible book value per common share as of June 30, 2025, after giving effect to this offering |  | $0.14 |
| Dilution per common share to new investors purchasing shares in this offering |  | $1.11 |

---

The number of common shares used in the calculations above is based on 118,851,954 common shares outstanding as of June 30, 2025. The number of common shares outstanding as of June 30, 2025, as used throughout this prospectus supplement, unless otherwise indicated, excludes:

● 7,930,702 common issuable upon the exercise of share options at exercise prices between $0.50 and $3.72 per common share outstanding as of June 30, 2025, of which 125,000 shares have been issued upon the exercise of options and 585,000 options have been forfeited since June 30, 2025;

● 4,200,000 common shares issuable upon the vesting of RSUs;

● 290,000 common shares issuable upon the exercise of share options at exercise price of $1.58 per common share granted subsequent to June 30, 2025;

● 157,894 common shares issuable upon the exercise of warrants at exercise price of $1.50 per common share of which 31,578 shares have been issued upon the exercise of warrants; and

● 1,210,599 common shares sold pursuant to the ATM Agreement since June 30, 2025.

**PLAN OF DISTRIBUTION**

These securities are being sold in this offering to certain purchasers under securities purchase agreements dated January 15, 2026 between us and the purchasers.

Investors who do not enter into a securities purchase agreement shall rely solely on this prospectus supplement in connection with the purchase of our securities in this offering. In addition to rights and remedies available to all purchasers in this offering under federal securities and state law, the purchasers which enter into a securities purchase agreements will also be able to bring claims of breach of contract against us.

**Fees and Expenses**

The following table shows the per share price and total cash fees we will pay in connection with the sale of the securities pursuant to this prospectus supplement.

---

| | | |
|:---|:---|:---|
|  | **Per**<br>**Common**<br>**Share** |<br>**Total** |
| Offering price | $1.25 | $8800000 |
| Placement agent fees | $nil | $nil |
| Proceeds to us, before expenses | $1.25 | $8800000 |

---

Our total estimated expenses of the offering, including registration, filing and listing fees, printing fees and legal and accounting expenses, including the expenses set forth above are approximately $127,000.

**Electronic Distribution**

A prospectus in electronic format may be made available on the websites maintained by the placement agent, if any, participating in this offering and the placement agent, if any, may distribute prospectuses electronically. Other than the prospectus in electronic format, the information on these websites is not part of this prospectus or the registration statement of which this prospectus forms a part, has not been approved or endorsed by us or the placement agent, if any, and should not be relied upon by investors.

**Listing on the Nasdaq Capital Market**

Our common shares are quoted on the Nasdaq Capital Market under the symbol "TLSA." On January 15, 2026, the closing price of our common shares as reported on the Nasdaq Capital Market was $1.45 per share.

**Offer Restrictions Outside the United States**

Other than in the United States, no action has been taken by us that would permit a public offering of the securities offered by this prospectus supplement in any jurisdiction where action for that purpose is required. The securities offered by this prospectus supplement may not be offered or sold, directly or indirectly, nor may this prospectus supplement or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus supplement comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus supplement. This prospectus supplement does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus supplement in any jurisdiction in which such an offer or a solicitation is unlawful.

**Australia**

This prospectus supplement is not a disclosure document under Chapter 6D of the Australian Corporations Act, has not been lodged with the Australian Securities and Investments Commission and does not purport to include the information required of a disclosure document under Chapter 6D of the Australian Corporations Act. Accordingly, (i) the offer of the securities under this prospectus supplement is only made to persons to whom it is lawful to offer the securities without disclosure under Chapter 6D of the Australian Corporations Act under one or more exemptions set out in section 708 of the Australian Corporations Act, (ii) this prospectus supplement is made available in Australia only to those persons as set forth in clause (i) above, and (iii) the offeree must be sent a notice stating in substance that by accepting this offer, the offeree represents that the offeree is such a person as set forth in clause (i) above, and, unless permitted under the Australian Corporations Act, agrees not to sell or offer for sale within Australia any of the securities sold to the offeree within 12 months after its transfer to the offeree under this prospectus supplement.

**Canada**

The securities may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws. Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus supplement (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor. Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the placement agent is not required to comply with the disclosure requirements of NI33-105 regarding placement agent conflicts of interest in connection with this offering.

**Cayman Islands**

No invitation, whether directly or indirectly, may be made to the public in the Cayman Islands to subscribe for our securities.

**Dubai International Financial Centre**

This prospectus supplement relates to an Exempt Offer in accordance with the Offered Securities Rules of the Dubai Financial Services Authority ("DFSA"). This prospectus supplement is intended for distribution only to persons of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus supplement nor taken steps to verify the information set forth herein and has no responsibility for the prospectus supplement. The securities to which this prospectus supplement relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the securities offered should conduct their own due diligence on the securities. If you do not understand the contents of this prospectus supplement you should consult an authorized financial advisor.

**European Economic Area**

In relation to each Member State of the European Economic Area (each a "Relevant Member State"), no securities have been offered or will be offered pursuant to this offering to the public in that Relevant Member State prior to the publication of a prospectus in relation to the securities which has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another Relevant Member State and notified to the competent authority in that Relevant Member State, all in accordance with the Prospectus Regulation, except that it may make an offer to the public in that Relevant Member State of any securities at any time under the following exemptions under the Prospectus Regulation (defined below):

An offer to the public of securities has not been made, and may not be made, in a Relevant Member State except pursuant to one of the following exemptions under the Prospectus Directive as implemented in that Relevant Member State:

&nbsp;&nbsp;&nbsp;&nbsp;(a) to
any legal entity which is a qualified investor as defined under the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;(b) to
fewer than 150 natural or legal persons (other than qualified investors as defined under the Prospectus Regulation), subject to obtaining
the prior consent of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;(c) in
any other circumstances falling within Article 1(4) of the Prospectus Regulation,

provided that no such offer of the securities shall require the Company to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.

For the purposes of this provision, the expression an "offer to the public" in relation to the securities in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and any securities to be offered so as to enable an investor to decide to purchase or subscribe for any securities, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

**Israel**

In the State of Israel this prospectus supplement shall not be regarded as an offer to the public to purchase securities under the Israeli Securities Law, 5728—1968, which requires a prospectus to be published and authorized by the Israel Securities Authority, if it complies with certain provisions of Section 15 of the Israeli Securities Law, 5728–1968, including, inter alia, if: (i) the offer is made, distributed or directed to not more than 35 investors, subject to certain conditions (the "Addressed Investors") or (ii) the offer is made, distributed or directed to certain qualified investors defined in the First Addendum of the Israeli Securities Law, 5728—1968, subject to certain conditions (the "Qualified Investors"). The Qualified Investors shall not be taken into account in the count of the Addressed Investors and may be offered to purchase securities in addition to the 35 Addressed Investors. The Company has not and will not take any action that would require it to publish a prospectus in accordance with and subject to the Israeli Securities Law, 5728—1968. We have not and will not distribute this prospectus supplement or make, distribute or direct an offer to subscribe for our securities to any person within the State of Israel, other than to Qualified Investors and up to 35 Addressed Investors.

Qualified Investors may have to submit written evidence that they meet the definitions set out in of the First Addendum to the Israeli Securities Law, 5728—1968. In particular, we may request, as a condition to be offered securities, that each Qualified Investor will represent, warrant and certify to us and/or to anyone acting on our behalf: (i) that it is an investor falling within one of the categories listed in the First Addendum to the Israeli Securities Law, 5728—1968; (ii) which of the categories listed in the First Addendum to the Israeli Securities Law, 5728—1968 regarding Qualified Investors is applicable to it; (iii) that it will abide by all provisions set forth in the Israeli Securities Law, 5728—1968 and the regulations promulgated thereunder in connection with the offer to be issued securities; (iv) that the securities that it will be issued are, subject to exemptions available under the Israeli Securities Law, 5728—1968: (a) for its own account; (b) for investment purposes only; and (c) not issued with a view to resale within the State of Israel, other than in accordance with the provisions of the Israeli Securities Law, 5728—1968; and (v) that it is willing to provide further evidence of its Qualified Investor status. Addressed Investors may have to submit written evidence in respect of their identity and may have to sign and submit a declaration containing, inter alia, the Addressed Investor's name, address and passport number or Israeli identification number.

**Japan**

The securities have not been and will not be registered under Article 4, paragraph 1 of the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948), as amended (the "FIEL") pursuant to an exemption from the registration requirements applicable to a private placement of securities to Qualified Institutional Investors (as defined in and in accordance with Article 2, paragraph 3 of the FIEL and the regulations promulgated thereunder). Accordingly, the securities may not be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan other than Qualified Institutional Investors. Any Qualified Institutional Investor who acquires securities may not resell them to any person in Japan that is not a Qualified Institutional Investor, and acquisition by any such person of securities is conditional upon the execution of an agreement to that effect.

**Switzerland**

The securities may not be publicly offered, sold or advertised, directly or indirectly, in or from Switzerland and will not be listed on the SIX Swiss Exchange Ltd ("SIX") or on any other stock exchange or regulated trading venue in Switzerland. Neither this prospectus supplement nor any other offering or marketing material relating to the securities constitutes a prospectus as such term is understood pursuant to article 652a or article 1156 of the Swiss Federal Code of Obligations or a listing prospectus within the meaning of the listing rules of SIX or any other exchange or regulated trading venue in Switzerland, and neither this prospectus supplement nor any other offering or marketing material relating to the securities may be publicly distributed or otherwise made publicly available in Switzerland.

**United Arab Emirates**

This prospectus supplement has not been reviewed, approved or licensed by the Central Bank of the United Arab Emirates (the "UAE"), the Securities and Commodities Authority (the "SCA") or any other relevant licensing authority in the UAE (including any licensing authority incorporated under the laws and regulations of any of the free zones established and operating in the UAE including, without limitation, the DFSA, a regulatory authority of the Dubai International Financial Centre and the Financial Services Marketing Authority of the Abu Dhabi Global Market), and does not constitute a public offer of securities in the UAE in accordance with the Commercial Companies Law, Federal Law No. 1 of 2015 (as amended) or otherwise, does not constitute an offer in the UAE in accordance with the SCA Chairman Resolution No. 3/R.M. of 2017 Concerning the Regulation of Promotion and Introduction, and further does not constitute the brokerage of securities in the UAE in accordance with the Board Decision No. 27 of 2014 Concerning Brokerage in Securities.

This prospectus supplement is not intended to, and does not, constitute an offer, sale or delivery of securities under the laws of the UAE. The Company has represented and agreed that the securities have not been and will not be registered with the SCA or the UAE Central Bank, the Dubai Financial Market, the Abu Dhabi Securities Market or any other UAE regulatory authority or exchange. The issue and/or sale and/or marketing of the securities has not been approved or licensed by the SCA, the UAE Central Bank or any other relevant licensing authority in the UAE. The SCA accepts no liability in relation to the marketing, issuance and/or sale of the securities and is not making any recommendation with respect to any investment. Nothing contained in this prospectus supplement is intended to constitute UAE investment, legal, tax, accounting or other professional advice. This prospectus supplement is for the information of prospective investors only and nothing in this prospectus supplement is intended to endorse or recommend a particular course of action. Prospective investors should consult with an appropriate professional for specific advice rendered on the basis of their situation.

**United Kingdom**

In relation to the United Kingdom, no securities have been offered or will be offered pursuant to this offering to the public in the United Kingdom prior to the publication of a prospectus in relation to the securities that has been approved by the Financial Conduct Authority, except that offers of securities may be made to the public in the United Kingdom at any time under the following exemptions under the UK Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;(a) to
any legal entity which is a qualified investor as defined under Article 2 of the UK Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;(b) to
fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the UK Prospectus Regulation),
subject to obtaining the prior consent of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;(c) in
any other circumstances falling within Section 86 of the Financial Services and Markets Act 2000 (the "FSMA"), provided that
no such offer of securities shall require the Company to publish a prospectus pursuant to Section 85 of the FSMA or supplement a prospectus
pursuant to Article 23 of the UK Prospectus Regulation.

For the purposes of this provision, the expression an "offer to the public" in relation to the securities in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and any securities to be offered so as to enable an investor to decide to purchase or subscribe for any securities and the expression "UK Prospectus Regulation" means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

In addition, this prospectus supplement is only being distributed to, and is only directed at, and any investment or investment activity to which this prospectus supplement relates is available only to, and will be engaged in only with, persons who are outside the United Kingdom or persons in the United Kingdom (i) having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (ii) who are high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). Persons who are not relevant persons should not take any action on the basis of this prospectus supplement and should not act or rely on it.

**LEGAL MATTERS**

Certain legal matters with respect to Bermuda law with respect to the validity of the offered securities will be passed upon for the Company by Conyers Dill & Pearman Limited. Orrick, Herrington & Sutcliffe LLP will be passing upon matters of United States law for us in connection with this offering.

**EXPERTS**

The consolidated financial statements of Tiziana Life Sciences Ltd. as of December 31, 2024 and 2023, and for the years then ended, have been incorporated by reference herein and in the registration statement in reliance on the report of PKF Littlejohn LLP, an independent registered public accounting firm, appearing elsewhere herein, and upon the authority of said firm as experts in accounting and auditing. The registered business address of PKF Littlejohn LLP, is 15 Westferry Circus, London E14 4HD, United Kingdom.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed with the SEC a registration statement (including amendments and exhibits to the registration statement) on Form F-3 under the Securities Act. This prospectus, which is part of the registration statement, does not contain all of the information set forth in the registration statement and the exhibits and schedules to the registration statement. For further information, we refer you to the registration statement and the exhibits and schedules filed as part of the registration statement. If a document has been filed as an exhibit to the registration statement, we refer you to the copy of the document that has been filed. Each statement in this prospectus relating to a document filed as an exhibit is qualified in all respects by the filed exhibit.

We are subject to the informational requirements of the Exchange Act. Our Annual Report on Form 20-F for the year end December 31, 2024 has been filed with the SEC. The Company has also filed periodic reports with the SEC on Form 6-K. The SEC maintains an Internet website that contains reports and other information about issuers, like us, that file electronically with the SEC. The address of that website is *www.sec.gov*.

As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

**INCORPORATION OF CERTAIN INFORMATION BY REFERENCE**

The SEC allows us to "incorporate by reference" information into this prospectus, which means that we can disclose important information to you by referring you to another document filed separately with the SEC. The SEC file number for the documents incorporated by reference in this prospectus is 001-38723. The documents incorporated by reference into this prospectus contain important information that you should read about us.

The following documents are incorporated by reference into this document:

● our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on [May 6, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1723069/000121390025040218/ea0239559-20f_tiziana.htm) , as amended on [May 8, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1723069/000121390025041113/ea0241424-20fa1_tiziana.htm) ;

● our Current Reports on Form 6-K furnished with the SEC on [January 8, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025001807/ea0227152-6k_tiziana.htm) , [January 10, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025002365/ea0227353-6k_tiziana.htm) , [January 22, 2025,](http://www.sec.gov/Archives/edgar/data/1723069/000121390025005476/ea0228419-6k_tiziana.htm) [January 24, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025006186/ea0228634-6k_tiziana.htm) , [January 31, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025008957/ea0229454-6k_tiziana.htm) , [February 11, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025011952/ea0230650-6k_tiziana.htm) , [February 18, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025014594/ea0231408-6k_tiziana.htm) , [February 21, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025015845/ea0231795-6k_tiziana.htm) , [February 25, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025016791/ea0232066-6k_tiziana.htm) , [February 27, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025017653/ea0232367-6k_tiziana.htm) , [March 4, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025019742/ea0233016-6k_tiziana.htm) , [March 14, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000101376225000330/ea0234437-6k_tiziana.htm) , [March 17, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025024318/ea0234585-6k_tiziana.htm) , [March 25, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000101376225001845/ea0235560-6k_tiziana.htm) , [April 2, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025027607/ea0236845-6k_tiziana.htm) , [April 23, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025034332/ea0239219-6k_tiziana.htm) , [May 6, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025039892/ea0241041-6k_tiziana.htm) , [May 9, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025041210/ea0241524-6k_tiziana.htm) , [May 12, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025041712/ea0241707-6k_tiziana.htm) , [May 15, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025043694/ea0242344-6k_tiziana.htm) , [May 23, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025047048/ea0243347-6k_tiziana.htm) , [June 13, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025054040/ea0245668-6k_tiziana.htm) , [June 13, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025054082/ea0245669-6k_tiziana.htm) , [July 21, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025065862/ea0249668-6k_tiziana.htm) , [August 11, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025073993/ea0252614-6k_tiziana.htm) , [August 14, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025076077/ea0253255-6k_tiziana.htm) , [September 5, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025084732/ea0256183-6k_tiziana.htm) , [September 9, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025085865/ea0256587-6k_tiziana.htm) , [September 9, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025085909/ea0256606-6k_tiziana.htm) , [September 15, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025087418/ea0257353-6k_tiziana.htm) , [September 24, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025090882/ea0258589-6k_tiziana.htm) , [September 25, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025091383/ea0258741-6k_tiziana.htm) , [September 30, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025093428/ea0259453-6k_tiziana.htm) , [October 3, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025096118/ea0260194-6k_tiziana.htm) , [October 29, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025103246/ea0262929-6k_tiziana.htm) , [November 13, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025109607/ea0265493-6k_tiziana.htm) , [November 25, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025114407/ea0267112-6k_tiziana.htm) , [December 2, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025116941/ea0268081-6k_tiziana.htm) , [December 12, 2025](https://www.sec.gov/Archives/edgar/data/1723069/000121390025121102/ea0269497-6k_tiziana.htm) and [January 9, 2026](https://www.sec.gov/Archives/edgar/data/1723069/000121390026002686/ea0272275-6k_tiziana.htm) ; and

● the description of our common shares contained in our Registration Statement on [Form 8-A](http://www.sec.gov/Archives/edgar/data/1723069/000121390018014650/f8a12b103018_tizianalife.htm) filed with the SEC on October 30, 2018, including any amendments or reports filed for the purpose of updating such description.

We are also incorporating by reference all subsequent Annual Reports on Form 20-F that we file with the SEC and certain reports on Form 6-K that we furnish to the SEC after the date of this prospectus (if they state that they are incorporated by reference into this prospectus) prior to the termination of this offering. In all cases, you should rely on the later information over different information included in this prospectus or any accompanying prospectus supplement.

Unless expressly incorporated by reference, nothing in this prospectus shall be deemed to incorporate by reference information furnished to, but not filed with, the SEC. Copies of all documents incorporated by reference in this prospectus, other than exhibits to those documents unless such exhibits are specifically incorporated by reference in this prospectus, will be provided at no cost to each person, including any beneficial owner, who receives a copy of this prospectus on the written or oral request of that person made to:

Tiziana Life Sciences Ltd.

Clarendon House,

2 Church Street,

Hamilton HM 11,

Bermuda

+44 (0) 20 7495 2379

You may also access these documents on our website, *www.tizianalifesciences.com*. The information contained on, or that can be accessed through, our website is not a part of this prospectus. We have included our website address in this prospectus solely as an inactive textual reference.

You should rely only on information contained in, or incorporated by reference into, this prospectus. We have not authorized anyone to provide you with information different from that contained in this prospectus or incorporated by reference in this prospectus. We are not making offers to sell the securities in any jurisdiction in which such an offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.

**PROSPECTUS**

**8,800,000 Common Shares**

![](image_002.jpg)

We may offer, issue and sell from time to time up to $250,000,000, or its equivalent in any other currency, currency units, or composite currency or currencies, of our common shares, in one or more offerings. This prospectus provides a general description of offerings of these securities that we may undertake.

Each time we sell our securities pursuant to this prospectus, we will provide the specific terms of such offering in a supplement to this prospectus. The prospectus supplement may also add, update, or change information contained in this prospectus. You should read this prospectus, the accompanying prospectus supplement, together with the additional information described under the heading "Where You Can Find More Information," before you make your investment decision.

We may, from time to time, offer to sell the securities, through public or private transactions, directly or through underwriters, agents or dealers, on or off The Nasdaq Capital Market, at prevailing market prices or at privately negotiated prices. If any underwriters, agents or dealers are involved in the sale of any of these securities, the applicable prospectus supplement will set forth the names of the underwriter, agent or dealer and any applicable fees, commissions or discounts.

Our common shares are listed on The Nasdaq Capital Market under the symbol "TLSA". On January 15, 2026, the last reported price of our common shares on The Nasdaq Capital Market was $1.45 per share.

**Investing in our securities involves a high degree of risk. Please carefully consider the risks discussed in this prospectus under "Risk Factors" in this prospectus, in any accompanying prospectus supplement and in the documents incorporated by reference in this prospectus for a discussion of the factors you should carefully consider before deciding to purchase our securities.**

**Neither the U.S. Securities and Exchange Commission, any U.S. state securities commission, nor any other foreign securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

The date of this prospectus is January 16, 2026.

**Table of Contents**

---

| | |
|:---|:---|
| [ABOUT THIS PROSPECTUS](#a_001) | ii |
| [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#a_002) | iii |
| [PROSPECTUS SUMMARY](#a_003) | 1 |
| [RISK FACTORS](#a_004) | 6 |
| [CAPITALIZATION](#a_005) | 6 |
| [USE OF PROCEEDS](#a_006) | 6 |
| [DESCRIPTION OF SHARE CAPITAL AND MEMORANDUM OF ASSOCIATION](#a_007) | 7 |
| [DESCRIPTION OF WARRANTS](#a_008) | 13 |
| [DESCRIPTION OF UNITS](#a_009) | 14 |
| [PLAN OF DISTRIBUTION](#a_010) | 15 |
| [TAXATION](#a_011) | 18 |
| [EXPENSES](#a_012) | 18 |
| [LEGAL MATTERS](#a_013) | 18 |
| [EXPERTS](#a_014) | 18 |
| [ENFORCEMENT OF CIVIL LIABILITIES](#a_015) | 19 |
| [INCORPORATION OF CERTAIN INFORMATION BY REFERENCE](#a_016) | 20 |
| [WHERE YOU CAN FIND MORE INFORMATION](#a_017) | 21 |

---

-i-

**ABOUT THIS PROSPECTUS**

This prospectus is part of a registration statement that we filed with the U.S. Securities and Exchange Commission, or SEC, using a "shelf" registration process. Under this shelf registration process, we may sell our securities described in this prospectus in one or more offerings up to a total dollar amount of $250,000,000. Each time we offer our securities, we will provide you with a supplement to this prospectus that will describe the specific amounts, prices and terms of the securities we offer. The prospectus supplement may also add, update or change information contained in this prospectus. This prospectus, together with applicable prospectus supplements and the documents incorporated by reference in this prospectus and any prospectus supplements, includes all material information relating to an offering of our securities. Please read carefully both this prospectus and any prospectus supplement together with additional information described below under "Where You Can Find More Information" and "Incorporation of Certain Information by Reference."

You should rely only on the information contained in or incorporated by reference in this prospectus and any applicable prospectus supplement. We have not authorized anyone to provide you with different or additional information. If anyone provides you with different or inconsistent information, you should not rely on it. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of securities described in this prospectus. This prospectus is not an offer to sell our securities and it is not soliciting an offer to buy our securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus or any prospectus supplement, as well as information we have previously filed with the SEC and incorporated by reference, is accurate as of the date on the front of those documents only. Our business, financial condition, results of operations and prospects may have changed since those dates. This prospectus may not be used to consummate a sale of our securities unless it is accompanied by a prospectus supplement.

Throughout this prospectus, unless otherwise designated, the terms "Tiziana," "Tiziana Life Sciences Ltd.," "the company," "we," "us" and "our" refer to Tiziana Life Sciences Ltd. and its wholly-owned subsidiaries, Tiziana Therapeutics, Inc., Tiziana Pharma Limited and Longevia Genomics S.r.l. References to "common shares", "warrants" and "share capital" refer to the common shares, warrants and share capital, respectively, of Tiziana Life Sciences Ltd.

Certain figures included in this prospectus have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them.

We have not authorized anyone to provide you with information that is different from that contained in this prospectus, any amendment or supplement to this prospectus, or in any free writing prospectus we may authorize to be delivered or made available to you. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is not an offer to sell securities, and it is not soliciting an offer to buy 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 front of this prospectus, regardless of the time of delivery of this prospectus or any sale of the securities. For investors outside of the United States: We have not taken any action to permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. You are required to inform yourselves about and to observe any restrictions relating to this offering and the distribution of this prospectus.

The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of 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.

We qualify as an "emerging growth company," as defined in the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and regulatory requirements in contrast to those otherwise applicable generally to public companies. These provisions include, but are not limited to, an exemption from the auditor attestation requirement in the assessment of our internal control over financial reporting pursuant to Section 404 the Sarbanes-Oxley Act of 2002, as amended.

We may take advantage of these reduced reporting and other regulatory requirements until such time that we are no longer an emerging growth company. We will remain an "emerging growth company" until the earliest of (i) the last day of the fiscal year in which we have total annual gross revenues of $1.07 billion or more; (ii) the last day of our fiscal year following the fifth anniversary of the date of our initial public offering; (iii) the date on which we have issued more than $1 billion in non-convertible debt during the previous three years; or (iv) the date on which we are deemed to be a "large accelerated filer" as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended, or the Exchange Act. In addition, the JOBS Act provides that an emerging growth company may delay adopting new or revised accounting standards until those standards apply to private companies.

