# EDGAR Filing Document

**Accession Number:** 0001760689
**File Stem:** 0000947871-25-000881
**Filing Date:** 2025-10
**Character Count:** 173454
**Document Hash:** 6d667f148e24354af81c1e983b65b168
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000947871-25-000881.hdr.sgml**: 20251003

**ACCESSION NUMBER**: 0000947871-25-000881

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251003

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251003

**DATE AS OF CHANGE**: 20251003

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Microvast Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001760689
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 832530757
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38826
- **FILM NUMBER:** 251374987

**BUSINESS ADDRESS:**
- **STREET 1:** 12603 SOUTHWEST FREEWAY, SUITE 210
- **CITY:** STAFFORD
- **STATE:** TX
- **ZIP:** 77477
- **BUSINESS PHONE:** (281) 491-9595

**MAIL ADDRESS:**
- **STREET 1:** 12603 SOUTHWEST FREEWAY, SUITE 210
- **CITY:** STAFFORD
- **STATE:** TX
- **ZIP:** 77477

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tuscan Holdings Corp.
- **DATE OF NAME CHANGE:** 20181204

?xml version='1.0' encoding='ASCII'?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549 ________________________**

**FORM 8-K**

**________________________**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): October 3, 2025**

**_______________________**

**Microvast Holdings, Inc.**

**(Exact name of registrant as specified in its charter)**

**_______________________**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Delaware<br> (State or other jurisdiction <br> of incorporation)** | &nbsp;&nbsp; **001-38826** <br> **(Commission File Number)** | &nbsp;&nbsp;**83-2530757<br> (IRS Employer <br> Identification No.)** |
| &nbsp;&nbsp; **12603 Southwest Freeway, Suite 300<br> Stafford, Texas 77477<br> (Address of principal executive offices, including zip code)** | &nbsp;&nbsp; **12603 Southwest Freeway, Suite 300<br> Stafford, Texas 77477<br> (Address of principal executive offices, including zip code)** | &nbsp;&nbsp; **12603 Southwest Freeway, Suite 300<br> Stafford, Texas 77477<br> (Address of principal executive offices, including zip code)** |

---

**281-491-9505**

**(Registrant's telephone number, including area code)** 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common stock, par value $0.0001 per share | MVST | The Nasdaq Stock Market LLC |
| Redeemable warrants, exercisable for shares of common stock at an exercise price of $11.50 per share | MVSTW | The Nasdaq Stock Market LLC |

---

---

| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement** |

---

On October 3, 2025, Microvast Holdings, Inc. (the "Company") entered into a Controlled Equity Offering<sup>SM</sup> Sales Agreement (the "Agreement") with Cantor Fitzgerald & Co. and Needham & Company, LLC as sales agents or principal (each, an "Agent" and collectively, the "Agents"). Pursuant to the terms of the Agreement, the Company may sell from time to time through or to any Agent the Company's common stock, par value $0.0001 per share (the "Common Stock"), having an aggregate offering price of up to $125,000,000 (the "Offering").

Any Common Stock offered and sold in the Offering will be issued pursuant to the Company's shelf registration statement on Form S-3 (Registration No. 333-284496) filed with the U.S. Securities and Exchange Commission (the "SEC") on January 24, 2025 that was then amended on April 28, 2025 and declared effective by the SEC on May 1, 2025 (the "Registration Statement") and any applicable prospectus supplements related to the Offering that form a part of the Registration Statement. Sales of Common Stock, if any, under the Agreement may be made in any transactions that are deemed to be "at the market offerings" as defined in Rule 415 under the Securities Act of 1933, as amended (the "Securities Act").

The Agreement contains customary representations, warranties and agreements by the Company, indemnification obligations of the Company and the Agents, including for liabilities under the Securities Act, other obligations of the parties and termination provisions. Under the terms of the Agreement, the Company will pay the Agents a commission of up to 3.0% of the aggregate gross proceeds from the Offering.

The Company plans to use the net proceeds from the Offering, after deducting the Agents' commissions and the Company's offering expenses, for general corporate purposes, which may include, among other things, paying or refinancing all or a portion of the Company's indebtedness at the time, and funding acquisitions, capital expenditures and working capital.

The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which is filed herewith as Exhibit 1.1 and is incorporated by reference herein. A legal opinion relating to the issuance and sale of Common Stock pursuant to the Agreement is filed herewith as Exhibit 5.1.

Item 9.01 Financial Statements and Exhibits

(d) *Exhibits*

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit No.** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;**[1.1](ss5415550_ex0101.htm)** | &nbsp;&nbsp;**[Controlled Equity Offering<sup>SM</sup> Sales Agreement, dated October 3, 2025, by and among the Company, Cantor Fitzgerald & Co. and Needham & Company, LLC.](ss5415550_ex0101.htm)** |
| &nbsp;&nbsp;**[5.1](ss5415550_ex0501.htm)** | &nbsp;&nbsp;**[Opinion of Allen Overy Shearman Sterling US LLP.](ss5415550_ex0501.htm)** |
| &nbsp;&nbsp;**[23.1](ss5415550_ex0501.htm)** | &nbsp;&nbsp;**[Consent of Allen Overy Shearman Sterling US LLP (included in its opinion filed as Exhibit 5.1).](ss5415550_ex0501.htm)** |
| &nbsp;&nbsp;**104** | &nbsp;&nbsp;**Cover Page Interactive Data File, formatted Inline XBRL and included as Exhibit 101.** |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **MICROVAST HOLDINGS, INC.** | **MICROVAST HOLDINGS, INC.** |
| Date: October 3, 2025 | By: | /s/ Isida Tushe |
|  | Name: | Isida Tushe |
|  | Title: | President, General Counsel and Corporate<br> Secretary |

---

## Exhibit 1.01

**Microvast Holdings, Inc.**<br> Shares of Common Stock

(par value $0.0001 per share)

**Controlled Equity Offering<sup>SM</sup>**

**<u>Sales Agreement</u>**

October 3, 2025

Cantor Fitzgerald & Co.

110 East 59th Street

New York, NY 10022

Needham & Company, LLC

250 Park Avenue, 10<sup>th</sup> Floor

New York, NY 10177

Ladies and Gentlemen:

Microvast Holdings, Inc., a Delaware corporation (the "**<u>Company</u>**"), confirms its agreement (this "**<u>Agreement</u>**") with Cantor Fitzgerald & Co. ("**<u>Cantor</u>**") and Needham & Company, LLC ("**<u>Needham</u>**," and together with Cantor, the "**<u>Agents</u>**" and each an "**<u>Agent</u>**"), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Issuance and Sale of Shares</u>. The Company agrees that, from time to
time during the term of this Agreement, on the terms and subject to the conditions set forth herein, it may issue and sell to or through
Cantor, as principal and/or sole designated sales agent, shares of common stock (the "  **<u>Placement Shares</u>**") of
the Company, par value $0.0001 per share (the "  **<u>Common Stock</u>** "); *provided*, *however*, that in no event
shall the Company issue or sell through the Agents such number or dollar amount of Placement Shares that would (a) exceed the number or
dollar amount of shares of Common Stock registered on the effective Registration Statement (as defined below) pursuant to which the offering
is being made, (b) exceed the number of authorized but unissued shares of Common Stock (less shares of Common Stock issuable upon exercise,
conversion or exchange of any outstanding securities of the Company or otherwise reserved from the Company's authorized capital
stock), (c) exceed the number or dollar amount of shares of Common Stock permitted to be sold under Form S-3 (including General Instruction
I.B.6 thereof, if applicable) or (d) exceed the number or dollar amount of shares of Common Stock for which the Company has filed a Prospectus
Supplement (as defined below) (the lesser of (a), (b), (c) and (d), the "  **<u>Maximum Amount</u>** "). Notwithstanding anything
to the contrary contained herein, the parties hereto agree that compliance with the limitations set forth in this <u>Section 1</u> on
the amount of Placement Shares issued and sold under this Agreement shall be the sole responsibility of the Company and that the Agents
shall have no obligation in connection with such compliance. The offer and sale of Placement Shares through the Agents will be effected
pursuant to the Registration Statement filed by the Company and declared effective by the Securities and Exchange Commission (the "  **<u>Commission</u>** "),
although nothing in this Agreement shall be construed as requiring the Company to use the Registration Statement to issue Common Stock.