We are a "foreign private issuer" as defined in Rule 3b-4 under the Exchange Act. As a result, our proxy solicitations are not subject to the disclosure and procedural requirements of Regulation 14A under the Exchange Act and transactions in our equity securities by our officers and directors are exempt from Section 16 of the Exchange Act. In addition, we are not required under the Exchange Act to file periodic reports and financial statements as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

-ii-

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS** 

This prospectus contains forward-looking statements that involve substantial risks and uncertainties. The forward-looking statements are contained principally in the sections of this prospectus titled "About this Prospectus," "Risk Factors," and "Prospectus Summary." All statements, other than statements of historical facts, contained in this prospectus, including statements regarding our future results of operations and financial position, business strategy, prospective products, product approvals, research and development costs, timing and likelihood of success, plans and objectives of management for future operations, and future results of current and anticipated products, are forward-looking statements. These statements relate to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The words "anticipate," "assume," "believe," "contemplate," "continue," "could," "estimate," "expect," "goal," "intend," "may," "might," "objective," "plan," "potential," "predict," "project," "positioned," "seek," "should," "target," "will," "would," or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and management's beliefs and assumptions, are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other factors.

Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. As a result, any or all of our forward-looking statements in this prospectus may turn out to be inaccurate. We have included important factors in the cautionary statements included in this prospectus, particularly in the section of this prospectus titled "Risk Factors," that we believe could cause actual results or events to differ materially from the forward-looking statements that we make. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Moreover, we operate in a highly competitive and rapidly changing environment in which new risks often emerge. It is not possible for our management to predict all risks, 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 may make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.

You should read this prospectus and the documents that we reference 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. The forward-looking statements contained in this prospectus are made as of the date of this prospectus, and we do not assume any obligation to update any forward-looking statements except as required by applicable law and regulation.

-iii-

**PROSPECTUS SUMMARY**

*You should read the following summary together with the more detailed information about us, the securities that may be sold from time to time, and our financial statements and the notes thereto, all of which appear elsewhere in this prospectus or in the documents incorporated by reference in this prospectus.*

We are a biotechnology company that specializes in developing transformative therapies for neurodegenerative and lung diseases. Our clinical pipeline includes drug assets for Secondary Progressive Multiple Sclerosis (SPMS), amyotrophic lateral sclerosis (ALS), Alzheimer's disease, and KRAS+ NSCLC. Tiziana is led by a team of highly qualified executives with extensive drug development and commercialization experience. Our mission is to bring breakthrough therapies to patients with the aim of treating SPMS, ALS, Alzheimer's disease, and other CNS indications. Crohn's Disease, lung diseases and optimizing health outcomes. We are developing transformational formulation technologies, enabling to switch from traditional routes to alternative routes of immunotherapy to facilitate local site of action. For example, nasal, oral and inhalation administrations to target neurodegenerative and lung diseases. We believe, if we succeed in these alternative routes of immunotherapies that has the potential to change the way immunotherapies are currently utilized.

We employ a lean and virtual research and development, or R&D, model using highly experienced teams of experts for each business function to maximize value accretion by focusing resources on the drug discovery and development processes.

We are developing foralumab, for which we in-licensed the intellectual property from Novimmune SA, or Novimmune, in December 2014, as a potential treatment for neurodegenerative diseases such as SPMS, Crohn's disease and delayed onset of Type I Diabetes (T1D). On November 10, 2022, we announced a short-term focus on administration of intranasal foralumab for treatment of neurodegenerative diseases, especially SPMS, based on positive clinical findings of Expanded Access (EA) SPMS patients at Brigham and Women's Hospital treated with intranasal foralumab for up to 1 year. As the only fully human engineered human anti-CD3 mAb in clinical development, foralumab has significant potential advantages such as a shorter treatment duration and reduced immunogenicity. We believe that oral or intranasal administration of foralumab has the potential to reduce inflammation while minimizing the toxicity and related side effects. To date, foralumab has been studied in one Phase 1 and two Phase 2a clinical trials conducted by Novimmune in 68 patients dosed by the intravenous route of administration. In these trials, foralumab was observed to be safe and well-tolerated and produced immunologic effects consistent with potential clinical benefit while demonstrating mild to moderate infusion related reactions, or IRRs. With completion of the intravenous dosing for Phase 2a trial in Crohn's Disease, foralumab's ability to modulate T-cell response enables potential extension into a wide range of other autoimmune and inflammatory diseases, such as Graft versus Host Disease (GvHD), ulcerative colitis (UC), multiple sclerosis (MS), T1D, inflammatory bowel disease (IBD), psoriasis (PSA) and rheumatoid arthritis (RA).

On August 15, 2023, we announced that the FDA cleared the IND application for intranasal foralumab to be studied in Alzheimer's disease. The clinical trial will be overseen by Brigham and Women's Hospital.

On September 26, 2023, we announced initiation of the Phase 2a multicenter clinical trial for treatment of non-active SPMS patients with intranasal foralumab. We announced that we held an Investigator's Meeting with principal investigators at Brigham and Women's Hospital to begin site initiation for the clinical trial. In total, six to ten new clinical trial sites will be recruited.

On December 19, 2023, we announced "first patient dosed" in our Phase 2a study comparing two doses of intranasal foralumab and placebo in patients with non-active SPMS. Six investigational centers have been recruited for this double-blind, placebo-controlled trial, with up to 18 patients per treatment arm. The primary endpoint of the trial will be the change in microglial activation based on PET scans. Clinical evaluations include the Expanded Disability Status Scale (EDSS), QoL assessments, and the Modified Fatigue Impact Scale (MFIS), which assess parameters that are essential to a patient's everyday life. Novel immuno-biomarkers will be measured also and assessed for predictive relevance. Central review of PET scans and images is an integral component of this study.

On April 23, 2024, we announced that the FDA had allowed its intranasal foralumab non-active SPMS EA Program to expand from 10 patients to a total of 30 patients. Up until April 2024, of the 10 participating patients, two patients had been dosed for more than one year and eight additional patients had been dosed for six months, all without serious side effects. All patients had either stabilized or improved on treatment with foralumab, and no patients have declined in key clinical measures. Additionally, 70% of these patients had seen a measurable improvement in fatigue. These data were the first to combine PET imaging with a novel ligand, immune-biomarkers, clinical measures and comprehensive safety data endpoints in patients receiving long-term intranasal foralumab. Patients not eligible for the Phase 2a trial may now be considered for this expanded EA Program.

On May 13, 2024, we announced we had submitted an FDA request to obtain Orphan Drug Designation for intranasal foralumab for the treatment of non-active SPMS. This request would make foralumab the first therapy for na-SPMS to receive Orphan Drug Designation. Our request is supported by clinical and non-clinical evidence of foralumab's effectiveness in na-SPMS. The prevalence estimates, in part, are supported from the Brigham & Women's Hospital, Boston, Massachusetts, longitudinal study, the CLIMB data of which allowed the estimate of na-SPMS in the population. The FDA have requested further information from us with regards to this request.

On June 26, 2024, we announced that the FDA had allowed intranasal foralumab to be used under an EA IND in its first patient with moderate Alzheimer's disease. Expanded access IND's provide a pathway for patients to gain access to investigational drugs, biologics, and medical devices used to diagnose, monitor, or treat patients with serious diseases or conditions for which there are no comparable or satisfactory therapy options available outside of clinical trial.

On July 24, 2024, we announced that the FDA has granted Fast Track designation for our intranasal formulation of foralumab for the treatment of non-active SPMS.

On August 19, 2024, we announced that Ivor Elrifi has been appointed as our new Chief Executive Officer. Dr. Elrifi was formerly the global head of the Patent Group at Cooley since 2014 and before that the global head of Patents at Mintz Levin from 1999 – 2014. He has counseled companies in various key industries, including pharmaceutical, biotechnology, life sciences and medical device companies, research institutions, universities, hospitals and governments throughout the world, particularly in the US and Europe. Ivor has guided clients in developing and implementing intellectual property strategies and in the prosecution, licensing and enforcement of patents. He has extensive experience in advising clients on strategic transactional work and regularly counsels' clients with respect to investments, business development and mergers and acquisitions, including acquisition transactions involving Novartis, Eli Lilly, Biogen and Astellas.

On September 19, 2024, we announced that the National Institutes of Health, National Institute on Aging has awarded a $4 million grant to Dr. Howard Wiener as principal investigator at Brigham and Women's Hospital to be the key research site, to study nasal anti-CD3 for the treatment of Alzheimer's disease.

On October 30, 2024, we announced positive results demonstrating the anti-inflammatory potential of our anti-CD3 antibody (foralumab) in combination with semaglutide, a GLP-1 agonist marketed by Novo Nordisk (NYSE: NVO) under the brand names Ozempic and Wegovy. The data show that the combination of nasal anti-CD3 plus semaglutide improves liver homeostasis and reduces inflammation in models of diet-induced obesity (DIO), providing a potential novel approach to combat obesity-related inflammation, and liver inflammation and dysfunction.

On October 31, 2025, we announced that we had entered into a securities purchase agreement for the purchase and sale of 5,263,158 common shares at a purchase price of $0.95 per share pursuant to a registered direct offering, resulting in gross proceeds of approximately $5 million, before deducting placement agent commissions and other offering expenses. On November 19, 2024, we announced that our grant application to the ALS Association has been approved for funding. The grant is awarded as part of the Hoffman ALS Clinical Trial Awards Program and is titled "Modulation of ALS neuroinflammation by nasal anti-CD3 monoclonal Antibody". The Association's grant will fund a 20-patient clinical trial of two doses of our novel and patented therapeutic candidate, intranasal foralumab, aimed at evaluating the safety and early-stage parameters of disease improvement in Amyotrophic Lateral Sclerosis (ALS), also known as Lou Gehrig's disease.

On December 4, 2024, we announced the expansion of our Phase 2 clinical trial evaluating intranasal foralumab for non-active secondary progressive multiple sclerosis (SPMS). The trial sites include esteemed institutions across the Northeast of the United States. The additional trial sites include: Yale University, Johns Hopkins University, Cornell University, University at Buffalo (SUNY), University of Massachusetts (UMass), and Thomas Jefferson University.On December 17, 2024, we announced a significant milestone in our clinical development program for Alzheimer's disease. We successfully dosed the first patient with moderate Alzheimer's disease using intranasal foralumab at Brigham and Women's Hospital in Boston, Massachusetts following on from their baseline PET scan.

**Recent Developments**

On January 8, 2025, we announced that a review article titled "Immune mechanisms and shared immune targets in neurodegenerative diseases" was published in Nature Reviews Neurology, highlighting the therapeutic potential of intranasal foralumab in various neurodegenerative diseases including Multiple Sclerosis (MS), Alzheimer's disease, ALS, and Parkinsons disease.

On January 10, 2025, we announced findings on the prolonged benefits of our nasal anti-CD3 monoclonal antibody in sustaining tissue homeostasis and mitigating the side effects associated with GLP-1 agonists discontinuation. This advancement offers a promising approach to overcoming the tolerability challenges and adverse effects commonly linked to prolonged GLP-1 drug use.

On January 22, 2025, we announced the discovery of new immune biomarkers in patients with non-active secondary progressive multiple sclerosis (na-SPMS) treated with nasal foralumab. We believe these findings contribute substantially to our understanding of the immune mechanisms underlying the effects of nasal foralumab.

On January 23, 2025, we announced positive results from studies using a nasal anti-CD3 monoclonal antibody in traumatic spinal cord injury (SCI

On February 18, 2025, we announced the dosing of an additional four patients in its Intermediate Size Patient Population Expanded Access (ISPPEA) for patients with non-active secondary progressive multiple sclerosis (na-SPMS) who do not qualify for the ongoing Phase 2a study (NCT06292923). To date, 14 patients have now been enrolled in the expanded access program. The first 10 patients have all shown either an improvement or stability of disease within 6 months of starting treatment.

On February 21, 2025, we announced a product development services agreement with Renaissance Lakewood LLC ("Renaissance"), a leading Contract Development and Manufacturing Organization (CDMO) focused on nasal drug delivery. This collaboration aims to optimize the current formulation and develop a comprehensive plan for the scale-up of foralumab in a nasal device. Intranasal foralumab is currently under development for treating neurodegenerative and inflammatory diseases or conditions.

On February 25, 2025, we announced that a nasal anti-CD3 (foralumab) preclinical study is nearing completion, and that foralumab could offer a novel and effective treatment for long COVID. This innovative approach works by reducing microglial activation, a key factor in the persistent brain inflammation associated with long COVID, thereby addressing the debilitating neurological and psychiatric symptoms many patients face.

On February 27, 2025, we announced the publication of a landmark study in Nature Neuroscience demonstrating that nasal administration of our anti-CD3 monoclonal antibody significantly reduced neuroinflammation and improved recovery. Modulating the neuroinflammatory response correlated with improved neurological outcomes. These included, less anxiety, less cognitive decline, and improved motor skills, in a preclinical model of traumatic brain injury (TBI).

On March 4, 2025, we announced the submission of our Investigational New Drug (IND) application to the U.S. Food and Drug Administration (FDA) for a phase 2 clinical trial in ALS. This pivotal step marks a significant advancement in our commitment to advance a new treatment approach for Amyotrophic Lateral Sclerosis (ALS) which is supported by the ALS Association.

**Risks Associated with Our Business**

Our business is subject to numerous risks. You should read these risks before you invest in our securities. In particular, our risks include, but are not limited to, the following:

● We may fail to demonstrate the safety and therapeutic utility of our product candidates to the satisfaction of applicable regulatory authorities, which would prevent or delay regulatory approval and commercialization.

● We depend on enrollment of patients in our clinical trials for our product candidates and may find it difficult to enroll patients in our clinical trials, which could delay or prevent us from proceeding with clinical trials of our product candidates and could materially adversely affect our research and development efforts and business, financial condition and results of operations.

● We have incurred net losses in every year since our inception. We anticipate that we will continue to incur losses for the foreseeable future and may never achieve or maintain profitability.

● We need substantial additional funding to complete the development of our product candidates, which may not be available on acceptable terms, if at all. Failure to obtain this necessary capital when needed may force us to delay, limit or terminate certain of our product development, research operations or future commercialization efforts, if any.

● We rely, and expect to continue to rely, on third parties to conduct our preclinical studies and clinical trials and for product manufacturing. If these third parties do not successfully carry out their contractual duties or meet expected deadlines, we may not be able to obtain regulatory approval for or commercialize our product candidates.

● Our rights to develop and commercialize our product candidates are subject to the terms and conditions of licenses granted to us by others. If we fail to comply with our obligations under our existing and any future intellectual property licenses with third parties, we could lose license rights that are important to the business.

● If our competitors are able to obtain orphan drug exclusivity for products that constitute the same drug and treat the same indications as our product candidates, we may not be able to have competing products approved by applicable regulatory authorities for a significant period of time. In addition, even if we obtain orphan drug exclusivity for any of our products, such exclusivity may not protect us from competition.

● Healthcare legislative reform measures may have a negative impact on our business and results of operations.

● Our common shares may be delisted from The Nasdaq Capital Market if we fail to comply with continued listing standards.

● Because we are a foreign corporation, you may not have the same rights as a shareholder in a U.S. corporation.

● Claims of U.S. civil liabilities may not be enforceable against us.

● If we are a passive foreign investment company, there could be adverse U.S. federal income tax consequences to U.S. holders.

**Corporate Information**

We were originally incorporated under the laws of England and Wales on February 11, 1998 with the goal of leveraging the expertise of our management team as well as Dr. Napoleone Ferrara, Dr. Arun Sanyal, Dr. Howard Weiner and Dr. Kevan Herold, and to acquire and exploit certain intellectual property in biotechnology. We subsequently changed our name to Tiziana Life Sciences plc in April 2014 as a result of the acquisition of Tiziana Pharma Limited in April 2014. On August 20, 2021 we announced that we had formally commenced a strategic plan to change our corporate structure by establishing Tiziana Life Sciences Ltd, a Bermuda-incorporated company, to become the ultimate parent company of the Tiziana Group. The reorganization was performed under a scheme of arrangement under Part 26 of the Companies Act 2006 of England and Wales and became effective on October 20, 2021, at which point all shareholders became shareholders in the new Bermuda company.

Our registered office is located at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda and our telephone number is +44 (0) 20 7495 2379. Our website address is *www.tizianalifesciences.com*. The reference to our website is an inactive textual reference only and the information contained in, or that can be accessed through, our website is not a part of this registration statement. Our agent for service of process in the United States is Tiziana Therapeutics, Inc.

**RISK FACTORS**

Investing in our securities involves significant risk. The prospectus supplement applicable to each offering of our securities will contain a discussion of the risks applicable to an investment in our company. Prior to making a decision about investing in our securities, you should carefully consider the specific factors discussed under the heading "Risk Factors" in the applicable prospectus supplement, together with all of the other information contained or incorporated by reference in the prospectus supplement or appearing or incorporated by reference in this prospectus. You should also consider the risks, uncertainties and assumptions discussed under the heading "Risk Factors" included in our most recent Annual Report on Form 20-F and any subsequent Annual Reports on Form 20-F we file after the date of this prospectus, and all other information contained in or incorporated by reference into this prospectus or the registration statement of which this prospectus forms a part, as updated by our subsequent filings under the Exchange Act and the risk factors and other information contained in any applicable prospectus supplement before acquiring any of our securities. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also affect our operations. The occurrence of any of these risks might cause you to lose all or part of your investment in the offered securities.

**CAPITALIZATION**

A prospectus supplement or report on Form 6-K incorporated by reference into the registration statement of which this prospectus forms a part will include information on our consolidated capitalization.

**USE OF PROCEEDS**

Except as otherwise provided in the applicable prospectus supplement, we intend to use the net proceeds from the sale of the securities offered by this prospectus for general corporate purposes, which may include working capital, capital expenditures, research and development expenditures, regulatory affairs expenditures, clinical trial expenditures, acquisitions of new technologies and investments, and the repayment, refinancing, redemption or repurchase of indebtedness or capital stock.

The intended application of proceeds from the sale of any particular offering of securities using this prospectus will be described in the accompanying prospectus supplement relating to such offering. The precise amount and timing of the application of these proceeds will depend on our funding requirements and the availability and costs of other funds.

**DESCRIPTION OF SHARE CAPITAL AND MEMORANDUM OF ASSOCIATION**

**Introduction**

Set forth below is a summary of certain information concerning our share capital as well as a description of certain provisions of our memorandum of association, or Memorandum, and relevant provisions of the Bermuda Companies Act 1981 (Companies Act). The summary below contains only material information concerning our share capital and corporate status and does not purport to be complete and is qualified in its entirety by reference to our memorandum of association and applicable Bermuda law.

We were originally incorporated under the laws of England and Wales on February 11, 1998 under the name of Bigboom plc, with the goal of leveraging the expertise of our management team as well as Dr. Napoleone Ferrara, Dr. Arun Sanyal, Dr. Howard Weiner and Dr. Kevan Herold, and to acquire and exploit certain intellectual property in biotechnology. We subsequently changed our name to Tiziana Life Sciences plc in April 2014 as a result of the acquisition of Tiziana Pharma Limited in April 2014. On October 19, 2021, pursuant to a UK scheme of arrangement, a Bermuda-incorporated company that is tax resident in England acquired the business of Tiziana Life Sciences plc, in succession to us, and the holders of ordinary shares of Tiziana Life Sciences plc received new common shares of the Bermuda company in exchange for their ordinary shares of Tiziana Life Sciences plc. Our new name, operating as a Bermuda company. is Tiziana Life Sciences Ltd.

Our registered office is located at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda and our telephone number is +44 (0) 20 7495 2379. Our website address is *www.tizianalifesciences.com*. The reference to our website is an inactive textual reference only and the information contained in, or that can be accessed through, our website is not a part of this registration statement.

***General***

Our share capital comprises common shares of par value $0.0005 each and preference shares of par value $0.001 each. Subject to a resolution of shareholders to the contrary and any special rights previously conferred on the holders of any existing shares or class of shares, the Board is authorized to issue any unissued shares on such terms and conditions as it may determine.

**Common Shares**

Holders of common shares have no pre-emptive, redemption, conversion or sinking fund rights. Holders of common shares are entitled to one vote per share on all matters submitted to a vote of holders of common shares. Unless a different majority is required by law or by our bye-laws, resolutions to be approved by holders of common shares require approval by a simple majority of votes cast at a meeting at which a quorum is present.

In the event of our liquidation, dissolution or winding up, the holders of common shares are entitled to share equally and ratably in our assets, if any, remaining after the payment of all of our debts and liabilities, subject to any liquidation preference on any issued and outstanding preference shares.

**Preference Shares**

Pursuant to Bermuda law and our bye-laws, our board of directors may, by resolution, establish one or more series of preference shares having such number of shares, designations, dividend rates, relative voting rights, conversion or exchange rights, redemption rights, liquidation rights and other relative participation, optional or other special rights, qualifications, limitations or restrictions as may be fixed by the board of directors without any further shareholder approval. Such rights, preferences, powers and limitations, as may be established, could have the effect of discouraging an attempt to obtain control of our company.

**Dividend Rights**

Under Bermuda law, a company may not declare or pay dividends if there are reasonable grounds for believing that (1) the company is, or would after the payment be, unable to pay its liabilities as they become due; or (2) that the realizable value of its assets would thereby be less than its liabilities. Under our bye-laws, each common share is entitled to dividends if, as and when dividends are declared by our board of directors, subject to any preferred dividend right of the holders of any preference shares. We do not anticipate paying cash dividends in the foreseeable future.

**Variation of Rights**

If at any time we have more than one class of shares, the rights attaching to any class, unless otherwise provided for by the terms of issue of the relevant class, may be varied either: (1) with the consent in writing of the holders of 75% of the issued shares of that class; or (2) with the sanction of a resolution passed by a majority of the votes cast at a general meeting of the relevant class of shareholders at which a quorum consisting of at least two persons holding or representing one-third of the issued shares of the relevant class is present. Our bye-laws specify that the creation or issue of shares ranking equally with existing shares will not, unless expressly provided by the terms of issue of existing shares, vary the rights attached to existing shares. In addition, the creation or issue of preference shares ranking prior to common shares will not be deemed to vary the rights attached to common shares or, subject to the terms of any other class or series of preference shares, to vary the rights attached to any other class or series of preference shares.

**Transfer of Shares**

Our board of directors may, in its absolute discretion and without assigning any reason, refuse to register the transfer of a share on the basis that it is not fully paid. Our board of directors may also refuse to recognize an instrument of transfer of a share unless it is accompanied by the relevant share certificate and such other evidence of the transferor's right to make the transfer as our board of directors shall reasonably require or unless all applicable consents, authorizations and permissions of any governmental agency or body in Bermuda have been obtained. Subject to these restrictions, a holder of common shares may transfer the title to all or any of his common shares by completing a form of transfer in the form set out in our bye-laws (or as near thereto as circumstances admit) or in such other common form as our board of directors may accept. The instrument of transfer must be signed by the transferor and transferee, although in the case of a fully paid share our board of directors may accept the instrument signed only by the transferor. Shares that are listed or admitted to trading on an 'appointed stock exchange' (as defined pursuant to the Companies Act, which includes Nasdaq) may be transferred in accordance with the rules and regulations of the exchange, without the requirement of using a form of transfer in the form set out in the bye-laws.

**Meetings of Shareholders**

Under Bermuda law, a company is required to convene at least one general meeting of shareholders each calendar year, which we refer to as the annual general meeting. However, the shareholders may by resolution waive this requirement, either for a specific year or period of time, or indefinitely. When the requirement has been so waived, any shareholder may, on notice to the company, terminate the waiver, in which case an annual general meeting must be called. We have chosen not to waive the convening of an annual general meeting.

Bermuda law provides that a special general meeting of shareholders may be called by the board of directors of a company and must be called upon the request of shareholders holding not less than 10% of the paid-up capital of the company carrying the right to vote at general meetings. Bermuda law also requires that shareholders be given at least five days' advance notice of a general meeting, but the accidental omission to give notice to any person does not invalidate the proceedings at a meeting. Our bye-laws provide that our board of directors may convene an annual general meeting and the chairman or a majority of our directors then in office may convene a special general meeting. Under our bye-laws, at least 21 days' notice of an annual general meeting or 5 days' notice of a special general meeting must be given to each shareholder entitled to vote at such meeting. This notice requirement is subject to the ability to hold such meetings on shorter notice if such notice is agreed: (1) in the case of an annual general meeting by all of the shareholders entitled to attend and vote at such meeting; or (2) in the case of a special general meeting by a majority in number of the shareholders entitled to attend and vote at the meeting holding not less than 95% in nominal value of the shares entitled to vote at such meeting. Subject to the rules of Nasdaq, the quorum required for a general meeting of shareholders is two or more persons present in person at the start of the meeting and representing in person or by proxy in excess of 33 1/3% of total voting rights of all issued and outstanding shares.

**Access to Books and Records and Dissemination of Information**

Members of the general public have a right to inspect the public documents of a company available at the office of the Registrar of Companies in Bermuda. These documents include a company's memorandum of association, including its objects and powers, and certain alterations to the memorandum of association. The shareholders have the additional right to inspect the bye-laws of the company, minutes of general meetings and the company's audited financial statements, which must be presented in the annual general meeting. The register of members of a company is also open to inspection by shareholders and by members of the general public without charge. The register of members is required to be open for inspection for not less than two hours in any business day (subject to the ability of a company to close the register of members for not more than thirty days in a year). A company is required to maintain its share register in Bermuda but may, subject to the provisions of the Companies Act establish a branch register outside of Bermuda. A company is required to keep at its registered office a register of directors and officers that is open for inspection for not less than two hours in any business day by members of the public without charge. Bermuda law does not, however, provide a general right for shareholders to inspect or obtain copies of any other corporate records.

**Election and Removal of Directors**

Our bye-laws provide that our board of directors shall consist of such number of directors as the board of directors may determine. Our board of directors consists of fiour directors. Our board of directors is divided into three classes that are, as nearly as possible, of equal size. Each class of directors is elected for a three-year term of office, but the terms will be staggered so that the term of only one class of directors expires at each annual general meeting. The initial terms of the Class I, Class II and Class III directors will expire in 2022, 2023 and 2024, respectively. At each succeeding annual general meeting, successors to the class of directors whose term expires at the annual general meeting will be elected for a three-year term.