The Company has filed, in accordance with the provisions of the Securities Act of 1933, as amended (the "**<u>Securities Act</u>**"), and the rules and regulations thereunder (the "**<u>Securities Act Regulations</u>**"), with the Commission a registration statement on Form S-3 (File No. 333-284496), as amended, including a base prospectus, relating to certain securities, including the Placement Shares to be issued from time to time by the Company, and which incorporates by reference documents that the Company has filed or will file in accordance with the provisions of the Securities Exchange Act of 1934, as amended (the "**<u>Exchange Act</u>**"), and the rules and regulations thereunder. The Company has prepared a prospectus or a prospectus supplement to the base prospectus included as part of the registration statement, which prospectus or prospectus supplement relates to the Placement Shares to be issued from time to time by the Company (the "**<u>Prospectus Supplement</u>**"). The Company will furnish to the Agents, for use by the Agents, copies of the prospectus included as part of such registration statement, as supplemented by the Prospectus Supplement, relating to the Placement Shares to be issued from time to time by the Company. Except where the context otherwise requires, such registration statement(s), including all documents filed as part thereof or incorporated by reference therein, and including any information contained in a Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act Regulations or deemed to be a part of such registration statement pursuant to Rule 430B of the Securities Act Regulations, and any one or more additional effective registration statements on Form S-3 from time to time that will contain a base prospectus and related prospectus or prospectus supplement, if applicable (which shall be a Prospectus Supplement), with respect to the Placement Shares, is herein called the "**<u>Registration Statement</u>**." The base prospectus or base prospectuses, including all documents incorporated therein by reference, included in the Registration Statement, as it may be supplemented, if necessary, by the Prospectus Supplement, in the form in which such prospectus or prospectuses and/or Prospectus Supplement have most recently been filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act Regulations, together with the then issued Issuer Free Writing Prospectus(es) (as defined below), is herein called the "**<u>Prospectus</u>**."

Any reference herein to the Registration Statement, any Prospectus Supplement, the Prospectus or any Issuer Free Writing Prospectus, and any amendments and supplements thereto, shall be deemed to refer to and include the documents, if any, incorporated by reference therein (the "**<u>Incorporated Documents</u>**"), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents. Any reference herein to the terms "amend," "amendment" or "supplement" with respect to the Registration Statement, any Prospectus Supplement, the Prospectus or any Issuer Free Writing Prospectus shall be deemed to refer to and include the filing of any document under the Exchange Act on or after the most-recent effective date of the Registration Statement, or the date of the Prospectus Supplement, Prospectus or such Issuer Free Writing Prospectus, as the case may be, and incorporated therein by reference. For purposes of this Agreement, all references to the Registration Statement, the Prospectus or to any amendment or supplement thereto shall be deemed to include the most recent copy filed with the Commission pursuant to its Electronic Data Gathering Analysis and Retrieval system, or if applicable, the Interactive Data Electronic Application system when used by the Commission (collectively, "**<u>EDGAR</u>**").