A shareholder holding any percentage of the common shares in issue may propose for election as a director someone who is not an existing director or is not proposed by our board of directors. Where a director is to be elected at an annual general meeting, notice of any such proposal for election must be given not less than 90 days nor more than 120 days before the anniversary of the last annual general meeting prior to the giving of the notice or, in the event the annual general meeting is called for a date that is not less than 30 days before or after such anniversary the notice must be given not later than ten days following the earlier of the date on which notice of the annual general meeting was posted to shareholders or the date on which public disclosure of the date of the annual general meeting was made. Where a director is to be elected at a special general meeting, that notice must be given not later than seven days following the earlier of the date on which notice of the special general meeting was posted to shareholders or the date on which public disclosure of the date of the special general meeting was made.

A director may be removed, only with cause, by the shareholders, provided notice of the shareholders meeting convened to remove the director is given to the director. The notice must contain a statement of the intention to remove the director and a summary of the facts justifying the removal and must be served on the director not less than 14 days before the meeting. The director is entitled to attend the meeting and be heard on the motion for his removal.

**Proceedings of Board of Directors**

Our bye-laws provide that our business is to be managed and conducted by our board of directors. Bermuda law permits individual and corporate directors and there is no requirement in our bye-laws or Bermuda law that directors hold any of our shares. There is also no requirement in our bye-laws or Bermuda law that our directors must retire at a certain age.

The compensation of our directors will be determined by the board of directors, and there is no requirement that a specified number or percentage of "independent" directors must approve any such determination. Our directors may also be paid all travel, hotel and other reasonable out-of-pocket expenses properly incurred by them in connection with our business or their duties as directors.

A director who discloses a direct or indirect interest in any contract or arrangement with us as required by Bermuda law may vote in respect of the contract or arrangement and be counted in quorum.

**Indemnification of Directors and Officers**

Section 98 of the Companies Act provides generally that a Bermuda company may indemnify its directors, officers and auditors against any liability which by virtue of any rule of law would otherwise be imposed on them in respect of any negligence, default, breach of duty or breach of trust, except in cases where such liability arises from fraud or dishonesty of which such director, officer or auditor may be guilty in relation to the company. Section 98 further provides that a Bermuda company may indemnify its directors, officers and auditors against any liability incurred by them in defending any proceedings, whether civil or criminal, in which judgment is awarded in their favor or in which they are acquitted or granted relief by the Supreme Court of Bermuda pursuant to Section 281 of the Companies Act.

Our bye-laws provide that we shall indemnify our officers and directors in respect of their actions and omissions, except in respect of their fraud or dishonesty, and that we shall advance funds to our officers and directors for expenses incurred in their defense upon receipt of an undertaking to repay the funds if any allegation of fraud or dishonesty is proved. Our bye-laws provide that the shareholders waive all claims or rights of action that they might have, individually or in right of the company, against any of the company's directors or officers for any act or failure to act in the performance of such director's or officer's duties, except in respect of any fraud or dishonesty of such director or officer. Section 98A of the Companies Act permits us to purchase and maintain insurance for the benefit of any officer or director in respect of any loss or liability attaching to him in respect of any negligence, default, breach of duty or breach of trust, whether or not we may otherwise indemnify such officer or director. We have purchased and maintain a directors' and officers' liability policy for such purpose.

**Amendment of Memorandum of Association and Bye-laws**

Bermuda law provides that the memorandum of association of a company may be amended by a resolution passed at a general meeting of shareholders. Our bye-laws provide that no bye-law shall be rescinded, altered or amended, and no new bye-law shall be made, unless it shall have been approved by a resolution of our board of directors and by a resolution of our shareholders. Bye-laws 37, 38, 39, 40, 42, 76 and 78.2 may not be rescinded, altered or amended and no new bye-law may be made which would have the effect of rescinding, altering or amending the provisions of such bye-laws, until the same has been approved by a resolution of the board including the affirmative vote of not less than 66 and 2/3% of the directors then in office and by a resolution of the shareholders including the affirmative vote of shares carrying not less than 66 and 2/3% of the total voting rights of all issued and outstanding shares.

Under Bermuda law, the holders of an aggregate of not less than 20% in par value of a company's issued share capital or any class thereof have the right to apply to the Supreme Court of Bermuda for an annulment of any amendment of the memorandum of association adopted by shareholders at any general meeting, other than an amendment that alters or reduces a company's share capital as provided in the Companies Act. Where such an application is made, the amendment becomes effective only to the extent that it is confirmed by the Supreme Court of Bermuda. An application for an annulment of an amendment of the memorandum of association must be made within 21 days after the date on which the resolution altering the company's memorandum of association is passed and may be made on behalf of persons entitled to make the application by one or more of their number as they may appoint in writing for the purpose. No application may be made by shareholders voting in favor of the amendment.

**Amalgamations and Mergers and Business Combinations**

The amalgamation or merger of a Bermuda company with another company or corporation (other than certain affiliated companies) requires the amalgamation or merger agreement to be approved by the company's board of directors and by its shareholders. Unless the company's bye-laws provide otherwise, the approval of 75% of the shareholders voting at such meeting is required to approve the amalgamation or merger agreement, and the quorum for such meeting must be two or more persons holding or representing more than one-third of the issued shares of the company. Our bye-laws provide that if the amalgamation or merger is a "business combination" (see below) the approval of 66 2/3 % of the total voting rights of all our issued and outstanding shares (other than any "interested shareholder") at a meeting of shareholders to approve the amalgamation or merger agreement shall be sufficient, and the quorum for such meeting shall be two or more persons present throughout the meeting and representing in person or by proxy in excess of 33 1/3% of the total voting rights of all our issued and outstanding shares. Similarly, if the amalgamation or merger is not a "business combination", but is not approved by the board, the approval of 66 2/3 % of the total voting rights of all our issued and outstanding shares (other than any "interested shareholder") at a meeting of shareholders to approve the amalgamation or merger agreement shall be sufficient, and the quorum for such meeting shall be two or more persons present throughout the meeting and representing in person or by proxy in excess of 33 1/3% of the total voting rights of all our issued and outstanding shares. If the amalgamation is not a "business combination" and is approved by the board the approval of a simple majority of votes cast at a meeting of shareholders shall be sufficient to approve the amalgamation or merger agreement, and the quorum for such meeting shall be two or more persons present throughout the meeting and representing in person or by proxy in excess of 33 1/3% of the total voting rights of all our issued and outstanding shares.

Under Bermuda law, in the event of an amalgamation or merger of a Bermuda company with another company or corporation, a shareholder of the Bermuda company who did not vote in favor of the amalgamation or merger and who is not satisfied that fair value has been offered for such shareholder's shares may, within one month of notice of the shareholders meeting, apply to the Supreme Court of Bermuda to appraise the fair value of those shares.

Although the Companies Act does not contain specific provisions regarding "business combinations" between companies organized under the laws of Bermuda and "interested shareholders," we have included these provisions in our bye-laws. Specifically, our bye-laws contain provisions which prohibit us from engaging in a business combination with an interested shareholder for a period of three years after the date of the transaction in which the person became an interested shareholder, unless, in addition to any other approval that may be required by applicable law:

● prior to the date of the transaction that resulted in the shareholder becoming an interested shareholder, our board of directors approved either the business combination or the transaction that resulted in the shareholder becoming an interested shareholder;

● upon consummation of the transaction that resulted in the shareholder becoming an interested shareholder, the interested shareholder owned at least 85% of our issued and voting shares outstanding at the time the transaction commenced; or

● after the date of the transaction that resulted in the shareholder becoming an interested shareholder, the business combination is approved by our board of directors and authorized at an annual or special meeting of shareholders by the affirmative vote of at least 662/3% of our issued and outstanding voting shares that are not owned by the interested shareholder.

For purposes of these provisions, a "business combination" includes recapitalizations, mergers, amalgamations, consolidations, exchanges, asset sales, leases, certain issues or transfers of shares or other securities and other transactions resulting in a financial benefit to the interested shareholder. An "interested shareholder" is any person or entity that beneficially owns 15% or more of our issued and outstanding voting shares and any person or entity affiliated with or controlling or controlled by that person or entity.

**Shareholder Suits**

Class actions and derivative actions are generally not available to shareholders under Bermuda law. The Bermuda courts, however, would ordinarily be expected to permit a shareholder to commence an action in the name of a company to remedy a wrong to the company where the act complained of is alleged to be beyond the corporate power of the company or illegal, or would result in the violation of the company's memorandum of association or bye-laws. Furthermore, consideration would be given by a Bermuda court to acts that are alleged to constitute a fraud against the minority shareholders or, for instance, where an act requires the approval of a greater percentage of the company's shareholders than that which actually approved it. When the affairs of a company are being conducted in a manner that is oppressive or prejudicial to the interests of some part of the shareholders, one or more shareholders may apply to the Supreme Court of Bermuda, which may make such order as it sees fit, including an order regulating the conduct of the company's affairs in the future or ordering the purchase of the shares of any shareholders by other shareholders or by the company.

Our bye-laws contain a provision by virtue of which our shareholders waive any claim or right of action that they have, both individually and on our behalf, against any director or officer in relation to any action or failure to take action by such director or officer, except in respect of any fraud or dishonesty of such director or officer. We have been advised by the SEC that in the opinion of the SEC, the operation of this provision as a waiver of the right to sue for violations of federal securities laws would likely be unenforceable in U.S. courts.

**Capitalization of Profits and Reserves**

Pursuant to our bye-laws, our board of directors may (1) capitalize any part of the amount of our share premium or other reserve accounts or any amount credited to our profit and loss account or otherwise available for distribution by applying such sum in paying up unissued shares to be allotted as fully paid bonus shares pro rata (except in connection with the conversion of shares) to the shareholders; or (2) capitalize any sum standing to the credit of a reserve account or sums otherwise available for dividend or distribution by paying up in full, partly paid or nil paid shares of those shareholders who would have been entitled to such sums if they were distributed by way of dividend or distribution.

**Untraced Shareholders**

Our bye-laws provide that our board of directors may forfeit any dividend or other monies payable in respect of any shares that remain unclaimed for six years from the date when such monies became due for payment. In addition, we are entitled to cease sending dividend warrants and checks by post or otherwise to a shareholder if such instruments have been returned undelivered to, or left uncashed by, such shareholder on at least two consecutive occasions or, following one such occasion, reasonable enquires have failed to establish the shareholder's new address. This entitlement ceases if the shareholder claims a dividend or cashes a dividend check or a warrant.

**Certain Provisions of Bermuda Law**

We have been designated by the Bermuda Monetary Authority as a non-resident for Bermuda exchange control purposes. This designation allows us to engage in transactions in currencies other than the Bermudan dollar, and there are no restrictions on our ability to transfer funds (other than funds denominated in Bermudan dollars) in and out of Bermuda or to pay dividends to U.S. residents who are holders of our common shares.

The Bermuda Monetary Authority has given its consent for the issue and free transferability of all of the common shares that are the subject of this offering to and between residents and non-residents of Bermuda for exchange control purposes, provided our shares remain listed on an appointed stock exchange, which includes Nasdaq. Approvals or permissions given by the Bermuda Monetary Authority do not constitute a guarantee by the Bermuda Monetary Authority as to our performance or our creditworthiness. Accordingly, in giving such consent or permissions, neither the Bermuda Monetary Authority nor the Registrar of Companies in Bermuda shall be liable for the financial soundness, performance or default of our business or for the correctness of any opinions or statements expressed in this prospectus. Certain issues and transfers of common shares involving persons deemed resident in Bermuda for exchange control purposes require the specific consent of the Bermuda Monetary Authority. In accordance with Bermuda law, share certificates are only issued in the names of companies, partnerships or individuals. In the case of a shareholder acting in a special capacity (for example as a trustee), certificates may, at the request of the shareholder, record the capacity in which the shareholder is acting. Notwithstanding such recording of any special capacity, we are not bound to investigate or see to the execution of any such trust.

**Transfer Agent and Registrar**

A register of holders of the common shares will be maintained by Conyers Corporate Service (Bermuda) Limited in Bermuda, and a branch register will be maintained in the United States by Computershare, which will also serve as transfer agent. The transfer agent's address is 118 Fernwood Ave, Edison, NJ 08837.

**DESCRIPTION OF WARRANTS**

We may issue and offer warrants under the material terms and conditions described in this prospectus and any accompanying prospectus supplement. The accompanying prospectus supplement may add, update or change the terms and conditions of the warrants as described in this prospectus.

We may issue warrants to purchase our common shares. Warrants may be issued independently or together with any securities and may be attached to or separate from those securities. The warrants may be issued under warrant or subscription agreements to be entered into between us and a bank or trust company, as warrant agent, all of which will be described in the prospectus supplement relating to the warrants we are offering. The warrant agent will act solely as our agent in connection with the warrants and will not have any obligation or relationship of agency or trust for or with any holders or beneficial owners of warrants.

The particular terms of the warrants, the warrant or subscription agreements relating to the warrants and the warrant certificates representing the warrants will be described in the applicable prospectus supplement, including, as applicable:

● the title of such warrants;

● the aggregate number of such warrants;

● the price or prices at which such warrants will be issued and exercised;

● the currency or currencies in which the price of such warrants will be payable;

● the date on which the right to exercise such warrants shall commence and the date on which such right shall expire;

● if applicable, the minimum or maximum amount of such warrants which may be exercised at any one time;

● if applicable, the designation and terms of the securities with which such warrants are issued and the number of such warrants issued with each such security;

● if applicable, the date on and after which such warrants and the related securities will be separately transferable;

● if applicable, any provisions for cashless exercise of the warrants;

● if applicable, any exercise limitations with respect to the ownership limitations by the holder exercising the warrant;

● information with respect to book-entry procedures, if any;

● any material U.K. and United States federal income tax consequences;

● the anti-dilution provisions of the warrants, if any; and

● any other terms of such warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants.

Holders of warrants will not be entitled, solely by virtue of being holders, to vote, to consent, to receive dividends, to receive notice as shareholders with respect to any meeting of shareholders for the election of directors or any other matters, or to exercise any rights whatsoever as a holder of the equity securities purchasable upon exercise of the warrants.

The description in the applicable prospectus supplement of any warrants we offer will not necessarily be complete and will be qualified in its entirety by reference to the applicable warrant agreement and warrant certificate, which will be filed with the SEC if we offer warrants. For more information on how you can obtain copies of the applicable warrant agreement if we offer warrants, see "Where You Can Find More Information" and "Incorporation of Certain Information by Reference." We urge you to read any applicable prospectus supplement and the applicable warrant agreement and form of warrant certificate in their entirety.

**DESCRIPTION OF UNITS**

We may issue units comprised of one or more of the other securities described in this prospectus in any combination. Each unit will be issued so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder of each included security. The unit agreement under which a unit is issued may provide that the securities included in the unit may not be held or transferred separately, at any time or at any time before a specified date.

The applicable prospectus supplement will describe:

● the designation and terms of the units and of the securities comprising the units, including whether and under what circumstances those securities may be held or transferred separately;

● any unit agreement under which the units will be issued;

● any provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units; and

● whether the units will be issued in fully registered or global form.

The applicable prospectus supplement will describe the terms of any units. The preceding description and any description of units in the applicable prospectus supplement does not purport to be complete and is subject to and is qualified in its entirety by reference to the unit agreement and, if applicable, collateral arrangements and depositary arrangements relating to such units. For more information on how you can obtain copies of the applicable unit agreement if we offer units, see "Where You Can Find More Information" and "Incorporation of Certain Information by Reference." We urge you to read the applicable unit agreement and any applicable prospectus supplement in their entirety.

**PLAN OF DISTRIBUTION**

The securities being offered by this prospectus may be sold:

● through agents;

● to or through one or more underwriters on a firm commitment or agency basis;

● through put or call option transactions relating to the securities;

● to or through dealers, who may act as agents or principals, including a block trade (which may involve crosses) in which a broker or dealer so engaged will attempt to sell as agent but may position and resell a portion of the block as principal to facilitate the transaction;

● through privately negotiated transactions;

● purchases by a broker or dealer as principal and resale by such broker or dealer for its own account pursuant to this prospectus;

● directly to purchasers, including our affiliates, through a specific bidding or auction process, on a negotiated basis or otherwise;

● exchange distributions and/or secondary distributions;

● ordinary brokerage transactions and transactions in which the broker solicits purchasers;

● in "at-the-market" offerings, within the meaning of Rule 415(a)(4) of the Securities Act into an existing trading market, on an exchange or otherwise;

● transactions not involving market makers or established trading markets, including direct sales or privately negotiated transactions;

● transactions in options, swaps or other derivatives that may or may not be listed on an exchange;

● through any other method permitted pursuant to applicable law; or

● through a combination of any such methods of sale.

At any time a particular offer of the securities covered by this prospectus is made, a revised prospectus or prospectus supplement, if required, will be distributed which will set forth the aggregate amount of securities covered by this prospectus being offered and the terms of the offering, including the name or names of any underwriters, dealers, brokers or agents, any discounts, commissions, concessions and other items constituting compensation from us and any discounts, commissions or concessions allowed or re-allowed or paid to dealers. Such prospectus supplement, and, if necessary, a post-effective amendment to the registration statement of which this prospectus is a part, will be filed with the SEC to reflect the disclosure of additional information with respect to the distribution of the securities covered by this prospectus. In order to comply with the securities laws of certain states, if applicable, the securities sold under this prospectus may only be sold through registered or licensed broker-dealers. In addition, in some states the securities may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from registration or qualification requirements is available and is complied with.

The distribution of securities may be effected from time to time in one or more transactions, including block transactions and transactions on The Nasdaq Capital Market or any other organized market where the securities may be traded. The securities may be sold at a fixed price or prices, which may be changed, or at market prices prevailing at the time of sale, at prices relating to the prevailing market prices or at negotiated prices. The consideration may be cash or another form negotiated by the parties. Agents, underwriters or broker-dealers may be paid compensation for offering and selling the securities. That compensation may be in the form of discounts, concessions or commissions to be received from us or from the purchasers of the securities. Any dealers and agents participating in the distribution of the securities may be deemed to be underwriters, and compensation received by them on resale of the securities may be deemed to be underwriting discounts. If any such dealers or agents were deemed to be underwriters, they may be subject to statutory liabilities under the Securities Act.

Agents may from time to time solicit offers to purchase the securities. If required, we will name in the applicable prospectus supplement any agent involved in the offer or sale of the securities and set forth any compensation payable to the agent. Unless otherwise indicated in the prospectus supplement, any agent will be acting on a best efforts basis for the period of its appointment. Any agent selling the securities covered by this prospectus may be deemed to be an underwriter, as that term is defined in the Securities Act, of the securities.

To the extent that we make sales to or through one or more underwriters or agents in at-the-market offerings, we will do so pursuant to the terms of a distribution agreement between us and the underwriters or agents. If we engage in at-the-market sales pursuant to a distribution agreement, we will sell any of our listed securities to or through one or more underwriters or agents, which may act on an agency basis or on a principal basis. During the term of any such agreement, we may sell any of our listed securities on a daily basis in exchange transactions or otherwise as we agree with the underwriters or agents. The distribution agreement will provide that any of our listed securities which are sold will be sold at prices related to the then prevailing market prices for our listed securities. Therefore, exact figures regarding proceeds that will be raised or commissions to be paid cannot be determined at this time and will be described in a prospectus supplement. Pursuant to the terms of the distribution agreement, we also may agree to sell, and the relevant underwriters or agents may agree to solicit offers to purchase, blocks of our listed securities. The terms of each such distribution agreement will be set forth in more detail in a prospectus supplement to this prospectus.

If underwriters are used in a sale, securities will be acquired by the underwriters for their own account and may be resold from time to time in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined at the time of sale, or under delayed delivery contracts or other contractual commitments. Securities may be offered to the public either through underwriting syndicates represented by one or more managing underwriters or directly by one or more firms acting as underwriters. If an underwriter or underwriters are used in the sale of securities, an underwriting agreement will be executed with the underwriter or underwriters, as well as any other underwriter or underwriters, with respect to a particular underwritten offering of securities, and will set forth the terms of the transactions, including compensation of the underwriters and dealers and the public offering price, if applicable. The prospectus and prospectus supplement will be used by the underwriters to resell the securities.

If a dealer is used in the sale of the securities, we or an underwriter will sell the securities to the dealer, as principal. The dealer may then resell the securities to the public at varying prices to be determined by the dealer at the time of resale. To the extent required, we will set forth in the prospectus supplement the name of the dealer and the terms of the transactions.

We may directly solicit offers to purchase the securities and may make sales of securities directly to institutional investors or others. These persons may be deemed to be underwriters within the meaning of the Securities Act with respect to any resale of the securities. To the extent required, the prospectus supplement will describe the terms of any such sales, including the terms of any bidding or auction process, if used.

Agents, underwriters and dealers may be entitled under agreements which may be entered into with us to indemnification by us against specified liabilities, including liabilities incurred under the Securities Act, or to contribution by us to payments they may be required to make in respect of such liabilities. If required, the prospectus supplement will describe the terms and conditions of the indemnification or contribution. Some of the agents, underwriters or dealers, or their affiliates may be customers of, engage in transactions with or perform services for us or our subsidiaries.

Any person participating in the distribution of securities registered under the registration statement that includes this prospectus will be subject to applicable provisions of the Exchange Act and the applicable SEC rules and regulations, including, among others, Regulation M, which may limit the timing of purchases and sales of any of our securities by that person. Furthermore, Regulation M may restrict the ability of any person engaged in the distribution of our securities to engage in market-making activities with respect to our securities. These restrictions may affect the marketability of our securities and the ability of any person or entity to engage in market-making activities with respect to our securities.

Certain persons participating in an offering may engage in over-allotment, stabilizing transactions, short-covering transactions, penalty bids and other transactions that stabilize, maintain or otherwise affect the price of the offered securities. These activities may maintain the price of the offered securities at levels above those that might otherwise prevail in the open market, including by entering stabilizing bids, effecting syndicate covering transactions or imposing penalty bids, each of which is described below:

● a stabilizing bid means the placing of any bid, or the effecting of any purchase, for the purpose of pegging, fixing or maintaining the price of a security.

● a syndicate covering transaction means the placing of any bid on behalf of the underwriting syndicate or the effecting of any purchase to reduce a short position created in connection with the offering.

● a penalty bid means an arrangement that permits the managing underwriter to reclaim a selling concession from a syndicate member in connection with the offering when offered securities originally sold by the syndicate member are purchased in syndicate covering transactions.

These transactions may be effected on an exchange or automated quotation system, if the securities are listed on that exchange or admitted for trading on that automated quotation system, or in the over-the-counter market or otherwise.

If so indicated in the applicable prospectus supplement, we will authorize agents, underwriters or dealers to solicit offers from certain types of institutions to purchase offered securities from us at the public offering price set forth in such prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified date in the future. Such contracts will be subject only to those conditions set forth in the prospectus supplement and the prospectus supplement will set forth the commission payable for solicitation of such contracts.

In addition, the securities may be issued upon conversion of or in exchange for debt securities or other securities.

Any underwriters to whom offered securities are sold for public offering and sale may make a market in such offered securities, but such underwriters will not be obligated to do so and may discontinue any market making at any time without notice. The offered securities may or may not be listed on a national securities exchange. No assurance can be given that there will be a market for the offered securities.

Any securities that qualify for sale pursuant to Rule 144 or Regulation S under the Securities Act, may be sold under Rule 144 or Regulation S rather than pursuant to this prospectus.

In connection with offerings made through underwriters or agents, we may enter into agreements with such underwriters or agents pursuant to which we receive our outstanding securities in consideration for the securities being offered to the public for cash. In connection with these arrangements, the underwriters or agents may also sell securities covered by this prospectus to hedge their positions in these outstanding securities, including in short sale transactions. If so, the underwriters or agents may use the securities received from us under these arrangements to close out any related open borrowings of securities.

We may enter into derivative transactions with third parties or sell securities not covered by this prospectus to third parties in privately negotiated transactions. If the applicable prospectus supplement indicates, in connection with those derivatives, such third parties (or affiliates of such third parties) may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, such third parties (or affiliates of such third parties) may use securities pledged by us or borrowed from us or others to settle those sales or to close out any related open borrowings of shares, and may use securities received from us in settlement of those derivatives to close out any related open borrowings of shares. The third parties (or affiliates of such third parties) in such sale transactions will be underwriters and will be identified in the applicable prospectus supplement (or a post-effective amendment).

We may loan or pledge securities to a financial institution or other third party that in turn may sell the securities using this prospectus. Such financial institution or third party may transfer its short position to investors in our securities or in connection with a simultaneous offering of other securities offered by this prospectus or in connection with a simultaneous offering of other securities offered by this prospectus.

**TAXATION**

The material U.S. federal income tax consequences relating to the purchase, ownership and disposition of any of the securities offered by this prospectus will be set forth in the prospectus supplement offering those securities.

**EXPENSES**

The following is a statement of expenses in connection with the distribution of the securities registered. All amounts shown are estimates except the SEC registration fee and FINRA filing fee. The estimates do not include expenses related to offerings of particular securities. Each prospectus supplement describing an offering of securities will reflect the estimated expenses related to the offering of securities under that prospectus supplement.

---

| | |
|:---|:---|
| U.S. Securities and Exchange Commission registration fee | $38275 |
| FINRA filing fee | Nil |
| Legal fees and expenses | 45000 |
| Accounting fees and expenses | 40000 |
| Other miscellaneous fees and expenses | 3725 |
| Total | $127000 |

---

**LEGAL MATTERS**

Certain legal matters with respect to Bermuda law with respect to the validity of the offered securities will be passed upon for the Company by Conyers Dill & Pearman Limited. Sheppard Mullin Richter & Hampton, LLP, New York, New York, will be passing upon matters of United States law for us with respect to securities offered by this prospectus and any accompanying prospectus supplement.

**EXPERTS**

The consolidated financial statements of Tiziana Life Sciences Ltd. as of December 31, 2023 and 2022, and for the years then ended, have been incorporated by reference herein and in the registration statement in reliance on the report of PKF Littlejohn LLP, an independent registered public accounting firm, appearing elsewhere herein, and upon the authority of said firm as experts in accounting and auditing. The registered business address of PKF Littlejohn LLP, is 15 Westferry Circus, London E14 4HD, United Kingdom.

**ENFORCEMENT OF CIVIL LIABILITIES**

We are incorporated and currently existing under the laws of Bermuda. In addition, certain of our directors and officers reside outside the United States, and most of the assets of our non-U.S. subsidiaries are located outside the United States. As a result, it may be difficult for investors to effect service of process on us or those persons in the United States or to enforce in the United States judgments obtained in United States courts against us or those persons based on the civil liability or other provisions of the United States securities laws or other laws. In addition, uncertainty exists as to whether the courts of Bermuda would:

● recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liabilities provisions of the securities laws of the United States or any state in the United States; or

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

We have been advised by Conyers Dill & Pearman Limited that there is currently no treaty between (i) the United States and (ii) Bermuda providing for reciprocal recognition and enforcement of judgments of United States courts in civil and commercial matters (although the United States and the United Kingdom are both parties to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards) and that a final judgment for the payment of money rendered by any general or state court in the United States based on civil liability, whether predicated solely upon the United States securities laws, would not be automatically enforceable in Bermuda. We have also been advised by Conyers Dill & Pearman Limited that any final and conclusive monetary judgment for a definite sum obtained against us in United States courts would be treated by the courts of England and Wales as a cause of action in itself and sued upon as a debt at common law so that no retrial of the issues would be necessary, provided that (1) the U.S. court had proper jurisdiction over the parties subject to the judgment; (2) the U.S. court did not contravene the rules of natural justice of Bermuda; (3) the U.S. judgment was not obtained by fraud; (4) the enforcement of the U.S. judgment would not be contrary to the public policy of Bermuda; (5) no new admissible evidence relevant to the action is submitted prior to the rendering of the judgment by the courts of Bermuda; (6) there is due compliance with the correct procedures under the laws of Bermuda; and (7) the U.S. judgment is not inconsistent with any judgment of the courts of Bermuda in respect of the same matter

Whether these requirements are met in respect of a judgment based upon the civil liability provisions of the United States securities laws, including whether the award of monetary damages under such laws would constitute a penalty, is an issue for the court making such decision.

Subject to the foregoing, investors may be able to enforce in Bermuda judgments in civil and commercial matters that have been obtained from U.S. federal or state courts. Nevertheless, we cannot assure you that those judgments will be recognized or enforceable in Bermuda.

If a Bermuda court gives judgment for the sum payable under a U.S. judgment, the Bermuda judgment will be enforceable by methods generally available for this purpose. These methods generally permit the Bermuda court discretion to prescribe the manner of enforcement. In addition, it may not be possible to obtain an Bermuda judgment or to enforce that judgment if the judgment debtor is or becomes subject to any insolvency or similar proceedings, or if the judgment debtor has any set-off or counterclaim against the judgment creditor. Also note that, in any enforcement proceedings, the judgment debtor may raise any counterclaim that could have been brought if the action had been originally brought in Bermuda unless the subject of the counterclaim was in issue and denied in the U.S. proceedings.

**INCORPORATION OF CERTAIN INFORMATION BY REFERENCE**

The SEC allows us to "incorporate by reference" information into this prospectus, which means that we can disclose important information to you by referring you to other documents which we have filed or will file with the SEC. The information incorporated by reference is considered a part of this prospectus and should be read carefully. Certain information in this prospectus supersedes information incorporated by reference that we filed with the SEC prior to the date of this prospectus. Certain information that we file later with the SEC will automatically update and supersede the information in this prospectus. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus.

We incorporate by reference into this prospectus and the registration statement of which it is a part the following documents, including any amendments to such filings:

● our Annual Report on [Form 20-F](http://www.sec.gov/Archives/edgar/data/1723069/000121390024041808/ea0203872-20f_tiziana.htm) for the fiscal year ended December 31, 2023;

● our Reports on Form 6-K furnished to the SEC on [January 5, 2024(2)](http://www.sec.gov/Archives/edgar/data/1723069/000121390024001326/ea191146-6k_tiziana.htm) , [January 8, 2024](http://www.sec.gov/Archives/edgar/data/1723069/000121390024001715/ea191303-6k_tiziana.htm) , [March 5, 2024](http://www.sec.gov/Archives/edgar/data/1723069/000121390024019731/ea0201208-6k_tiziana.htm) , [April 11, 2024](http://www.sec.gov/Archives/edgar/data/1723069/000121390024031996/ea0203648-6k_tiziana.htm) , [April 18, 2024](http://www.sec.gov/Archives/edgar/data/1723069/000121390024033930/ea0204098-6k_tiziana.htm) , [April 19, 2024](http://www.sec.gov/Archives/edgar/data/1723069/000121390024034260/ea0204221-6k_tizianalife.htm) , [April 22, 2024](http://www.sec.gov/Archives/edgar/data/1723069/000121390024034733/ea0204371-6k_tiziana.htm) , [April 23, 2024](http://www.sec.gov/Archives/edgar/data/1723069/000121390024035109/ea0204468-6k_tizianalife.htm) , [April 25, 2024](http://www.sec.gov/Archives/edgar/data/1723069/000121390024035983/ea0204650-6k_tizianalife.htm) , [May 13, 2024](http://www.sec.gov/Archives/edgar/data/1723069/000121390024041894/ea0205898-6k_tizianalife.htm) , [May 30, 2024](http://www.sec.gov/Archives/edgar/data/1723069/000121390024047679/ea0207096-6k_tiziana.htm) , [June 4, 2024](http://www.sec.gov/Archives/edgar/data/1723069/000121390024049357/ea0207313-6k_tiziana.htm) , [June 6, 2024](http://www.sec.gov/Archives/edgar/data/1723069/000121390024050211/ea0207445-6k_tiziana.htm) , [June 11, 2024](http://www.sec.gov/Archives/edgar/data/1723069/000121390024051517/ea0207632-6k_tiziana.htm) , [June 26, 2024](http://www.sec.gov/Archives/edgar/data/1723069/000121390024055894/ea0208543-6k_tiziana.htm) , [June 28, 2024](http://www.sec.gov/Archives/edgar/data/1723069/000121390024056976/ea0208707-6k_tiziana.htm) , [July 24, 2024](http://www.sec.gov/Archives/edgar/data/1723069/000121390024063746/ea0209944-6k_tiziana.htm) , [August 1, 2024](http://www.sec.gov/Archives/edgar/data/1723069/000121390024064149/ea0210418-6k_tiziana.htm) , [August 14, 2024](http://www.sec.gov/Archives/edgar/data/1723069/000121390024068555/ea0211382-6k_tiziana.htm) , [August 19, 2024](http://www.sec.gov/Archives/edgar/data/1723069/000121390024070424/ea0211725-6k_tiziana.htm) , [September 19, 2024](http://www.sec.gov/Archives/edgar/data/1723069/000121390024080025/ea0215011-6k_tiziana.htm) , [October 18, 2024](http://www.sec.gov/Archives/edgar/data/1723069/000121390024088997/ea0218029-6k_tiziana.htm) , [October 25, 2024](http://www.sec.gov/Archives/edgar/data/1723069/000121390024090860/ea0218480-6k_tiziana.htm) , [October 30, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390024091965/ea0219090-6k_tiziana.htm) , [November 1, 2024(2)](http://www.sec.gov/Archives/edgar/data/1723069/000121390024093101/ea0219524-6k_tiziana.htm) , [November 19, 2024](http://www.sec.gov/Archives/edgar/data/1723069/000121390024099821/ea0221767-6k_tiziana.htm) , [December 4, 2024](http://www.sec.gov/Archives/edgar/data/1723069/000121390024105236/ea0223489-6k_tiziana.htm) , [December 17, 2024](http://www.sec.gov/Archives/edgar/data/1723069/000121390024109499/ea0225033-6k_tiziana.htm) , [January 8, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025001807/ea0227152-6k_tiziana.htm) , [January 10, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025002365/ea0227353-6k_tiziana.htm) , [January 22, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025005476/ea0228419-6k_tiziana.htm) , [January 24, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025006186/ea0228634-6k_tiziana.htm) , [January 31, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025008957/ea0229454-6k_tiziana.htm) , [February 11, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025011952/ea0230650-6k_tiziana.htm) , [February 18, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025014594/ea0231408-6k_tiziana.htm) , [February 21, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025015845/ea0231795-6k_tiziana.htm) , [February 25, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025016791/ea0232066-6k_tiziana.htm) , [February 27, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025017653/ea0232367-6k_tiziana.htm) , [March 4, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000121390025019742/ea0233016-6k_tiziana.htm) and [March 14, 2025](http://www.sec.gov/Archives/edgar/data/1723069/000101376225000330/ea0234437-6k_tiziana.htm) ; and

● the description of our common shares contained in our Registration Statement on [Form 8-A](http://www.sec.gov/Archives/edgar/data/1723069/000121390018014650/f8a12b103018_tizianalife.htm) filed with the SEC on October 30, 2018, including any amendments or reports filed for the purpose of updating such description.

We are also incorporating by reference all subsequent Annual Reports on Form 20-F that we file with the SEC and certain reports on Form 6-K that we furnish to the SEC after the date of this prospectus (if they state that they are incorporated by reference into this prospectus) prior to the termination of this offering. In all cases, you should rely on the later information over different information included in this prospectus or any accompanying prospectus supplement.

Unless expressly incorporated by reference, nothing in this prospectus shall be deemed to incorporate by reference information furnished to, but not filed with, the SEC. Copies of all documents incorporated by reference in this prospectus, other than exhibits to those documents unless such exhibits are specifically incorporated by reference in this prospectus, will be provided at no cost to each person, including any beneficial owner, who receives a copy of this prospectus on the written or oral request of that person made to:

Tiziana Life Sciences Ltd.

Clarendon House,

2 Church Street,

Hamilton HM 11,

Bermuda

+44 (0) 20 7495 2379

You may also access these documents on our website, *www.tizianalifesciences.com*. The information contained on, or that can be accessed through, our website is not a part of this prospectus. We have included our website address in this prospectus solely as an inactive textual reference.

You should rely only on information contained in, or incorporated by reference into, this prospectus. We have not authorized anyone to provide you with information different from that contained in this prospectus or incorporated by reference in this prospectus. We are not making offers to sell the securities in any jurisdiction in which such an offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed with the SEC a registration statement (including amendments and exhibits to the registration statement) on Form F-3 under the Securities Act. This prospectus, which is part of the registration statement, does not contain all of the information set forth in the registration statement and the exhibits and schedules to the registration statement. For further information, we refer you to the registration statement and the exhibits and schedules filed as part of the registration statement. If a document has been filed as an exhibit to the registration statement, we refer you to the copy of the document that has been filed. Each statement in this prospectus relating to a document filed as an exhibit is qualified in all respects by the filed exhibit.

We are subject to the informational requirements of the Exchange Act. Our Annual Report on Form 20-F for the year end December 31, 2023 has been filed with the SEC. The company has also filed periodic reports with the SEC on Form 6-K. The SEC maintains an Internet website that contains reports and other information about issuers, like us, that file electronically with the SEC. The address of that website is *www.sec.gov*.

As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

**8,800,000 Common Shares**

![](image_003.jpg)

**FINAL PROSPECTUS SUPPLEMENT**

January 16, 2026

**PROSPECTUS**

**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit No.** | **Exhibit Description** |
| 3.1 | [Memorandum of Association of Tiziana Life Sciences Ltd., adopted as of October 20, 2021 (incorporated by reference to Exhibit 3.1 to Form 8-K filed on October 21, 2021).](http://www.sec.gov/Archives/edgar/data/1723069/000121390021053952/ea149115ex3-1_tizianalife.htm) |
| 3.2 | [Amended and Restated Bye-laws of Tiziana Life Sciences Ltd., adopted as of October 20, 2021 (incorporated by reference to Exhibit 3.2 to Form 8-K filed on October 21, 2021).](http://www.sec.gov/Archives/edgar/data/1723069/000121390021053952/ea149115ex3-2_tizianalife.htm) |
| 4.1 | [Form of Warrant Agreement.](ea027337701ex4-1_tiziana.htm) |
| 4.2 | [Form of Warrant](ea027337701ex4-2_tiziana.htm) |
| 4.3 | [Form of Securities Subscription Agreement.](ea027337701ex4-3_tiziana.htm) |
| 5.1 | [Opinion of Conyers Dill & Pearman Limited](ea027337701ex5-1_tiziana.htm) |
| 5.1A | [Opinion of Orrick, Herrington & Sutcliffe LLP](ea027337701ex5-1a_tiziana.htm) |
| 23.1 | [Consent of PKF Littlejohn LLP](ea027337701ex23-1_tiziana.htm) |
| 23.2 | [Consent of Conyers Dill & Pearman Limited (included in Exhibit 5.1)](ea027337701ex5-1_tiziana.htm) |
| 23.3 | [Consent of Orrick, Herrington & Sutcliffe LLP (included in Exhibit 5.1)](ea027337701ex5-1a_tiziana.htm) |
| 24.1 | [Power of Attorney (included on signature page to this registration statement)](#sig_001) |

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**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-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of London, United Kingdom, on the 16th day of January 2026.

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| | |
|:---|:---|
| **TIZIANA LIFE SCIENCES LTD** | **TIZIANA LIFE SCIENCES LTD** |
| By: | /s/ Ivor Elrifi |
|  | Ivor Elrifi, Chief Executive Officer |

---

**POWER OF ATTORNEY**

Each person whose signature appears below does hereby constitute and appoint Ivor Elrifi and Gabriele Cerrone and each of them singly (with full power to act alone), as his true and lawful attorneys-in-fact and agents, each with full power of substitution and re-substitution, for him and in his name, place and stead, in any and all capacities, in connection with this registration statement, including to sign and file in the name and on behalf of the undersigned as director or officer of the registrant, any and all amendments and supplements (and any and all prospectus supplements, stickers and post-effective amendments) to this registration statement with all exhibits thereto, and sign any registration statement for the same offering covered by this registration statement that is to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and all post-effective amendments thereto and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, and any applicable securities exchange, securities self-regulatory body or other regulatory entity, granting unto said attorneys-in-fact and agents, and each of them (with full power to act alone) full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith and in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitutes may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Ivor Elrifi | Chief Executive Officer and Director | January 16, 2026 |
| Ivor Elrifi | *(Principal Executive Officer)* |  |
| /s/ Keeren Shah | Finance Director | January 16, 2026 |
| Keeren Shah | *(Principal Financial Officer and*<br> *Principal Accounting Officer)* |  |
| /s/ Gabriele Cerrone | Executive Chairman | January 16, 2026 |
| Gabriele Cerrone |  |  |
| /s/ Willy Simon | Director | January 16, 2026 |
| Willy Simon |  |  |
| /s/ John Brancaccio | Director | January 16, 2026 |
| John Brancaccio |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Tiziana Therapeutics, Inc.** | **Tiziana Therapeutics, Inc.** | **Tiziana Therapeutics, Inc.** | **Tiziana Therapeutics, Inc.** | **Tiziana Therapeutics, Inc.** |
| By: | /s/ Ivor Elrifi | /s/ Ivor Elrifi | Authorized U.S. Representative | January 16, 2026 |
|  | Name: | Ivor Elrifi |  |  |
|  | Title: | Director |  |  |

---

## Exhibit 4.1

**Exhibit 4.1**

**<u>DATED 2026</u>**

**TIZIANA LIFE SCIENCES LIMITED**

**WARRANT INSTRUMENT**

![](ex4-1_001.jpg)

**THIS INSTRUMENT** is entered into by way of a deed poll on 16 January 2026

**BY**

**TIZIANA LIFE SCIENCES LIMITED** a company duly incorporated and existing under the laws of the Islands of Bermuda with registered office Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda (the "**Company**").

**BY** a resolution of its board of directors passed on 16 January 2026 the Company has determined to create and issue warrants to subscribe for up to 7,040,000 Warrant Shares (as defined below) and as adjusted (if appropriate) by Condition 4 and on such other terms and conditions set out in this Instrument.

**THE COMPANY DECLARES** as follows:

1. Definitions and interpretation

In this Instrument, unless the context otherwise requires, the definitions and interpretations set out in the Conditions (at Schedule 2) of this Instrument shall apply as if the same were set out herein in full.

2. Conditions

The applicable Conditions to be attached to, or endorsed on, the Certificates contained in Schedule 2 shall have effect in the same manner as if such conditions and provisions were set forth in this Instrument.

3. Warrants

3.1 This Instrument constitutes Warrants which shall, in aggregate, confer the right, exercisable on the terms
and subject to the Conditions, to subscribe in cash at the Subscription Price for such number of Warrant Shares in respect of which all
rights of all Holders are capable of being exercised and as adjusted (if appropriate) by Condition 4.

3.2 The Warrants shall be held subject to, and with the benefit of, the Conditions, which shall be binding
on the Company and the Holders and all persons claiming through them respectively.

3.3 The Company hereby covenants with each of the Holders duly to perform and observe the obligations on its
part contained in this Instrument and the Conditions.

3.4 This Instrument and the Schedules shall, subject to its terms, enure for the benefit of all Holders, each
of whom may sue for the performance or observance of the provisions of this Instrument so far as his holding of the Warrants is concerned.

4. Moneys

All sums due in respect of the Warrants shall be payable to the Company in the manner set out in the Conditions.

5. Copies of Instrument

A copy of this Instrument shall be supplied free of charge to each Holder upon receipt by the Company of a written request from such Holder.

6. Transfer

The Warrants shall be transferable in accordance with, and pursuant to, Condition 12.

7. Register

The Company shall maintain a register of Warrants and the persons entitled to them.

8. General

8.1 This Instrument sets out the entire terms and conditions in connection with the Warrants.

8.2 If, at any time, any term or provision in this Instrument (including the Schedules) shall be held to be
illegal, invalid or unenforceable, in whole or in part, under any rule of law or enactment, such term or provision or part shall, to that
extent, be deemed not to form part of this Instrument, but the enforceability of the remainder of this Instrument shall not be affected.

8.3 The provisions of this Instrument and the Conditions and the rights of the Holders will be subject to
modifications, abrogation or compromise in any respect with the sanction of a Holder Majority and with the written consent of the Company
in accordance with Condition 15. The Company may, without such sanction, make any amendment to the provisions of the Warrants, which in
the opinion of the Company's auditors, is not prejudicial to the interests of Holders that is of a formal, minor or technical nature
or to correct a manifest error.

8.4 This Instrument and the rights and obligations of the Company and the Holders shall be subject to the
exclusive jurisdiction of the courts of England and shall be governed by and construed in accordance with English law (including as to
any non-contractual disputes or claims).

**THIS INSTRUMENT** has been executed and delivered as a deed poll by the Company on the date inserted at the head of page 1.

**Schedule 1<br>Form of Certificate**

**TIZIANA LIFE SCIENCES LIMITED**

**(the "Company")**

Warrant No. _____

Issue Date: [●] 2026

Issued under the authority of a resolution of the board of directors of the Company passed on the [●] day of January 2026 but subject to the terms of an Instrument executed by the Company on [●] January 2026 as the same may be amended from time to time (the "**Instrument**").

**THIS IS TO CERTIFY** that [●] of [●] (the "**Holder**") is the registered holder of a Warrant to subscribe for [●] Warrant Shares at the Subscription Price, subject to the conditions endorsed on this certificate (the "**Conditions**"). The Warrant is issued pursuant to, and in accordance with, the Instrument and is subject to the Conditions.

**IN WITNESS** this Certificate has been executed and delivered as a deed on the date first below written.

Dated [●] 2026

---

| |
|:---|
| **EXECUTED** as a **DEED** by) |
| **TIZIANA LIFE SCIENCES LIMITED**) |
| acting by) |
| **GABRIELE CERRONE**, a director) |
| in the presence of: |
| Witness signature: |
| Name (print): |
| Address: |
| Occupation: |

---

**NOTES:**

1. The Warrants are transferable subject to the provisions of Condition 12.

2. No transfer of any part of the Warrant represented by this Certificate will be registered unless it is
accompanied by this Certificate and delivered to the Company's registered office.

3. Where the context so admits, terms defined in the Conditions shall have the same meanings when used in this Certificate.

**Schedule 2<br>Conditions**

1. **Interpretation** 

1.1 In these Conditions, unless the context otherwise requires, the following expressions have the following
meanings:

"**Adjustment Event**" means any issue of Shares at a price less than the Subscription Price, any reduction of the Company's share capital, share premium account or capital redemption reserve involving the repayment of money to shareholders of the Company, or the entering into any scheme of arrangement requiring the consent of the court or the purchase or the redemption of any share capital or the reduction of any uncalled liability in respect thereof or the cancellation of any unissued shares and every issue by way of capitalisation of profits or reserves and every rights issue, and the consolidation, subdivision or reduction of capital or other reconstruction or adjustment relating to the equity share capital and any amalgamation or reconstruction affecting the equity share capital (or any shares, stocks or securities derived from them) of the Company or any other equity-like instrument such as exploding loans or other synthetic instruments designed to disenfranchise or otherwise give participating investors a preferential return ahead of non-participating equity investors and which adversely impacts the value of the equity shares in the Company;

"**Affiliates**" means in respect of a company, any business entity from time to time directly or indirectly controlling, controlled by, or under common control with, a shareholder of such a company;

"**Board**" means the board of Directors or any duly appointed committee of it for the time being;

"**Business Day**" means a day, except a Saturday or Sunday, on which banks are generally open for business in the City of London;

"**Bye-laws**" means the Company's memorandum of association and the bye-laws (as the same may be amended from time to time);

"**Certificates**" means the certificates constituting the Warrants substantially in the form set out in Schedule 1 and "Certificate" shall mean any one of them;

"**Conditions**" means the conditions subject to, and with the benefit of, which the Warrants shall be held, as set out in this Schedule;

"**Directors**" means the directors of the Company from time to time;

"**Encumbrances**" means any mortgage, charge, pledge, lien, option, restriction, right of first refusal, right of pre-emption, third party right or interest, any other encumbrance of any kind, and any other type of preferential arrangement (including, without limitation, title transfer and retention arrangements) having a similar effect;

"**Exercise Notice**" means the completed notice of exercise of the Warrant substantially in the form set out in Schedule 3;

"**Exercise Period**" means the period commencing on the Issue Date and ending on 16 July 2026;

"**FSMA**" means the Financial Services and Markets Act 2000 (as amended);

"**Group**" means the Company, its subsidiaries, any holding company of the Company and any subsidiary of any such holding company from time to time and "Group Company" shall be construed accordingly;

"**Holders**" means the persons from time to time entered in the Register as the holders of the Warrants and including their personal representatives;

"**Holder Majority**" means one or more Holders who hold Warrants conferring not less than 75% of the Subscription Rights then outstanding (measured in terms of the number of Warrant Shares which would fall to be issued if such Subscription Rights were all simultaneously exercised in full);

"**Instrument**" means the instrument constituting the Warrants (including any Schedule or annexure to it and any document in agreed form);

"**Issue Date**" means the date of issue by the Company to the Holder of the relevant Warrants;

"**Recognised Investment Exchange**" means a recognised investment exchange (within the meaning thereof given for the purposes of section 285 FSMA, which shall include NASDAQ and NASDAQ Europe);

"**Register**" means the register of persons for the time being entitled to the benefit of the Warrants to be maintained pursuant to the Conditions;

"**Shares**" means all shares in the capital of the Company from time to time, of whatever class, each having the rights and being subject to the restrictions as set out in the Bye-laws;

"**Subscription Price**" means US$1.50 per Warrant Share;

"**Subscription Rights**" means the rights conferred by a Warrant and in accordance with the provisions of clause 3 of the Instrument;

"**Warrant**" means the right granted to a Holder to subscribe for such number of Warrant Shares as constituted by the Instrument and these Conditions and "Warrants" shall be the aggregate rights granted to all Holders for the time being;

"**Warrant Shares**" means the ordinary shares in the capital of the Company to be issued on the exercise of any Subscription Rights; and

"**Winding-Up**" means any of the following events to have commenced: (i) if an order is made or an effective resolution passed for the winding up or dissolution of any Group Company (other than a winding up for the purposes of amalgamation or reconstruction) whether voluntarily or involuntarily; or (ii) if an encumbrancer takes possession or an administrator, receiver or administrative receiver is appointed over the whole or a material part of the assets or undertaking of any Group Company (and for this purpose a part of the assets or undertaking shall be material if the value thereof exceeds 10% of the value of the gross assets of the Group all as determined by reference to the latest published consolidated audited accounts of the Company subject to any adjustments as the Company's auditors for the time being (acting as experts and not as arbitrators) may consider necessary); or (iii) if the Company stops payment of its debts or ceases or threatens to cease to carry on its business or the greater part of its business; or (iv) if the Company is unable to pay its debts within the meaning of the Companies Act 1981 of Bermuda or any statutory modification or re-enactment thereof or certifies that it is unable to pay its debts as and when they fall due; or (v) the passing of a resolution for a solvent winding-up of the Company.

In these Conditions (unless the context requires otherwise):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this Schedule shall also be deemed to include the Instrument and all other Schedules and words and expressions
used in the Instrument and each of the other Schedules shall have the same meaning as set out in this Schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to clauses, Schedules, Conditions are references to clauses, schedules and Conditions of the
Instrument and all Schedules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words denoting persons shall include corporations and firms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) references to any statute or statutory provision include a reference to that statute or statutory provision
as from time to time amended, extended or re-enacted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) clauses, Condition headings and the contents page are for convenience only and shall not affect the interpretation
or construction of this Schedule.