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Placements</u>. Each time that the Company wishes to issue and sell Placement
Shares hereunder (each, a "  **<u>Placement</u>** "), it will notify Cantor by email notice (or other method mutually agreed
to by the parties) of the number of Placement Shares to be issued, the time period during which sales are requested to be made, any limitation
on the number of Placement Shares that may be sold in any one day and any minimum price below which sales may not be made (a "  **<u>Placement Notice</u>** "), the form of which is attached hereto as <u>Schedule 1</u>. The Placement Notice shall originate from any of the
individuals from the Company set forth on <u>Schedule 3</u> (with a copy to each of the other individuals from the Company listed on such
schedule), and shall be addressed to each of the individuals from Cantor set forth on <u>Schedule 3</u>, as such <u>Schedule 3</u> may
be amended from time to time. The Placement Notice shall be effective unless and until (i) Cantor declines in writing to accept the
terms contained therein for any reason, in its sole discretion, (ii) the entire amount of the Placement Shares thereunder have been
sold, in which case Cantor shall, within three (3) Trading Days (as defined below) of the receipt of such Placement Notice, notify the
Company (by e-mail notice or other method mutually agreed to by the parties), (iii) the Company suspends or terminates the Placement
Notice for any reason, in its sole discretion, (iv) the Company issues a subsequent Placement Notice with parameters superseding those
in the earlier dated Placement Notice for any reason, in the Company's sole discretion, or (v) this Agreement has been terminated
under the provisions of <u>Section 12</u>. The amount of any discount, commission or other compensation to be paid by the Company to Cantor
in connection with the sale of the Placement Shares shall be calculated in accordance with the terms set forth in <u>Schedule 2</u>. It
is expressly acknowledged and agreed that neither the Company nor Cantor will have any obligation whatsoever with respect to a Placement
or any Placement Shares unless and until the Company delivers a Placement Notice to Cantor and Cantor does not decline such Placement
Notice pursuant to the terms set forth above, and then only upon the terms specified therein and herein. In the event of a conflict between
the terms of this Agreement and the terms of a Placement Notice, the terms of the Placement Notice will control.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Sale of Placement Shares by Cantor</u>. Subject to the provisions of <u>Section 5(a)</u>, Cantor, for the period specified in the Placement Notice, will use its commercially reasonable efforts consistent
with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of The Nasdaq Stock
Market LLC (the "  **<u>Exchange</u>** "), to sell the Placement Shares up to the amount specified in, and otherwise in accordance
with the terms of, such Placement Notice. Cantor will provide written confirmation to the Company no later than the opening of the Trading
Day (as defined below) immediately following the Trading Day on which it has made sales of Placement Shares hereunder setting forth the
number of Placement Shares sold on such day, the compensation payable by the Company to Cantor pursuant to <u>Section 2</u> with respect
to such sales, and the Net Proceeds (as defined below) payable to the Company, with an itemization of the deductions made by Cantor (as
set forth in <u>Section 5(b)</u>) from the gross proceeds that it receives from such sales. Subject to the terms of the Placement Notice,
Cantor may sell Placement Shares by any method permitted by law deemed to be an "at the market offering" as defined in Rule 415(a)(4)
of the Securities Act Regulations. "  **<u>Trading Day</u>**" means any day on which the Common Stock is traded on the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Suspension of Sales</u>. The Company or Cantor may, upon notice to the
other party in writing (including by email correspondence to each of the individuals of the other party set forth on <u>Schedule 3</u>,
if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply)
or by telephone (confirmed immediately by verifiable facsimile transmission or email correspondence to each of the individuals of the
other party set forth on <u>Schedule 3</u>), suspend any sale of Placement Shares (a "  **<u>Suspension</u>** "); *provided*, *however*, that such Suspension shall not affect or impair any party's obligations with respect to any Placement Shares sold
hereunder prior to the receipt of such notice. While a Suspension is in effect any obligation under <u>Sections 7(l)</u>, <u>7(m)</u>,
and <u>7(n)</u> with respect to the delivery of certificates, opinions, or comfort letters to the Agents, shall be waived. Each of the
parties agrees that no such notice under this <u>Section 4</u> shall be effective against any other party unless it is made to one of
the individuals named on <u>Schedule 3</u> hereto, as such Schedule may be amended from time to time. Notwithstanding any other provision
of this Agreement, during any period in which the Company is in possession of material non-public information, the Company and the Agents