2. **Warrants** 

2.1 The Warrants shall be issued subject to the terms of the Instrument, the Bye-laws and these Conditions,
which are binding upon the Company and each Holder.

2.2 The Warrants shall be issued free from all Encumbrances in registered form, the Company shall treat each
such Holder as the absolute owner of the Warrants issued to him and accordingly the Company shall not be bound to recognise any equitable
or other claim to or interest in such Warrants on the part of any other person.

2.3 Each Holder shall be entitled to a Certificate that shall be substantially in the form set out in Schedule
1. 2.4 The Instrument and Conditions shall, subject to its terms, enure for the benefit of all Holders, each
of whom may sue for the performance or observance of the provisions of these Conditions and so far as his holding of the Warrants is concerned.

3. **Exercise of Warrants** 

3.1 The Subscription Rights conferred by a Warrant may be exercised in whole only by the relevant Holder at
any time during the Exercise Period by the Holder giving to the Company not less than 10 Business Days' notice in writing by the
Holder completing the Exercise Notice (and which shall state the date of completion or shall be such other date as agreed between the
Holder and the Company).

3.2 The Company shall give the Holders not less than 20 Business Days advance notice in writing of the last
possible exercise date within the Exercise Period by the making of a regulatory news announcement.

3.3 Each Holder shall have the right at any time within the Exercise Period to subscribe for the number of
Warrant Shares for which he holds subscription rights at the Subscription Price for each Warrant Share to be issued pursuant to the exercise
of the Subscription Rights.

3.4 On or before completion of the exercise of the Subscription Rights, the Holder shall lodge with the Company
at its registered office for the time being the Holder's Certificate together with a remittance for the aggregate Subscription Price
payable for the Warrant Shares in respect of which Subscription Rights are to be exercised.

3.5 The Company undertakes that, subject to receipt of the Subscription Price for the Warrant Shares in respect
of which Subscription Rights are to be exercised upon completion of the exercise of the Warrant(s) by the Holder(s) in accordance with
this Condition 3 it shall allot and issue to the Holder(s) the Warrant Shares constituted by such Warrant(s) free from all Encumbrances,
shall enter the name of the Holder(s) in the register of members of the Company in respect of the number of Warrant Shares issued to it,
and deliver to the Holder(s) a Certificate in respect of such Warrant Shares on the date of issue or credit the CREST account of the Holder
with the Warrant Shares.

3.6 The Warrant Shares issued on exercise of the Subscription Rights shall rank *pari passu* with the
other Shares of the same class as the Warrant Shares so issued (and shall benefit from all of the same rights attached to those Shares
including, but without limitation, as to any liquidation preference) except that the Warrant Shares so allotted will not rank for any
dividend or other distribution which has previously been announced or declared if the record date for such dividend or other distribution
is prior to the issue date of the relevant Warrant Shares.

3.7 For the avoidance of doubt, the Subscription Rights may be exercised by any Holder at any time and on
any one or more occasions during the Exercise Period, and any Exercise Notice or other notice given by a Holder to the Company in relation
to the exercise of Subscription Rights may be withdrawn by a Holder provided that no such notice may be withdrawn after the issue of Warrant
Shares resulting from the exercise of the Subscription Rights.

3.8 If during the Exercise Period a Winding-Up occurs each Holder shall, in respect of its unexercised Subscription
Rights, be treated as if it had fully exercised its outstanding Subscription Rights on the day immediately preceding the happening of
the Winding-Up and shall receive out of the surplus assets of the Company available in the liquidation such sum as it would have received
if it had been registered as the holder of the number of fully paid Warrant Shares for which it is entitled to subscribe after the deduction
from such sum of a sum equal to the Subscription Price in respect of those Warrant Shares.

4. **Adjustment Events** 

4.1 If any Adjustment Event shall take place after the date of this Instrument but prior to completion of
the exercise of the Warrant, then all the Warrant Shares which shall derive (whether directly or indirectly) from the Warrant shall be
deemed to be subject to such Adjustment Event (assuming for the purposes of calculating the adjustment to be made that the warrant had
been exercised in full immediately prior to such Adjustment Event) so that references in this Instrument to the Warrant Shares and the
Subscription Price shall be appropriately adjusted to take account of such Adjustment Event. For the avoidance of doubt, the issue of
shares pursuant to this Warrant Instrument shall not trigger an Adjustment Event.

4.2 Any dispute as to the Adjustment Event and the adjustment to the Warrant Shares and the Subscription Price
(if any) shall be referred to the auditors of the Company without delay by the Company (and at the Company's cost), who shall act
as experts and not as arbitrators and their certificate as to the Adjustment Event, Warrant Shares and the Subscription Price (if any)
shall be final and binding on the parties.

5. **Company undertakings** 

5.1 Save with the consent of a Holder Majority, the Company agrees and undertakes to each Holder to procure
(so far as it is legally able) that until the earlier of completion of the exercise of the Warrants in full and the expiry of the Exercise
Period, it will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) procure that at all times its directors have all necessary authority to allot and issue sufficient share
capital as may be required to satisfy in full all Subscription Rights remaining exercisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procure that at all times its directors have all necessary authority to allot and issue sufficient share
capital as may be required to satisfy in full all Subscription Rights remaining exercisable without first having to offer the same to
any existing members, whether pursuant to the Bye-laws or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) give immediate notice in writing, with copies of all relevant documentation, of all communications generally
with, and resolutions of, the members or creditors of the Company as a whole (or any class of creditors), including without limitation
notices convening and minutes of meetings and circulars; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) upon or as soon as possible after the issue of Warrant Shares apply to the relevant Recognised Stock Exchange
upon which the Warrant Shares are admitted, on behalf of the Holder for permission to deal in or for admission or quotation for such Warrant
Shares or any of the shares into which the Warrant Shares are convertible (as the case may be) and shall use its reasonable endeavours
to secure such permission, admission or quotation not later than 30 Business Days after the relevant subscription date.

5.2 Except where otherwise provided under Condition 3, if any offer or invitation is made to any holders of
any class of Shares to acquire any of their Shares by way of purchase or pursuant to a scheme of arrangement or if any proposal or arrangement
is put to any holders of any class of Shares while the Warrants remain to be exercised in full, the Company shall use its reasonable endeavours
to procure that such offer, invitation, proposal or arrangement is made or put (as the case may be) to the Holders and shall notify the
Holders in writing in sufficient time (being not less than 10 Business Days' notice of the happening of such event) to enable each Holder
to fully exercise its Subscription Rights and to enable each Holder, at its discretion, to accept such offer or invitation or participate
in such proposal or arrangement.

5.3 The Holders shall be entitled to exercise the Subscription Rights conditionally following receipt by them
of any offer, invitation, proposal or arrangement made pursuant to Condition 5.2 or following receipt by such Holders of the notice of
sale or transfer referred to in Condition 5.2 by delivering a notice (the "**Conditional Warrant Notice**") to the Company
specifying the number of Warrant Shares in respect of which the Subscription Rights may be exercised to be allotted and indicating that
such election to exercise is conditional.

5.4 Except where otherwise provided under Condition 3, if, on a date (or by reference to a record date) on
or before the expiry of the Exercise Period, the Company makes any offer or invitation by way of a rights issue or other pre-emptive offer
to the holders of the Shares, or if any offer or invitation is made to such holders otherwise than by the Company, then the Company shall
notify the Holders in writing in sufficient time (being not less than 10 Business Days' notice of the happening of such event) to enable
the Holders to fully exercise their Subscription Rights and to enable the Holders, at their discretion, to participate in such offer or
invitation.

5.5 Each Holder shall be entitled to exercise the Subscription Rights conditionally following receipt by it
of any offer, invitation, proposal or arrangement made pursuant to Condition 5.4 or following receipt by such Holder of the aforesaid
notice of sale or transfer referred to in Condition 5.4 by delivering a notice (the "**Conditional Rights Issue Notice** ")
to the Company specifying the number of Warrant Shares in respect of which the Subscription Rights may be exercised to be allotted and
indicating that such election to exercise is conditional.

5.6 Completion (if it occurs) shall then take place on or prior to the actual date of sale or transfer provided
that if the sale or transfer pursuant to Condition 5.2 or the offer or invitation pursuant to Condition 5.4 (as the case may be) does
not occur within 60 days of the date of the Conditional Warrant Notice or Conditional Rights Issue Notice (as the case may be), it shall
be deemed to be withdrawn and the Warrants and the Subscription Rights shall remain in force and shall be available for subsequent exercise
by the Holder at any time during the Exercise Period.

6. **Company warranties** 

6.1 The Company is duly authorised to enter into the Instrument and the obligations of the Company under the
Instrument constitute and impose valid legal and binding obligations on the Company fully enforceable in accordance with its terms.

6.2 The Company is a company incorporated with limited liability, duly incorporated and validly existing in
all respects under the laws of Bermuda and has the power and authority to own its assets and to carry on its business as it is now being
conducted.

7. **Financial Information** 

The Company shall send to each Holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a copy of its annual report and audited accounts together with all documents required by law to be annexed
to that report within 120 days of the end of each financial year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) copies of every statement, notice or circular at the same time they are issued to a holder of Shares.

8. **Certificates** 

Every Holder will be entitled to a Certificate stating the number of Warrants held by him and every such Certificate shall refer to the Instrument and shall bear a serial number. Joint holders of a Warrant will be entitled only to one Certificate in respect of the Warrant held by them jointly, which will be delivered to the first-named of joint holders.

9. **Lost Certificates** 

9.1 If a Certificate is defaced, lost, stolen or destroyed it will be replaced at the registered office of
the Company for the time being upon payment by the claimant of such reasonable costs as may be incurred in connection therewith and on
such terms as to evidence and indemnity as the Company may reasonably require.

9.2 Where a Certificate is required for delivery on any exercise of the Subscription Rights or on any transfer
of the Warrants, and the Holder is unable to produce such Certificate, the Directors may waive production of any such Certificate upon
production to them of satisfactory evidence of the loss or destruction of such Certificate together with such indemnity as they may require.

10. **Register** 

10.1 The Company shall at all times cause a register to be maintained at its registered office showing the
name and address of each Holder, the Warrants held by the Holder, the Certificate numbers and the date of issue of the Warrants.

10.2 Any change in the name or address of any Holder shall be notified to the Company, which shall cause the
Register to be altered accordingly. Each Holder (or any person authorised by such Holder) shall be at liberty at all reasonable times
during office hours to inspect the Register and to take copies of or extracts from the same of any part thereof.

11. **Title to Warrants** 

11.1 The Company will recognise the registered Holder as the sole absolute owner of the Warrants and (save
as may be required by law) the Company shall not be bound to take notice of or to see to the execution of any trust, whether express,
implied or constructive, to which the Warrants may be subject, and the receipt by such Holder of the shares on exercise of the relevant
Warrants shall be a good discharge to the Company notwithstanding any notice it may have whether express or otherwise of the right, title,
interest or claim of any other person to or in such Warrants. No notice of any trust, express, implied or constructive, shall (except
as provided by statute or as required by an order of a court of competent jurisdiction) be entered on the register in respect of any Warrants.

11.2 The Company will not be bound to take notice of or to see the execution of any trust whether express,
implied or constructive to which the Warrants may be subject.

12. **Transfers** 

12.1 The benefit of the Warrants shall enure for the benefit of the successors in title and personal representatives
of the Holders.

12.2 Warrants and Subscription Rights shall be freely transferable by the Holders.

13. **Meetings** 

13.1 The Company may (and shall at the written request of a Holder Majority) at any time convene a meeting
of the Holders by not less than 10 Business Days' notice in writing of it specifying the place, day and hour of the meeting and
the terms of any resolution to be proposed at it to the Holders and such meeting shall have power by a resolution passed by a Holder Majority
to sanction (subject to the consent of the Company) any modification, abrogation, consent or compromise or any arrangement in respect
of the rights of the Holders against the Company, and to assent to any modification, abrogation, consent or compromise or any arrangement
of these Conditions. No votes may be taken on a poll.

13.2 The non-receipt by any Holder of or the accidental omission to give to any Holder notice of any such meeting
shall not invalidate the proceedings at it.

13.3 A resolution passed at a meeting of the Holders duly convened and held in accordance with the Conditions
shall be binding upon each of the Holders whether present or not present at such meeting.

13.4 A resolution signed by Holders constituting a Holder Majority shall (subject to the consent of the Company)
be as valid and effectual as if it had been passed at a meeting of the Holders duly convened and held and such resolution in writing may
be contained in one document or in several documents in like form each signed by or on behalf of one or more of the Holders.

13.5 The quorum at any meeting shall be a Holder Majority and such quorate number shall have the power to pass
any resolution. If within fifteen minutes from the time being appointed for any meeting a quorum is not present the meeting shall stand
adjourned to such day (not being less than 5 or more than 20 Business Days after the date of the meeting from which such adjournment takes
place) and time and place as the Chairman of the Meeting may determine and at the adjourned meeting the Holders present shall form a quorum.
Notice of an adjourned meeting shall be given in like manner as for the original meeting and such notice shall state that the Holders
present at such meeting whatever the number of the Warrants held or presented by them will constitute a quorum for all purposes.

13.6 For purposes of this Condition, reference to "**Holders**" shall be deemed to include reference
to a single Holder and (subject to the other provisions of this Condition) one person present in person or by proxy shall constitute a
quorum.

13.7 After the Issue Date, the Holders and the Company (as applicable) shall execute such documents and take
such steps as may reasonably be required to fulfil the provisions of and to give to each Holder the full benefit intended by the Instrument
and Conditions.

14. **Notices** 

14.1 Every Holder shall notify the Company in writing of an address in the United Kingdom to which notices
can be sent.

14.2 Every Holder shall be bound by every notice in respect of such Warrants which prior to his name and address
being entered on the register of Warrants shall have been duly given to the person from whom he derives his title to such Warrants.

14.3 Any notice to a Party under this Deed shall be in writing signed by or on behalf of the party giving it
and shall be served on a party if given personally, left at or sent by prepaid first class post or prepaid recorded delivery or special
delivery or email transmission to the address of the other Party set out in the register of Warrants (or email address for the time being
shown in the Register) or in the case of the Company at its registered office (or email address for the time being shown in the Register
or otherwise notified for such purpose). A notice shall be deemed to have been served at the time of delivery if delivered personally,
48 hours after posting, or 2 hours after transmission if served by email provided that where the deemed time of service is after 6 p.m.
on a Business Day or on a day which is not a Business Day, the notice shall be served at 9 a.m. on the next Business Day. The deemed service
provisions of this Condition shall not apply to notices served by post if there is a national or local disruption of postal services that
affects the giving of the notice.

14.4 In proving service it will be sufficient to prove:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of personal service, that it was handed to the recipient or delivered to or left in an appropriate
place for receipt of letters at its address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a letter sent by post, that the letter was properly addressed, stamped and posted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of email, that it was properly addressed and despatched to the email address of the recipient.

14.5 Where a Warrant is held by joint Holders, it shall be sufficient for the Company to have sent notice to
the first name appearing in the register of Warrants for such Holders on behalf of all such Holders, and any notice required to be given
by the Company to the Holders shall be given to such persons who are entered in the register of Warrants as such Holders and such service
shall for all purposes of these presents be deemed duly served and sufficient service of such notice or document on his or her executors
or administrators and all persons (if any) jointly interested with him in any such Warrant.

15. **General** 

15.1 If, at any time, any term or provision in these Conditions shall be held to be illegal, invalid or unenforceable,
in whole or in part, under any rule of law or enactment, such term or provision or part shall, to that extent, be deemed not to form part
of these Conditions, but the enforceability of the remainder of these Conditions shall not be affected.

15.2 No term of the Instrument or these Conditions shall be enforceable pursuant to the Contracts (Rights of
Third Parties) Act 1999 by any person who is not the Company or a Holder.

15.3 These Conditions and the rights and obligations of the Company and the Holders shall be subject to the
exclusive jurisdiction of the courts of England and shall be governed by and construed in accordance with English law (including as to
any non-contractual disputes or claims).

**Schedule 3<br>Exercise Notice**

To: The Company Secretary

[DATE]

· , being the registered holder of [a] Warrant[s], give[s] notice to the Company of [its][his] desire to exercise [its] Subscription Rights to subscribe for the number of Warrant Shares at the aggregate Subscription Price both as set out below, in accordance with the provisions of the Instrument and the Conditions. [I][We] enclose [my] [our] payment with this Exercise Notice together with our Warrant Certificate.

Number of Warrant Shares: ·

Aggregate Subscription Price: £·

Name of proposed allottee: ·

Address of proposed allottee: ·

Please issue the Warrant Shares set out in this Exercise Notice. [I][We] agree to accept the Warrant Shares in accordance with the rights attaching to them as set out in the Company's Bye-laws.

Please enter the name of the proposed allottee (as stated above) in the register of members of the Company and arrange for a Certificate for the Warrant Shares and a certificate for the balance of the Subscription Rights to be sent to the address stated above.

---

| |
|:---|
| Signature(s) |
| Print name: |
| Address: |

---

**Notes:**

Payments to the Company should be in U.S. dollars by telegraphic transfer to the Company's bank account, details of which will be supplied to the Holder upon request by him/it.

---

| | |
|:---|:---|
| **EXECUTED** as a **DEED** by) |  |
| **TIZIANA LIFE SCIENCES LIMITED**) |  |
| acting by) | *Gabriele Cerrone,/* |
| **GABRIELE CERRONE**, a director) | ______________________________________ |
| in the presence of: | *Edward Lukins,/* |
| Witness signature: | ______________________________________ |
| Name (print): | *EJ Lukins./ _____________________________* |
| Address: | *107 Cheapside __________________________* |
|  | *London ________________________________* |
|  | *Ec2V 6DN ______________________________* |
| Occupation: | *Solicitor _______________________________* |

---

## Exhibit 4.2

**Exhibit 4.2**

![](ex4-2_001.jpg)

## Exhibit 4.3

**Exhibit 4.3**

**SECURITIES PURCHASE AGREEMENT**

This **SECURITIES PURCHASE AGREEMENT** (this "**Agreement**"), dated as of January 2026, is by and among Tiziana Life Sciences Ltd, a company limited by shares incorporated in Bermuda and whose registered office is at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda (the "**Company**"), and the buyer identified on the signature pages hereto (the "**Buyer**").

**<u>RECITALS</u>**

(A) The Buyers, severally and not jointly, wish to purchase, and the Company wishes to sell, upon the terms
and subject conditions stated in this Agreement, up to 7,500,000 Ordinary Shares (as defined herein) (the "**Ordinary Shares** ")
pursuant to the Company's shelf registration statement on Form F-3 (Registration Number 333-286064) (the "**Registration Statement** "),
which has been declared effective in accordance with the Securities Act of 1933, as amended (the "**1933 Act** "), by the
United States Securities and Exchange Commission (the "**SEC** ").

(B) The Ordinary Shares are referred to herein as the "**Securities** ".

**<u>AGREEMENT</u>**

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Buyers hereby agree as follows:

1. PURCHASE AND SALE OF COMMON SHARES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Purchase of Ordinary Shares</u>. Subject to the satisfaction (or waiver) of the conditions set forth
in Sections 6 and 7 below, the Company shall issue and sell to the Buyers, and the Buyers agree to purchase from the Company on the Closing
Date (as defined below), [ ] Ordinary Shares. Each Ordinary Share will be issued with one warrant attached entitling the holder to subscribe
for one new ordinary share at a price of $1.50 at any time up to and including 16 July 2026 (when the warrants expire).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Closing</u>. The closing (the "**Closing**") of the purchase of the Ordinary Shares by
the Buyers shall occur at the offices of Orrick, Herrington & Sutcliffe (UK) LLP, 51 W 52nd St, New York, NY 10019, United States.
The date and time of the Closing (the "**Closing Date**") shall be 10:00 a.m., New York time, on the first (1st) Business
Day (as defined below) on which the conditions to the Closing set forth in Sections 6 and 7 below are satisfied or waived (or such other
date as is mutually agreed to by the Company and the Buyers). As used herein "**Business Day**" means any day other than
a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law to remain closed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Purchase Price</u>. The aggregate gross purchase price for the Ordinary Shares, to be purchased by
the Buyer hereunder shall be $[ ] (the "**Purchase Price** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Form of Payment; Deliveries</u>. On the Closing Date, (i) the Buyers shall pay the Purchase Price (less
the amount withheld pursuant to Section 4(g)) to the Company for the Ordinary Shares to be issued and sold to the Buyer at the Closing,
by wire transfer of immediately available funds in accordance with the Flow of Funds Letter (as defined below) and (ii) the Company shall
(A) cause Computershare (together with any subsequent transfer agent, the "**Transfer Agent**") through the Depository Trust
Company ()"**DTC**") Fast Automated Securities Transfer Program, to credit such number of Ordinary Shares as set forth on
the signature page hereto for each Buyer's or its respective designee's balance account with DTC through its Deposit/Withdrawal at Custodian
system.

2. BUYER'S REPRESENTATIONS AND WARRANTIES.

Each Buyer represents and warrants to the Company that, as of the date hereof and as of the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization; Authority</u>. The Buyer is either an individual or an entity duly organized, validly
existing and in good standing under the laws of the jurisdiction of its organization with the requisite power and authority to enter into
and to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Validity; Enforcement</u>. This Agreement has been duly and validly authorized, executed and delivered
on behalf of the Buyer and shall constitute the legal, valid and binding obligations of the Buyer enforceable against the Buyer in accordance
with its terms, except as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors'
rights and remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Public Sale or Distribution of Securities</u>. The Buyer is acquiring the Securities for its own
account and not with a view towards, or for resale in connection with, the public sale or distribution thereof in violation of applicable
securities laws, except pursuant to sales registered or exempted under the 1933 Act; provided, however, by making the representations
herein, the Buyer does not agree, or make any representation or warranty, to hold any of the Securities for any minimum or other specific
term and reserves the right to dispose of the Securities at any time in accordance with or pursuant to a registration statement or an
exemption under the 1933 Act. The Buyer is acquiring the Securities hereunder in the ordinary course of its business. The Buyer does not
presently have any agreement or understanding, directly or indirectly, with any Person to distribute any of the Securities in violation
of applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Experience of Buyer</u>. The Buyer, either alone or together with its representatives, has such knowledge,
sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective
investment in the Securities, and has so evaluated the merits and risks of such investment. The Buyer is able to bear the economic risk
of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Intentionally omitted.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Information</u>. The Buyer and its advisors, if any, have been furnished with all materials relating
to the business, finances and operations of the Company and materials relating to the offer and sale of the Securities which have been
requested by the Buyer. The Buyer and its advisors, if any, have been afforded the opportunity to ask questions of the Company. Neither
such inquiries nor any other due diligence investigations conducted by the Buyer or its advisors, if any, or its representatives shall
modify, amend or affect the Buyer's right to rely on the Company's representations and warranties contained herein or any representations
and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection
with this Agreement or the consummation of the transaction contemplated hereby. The Buyer has sought such accounting, legal and tax advice
as it has considered necessary to make an informed investment decision with respect to its acquisition of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>No Governmental Review</u>. The Buyer understands that no United States federal or state agency or
any other government or governmental agency has passed on or made any recommendation or endorsement of the Securities or the fairness
or suitability of the investment in the Securities nor have such authorities passed upon or endorsed the merits of the offering of the
Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Certain Trading Activities</u>. The Buyer represents and warrants to the Company that at no time during
the 12 months prior to the date of this Agreement has any of the Buyer, its agents, representatives or affiliates engaged in or effected,
in any manner whatsoever, directly or indirectly, any (i) "short sale" (as such term is defined in Rule 200 of Regulation SHO
of the Securities Exchange Act of 1934, as amended (the "**1934 Act** ")) of the Common Stock or (ii) hedging transaction,
which establishes a net short position with respect to the Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Manipulation of Price</u>. Since the time that such Buyer was first contacted by the Company or its
agent regarding the investment in the Company contemplated herein, the Buyer has not, and, to the knowledge of the Buyer, no Person acting
on its behalf has, directly or indirectly, (i) taken any action designed to cause or to result in the stabilization or manipulation of
the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or
paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation
for soliciting another to purchase any other securities of the Company.

3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

The Company represents and warrants to each Buyer that, as of the date hereof and as of the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Qualification</u>. Each of the Company and each of its Subsidiaries are entities duly
organized and validly existing and in good standing under the laws of the jurisdiction in which they are formed, and have the requisite
power and authority to own their properties and to carry on their business as now being conducted and as presently proposed to be conducted.
Each of the Company and each of its Subsidiaries is duly qualified as a foreign entity to do business and is in good standing in every
jurisdiction in which its ownership of property or the nature of the business conducted by it makes such qualification necessary, except
to the extent that the failure to be so qualified or be in good standing would not reasonably be expected to have a Material Adverse Effect
(as defined below). As used in this Agreement, "**Material Adverse Effect**" means any material adverse effect on (i) the
business, properties, assets, liabilities, operations (including results thereof), condition (financial or otherwise) or prospects of
the Company or any Subsidiary, individually or taken as a whole, (ii) the transactions contemplated hereby or in any of the other Transaction
Documents or any other agreements or instruments to be entered into in connection herewith or therewith or (iii) the authority or ability
of the Company to perform any of their respective obligations under any of the Transaction Documents (as defined below). All of the direct
and indirect Subsidiaries of the Company are set forth in the SEC Documents. The Company owns, directly or indirectly, all of the capital
stock or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding shares of capital
stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of pre-emptive and similar rights to subscribe
for or purchase securities. If the Company has no Subsidiaries, all other references to the Subsidiaries or any of them in the Transaction
Documents shall be disregarded. "**Subsidiaries**" means any Person in which the Company, directly or indirectly, (A) owns
any of the outstanding capital stock or holds any equity or similar interest of such Person or (B) controls or operates all or any part
of the business, operations or administration of such Person, and each of the foregoing, is individually referred to herein as a "**Subsidiary** ".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authorization; Enforcement; Validity</u>. The Company has the requisite power and authority to enter
into and perform its obligations under this Agreement and the other Transaction Documents and to issue the Securities in accordance with
the terms hereof and thereof. The execution and delivery of this Agreement and the other Transaction Documents by the Company and the
consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the offer and sale of
the Ordinary Shares) have been duly authorized by the Company's board of directors and (other than the filing with the SEC of the prospectus
supplement relating to the offer and sale of the Ordinary Shares pursuant to Rule 424(b) under the 1933 Act (the "**Prospectus Supplement** ")
supplementing the base prospectus forming part of the Registration Statement (the "**Prospectus** "), no further filing, consent
or authorization is required by the Company, its board of directors or its stockholders or other governing body. This Agreement has been,
and the other Transaction Documents will be prior to the Closing, duly executed and delivered by the Company, and each constitutes the
legal, valid and binding obligations of the Company, enforceable against the Company in accordance with its respective terms, except as
such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation
or similar laws relating to, or affecting generally, the enforcement of applicable creditors' rights and remedies and except as rights
to indemnification and to contribution may be limited by federal or state securities law. "**Transaction Documents**" means,
collectively, this Agreement and the Warrants and each of the other agreements and instruments entered into or delivered by any of the
parties hereto in connection with the transactions contemplated hereby and thereby, as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Issuance of Securities; Registration Statement</u>. The issuance of the Ordinary Shares are duly authorized
and, upon issuance and payment in accordance with the terms of the Transaction Documents shall be validly issued, fully paid and non-assessable
and free from all pre-emptive or similar rights, mortgages, defects, claims, liens, pledges, charges, taxes, rights of first refusal,
encumbrances, security interests and other encumbrances (collectively "**Liens**") with respect to the issuance thereof.
The offer and sale of all of the Ordinary Shares to the Buyer under this Agreement is registered under the 1933 Act pursuant to the Registration
Statement, and all of the Ordinary Shares are freely transferable and freely tradable by the Buyer without restriction. The Registration
Statement was declared effective under the Securities Act by the SEC on March 27, 2025, and any post-effective amendment thereto has also
been declared effective by the SEC under the 1933 Act. The Company has not received from the SEC any notice pursuant to Rule 401(g)(1)
under the 1933 Act objecting to the use of the shelf registration statement form. No stop order suspending the effectiveness of the Registration
Statement or any related registration statement filed by the Company with the SEC under Rule 462(b) under the 1933 Act is in effect and
no proceedings for such purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated or threatened
by the SEC. At the time of (i) the initial filing of the Registration Statement with the SEC and the most recent amendment thereto for
the purposes of complying with Section 10(a)(3) of the Securities Act (whether such amendment was by post-effective amendment, incorporated
report filed pursuant to Section 13 or 15(d) of the 1934 Act or form of prospectus), the Company met the then applicable requirements
for use of Form S-3 under the 1933 Act. The Company and the offer, issuance and sale of the Ordinary Shares to the Buyer hereunder meet
the requirements for and comply with the applicable conditions set forth in Form S-3 under the Securities Act, including compliance with
General Instructions I.A and I.B.6. of Form S-3. The Registration Statement and the offer, issuance and sale of the Ordinary Shares meet
the requirements of Rule 415(a)(1)(x) under the 1933 Act and comply in all material respects with said Rule. The Registration Statement
is effective and available for the offer, issuance and sale of all of the Ordinary Shares and the Company has not received any notice
that the SEC has issued or intends to issue a stop-order with respect to the Registration Statement or that the SEC otherwise has suspended
or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, or intends or has threatened in writing
to do so. The "Plan of Distribution" section under the Registration Statement permits the issuance and sale of the Ordinary
Shares hereunder. At the time the Registration Statement and any amendment thereto became effective and on the date of this Agreement,
the Registration Statement and any amendment thereto complied and complies in all material respects with the requirements of the 1933
Act and did not and does 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 not misleading. The Prospectus and any amendment or supplements thereto (including,
without limitation the Prospectus Supplement), at the time the Prospectus or any amendment or supplement thereto was issued and on the
date of this Agreement, complied and complies in all material respects with the requirements of the 1933 Act and did not and does not
contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in
light of the circumstances under which they were made, not misleading. At the earliest time after the filing of the Registration Statement
that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) under the 1933 Act) relating
to the Ordinary Shares, the Company was not and is not an "Ineligible Issuer" (as defined in Rule 405 under the 1933 Act). The
Company has not distributed any offering material in connection with the offer or sale of the Ordinary Shares, other than the Registration
Statement, the Prospectus and the Prospectus Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Conflicts</u>. The execution, delivery and performance of the Transaction Documents by the Company
and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the offer and
sale of the Ordinary Shares) will not (i) result in a violation of the Certificate of Incorporation (as defined below) (including, without
limitation, any certificate of designation contained therein), Bylaws (as defined below), or the certificate of incorporation, certificate
of formation, memorandum of association, articles of association, bylaws or other organizational documents of any of the Company's Subsidiaries,
or any capital stock or other securities of the Company or any of its Subsidiaries, (ii) conflict with, or constitute a default (or an
event which with notice or lapse of time or both would become a default) in any respect under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company or any of its Subsidiaries is
a party, or result in a violation of any law, rule, regulation, order, judgment or decree (including, without limitation, foreign, federal
and state securities laws and regulations and the rules and regulations of the Principal Market and including all applicable foreign,
federal and state laws, rules and regulations) applicable to the Company or any of its Subsidiaries or by which any property or asset
of the Company or any of its Subsidiaries is bound or affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Consents</u>. Neither the Company nor any Subsidiary is required to obtain any consent from, authorization
or order of, or make any filing or registration with (other than (i) the filing with the SEC of the Prospectus Supplement relating to
the offer, issuance and sale of the Ordinary Shares to the Buyer and (ii) any other filings as may be required by any state securities
authorities), any Governmental Entity (as defined below) or any regulatory or self-regulatory agency or any other Person in order for
it to execute, deliver or perform any of its respective obligations under or contemplated by the Transaction Documents, in each case,
in accordance with the terms hereof or thereof. All consents, authorizations, orders, filings and registrations which the Company or any
Subsidiary is required to obtain pursuant to the preceding sentence have been or will be obtained or effected on or prior to the Closing
Date, and neither the Company nor any of its Subsidiaries are aware of any facts or circumstances which might prevent the Company or any
of its Subsidiaries from obtaining or effecting any of the registration, application or filings contemplated by the Transaction Documents.
The Company is not currently in violation of the requirements of the Principal Market and has no knowledge of any facts or circumstances
which could reasonably lead to delisting or suspension of the Ordinary Shares in the foreseeable future. "**Governmental Entity** "
means any nation, state, county, city, town, village, district, or other political jurisdiction of any nature, federal, state, local,
municipal, foreign, or other government, governmental or quasi-governmental authority of any nature (including any governmental agency,
branch, department, official, or entity and any court or other tribunal), multi-national organization or body; or body exercising, or
entitled to exercise, any administrative, executive, judicial, legislative, police, regulatory, or taxing authority or power of any nature
or instrumentality of any of the foregoing, including any entity or enterprise owned or controlled by a government or a public international
organization or any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Acknowledgment Regarding Buyer's Purchase of Securities</u>. The Company acknowledges and agrees that the Buyer is acting solely in the capacity
of an arm's length purchaser with respect to the Transaction Documents and the transactions contemplated hereby and thereby and
that the Buyer is not (i) an officer or director of the Company or any of its Subsidiaries, (ii) an "affiliate" (as defined
in Rule 144) of the Company or any of its Subsidiaries or (iii) to its knowledge, a "beneficial owner" of more than 10% of
the shares of Common Stock (as defined for purposes of Rule 13d-3 of the 1934 Act). The Company further acknowledges that the Buyer is
not acting as a financial advisor or fiduciary of the Company or any of its Subsidiaries (or in any similar capacity) with respect to
the Transaction Documents and the transactions contemplated hereby and thereby, and any advice given by the Buyer or any of its representatives
or agents in connection with the Transaction Documents and the transactions contemplated hereby and thereby is merely incidental to the
Buyer's purchase of the Securities. The Company further represents to the Buyer that the Company's decision to enter into
the Transaction Documents has been based solely on the independent evaluation by the Company and its representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Intentionally omitted.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Application of Takeover Protections; Rights Agreement</u>. The Company and its board of directors have
taken all necessary action, if any, in order to render inapplicable any control share acquisition, interested stockholder, business combination,
poison pill (including, without limitation, any distribution under a rights agreement), stockholder rights plan or other similar anti-
takeover provision under the Certificate of Incorporation, Bylaws or other organizational documents or the laws of the jurisdiction of
its incorporation or otherwise which is or could become applicable to the Buyer as a result of the transactions contemplated by this Agreement,
including, without limitation, the Company's issuance of the Securities and the Buyer's ownership of the Securities. The Company and its
board of directors have taken all necessary action, if any, in order to render inapplicable any stockholder rights plan or similar arrangement
relating to accumulations of beneficial ownership of shares of Common Stock or a change in control of the Company or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>SEC Documents; Financial Statements</u>. The Company has filed all reports, schedules, forms, statements
and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a)
or 15(d) thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation
to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together
with the Prospectus Supplement, being collectively referred to herein as the "SEC Reports") on a timely basis or has received
a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their
respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act,
as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading. The Company has never been an issuer subject to Rule 144(i) under the Securities Act. The financial statements
of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations
of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance
with the International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"), except
as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not
contain all footnotes required by IFRS, and fairly present in all material respects the financial position of the Company and its consolidated
Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the
case of unaudited statements, to normal, immaterial, year-end audit adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Absence of Certain Changes</u>. Since the date of the Company's most recent audited financial statements
contained in a Form 20-F there has been no material adverse change and no material adverse development in the business, assets, liabilities,
properties, operations (including results thereof), condition (financial or otherwise) or prospects of the Company or any of its Subsidiaries.
Since the date of the Company's most recent audited financial statements contained in a Form 20-F, neither the Company nor any of its
Subsidiaries has (i) declared or paid any dividends, (ii) sold any assets, individually or in the aggregate, outside of the ordinary course
of business or (iii) made any capital expenditures, individually or in the aggregate, outside of the ordinary course of business. Neither
the Company nor any of its Subsidiaries has taken any steps to seek protection pursuant to any law or statute relating to bankruptcy,
insolvency, reorganization, receivership, liquidation or winding up, nor does the Company or any Subsidiary have any knowledge or reason
to believe that any of their respective creditors intend to initiate involuntary bankruptcy proceedings or any actual knowledge of any
fact which would reasonably lead a creditor to do so. The Company and its Subsidiaries, individually and on a consolidated basis, are
not as of the date hereof, and after giving effect to the transactions contemplated hereby to occur at the Closing, will not be Insolvent
(as defined below). For purposes of this Section 3(l), "**Insolvent**" means, (i) with respect to the Company and its Subsidiaries,
on a consolidated basis, the present fair saleable value of the Company's and its Subsidiaries' assets is less than the amount required
to pay the Company's and its Subsidiaries' total Indebtedness (as defined below), the Company and its Subsidiaries are unable to pay their
debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured or (C) the Company
and its Subsidiaries intend to incur or believe that they will incur debts that would be beyond their ability to pay as such debts mature;
and (ii) with respect to the Company and each Subsidiary, individually, (A) the present fair saleable value of the Company's or such Subsidiary's
(as the case may be) assets is less than the amount required to pay its respective total Indebtedness, (B) the Company or such Subsidiary
(as the case may be) is unable to pay its respective debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities
become absolute and matured or (C) the Company or such Subsidiary (as the case may be) intends to incur or believes that it will incur
debts that would be beyond its respective ability to pay as such debts mature. Neither the Company nor any of its Subsidiaries has engaged
in any business or in any transaction, and is not about to engage in any business or in any transaction, for which the Company's or such
Subsidiary's remaining assets constitute unreasonably small capital with which to conduct the business in which it is engaged as such
business is now conducted and is proposed to be conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>No Undisclosed Events, Liabilities, Developments or Circumstances</u>. No event, liability, development
or circumstance has occurred or exists, or is reasonably expected to exist or occur with respect to the Company, any of its Subsidiaries
or any of their respective businesses, properties, liabilities, prospects, operations (including results thereof) or condition (financial
or otherwise), that could have a material adverse effect on the Buyer's investment hereunder or could have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Conduct of Business; Regulatory Permits</u>. Neither the Company nor any of its Subsidiaries is in
violation of any term of or in default under its Memorandum and Articles of Incorporation, any certificate of designation, preferences
or rights of any other outstanding series of preferred stock of the Company, or any organizational charter, certificate of formation,
memorandum of association, articles of association, certificate of incorporation or bylaws of any of the Subsidiaries. Neither the Company
nor any of its Subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable
to the Company or any of its Subsidiaries, and neither the Company nor any of its Subsidiaries will conduct its business in violation
of any of the foregoing, except in all cases for possible violations which could not, individually or in the aggregate, have a Material
Adverse Effect. The Company and each of its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate
regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations
or permits would not have, individually or in the aggregate, a Material Adverse Effect, and neither the Company nor any such Subsidiary
has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit. There
is no agreement, commitment, judgment, injunction, order or decree binding upon the Company or any of its Subsidiaries or to which the
Company or any of its Subsidiaries is a party which has or would reasonably be expected to have the effect of prohibiting or materially
impairing any business practice of the Company or any of its Subsidiaries, any acquisition of property by the Company or any of its Subsidiaries
or the conduct of business by the Company or any of its Subsidiaries as currently conducted other than such effects, individually or in
the aggregate, which have not had and would not reasonably be expected to have a Material Adverse Effect on the Company or any of its
Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Foreign Corrupt Practices</u>. Neither the Company, any of its Subsidiaries or to the knowledge of
the Company, any director, officer, agent, employee, nor any other person acting for or on behalf of the foregoing (individually and collectively,
a "**Company Affiliate**") have violated the U.S. Foreign Corrupt Practices Act (the "**FCPA**") or any other
applicable anti-bribery or anti- corruption laws, nor has any Company Affiliate offered, paid, promised to pay, or authorized the payment
of any money, or offered, given, promised to give, or authorized the giving of anything of value, to any officer, employee or any other
person acting in an official capacity for any Governmental Entity to any political party or official thereof or to any candidate for political
office (individually and collectively, a "**Government Official**") or to any person under circumstances where such Company
Affiliate knew or was aware of a high probability that all or a portion of such money or thing of value would be offered, given or promised,
directly or indirectly, to any Government Official, for the purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) influencing any act or decision of such Government Official in his/her official capacity, (B) inducing
such Government Official to do or omit to do any act in violation of his/her lawful duty, (C) securing any improper advantage, or (D)
inducing such Government Official to influence or affect any act or decision of any Governmental Entity, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) assisting the Company or its Subsidiaries in obtaining or retaining business for or with, or directing
business to, the Company or its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Sarbanes-Oxley Act</u>. The Company and each Subsidiary is in compliance in all material respects with
any and all applicable requirements of the Sarbanes-Oxley Act of 2002, as amended, and any and all applicable rules and regulations promulgated
by the SEC thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Transactions With Affiliates</u>. Except as disclosed in the SEC Documents, no current or former employee,
partner, director, officer or stockholder (direct or indirect) of the Company or its Subsidiaries, or any associate, or, to the knowledge
of the Company, any affiliate of any thereof, or any relative with a relationship no more remote than first cousin of any of the foregoing,
is presently, or has ever been, (i) a party to any material transaction with the Company or its Subsidiaries (including any contract,
agreement or other arrangement providing for the furnishing of services by, or rental of real or personal property from, or otherwise
requiring payments to, any such director, officer or stockholder or such associate or affiliate or relative Subsidiaries (other than for
ordinary course services as employees, officers or directors of the Company or any of its Subsidiaries)) or (ii) the direct or indirect
owner of an interest in any corporation, firm, association or business organization which is a competitor, supplier or customer of the
Company or its Subsidiaries (except for a passive investment (direct or indirect) in less than 5% of the common stock of a company whose
securities are traded on or quoted through an Eligible Market (as defined below)), nor does any such Person receive income from any source
other than the Company or its Subsidiaries which relates to the business of the Company or its Subsidiaries or should properly accrue
to the Company or its Subsidiaries. No employee, officer, stockholder or director of the Company or any of its Subsidiaries or member
of his or her immediate family is indebted to the Company or its Subsidiaries, as the case may be, nor is the Company or any of its Subsidiaries
indebted (or committed to make loans or extend or guarantee credit) to any of them, other than (i) for payment of salary for services
rendered, (ii) reimbursement for reasonable expenses incurred on behalf of the Company, and (iii) for other standard employee benefits
made generally available to all employees or executives (including stock option agreements outstanding under any stock option plan approved
by the Board of Directors of the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Indebtedness and Other Contracts</u>. Neither the Company nor any of its Subsidiaries, except as set
forth in the SEC Documents, has any outstanding debt securities, notes, credit agreements, credit facilities or other agreements, documents
or instruments evidencing Indebtedness of the Company or any of its Subsidiaries or by which the Company or any of its Subsidiaries is
or may become bound, (ii) is a party to any contract, agreement or instrument, the violation of which, or default under which, by the
other party(ies) to such contract, agreement or instrument could reasonably be expected to result in a Material Adverse Effect, (iii)
has any financing statements securing obligations in any amounts filed in connection with the Company or any of its Subsidiaries; (iv)
is in violation of any term of, or in default under, any contract, agreement or instrument relating to any Indebtedness, except where
such violations and defaults would not result, individually or in the aggregate, in a Material Adverse Effect, or (v) is a party to any
contract, agreement or instrument relating to any Indebtedness, the performance of which, in the judgment of the Company's officers, has
or is expected to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries have any liabilities or obligations
required to be disclosed in the SEC Documents which are not so disclosed in the SEC Documents, other than those incurred in the ordinary
course of the Company's or its Subsidiaries' respective businesses and which, individually or in the aggregate, do not or could not have
a Material Adverse Effect. For purposes of this Agreement: (x) "**Indebtedness**" of any Person means, without duplication
(A) all indebtedness for borrowed money, (B) all obligations issued, undertaken or assumed as the deferred purchase price of property
or services (including, without limitation, "capital leases" in accordance with GAAP) (other than trade payables entered into
in the ordinary course of business consistent with past practice), (C) all reimbursement or payment obligations with respect to letters
of credit, surety bonds and other similar instruments, (D) all obligations evidenced by notes, bonds, debentures or similar instruments,
including obligations so evidenced incurred in connection with the acquisition of property, assets or businesses, (E) all indebtedness
created or arising under any conditional sale or other title retention agreement, or incurred as financing, in either case with respect
to any property or assets acquired with the proceeds of such indebtedness (even though the rights and remedies of the seller or bank under
such agreement in the event of default are limited to repossession or sale of such property), (F) all monetary obligations under any leasing
or similar arrangement which, in connection with GAAP, consistently applied for the periods covered thereby, is classified as a capital
lease, (G) all indebtedness referred to in clauses (A) through (F) above secured by (or for which the holder of such Indebtedness has
an existing right, contingent or otherwise, to be secured by) any Lien upon or in any property or assets (including accounts and contract
rights) owned by any Person, even though the Person which owns such assets or property has not assumed or become liable for the payment
of such indebtedness, and (H) all Contingent Obligations in respect of indebtedness or obligations of others of the kinds referred to
in clauses (A) through (G) above; (y) "**Contingent Obligation**" means, as to any Person, any direct or indirect liability,
contingent or otherwise, of that Person with respect to any Indebtedness, lease, dividend or other obligation of another Person if the
primary purpose or intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee
of such liability that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that
the holders of such liability will be protected (in whole or in part) against loss with respect thereto; and (z) "Person" means
an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any
other entity and any Governmental Entity or any department or agency thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Litigation</u>. There is no action, suit, arbitration, proceeding, inquiry or investigation before
or by the Principal Market, any court, public board, other Governmental Entity, self- regulatory organization or body pending or, to the
knowledge of the Company, threatened against or affecting the Company or any of its Subsidiaries, the Ordinary Shares or any of the Company's
or its Subsidiaries' officers or directors, whether of a civil or criminal nature or otherwise, in their capacities as such, which is
outside of the ordinary course of business or individually or in the aggregate material to the Company or any of its Subsidiaries. To
the Company's knowledge, no director, officer or employee of the Company or any of its Subsidiaries has willfully violated 18 U.S.C. §1519
or engaged in spoliation in reasonable anticipation of litigation. Without limitation of the foregoing, there has not been, and to the
knowledge of the Company, there is not pending or contemplated, any investigation by the SEC involving the Company, any of its Subsidiaries
or any current or former director or officer of the Company or any of its Subsidiaries. The SEC has not issued any stop order or other
order suspending the effectiveness of any registration statement filed by the Company under the 1933 Act or the 1934 Act, including, without
limitation, the Registration Statement. After reasonable inquiry of its employees, the Company is not aware of any fact which might result
in or form the basis for any such action, suit, arbitration, investigation, inquiry or other proceeding. Neither the Company nor any of
its Subsidiaries is subject to any order, writ, judgment, injunction, decree, determination or award of any Governmental Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Insurance</u>. The Company and each of its Subsidiaries are insured by insurers of recognized financial
responsibility against such losses and risks and in such amounts as management of the Company believes to be prudent and customary in
the businesses in which the Company and its Subsidiaries are engaged. Neither the Company nor any such Subsidiary has been refused any
insurance coverage sought or applied for, and neither the company nor any such Subsidiary has any reason to believe that it will be unable
to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may
be necessary to continue its business at a cost that would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>FDA</u>. As to each product subject to the jurisdiction of the U.S. Food and Drug Administration ()"**FDA** ")
under the Federal Food, Drug and Cosmetic Act, as amended, and the regulations thereunder ()"**FDCA**") that is manufactured,
packaged, labeled, tested, distributed, sold, and/or marketed by the Company or any of its Subsidiaries (each such product, a "**Pharmaceutical Product** "), such Pharmaceutical Product is being manufactured, packaged, labeled, tested, distributed, sold and/or marketed by
the Company in compliance with all applicable requirements under FDCA and similar laws, rules and regulations relating to registration,
investigational use, premarket clearance, licensure, or application approval, good manufacturing practices, good laboratory practices,
good clinical practices, product listing, quotas, labeling, advertising, record keeping and filing of reports, except where the failure
to be in compliance would not have a Material Adverse Effect. There is no pending, completed or, to the Company's knowledge, threatened,
action (including any lawsuit, arbitration, or legal or administrative or regulatory proceeding, charge, complaint, or investigation)
against the Company or any of its Subsidiaries, and none of the Company or any of its Subsidiaries has received any notice, warning letter
or other communication from the FDA or any other governmental entity, which (i) contests the premarket clearance, licensure, registration,
or approval of, the uses of, the distribution of, the manufacturing or packaging of, the testing of, the sale of, or the labeling and
promotion of any Pharmaceutical Product, (ii) withdraws its approval of, requests the recall, suspension, or seizure of, or withdraws
or orders the withdrawal of advertising or sales promotional materials relating to, any Pharmaceutical Product, (iii) imposes a clinical
hold on any clinical investigation by the Company or any of its Subsidiaries, (iv) enjoins production at any facility of the Company or
any of its Subsidiaries, (v) enters or proposes to enter into a consent decree of permanent injunction with the Company or any of its
Subsidiaries, or (vi) otherwise alleges any violation of any laws, rules or regulations by the Company or any of its Subsidiaries, and
which, either individually or in the aggregate, would have a Material Adverse Effect. The properties, business and operations of the Company
have been and are being conducted in all material respects in accordance with all applicable laws, rules and regulations of the FDA. The
Company has not been informed by the FDA that the FDA will prohibit the marketing, sale, license or use in the United States of any product
proposed to be developed, produced or marketed by the Company nor has the FDA expressed any concern as to approving or clearing for marketing
any product being developed or proposed to be developed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Intellectual Property Rights</u>. The Company and its Subsidiaries own or possess adequate rights or
licenses to use all trademarks, trade names, service marks, service mark registrations, service names, original works of authorship, patents,
patent rights, copyrights, inventions, licenses, approvals, governmental authorizations, trade secrets and other intellectual property
rights and all applications and registrations therefor ()"**Intellectual Property Rights**") necessary to conduct their respective
businesses as now conducted. None of the Company's Intellectual Property Rights have expired or terminated or have been abandoned or are
expected to expire or terminate or are expected to be abandoned, within three years from the date of this Agreement. The Company does
not have any knowledge of any infringement by the Company or its Subsidiaries of Intellectual Property Rights of others. There is no claim,
action or proceeding being made or brought, or to the knowledge of the Company or any of its Subsidiaries, being threatened, against the
Company or any of its Subsidiaries regarding its Intellectual Property Rights. Neither the Company nor any of its Subsidiaries is aware
of any facts or circumstances which might give rise to any of the foregoing infringements or claims, actions or proceedings. The Company
and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their Intellectual
Property Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Environmental Laws</u>. The Company and its Subsidiaries (i) are in compliance with all federal, state,
local and foreign laws relating to pollution or protection of human health or the environment (including ambient air, surface water, groundwater,
land surface or subsurface strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants,
contaminants, or toxic or hazardous substances or wastes (collectively, "**Hazardous Materials**") into the environment,
or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous
Materials, as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice
letters, orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder ()"**Environmental Laws** ");
(ii) have received all permits licenses or other approvals required of them under applicable Environmental Laws to conduct their respective
businesses; and (iii) are in compliance with all terms and conditions of any such permit, license or approval where in each clause (i),
(ii) and (iii), the failure to so comply could be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Intentionally Omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Tax Status</u>. The Company and each of its Subsidiaries (i) has timely made or filed all foreign,
federal and state income and all other tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii)
has timely paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on
such returns, reports and declarations, except those being contested in good faith and (iii) has set aside on its books provision reasonably
adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There
are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company
and its Subsidiaries know of no basis for any such claim. The Company is not operated in such a manner as to qualify as a passive foreign
investment company, as defined in Section 1297 of the U.S. Internal Revenue Code of 1986, as amended (the "**Code** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Off Balance Sheet Arrangements</u>. There is no transaction, arrangement, or other relationship between
the Company or any of its Subsidiaries and an unconsolidated or other off balance sheet entity that is required to be disclosed by the
Company in its 1934 Act filings and is not so disclosed or that otherwise could be reasonably likely to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>Investment Company Status</u>. The Company is not, and upon consummation of the sale of the Securities
will not be, an "investment company," an affiliate of an "investment company," a company controlled by an "investment
company" or an "affiliated person" of, or "promoter" or "principal underwriter" for, an "investment
company" as such terms are defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Manipulation of Price</u>. Neither the Company nor any of its Subsidiaries has, and, to the knowledge
of the Company, no Person acting on their behalf has, directly or indirectly, (i) taken any action designed to cause or to result in the
stabilization or manipulation of the price of any security of the Company or any of its Subsidiaries to facilitate the sale or resale
of any of the Securities, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Securities,
(iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company or any
of its Subsidiaries or (iv) paid or agreed to pay any Person for research services with respect to any securities of the Company or any
of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>U.S. Real Property Holding Corporation</u>. Neither the Company nor any of its Subsidiaries is, or
has ever been, and so long as any of the Securities are held by the Buyer, shall become, a U.S. real property holding corporation within
the meaning of Section 897 of the Code, and the Company and each Subsidiary shall so certify upon the Buyer's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>Transfer Taxes</u>. On the Closing Date, all stock transfer or other taxes (other than income or similar
taxes) which are required to be paid in connection with the issuance, sale and transfer of the Securities to be sold to the Buyer hereunder
will be, or will have been, fully paid or provided for by the Company, and all laws imposing such taxes will be or will have been complied
with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Bank Holding Company Act</u>. Neither the Company nor any of its Subsidiaries is subject to the Bank
Holding Company Act of 1956, as amended (the "**BHCA**") and to regulation by the Board of Governors of the Federal Reserve
System (the "**Federal Reserve** "). Neither the Company nor any of its Subsidiaries or affiliates owns or controls, directly
or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent (25%) or more
of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company
nor any of its Subsidiaries or affiliates exercises a controlling influence over the management or policies of a bank or any entity that
is subject to the BHCA and to regulation by the Federal Reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>Shell Company Status</u>. The Company is not, and has never been, an issuer identified in, or subject
to, Rule 144(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) <u>Illegal or Unauthorized Payments; Political Contributions</u>. Neither the Company nor any of its Subsidiaries
nor, to the Company's knowledge, any of the officers, directors, employees, agents or other representatives of the Company or any of its
Subsidiaries or any other business entity or enterprise with which the Company or any Subsidiary is or has been affiliated or associated,
has, directly or indirectly, made or authorized any payment, contribution or gift of money, property, or services, whether or not in contravention
of applicable law, (i) as a kickback or bribe to any Person or (ii) to any political organization, or the holder of or any aspirant to
any elective or appointive public office except for personal political contributions not involving the direct or indirect use of funds
of the Company or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) <u>Money Laundering</u>. The Company and its Subsidiaries are in compliance with, and have not previously
violated, the USA Patriot Act of 2001 and all other applicable U.S. and non-U.S. anti-money laundering laws and regulations, including,
but not limited to, the laws, regulations and Executive Orders and sanctions programs administered by the U.S. Office of Foreign Assets
Control, including, without limitation, (i) Executive Order 13224 of September 23, 2001 entitled, "Blocking Property and Prohibiting
Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism" (66 Fed. Reg. 49079 (2001)); and (ii) any regulations
contained in 31 CFR, Subtitle B, Chapter V.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>Management.</u> During the past five year period, no current or former officer or director or, to the
knowledge of the Company, no current ten percent (10%) or greater stockholder of the Company or any of its Subsidiaries has been the subject
of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a petition under bankruptcy laws or any other insolvency or moratorium law or the appointment by a court
of a receiver, fiscal agent or similar officer for such Person, or any partnership in which such person was a general partner at or within
two years before the filing of such petition or such appointment, or any corporation or business association of which such person was
an executive officer at or within two years before the time of the filing of such petition or such appointment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a conviction in a criminal proceeding or a named subject of a pending criminal proceeding (excluding traffic
violations that do not relate to driving while intoxicated or driving under the influence);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent
jurisdiction, permanently or temporarily enjoining any such person from, or otherwise limiting, the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool
operator, floor broker, leverage transaction merchant, any other person regulated by the United States Commodity Futures Trading Commission
or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated
person, director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing
any conduct or practice in connection with such activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Engaging in any particular type of business practice; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Engaging in any activity in connection with the purchase or sale of any security or commodity or in connection
with any violation of securities laws or commodities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any order, judgment or decree, not subsequently reversed, suspended or vacated, of any authority barring,
suspending or otherwise limiting for more than sixty (60) days the right of any such person to engage in any activity described in the
preceding sub paragraph, or to be associated with persons engaged in any such activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a finding by a court of competent jurisdiction in a civil action or by the SEC or other authority to have
violated any securities law, regulation or decree and the judgment in such civil action or finding by the SEC or any other authority has
not been subsequently reversed, suspended or vacated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a finding by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission
to have violated any federal commodities law, and the judgment in such civil action or finding has not been subsequently reversed, suspended
or vacated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) <u>No Disagreements with Accountants and Lawyers</u>. There are no material disagreements of any kind
presently existing, or reasonably anticipated by the Company to arise, between the Company and the accountants and lawyers formerly or
presently employed by the Company and the Company is current with respect to any fees owed to its accountants and lawyers which could
affect the Company's ability to perform any of its obligations under any of the Transaction Documents. In addition, on or prior to the
date hereof, the Company had discussions with its accountants about its financial statements previously filed with the SEC. Based on those
discussions, the Company has no reason to believe that it will need to restate any such financial statements or any part thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) <u>No Additional Agreements</u>. The Company does not have any agreement or understanding with the Buyer
with respect to the transactions contemplated by the Transaction Documents other than as specified in the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) <u>XBRL</u>. The interactive data in eXtensible Business Reporting Language ()"**XBRL** ")
included or incorporated by reference in the Registration Statement fairly presents the information called for in all material respects
and has been prepared in accordance with the SEC's rules and guidelines applicable thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) <u>Disclosure</u>. All disclosure provided to the Buyer regarding the Company and its Subsidiaries, their
businesses and the transactions contemplated hereby, including the schedules to this Agreement, furnished by or on behalf of the Company
or any of its Subsidiaries is true and correct and does not contain any untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading.
All of the written information furnished after the date hereof by or on behalf of the Company or any of its Subsidiaries to the Buyer
pursuant to or in connection with this Agreement and the other Transaction Documents, taken as a whole, will be true and correct in all
material respects as of the date on which such information is so provided and will not contain any untrue statement of a material fact
or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which
they were made, not misleading. The press releases disseminated by the Company during the twelve (12) months preceding the date of this
Agreement, taken as a whole, are true and correct in all material respects. No event or circumstance has occurred or information exists
with respect to the Company or any of its Subsidiaries or its or their business, properties, liabilities, prospects, operations (including
results thereof) or conditions (financial or otherwise), which, under applicable law, rule or regulation, requires public disclosure at
or before the date hereof or announcement by the Company but which has not been so publicly disclosed. All financial projections and forecasts
that have been prepared by or on behalf of the Company or any of its Subsidiaries and made available to the Buyer have been prepared in
good faith based upon reasonable assumptions and represented, at the time each such financial projection or forecast was delivered to
the Buyer, the Company's best estimate of future financial performance (it being recognized that such financial projections or forecasts
are not to be viewed as facts and that the actual results during the period or periods covered by any such financial projections or forecasts
may differ from the projected or forecasted results). The Company acknowledges and agrees that the Buyer has not made any representations
or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) <u>Listing and Maintenance Requirements</u>. The Ordinary Shares are registered pursuant to Section 12(b)
of the 1934 Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating
the registration of the Ordinary Shares under the 1934 Act nor has the Company received any notification that the SEC is contemplating
terminating such registration. Except as disclosed in the SEC Documents, the Company is not in violation of any of the rules, regulations
or requirements of the Principal Market and has no knowledge of any facts or circumstances that could reasonably lead to delisting or
suspension of the Ordinary Shares by the Principal Market in the foreseeable future. Except as disclosed in the SEC Documents, during
the two years prior to the date hereof, (i) the Ordinary Shares have been listed or designated for quotation on the Principal Market,
(ii) trading in the Ordinary Shares has not been suspended by the SEC or the Principal Market and (iii) the Company has received no communication,
written or oral, from the SEC or the Principal Market regarding the suspension or delisting of the Ordinary Shares from the Principal
Market. The Ordinary Shares are currently eligible for electronic transfer through the Depository Trust Company or another established
clearing corporation and the Company is current in payment of the fees to the Depository Trust Company (or such other established clearing
corporation) in connection with such electronic transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) <u>Public Float Calculation</u>. As of the close of trading on the Principal Market on January 15, 2026,
the aggregate market value of the outstanding voting and non-voting common equity (as defined in Rule 405) of the Company held by persons
other than affiliates of the Company (pursuant to Rule 144, those that directly, or indirectly through one or more intermediaries, control,
or are controlled by, or are under common control with, the Company) (the "Non-Affiliate Shares"), was approximately $(calculated
by multiplying (x) the price at which the common equity of the Company was last sold on the Principal Market on January [ ], 2026 by (y)
the number of Non-Affiliate Shares outstanding on December 31, 2025).

4. COVENANTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Reasonable Best Efforts</u>. The Buyer shall use its reasonable best efforts to timely satisfy each
of the covenants hereunder and conditions to be satisfied by it as provided in Section 6 of this Agreement. The Company shall use its
reasonable best efforts to timely satisfy each of the covenants hereunder and conditions to be satisfied by it as provided in Section
7 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Use of Proceeds</u>. The Company will use the proceeds from the sale of the Securities as described
in the Prospectus Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Financial Information</u>. The Company agrees to send the following to the Buyer during the Reporting
Period (i) unless the following are filed with the SEC through EDGAR and are available to the public through the EDGAR system, within
one (1) Business Day after the filing thereof with the SEC, a copy of its Annual Reports on Form 20-F, any interim reports or any consolidated
balance sheets, income statements, stockholders' equity statements and/or cash flow statements for any period other than annual, any Reports
on Form 6-K and any registration statements (other than on Form F¬8) or amendments filed pursuant to the 1933 Act, (ii) unless the
following are either filed with the SEC through EDGAR or are otherwise widely disseminated via a recognized news release service (such
as PR Newswire), on the same day as the release thereof, facsimile copies of all press releases issued by the Company or any of its Subsidiaries
and (iii) unless the following are filed with the SEC through EDGAR, copies of any notices and other information made available or given
to the stockholders of the Company generally, contemporaneously with the making available or giving thereof to the stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Listing</u>. The Company shall maintain the Ordinary Share's listing or authorization for quotation
(as the case may be) on the Principal Market, The New York Stock Exchange, the NYSE American, The Nasdaq Global Market or The Nasdaq Global
Select Market (each, an "**Eligible Market** "). Neither the Company nor any of its Subsidiaries shall take any action which
could be reasonably expected to result in the delisting or suspension of the Ordinary Shares on an Eligible Market. The Company shall
pay all fees and expenses in connection with satisfying its obligations under this Section 4(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Fees</u>. The Company shall be responsible for the payment of any placement agent's fees, financial
advisory fees, transfer agent fees, DTC fees or broker's commissions (other than for Persons engaged by the Buyer) relating to or arising
out of the transactions contemplated by the Transaction Documents. The Company shall pay, and hold the Buyer harmless against, any liability,
loss or expense (including, without limitation, reasonable attorneys' fees and out-of- pocket expenses) arising in connection with any
claim relating to any such payment. The Buyer shall be entitled to a refund of due diligence fees equal to 8% of its investment commitment.
Except as otherwise set forth in the Transaction Documents, each party to this Agreement shall bear its own expenses in connection with
the sale of the Securities to the Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Pledge of Securities</u>. Notwithstanding anything to the contrary contained in this Agreement, the
Company acknowledges and agrees that the Securities may be pledged by the Buyer in connection with a bona fide margin agreement or other
loan or financing arrangement that is secured by the Securities. The pledge of Securities shall not be deemed to be a transfer, sale or
assignment of the Securities hereunder, and no Investor effecting a pledge of Securities shall be required to provide the Company with
any notice thereof or otherwise make any delivery to the Company pursuant to this Agreement or any other Transaction Document. The Company
hereby agrees to execute and deliver such documentation as a pledgee of the Securities may reasonably request in connection with a pledge
of the Securities to such pledgee by the Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Disclosure of Transactions and Other Material Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Disclosure of Transaction</u>. The Company shall, on or before 9:00 a.m., New York time, on the (i)
first (1st) Business Day after the date of this Agreement, issue a press release (the "**Press Release**") reasonably acceptable
to the Buyers disclosing all the material terms of the transactions contemplated by the Transaction Documents and (ii) the second (2nd)
Business Day after the date of this Agreement file with the SEC a Report on Form 6-K reasonably acceptable to the Buyers describing all
the material terms of the transactions contemplated by the Transaction Documents in the form required by the 1934 Act and attaching all
the material Transaction Documents (including, without limitation, this Agreement (and all schedules to this Agreement) (including all
attachments, the "**6-K Filing** "), and file with the SEC the Prospectus Supplement pursuant to Rule 424(b) under the 1933
Act specifically relating to the transactions contemplated by, and describing the material terms and conditions of, the Transaction Documents,
containing information previously omitted at the time of effectiveness of the Registration Statement in reliance on Rule 430B under the
Securities Act, and disclosing all information relating to the transactions contemplated hereby required to be disclosed in the Registration
Statement and the Prospectus as of the date of the Prospectus Supplement, including, without limitation, information required to be disclosed
in the section captioned "Plan of Distribution" in the Prospectus. The Company shall permit the Buyers to review and comment
upon the Press Release, the Current Report and the Prospectus Supplement within a reasonable time prior to their filing with the SEC,
the Company shall give reasonable consideration to all such comments, and the Company shall not issue the Press Release or file the Current
Report or the Prospectus Supplement with the SEC in a form to which either Buyer reasonably objects. Each Buyer shall furnish to the Company
such information regarding itself, the Securities beneficially owned by it and the intended method of distribution thereof, including
any arrangement between each Buyer and any other Person relating to the sale or distribution of the Securities, as shall be reasonably
requested by the Company in connection with the preparation and issuance of the Press Release and the preparation and filing of the Current
Report and the Prospectus Supplement, and shall otherwise cooperate with the Company as reasonably requested by the Company in connection
with the preparation and issuance of the Press Release and the preparation and filing of the Current Report and the Prospectus Supplement
with the SEC. From and after the issuance of the Press Release, the Company shall have disclosed all material, non- public information
(if any) provided to any of the Buyer by the Company or any of its Subsidiaries or any of their respective officers, directors, employees
or agents in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon the issuance of the
Press Release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether
written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates, employees or
agents, on the one hand, and any of the Buyer or any of their affiliates, on the other hand, shall terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Limitations on Disclosure</u>. The Company shall not, and the Company shall cause each of its Subsidiaries
and each of its and their respective officers, directors, employees and agents not to, provide the Buyers with any material, non-public
information regarding the Company or any of its Subsidiaries from and after the issuance of the Press Release without the express prior
written consent of the Buyers (which may be granted or withheld in the Buyer's sole discretion). To the extent that the Company delivers
any material, non-public information to any of the Buyers without the Buyer's consent, the Company hereby covenants and agrees that such
Buyer shall not have any duty of confidentiality with respect to, or a duty not to trade on the basis of, such material, non-public information.
Subject to the foregoing, neither the Company nor any of its Subsidiaries shall issue any press releases or any other public statements
with respect to the transactions contemplated hereby; provided, however, the Company shall be entitled, without the prior approval of
such Buyer, to issue any press release or other public disclosure with respect to such transactions (i) in substantial conformity with
the 6-K Filing and contemporaneously therewith and (ii) as is required by applicable law and regulations (provided that in the case of
clause (i) such Buyer shall be consulted by the Company in connection with any such press release or other public disclosure prior to
its release). Without the prior written consent of the Buyers (which may be granted or withheld in the Buyer's sole discretion), the Company
shall not (and shall cause each of its Subsidiaries and affiliates to not) disclose the name of the Buyers in any filing, announcement,
release or otherwise. Notwithstanding anything contained in this Agreement to the contrary and without implication that the contrary would
otherwise be true, the Company expressly acknowledges and agrees that the Buyers shall not have (unless expressly agreed to by the Buyers
after the date hereof in a written definitive and binding agreement executed by the Company and the Buyers) any duty of confidentiality
with respect to, or a duty not to trade on the basis of, any material, non-public information regarding the Company or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Conduct of Business</u>. The business of the Company and its Subsidiaries shall not be conducted in
violation of any law, ordinance or regulation of any Governmental Entity, except where such violations would not reasonably be expected
to result, either individually or in the aggregate, in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Passive Foreign Investment Company</u>. The Company shall conduct its business, and shall cause its Subsidiaries to conduct their respective businesses, in such a manner as will ensure that the Company will not be deemed to constitute a passive foreign investment company within the meaning of Section 1297 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Regulation M.</u> The Company will not take any action prohibited by Regulation M under the 1934 Act,
in connection with the distribution of the Securities contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Passive Foreign Investment Company</u>. The Company shall conduct its business in such a manner as
will ensure that the Company will not be deemed to constitute a passive foreign investment company within the meaning of Section 1297
of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Notice of Disqualification Events</u>. The Company will notify the Buyers in writing, prior to the
Closing Date of (i) any Disqualification Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of
time, reasonably be expected to become a Disqualification Event relating to any Issuer Covered Person, in each case of which it is aware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Subsequent Equity Sales. Beginning on the date hereof and continuing until January 31, 2027, if the Company
or any Subsidiary shall enter into a sale of Ordinary Shares or Ordinary Share Equivalents (or any combination of such securities) other
than an Exempt Transaction (as defined herein), entitling any person or entity to acquire Ordinary Shares at an effective price per share
less than the Purchase Price (subject to prior adjustment for reverse and forward stock splits and the like) (the "**Discounted Purchase Price**," as further defined below), the Company shall issue to such Buyer that number of additional Shares equal to the
Shares issued hereunder multiplied by (a) the Purchase Price paid by such Buyer at the Closing divided by the Discounted Purchase Price,
less (b) the Shares issued to such Buyer at the Closing pursuant to this Agreement and pursuant to this Section 4(o). Any additional Shares
issued pursuant to this section shall, if possible, be registered under the Securities Act at the time of such issuance The term "**Discounted Purchase Price**" shall mean the amount actually paid in new cash consideration by third parties for each Ordinary Share. The sale
of Ordinary Share Equivalents shall be deemed to have occurred at the time of the issuance of the Ordinary Share Equivalents and the Discounted
Purchase Price covered thereby shall also include the actual exercise or conversion price thereof at the time of the conversion or exercise
(in addition to the consideration per Ordinary Share of Common Stock underlying the Ordinary Share Equivalents received by the Company
upon such sale or issuance of the Ordinary Share Equivalents). If shares are issued for a consideration other than cash, the per share
selling price shall be the fair value of such consideration as determined in good faith by the Board of Directors of the Company. Notwithstanding
anything to the contrary herein, this Section 4(o) shall not apply in respect of an Exempt Issuance. Additionally, prior to any issuance
to a Buyer pursuant to this Section 4(o), such Buyer shall have the right to irrevocably defer such issuances to such Buyer under this
Section 4(o), in whole or in part, for continuous periods of not less than 75 days. The Purchaser's rights under this Section 4(o) shall
terminate upon January 31, 2027. "**Exempt Transaction**" means the issuance of (a) Ordinary Shares or options to employees,
officers, consultants or directors of the Company pursuant to any stock or option plan duly adopted for such purpose, by a majority of
the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established for
such purpose, (b) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors
of the Company, provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through
its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and shall provide
to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is
issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities.

5. REGISTER; TRANSFER AGENT INSTRUCTIONS; LEGEND.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Register</u>. The Company shall maintain at its principal executive offices (or such other office or
agency of the Company as it may designate by notice to each holder of Securities), a register for the Ordinary Shares in which the Company
shall record the name and address of the Person in whose name the Ordinary Shares have been issued (including the name and address of
each transferee) and the number of Ordinary Shares held by such Person. The Company shall keep the register open and available at all
times during business hours for inspection of the Buyers or its legal representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Legends</u>. Certificates and any other instruments evidencing the Ordinary Shares shall not bear any
restrictive or other legend.

6. CONDITIONS TO THE COMPANY'S OBLIGATION TO SELL.

The obligation of the Company hereunder to issue and sell the Ordinary Shares to the Buyer at the Closing is subject to the satisfaction, at or before the Closing Date, of each of the following conditions, provided that these conditions are for the Company's sole benefit and may be waived by the Company at any time in its sole discretion by providing the Buyer with prior written notice thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Buyer shall have executed this Agreement and delivered the same to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Buyer shall have delivered to the Company the Purchase Price for the Ordinary Shares being purchased
by the Buyer at the Closing by wire transfer of immediately available funds in accordance with the Flow of Funds Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The representations and warranties of the Buyer shall be true and correct in all material respects as
of the date when made and as of the Closing Date as though originally made at that time (except for representations and warranties that
speak as of a specific date, which shall be true and correct as of such specific date), and the Buyer shall have performed, satisfied
and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied
or complied with by the Buyer at or prior to the Closing Date.

7. CONDITIONS TO THE BUYER'S OBLIGATION TO PURCHASE.

The obligation of the Buyer hereunder to purchase the Ordinary Shares at the Closing is subject to the satisfaction, at or before the Closing Date, of each of the following conditions, provided that these conditions are for the Buyer's sole benefit and may be waived by the Buyer at any time in its sole discretion by providing the Company with prior written notice thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall have duly executed and delivered to each Buyer each of the Transaction Documents, and
the Company shall have caused the Transfer Agent to credit an aggregate [ ] Ordinary Shares to the Buyers' or its designees' balance account
with DTC through its Deposit/Withdrawal at Custodian system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall have delivered to the Buyers a certificate evidencing the formation and good standing
of the Company and each of its Subsidiaries in each such entity's jurisdiction of formation issued by the Secretary of State (or comparable
office) of such jurisdiction of formation as of a date within ten (10) days of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall have delivered to the Buyers a certificate, in the form acceptable to the Buyer, executed
by the Secretary of the Company and dated as of the Closing Date, as to (i) the resolutions consistent with Section 3(b) as adopted by
the Company's board of directors in a form reasonably acceptable to the Buyers, (ii) the Certificate of Incorporation of the Company and
(iii) the Bylaws of the Company, each as in effect at the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each and every representation and warranty of the Company shall be true and correct as of the date when
made and as of the Closing Date as though originally made at that time (except for representations and warranties that speak as of a specific
date, which shall be true and correct as of such specific date) and the Company shall have performed, satisfied and complied in all respects
with the covenants, agreements and conditions required to be performed, satisfied or complied with by the Company at or prior to the Closing
Date. The Buyers shall have received a certificate, duly executed by the Chief Executive Officer of the Company, dated as of the Closing
Date, to the foregoing effect and as to such other matters as may be reasonably requested by the Buyers in the form acceptable to the
Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Ordinary Shares (A) shall be designated for quotation or listed (as applicable) on the Principal Market
and (B) shall not have been suspended, as of the Closing Date, by the SEC or the Principal Market from trading on the Principal Market
nor shall suspension by the SEC or the Principal Market have been threatened, as of the Closing Date, either (I) in writing by the SEC
or the Principal Market or (II) except as set forth in the SEC Documents, by falling below the minimum maintenance requirements of the
Principal Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company shall have obtained all governmental, regulatory or third party consents and approvals, if
any, necessary for the sale of the Securities, including without limitation, those required by the Principal Market, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered,
promulgated or endorsed by any court or Governmental Entity of competent jurisdiction that prohibits the consummation of any of the transactions
contemplated by the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Since the date of execution of this Agreement, no event or series of events shall have occurred that reasonably
would have or result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company shall have notified the Principal Market to list or designate for quotation (as the case may
be) the Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Buyer shall have received a letter on the letterhead of the Company, duly executed by the Chief Executive
Officer of the Company, setting forth the wire transfer instructions of the Company (the "**Flow of Funds Letter** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) From the date hereof to the Closing Date, (i) trading in the Ordinary Shares shall not have been suspended
by the SEC or the Principal Market (except for any suspension of trading of limited duration agreed to by the Company, which suspension
shall be terminated prior to the Closing), and, (ii) at any time prior to the Closing Date, trading in securities generally as reported
by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades
are reported by such service, or on the Principal Market, nor shall a banking moratorium have been declared either by the United States
or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international
calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable
judgment of the Buyer, makes it impracticable or inadvisable to purchase the Securities at the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Registration Statement shall be effective and available for the issuance and sale to the Buyers hereunder
of all of the Ordinary Shares offered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company shall have delivered to the Buyers the Prospectus and the Prospectus Supplement (which may
be delivered in accordance with Rule 172 under the 1933 Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Company and its Subsidiaries shall have delivered to the Buyers such other documents, instruments
or certificates relating to the transactions contemplated by this Agreement as the Buyers or its counsel may reasonably request.