agree that (i) no sale of Placement Shares will take place, (ii) the Company shall not request the sale of any Placement Shares, and (iii)
the Agents shall not be obligated to sell or offer to sell any Placement Shares.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Sale and Delivery to Cantor; Settlement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Sale of Placement Shares</u> *.* On the basis of the representations
and warranties herein contained and subject to the terms and conditions herein set forth, upon Cantor's acceptance of the terms
of a Placement Notice, and unless the sale of the Placement Shares described therein has been declined, suspended, or otherwise terminated
in accordance with the terms of this Agreement, Cantor, for the period specified in the Placement Notice, will use its commercially reasonable
efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Placement Shares up to
the amount specified in and otherwise in accordance with the terms of such Placement Notice. The Company acknowledges and agrees that
(i) there can be no assurance that Cantor will be successful in selling Placement Shares, (ii) Cantor will incur no liability or obligation
to the Company or any other person or entity if it does not sell Placement Shares for any reason other than a failure by Cantor to use
its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell
such Placement Shares as required under this Agreement and (iii) Cantor shall be under no obligation to purchase Placement Shares on a
principal basis pursuant to this Agreement, except as otherwise agreed by Cantor and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Settlement of Placement Shares</u> *.* Unless otherwise specified
in the applicable Placement Notice, settlement for sales of Placement Shares will occur on the first (1st) Trading Day (or such earlier
day as is industry practice for regular-way trading) following the date on which such sales are made (each, a "  **<u>Settlement Date</u>** "). Cantor shall notify the Company of each sale of Placement Shares no later than the opening of the Trading Day immediately
following the Trading Day on which it has made sales of Placement Shares hereunder. The amount of proceeds to be delivered to the Company
on a Settlement Date against receipt of the Placement Shares sold (the "  **<u>Net Proceeds</u>**") will be equal to the
aggregate sales price received by Cantor, after deduction for (i) Cantor's commission, discount or other compensation for such sales
payable by the Company pursuant to <u>Section 2</u> hereof, and (ii) any transaction fees imposed by any Governmental Authority (as defined
below) in respect of such sales.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Delivery of Placement Shares</u>. On or before each Settlement Date,
the Company will, or will cause its transfer agent to, electronically transfer the Placement Shares being sold by crediting Cantor's
or its designee's account (provided Cantor shall have given the Company written notice of such designee at least one Trading Day
prior to the Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal at Custodian System or by such other
means of delivery as may be mutually agreed upon by the parties hereto which in all cases shall be freely tradable, transferable, registered
shares in good deliverable form. On each Settlement Date, Cantor will deliver the related Net Proceeds in same day funds to an account
designated by the Company on, or prior to, the Settlement Date. Cantor will be responsible for providing DWAC instructions or instructions
for delivery by other means with regard to the transfer of the Placement Shares to be sold. The Company agrees that if the Company (other
than as a result of a failure by Cantor to provide instructions for delivery), or its transfer agent (if applicable), defaults in its
obligation to deliver Placement Shares on a Settlement Date, the Company agrees that in addition to and in no way limiting the rights
and obligations set forth in <u>Section 10(a)</u> hereto, it will (i) hold Cantor harmless against any loss, claim, damage, or reasonable
and documented expense (including reasonable and documented legal fees and expenses), as incurred, arising out of or in connection with
such default by the Company or its transfer agent (if applicable) and (ii) pay to Cantor any commission, discount, or other compensation
to which it would otherwise have been entitled absent such default.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Denominations; Registration</u> *.* Certificates for the Placement
Shares, if any, shall be in such denominations and registered in such names as the Agents may request in writing at least one full Business
Day (as defined below) before the applicable Settlement Date. The certificates for the Placement Shares, if any, will be made available
by the Company for examination and packaging by the Agents in The City of New York not later than noon (New York time) on the Business
Day prior to the applicable Settlement Date. The Company and the Agents each acknowledge and agree that the Placement Shares shall, unless
agreed to by the Company and Agents or required by applicable law, not be issued in certificated form.