8. TERMINATION.

In the event that the Closing shall not have occurred within five (5) days of the date hereof, then the Buyers shall have the right to terminate its obligations under this Agreement at any time on or after the close of business on such date without liability of the Buyers to the Company; provided, however, the right to terminate this Agreement under this Section 8 shall not be available to the Buyers if the failure of the transactions contemplated by this Agreement to have been consummated by such date is the result of the Buyer's breach of this Agreement, provided further that no such termination shall affect any obligation of the Company under this Agreement to reimburse the Buyers for the expenses described in Section 4(g) above. Nothing contained in this Section 8 shall be deemed to release any party from any liability for any breach by such party of the terms and provisions of this Agreement or the other Transaction Documents or to impair the right of any party to compel specific performance by any other party of its obligations under this Agreement or the other Transaction Documents.

9. MISCELLANEOUS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Governing Law; Jurisdiction; Jury Trial</u>. All questions concerning the construction, validity, enforcement
and interpretation of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice
of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of New York. The Company hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or
in connection herewith or under any of the other Transaction Documents or with any transaction contemplated hereby or thereby, and hereby
irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction
of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or
proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such
suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees
that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed or operate to
preclude the Buyer from bringing suit or taking other legal action against the Company in any other jurisdiction to collect on the Company's
obligations to the Buyer or to enforce a judgment or other court ruling in favour of the Buyer. **EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR UNDER ANY OTHER TRANSACTION DOCUMENT OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Counterparts</u>. This Agreement may be executed in two or more identical counterparts, all of which
shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to the other party. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document
format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the party executing
(or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Headings</u>; Gender. The headings of this Agreement are for convenience of reference and shall not
form part of, or affect the interpretation of, this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall
be deemed to include the masculine, feminine, neuter, singular and plural forms thereof. The terms "including," "includes,"
"include" and words of like import shall be construed broadly as if followed by the words "without limitation." The
terms "herein," "hereunder," "hereof" and words of like import refer to this entire Agreement instead of
just the provision in which they are found.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Severability; Maximum Payment Amounts</u>. If any provision of this Agreement is prohibited by law
or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited,
invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity
or unenforceability of such provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement
as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and
the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations
or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties.
The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s),
the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s). Notwithstanding anything
to the contrary contained in this Agreement or any other Transaction Document (and without implication that the following is required
or applicable), it is the intention of the parties that in no event shall amounts and value paid by the Company and/or any of its Subsidiaries
(as the case may be), or payable to or received by any of the Buyer, under the Transaction Documents (including without limitation, any
amounts that would be characterized as "interest" under applicable law) exceed amounts permitted under any applicable law. Accordingly,
if any obligation to pay, payment made to the Buyer, or collection by the Buyer pursuant the Transaction Documents is finally judicially
determined to be contrary to any such applicable law, such obligation to pay, payment or collection shall be deemed to have been made
by mutual mistake of the Buyer, the Company and its Subsidiaries and such amount shall be deemed to have been adjusted with retroactive
effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by the applicable law. Such adjustment
shall be effected, to the extent necessary, by reducing or refunding, at the option of the Buyer, the amount of interest or any other
amounts which would constitute unlawful amounts required to be paid or actually paid to the Buyer under the Transaction Documents. For
greater certainty, to the extent that any interest, charges, fees, expenses or other amounts required to be paid to or received by the
Buyer under any of the Transaction Documents or related thereto are held to be within the meaning of "interest" or another applicable
term to otherwise be violative of applicable law, such amounts shall be pro-rated over the period of time to which they relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Entire Agreement; Amendments</u>. This Agreement, the other Transaction Documents and the schedules
and exhibits attached hereto and thereto and the instruments referenced herein and therein supersede all other prior oral or written agreements
between the Buyers, the Company, its Subsidiaries, their affiliates and Persons acting on their behalf, and this Agreement, the other
Transaction Documents, the schedules and exhibits attached hereto and thereto and the instruments referenced herein and therein contain
the entire understanding of the parties solely with respect to the matters covered herein and therein; provided, however, nothing contained
in this Agreement or any other Transaction Document shall (or shall be deemed to) (i) have any effect on any provision of any other agreements
the Buyer has entered into with, or any instruments the Buyer has received from, the Company or any of its Subsidiaries prior to the date
hereof with respect to any prior investment made by the Buyer in the Company or (ii) waive, alter, modify or amend in any respect any
obligations of the Company, or any rights of or benefits to the Buyer or any other Person, in any other agreement entered into prior to
the date hereof between or among the Company and/or any of its Subsidiaries and the Buyer, or in any instruments the Buyer received from
the Company and/or any of its Subsidiaries prior to the date hereof, and all such binding provisions contained in all such other agreements
and instruments shall continue in full force and effect. Except as specifically set forth herein or therein, neither the Company nor the
Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. For clarification purposes, the Recitals
are part of this Agreement. Provisions of this Agreement may be amended only with the written consent of the Company and the Buyer, and
any amendment of any provision of this Agreement made in conformity with the provisions of this Section 9(e) shall be binding upon the
Buyer and the Company. No waiver shall be effective unless it is in writing and signed by an authorized representative of the waiving
party, and any waiver of any provision of this Agreement made in conformity with the provisions of this Section 9(e) shall be binding
on the waiving party. The Company has not, directly or indirectly, made any agreements with the Buyer relating to the terms or conditions
of the transactions contemplated by the Transaction Documents except as set forth in the Transaction Documents. Without limiting the foregoing,
the Company confirms that, except as set forth in this Agreement, the Buyer has not made any commitment or promise or has any other obligation
to provide any financing to the Company, any Subsidiary or otherwise. As a material inducement for the Buyer to enter into this Agreement,
the Company expressly acknowledges and agrees that (i) no due diligence or other investigation or inquiry conducted by the Buyer, any
of its advisors or any of its representatives shall affect the Buyer's right to rely on, or shall modify or qualify in any manner or be
an exception to any of, the Company's representations and warranties contained in this Agreement or any other Transaction Document, (ii)
nothing contained in the Registration Statement, the Prospectus or the Prospectus Supplement shall affect the Buyer's right to rely on,
or shall modify or qualify in any manner or be an exception to any of, the Company's representations and warranties contained in this
Agreement or any other Transaction Document and (iii) unless a provision of this Agreement or any other Transaction Document is expressly
preceded by the phrase "except as disclosed in the SEC Documents," nothing contained in any of the SEC Documents shall affect
the Buyer's right to rely on, or shall modify or qualify in any manner or be an exception to any of, the Company's representations and
warranties contained in this Agreement or any other Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Notices</u>. Any and all notices or other communications or deliveries required or permitted to be
provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such
notice or communication is delivered via email attachment at the email address as set forth on the signature pages attached hereto at
or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such notice or
communication is delivered via email attachment at the email address as set forth on the signature pages attached hereto on a day that
is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date
of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice
is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Successors and Assigns</u>. This Agreement shall be binding upon and inure to the benefit of the parties
and their respective successors and assigns, unless pursuant to a written assignment by the Buyer). The Buyer may assign some or all of
its rights hereunder in connection with any transfer of any of its Securities without the consent of the Company, in which event such
assignee shall be deemed to be the Buyer hereunder with respect to such assigned rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>No Third Party Beneficiaries</u>. This Agreement is intended for the benefit of the parties hereto
and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any
other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Survival</u>. The representations, warranties, agreements and covenants shall survive the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Further Assurances</u>. Each party shall do and perform, or cause to be done and performed, all such
further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other
party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Intentionally omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Construction.</u> The language used in this Agreement will be deemed to be the language chosen by the
parties to express their mutual intent, and no rules of strict construction will be applied against any party. No specific representation
or warranty shall limit the generality or applicability of a more general representation or warranty. Each and every reference to share
prices, Ordinary Shares and any other numbers in this Agreement that relate to the Ordinary Shares shall be automatically adjusted for
any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions that occur with respect to the
Ordinary Shares after the date of this Agreement. It is expressly understood and agreed that for all purposes of this Agreement, and without
implication that the contrary would otherwise be true, neither transactions nor purchases nor sales shall include the location and/or
reservation of borrowable Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Remedies</u>. The Buyer and in the event of assignment by Buyer of its rights and obligations hereunder,
each holder of any Securities, shall have all rights and remedies set forth in the Transaction Documents and all rights and remedies which
such holders have been granted at any time under any other agreement or contract and all of the rights which such holders have under any
law. Any Person having any rights under any provision of this Agreement shall be entitled to enforce such rights specifically (without
posting a bond or other security), to recover damages by reason of any breach of any provision of this Agreement and to exercise all other
rights granted by law. Furthermore, the Company recognizes that in the event that it or any Subsidiary fails to perform, observe, or discharge
any or all of its or such Subsidiary's (as the case may be) obligations under the Transaction Documents, any remedy at law would inadequate
relief to the Buyer. The Company therefore agrees that the Buyer shall be entitled to specific performance and/or temporary, preliminary
and permanent injunctive or other equitable relief from any court of competent jurisdiction in any such case without the necessity of
proving actual damages and without posting a bond or other security. The remedies provided in this Agreement and the other Transaction
Documents shall be cumulative and in addition to all other remedies available under this Agreement and the other Transaction Documents,
at law or in equity (including a decree of specific performance and/or other injunctive relief).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Withdrawal Right</u>. Notwithstanding anything to the contrary contained in (and without limiting any
similar provisions of) the Transaction Documents, whenever the Buyer exercises a right, election, demand or option under a Transaction
Document and the Company or any Subsidiary does not timely perform its related obligations within the periods therein provided, then the
Buyer may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company or such Subsidiary (as the
case may be), any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Payment Set Aside; Currency</u>. To the extent that the Company makes a payment or payments to the
Buyer hereunder or pursuant to any of the other Transaction Documents or the Buyer enforce or exercise their rights hereunder or thereunder,
and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared
to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored
to the Company, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, foreign, state
or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally
intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement
or setoff had not occurred. Unless otherwise expressly indicated, all dollar amounts referred to in this Agreement and the other Transaction
Documents are in United States Dollars ()"**U.S. Dollars** "), and all amounts owing under this Agreement and all other Transaction
Documents shall be paid in U.S. Dollars. All amounts denominated in other currencies (if any) shall be converted into the U.S. Dollar
equivalent amount in accordance with the Exchange Rate on the date of calculation. "**Exchange Rate**" means, in relation
to any amount of currency to be converted into U.S. Dollars pursuant to this Agreement, the U.S. Dollar exchange rate as published in
the Wall Street Journal on the relevant date of calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Judgment Currency</u>. If for the purpose of obtaining or enforcing judgment against the Company in
connection with this Agreement or any other Transaction Document in any court in any jurisdiction it becomes necessary to convert into
any other currency (such other currency being hereinafter in this Section 9(p) referred to as the "**Judgment Currency** ")
an amount due in US Dollars under this Agreement, the conversion shall be made at the Exchange Rate prevailing on the Trading Day immediately
preceding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the date actual payment of the amount due, in the case of any proceeding in the courts of New York or
in the courts of any other jurisdiction that will give effect to such conversion being made on such date: 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the date on which the foreign court determines, in the case of any proceeding in the courts of any other
jurisdiction (the date as of which such conversion is made pursuant to this Section 9(p)(i)(1) being hereinafter referred to as the "**Judgment Conversion Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If in the case of any proceeding in the court of any jurisdiction referred to in Section 9(p)(i)(1) above,
there is a change in the Exchange Rate prevailing between the Judgment Conversion Date and the date of actual payment of the amount due,
the applicable party shall pay such adjusted amount as may be necessary to ensure that the amount paid in the Judgment Currency, when
converted at the Exchange Rate prevailing on the date of payment, will produce the amount of US Dollars which could have been purchased
with the amount of Judgment Currency stipulated in the judgment or judicial order at the Exchange Rate prevailing on the Judgment Conversion
Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any amount due from the Company under this provision shall be due as a separate debt and shall not be
affected by judgment being obtained for any other amounts due under or in respect of this Agreement or any other Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Liquidated Damages</u>. The Company's obligations to pay any partial liquidated damages or other amounts
owing under the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated
damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated
damages or other amounts are due and payable shall have been cancelled.

[signature pages follow]

**IN WITNESS WHEREOF**, this Securities Purchase Agreement is executed as of the Effective Date.

Number of Ordinary Shares Subscribed For: [ ]

Total Purchase Price: $[ ]

Signature of Authorized Signatory: __________________________

Name of Subscriber:

Address of Subscriber:

Subscriber's tax ID#:

Subscriber's Email Address:

**ACCEPTED BY:**

TIZIANA LIFE SCIENCES LTD,<br> a Bermuda Company

Signature of Authorized Signatory:

Name of Authorized Signatory:

Title of Authorized Signatory:

## Exhibit 5.1

**Exhibit 5.1**

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| | |
|:---|:---|
|  | **CONYERS DILL & PEARMAN LIMITED** |
| ![](ex5-1_001.jpg) | Clarendon House, 2 Church Street<br> Hamilton HM 11, Bermuda<br>|
|  | Mail: PO Box HM 666, Hamilton HM CX, |
|  | Bermuda |
|  | T +1 441 295 1422 |
|  | **conyers.com** |

---

January 20, 2026

Matter No.:364738

Doc Ref: 25985925.1

+1 441 298 7861

robert.alexander@conyers.com

Tiziana Life Sciences Ltd.

Century House

16 Par-la-Ville Road

Hamilton HM 08

Bermuda

Dear Sirs,

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| | |
|:---|:---|
| Re: | **Tiziana Life Sciences Ltd. (the "Company")** |

---

We have acted as special Bermuda legal counsel to the Company in connection with the offering, issuance and sale, pursuant to the base prospectus included in the Company's registration statement on Form F-3 (File No. 333-286064) filed with the U.S. Securities and Exchange Commission on March 24, 2025 and declared effective on March 27, 2025 (the "**Registration Statement**"), as supplemented by a prospectus supplement dated January 16, 2026 (together with the base prospectus, the "**Prospectus**"), of 8,800,000 common shares, par value US$0.0005 per share (the "**Common Shares**"), and warrants (the "**Warrants**") to purchase common shares to be issued under a Warrant Agreement to be entered into by the Company (each, a "**Warrant Agreement**") and evidenced by the issuance of warrant certificates (the "**Warrant Certificates**"), for an aggregate initial offering price of US$8,800,000.

For the purposes of giving this opinion, we have examined a copy of the Registration Statement. We have also reviewed the memorandum of association and the bye-laws of the Company, each certified by the Secretary of the Company on January 20, 2026, unanimous written resolutions of the Company's board of directors dated January 16, 2026 (the "**Resolutions**"), and such other documents and made such enquiries as to questions of law as we have deemed necessary in order to render the opinion set forth below.

We have assumed (a) the genuineness and authenticity of all signatures and the conformity to the originals of all copies (whether or not certified) examined by us and the authenticity and completeness of the originals from which such copies were taken, (b) that where a document has been examined by us in draft form, it will be or has been executed and/or filed in the form of that draft, and where a number of drafts of a document have been examined by us all changes thereto have been marked or otherwise drawn to our attention, (c) the accuracy and completeness of all factual representations made in the Registration Statement and other documents reviewed by us, (d) that the Resolutions were passed at one or more duly convened, constituted and quorate meetings, or by unanimous written resolutions, remain in full force and effect and have not been rescinded or amended, (e) that there is no provision of the law of any jurisdiction, other than Bermuda, which would have any implication in relation to the opinions expressed herein, (f) that for all Warrants the Company offers pursuant to the Registration Statement, the Company will have prepared and filed with the Commission under the Securities Act a prospectus supplement which describes that type or series of Warrants together with the form of Warrant Agreement, (g) any Warrants will be issued under one or more Warrant Agreements entered into by the Company, (h) (A) the Board will have taken all corporate action necessary to designate and establish the terms of such Warrants and authorize any related Warrant Agreement and such Warrant and any related Warrant Agreement will not include any provision that is unenforceable; (B) forms of such Warrants complying with the terms of the related Warrant Agreement and evidencing those Warrants will have been duly executed and delivered in accordance with the provisions of the related Warrant Agreement; and (C) any such Warrant Agreement shall have been duly signed, authorized, executed and delivered by the parties thereto, and shall be valid and binding obligations of such parties in accordance with its terms and governing law, (i) none of the terms of any Common Shares or Warrants to be established subsequent to the date hereof, nor the issuance and delivery of such Common Shares or Warrants, nor the compliance by the Company with the terms of such Common Shares or Warrants will violate any applicable law or will result in a violation of any provision of any instrument or agreement then binding upon the Company or any restriction imposed by any court or governmental body having jurisdiction over the Company, and (j) the Company will have sufficient authorized share capital at the time of issuance of Common Shares to issue the Common Shares.

We have made no investigation of and express no opinion in relation to the laws of any jurisdiction other than Bermuda. This opinion is to be governed by and construed in accordance with the laws of Bermuda and is limited to and is given on the basis of the current law and practice in Bermuda. This opinion is issued solely for the purposes of the filing of the Registration Statement and the offering of the Securities by the Company and is not to be relied upon in respect of any other matter. Our opinion in paragraph 2 below is based solely upon a review of the Branch Register.

On the basis of and subject to the foregoing, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company is duly incorporated and existing under the laws
of Bermuda in good standing (meaning solely that it has not failed to make any filing with any Bermuda government authority or to pay
any Bermuda government fees or tax which would make it liable to be struck off the Register of Companies and thereby cease to exist under
the laws of Bermuda).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Common Shares (including any Common Shares that are duly
issued upon the exercise of Warrants and, if applicable, receipt by the Company of any additional consideration payable upon such exercise) to
be sold by the Company, upon the entry of the issuance thereof in the register of members of the Company and payment for such shares
in accordance with the applicable prospectus supplement, will be validly issued, fully paid and non-assessable (which term when used
herein means that no further sums are required to be paid by the holders thereof in connection with the issue thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The issuance of the Common Shares has been duly authorized
and, when and if issued and delivered by the Company against payment therefor in accordance with the Resolutions and the Registration
Statement, the Common Shares will be validly issued, fully paid and non-assessable (which term when used herein means that no further
sums are required to be paid by the holders thereof in connection with the issue thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Warrants, upon due execution and delivery of each Warrant
Agreement and the Warrant Certificates on behalf of the Company, will constitute valid and binding obligations of the Company.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the references to our firm under the caption "Legal Matters" in the Registration Statement. In giving this consent, we do not hereby admit that we are experts within the meaning of Section 11 of the Securities Act or that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations of the Commission promulgated thereunder.

Yours faithfully,

/s/ Conyers Dill & Pearman Limited

**Conyers Dill & Pearman Limited**

## Exhibit 5.1

**Exhibit 5.1A**

**Orrick, Herrington & Sutcliffe LLP**

51 W 52nd St, New York, NY 10019, United States

**orrick.com**

January 16, 2026

Tiziana Life Sciences Ltd.

Clarendon House,

2 Church Street,

Hamilton HM 11,

Bermuda

Re: Best Efforts Registered Direct Offering of ordinary shares with warrants attached (the "Offering")

Ladies and Gentlemen:

We have acted as counsel for Tiziana Life Sciences Limited, a Bermuda company ("Tiziana"), in connection with the preparation and filing with the Securities and Exchange Commission (the "Commission") of Tiziana's shelf registration statement on Form F-3 (File No. 333-286064), including a base prospectus, filed with the U.S. Securities and Exchange Commission (the "SEC") on March 24, 2025, and declared effective on March 27, 2025. The Offering is being made only by means of a prospectus supplement and the accompanying base prospectus, as may be further supplemented by any free writing prospectus and/or pricing supplement that the Company may file with the SEC. (together, the "Post-Effective Amendments"), under the Securities Act of 1933, as amended (the "Securities Act").

The offering of Ordinary Shares, Warrants and Units (collectively, the "Securities") will be as set forth in the prospectus contained in the Registration Statement (the "Prospectus"), as supplemented by one or more supplements to the Prospectus (each, a "Prospectus Supplement").

We have examined the originals, or copies identified to our satisfaction, of such corporate records of the Company, certificates of public officials, officers of the Company and other persons, and such other documents, agreements and instruments as we have deemed relevant and necessary for the basis of our opinions hereinafter expressed. In such examination, we have assumed the following: (a) the authenticity of original documents and the genuineness of all signatures; (b) the conformity to the originals of all documents submitted to us as copies; (c) the legal competence of all signatories to such documents; and (d) the truth, accuracy and completeness of the information, representations and warranties contained in the records, documents, instruments and certificates we have reviewed.

Based on and subject to the foregoing, and assuming that: (i) the Registration Statement and any amendments thereto (including post-effective amendments) will have become effective and comply with all applicable laws; (ii) the Registration Statement will be effective and will comply with all applicable laws at the time the Securities are offered or issued as contemplated by the Registration Statement; (iii) one or more Prospectus Supplements will have been prepared and filed with the Commission describing the Securities offered thereby and will comply with all applicable laws; (iv) the Board of Directors of the Company, or a duly authorized committee thereof, shall have taken such action as may be necessary to authorize the issuance and sale of such Securities, and if applicable, establish the relative rights and preferences of such Securities, or other terms of such Securities, in each case as set forth in or contemplated by the Registration Statement and any Prospectus Supplements relating to such Securities; (v) all Securities will be issued and sold in compliance with applicable federal and state securities laws and in the manner stated in the Registration Statement and the appropriate Prospectus Supplement; (vi) a definitive purchase, underwriting or similar agreement with respect to any Securities offered or issued will have been duly authorized and validly executed and delivered by the Company and the other parties thereto; (vii) any Securities issuable upon conversion, exchange or exercise of any Security being offered or issued will be duly authorized, created and, if appropriate, reserved for issuance upon such conversion, exchange or exercise; (viii) there shall not have occurred any change in law affecting the legality or enforceability of such Security; and (ix) none of the terms of any Security to be established subsequent to the date hereof, nor the issuance and delivery of such Security, nor the compliance by the Company with the terms thereof, will violate any applicable law or will result in a violation of any provision of any instrument or agreement then binding upon the Company, or any restriction imposed by any court or governmental body having jurisdiction over the Company; we are of opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Ordinary Shares will be validly issued, fully paid and nonassessable
at such time as: (a) the terms of the issuance and sale of the Ordinary Shares have been duly authorized by appropriate action of the
Company; and (b) the Ordinary Shares has been duly issued and sold as contemplated by the Registration Statement, the Prospectus and
any Prospectus Supplement relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;2. The Warrants will constitute valid and binding obligations of
the Company at such time as: (a) the warrant agreement relating to the Warrants has been duly authorized, executed and delivered by the
Company and the applicable warrant agent; (b) the forms and the terms of the Warrants and their issuance and sale have been approved
by appropriate action of the Company, and the Warrants have been duly executed and delivered by the Company and authenticated by the
applicable warrant agent in accordance with the applicable warrant agreement; and (c) the Warrants have been issued and sold as contemplated
by the Registration Statement, the Prospectus and any Prospectus Supplement relating thereto and the applicable warrant agreement.

&nbsp;&nbsp;&nbsp;&nbsp;3. The Units will constitute valid and binding obligations of the
Company at such time as: (a) the terms of the Units (including the Securities underlying the Units) and their issuance and sale have
been approved by appropriate action of the Company, and the Units (and the Securities underlying the Units) have been duly executed and
delivered by the Company and authenticated by the applicable units agent in accordance with the applicable units agreement; (b) the units
agreement relating to the Units has been duly authorized, executed and delivered by the Company and the applicable units agent; and (c)
the Units have been issued and sold as contemplated by the Registration Statement, the Prospectus and any Prospectus Supplement relating
thereto and the applicable units agreement.

The opinions set forth in paragraphs (2) through (3) above are subject, as to enforcement, to (a) the effect of bankruptcy, insolvency, liquidation, receivership, moratorium, reorganization, fraudulent conveyance or similar laws relating to or affecting the rights of creditors generally; (b) general principles of equity, including, without limitation, concepts of materiality, reasonableness, good faith, fair dealing, and the rules governing the availability of specific performance or injunctive relief, whether enforcement is sought in a proceeding in equity or at law; and (c) provisions of law that require that a judgment for money damages rendered by a court in the United States be expressed only in United States dollars.

We express no opinion as to any laws other than the law of the State of New York with respect to the opinions set forth in paragraphs (1) through (3) above and we express no opinion with respect to the applicability thereto, or the effect thereon, of the laws of any other jurisdiction, or as to any matters of municipal law or the laws of any local agencies within any state.

We hereby consent to the reference to us under the heading "Legal Matters" in the Prospectus and to the filing of this opinion as Exhibit 5.1 to the Registration Statement. By giving this consent, we do not admit that we are included in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission promulgated thereunder. We hereby consent to the filing of this opinion as an exhibit to the Post-Effective Amendment. In giving such consent, we do not hereby admit that we are included in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.

Very truly yours,

/s/ ORRICK, HERRINGTON & SUTCLIFFE LLP

ORRICK, HERRINGTON & SUTCLIFFE LLP

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We hereby consent to the incorporation by reference in the Registration Statement (Form F-3) of Tiziana Life Sciences Ltd of our report, dated May 6, 2025, with respect to the consolidated financial statements of Tiziana Life Sciences Ltd and its subsidiaries included in its Annual Report (Form 20-F) for the year ended December 31, 2024 and 2023, filed with the Securities and Exchange Commission. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

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| |
|:---|
| /s/ PKF Littlejohn LLP |
| PKF Littlejohn LLP |
| London, United Kingdom |
| January 19, 2026 |

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