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Limitations on Offering Size</u> *.* Under no circumstances shall
the Company cause or request the offer or sale of any Placement Shares if, after giving effect to the sale of such Placement Shares, the
aggregate gross sales proceeds of Placement Shares sold pursuant to this Agreement would exceed the lesser of (A) together with all
sales of Placement Shares under this Agreement, the Maximum Amount and (B) the amount authorized from time to time to be issued and
sold under this Agreement by the Company's board of directors, a duly authorized committee thereof or a duly authorized executive
committee, and notified to Cantor in writing. Under no circumstances shall the Company cause or request the offer or sale of any Placement
Shares pursuant to this Agreement at a price lower than the minimum price authorized from time to time by the Company's board of
directors, a duly authorized committee thereof or a duly authorized executive committee. Further, under no circumstances shall the Company
cause or permit the aggregate offering amount of Placement Shares sold pursuant to this Agreement to exceed the Maximum Amount.

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Representations and Warranties of the Company</u>. The Company represents
and warrants to, and agrees with each Agent that as of the date of this Agreement and as of each Applicable Time (as defined below):

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Registration Statement and Prospectus</u>. The Company and the transactions
contemplated by this Agreement meet the requirements for and comply with the applicable conditions set forth in Form S-3 (including General
Instructions I.A and I.B) under the Securities Act. The Registration Statement has been filed with the Commission and has been declared
effective by the Commission under the Securities Act. As of each Applicable Time, the Registration Statement is effective. The Prospectus
Supplement will name the Agents as the agents in the section entitled "Plan of Distribution." The Company has not received,
and has no notice of, any order of the Commission preventing or suspending the use of the Registration Statement, or threatening or instituting
proceedings for that purpose. The Registration Statement and the offer and sale of Placement Shares as contemplated hereby meet the requirements
of Rule 415 under the Securities Act and comply in all material respects with said Rule. Any statutes, regulations, contracts or
other documents that are required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration
Statement have been so described or filed. Copies of the Registration Statement, the Prospectus, and any such amendments or supplements
and all documents incorporated by reference therein that were filed with the Commission on or prior to the date of this Agreement have
been delivered, or are available through EDGAR, to the Agents and their counsel. The Company has not distributed and, prior to the later
to occur of each Settlement Date and completion of the distribution of the Placement Shares, will not distribute any offering material
in connection with the offering or sale of the Placement Shares other than the Registration Statement and the Prospectus and any Issuer
Free Writing Prospectus to which the Agents have consented, any such consent not to be unreasonably conditioned, withheld or delayed.
The Common Stock is registered pursuant to Section 12(b) of the Exchange Act and is currently listed on the Exchange under the trading
symbol "MVST." The Company has taken no action designed to, or reasonably likely to have the effect of, terminating the registration
of the Common Stock under the Exchange Act, delisting the Common Stock from the Exchange, nor has the Company received any notification
that the Commission or the Exchange is contemplating terminating such registration or listing. To the Company's knowledge, it is
in compliance with all applicable listing requirements of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Misstatement or Omission</u>. The Registration Statement, when it
became or becomes effective, and the Prospectus, and any amendment or supplement thereto, on the date of such Prospectus or amendment
or supplement, conformed and will conform in all material respects with the requirements of the Securities Act. At each Settlement Date,
the Registration Statement and the Prospectus, as of such date, will conform in all material respects with the requirements of the Securities
Act. The Registration Statement, when it became or becomes effective, did not, and will not, contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Prospectus
and any amendment and supplement thereto, on the date thereof and at each Applicable Time, did not or will not include an untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. The documents incorporated by reference into the Prospectus or any Prospectus Supplement did
not, and any further documents filed and incorporated by reference therein will not, when filed with the Commission, contain an untrue
statement of a material fact or omit to state a material fact required to be stated in such document or necessary in order to make the
statements in such document, in the light of the circumstances under which they were made, not misleading. The foregoing shall not apply
to statements in, or omissions from, any such document made in reliance upon, and in conformity with, information furnished to the Company
by the Agents in writing specifically for use in the preparation thereof, it being understood and agreed that the only such information
furnished by the Agents to the Company consists of Agents Information (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Conformity with the Securities Act and Exchange Act</u>. The Registration
Statement, the Prospectus, any Issuer Free Writing Prospectus or any amendment or supplement thereto, and the documents incorporated by
reference into the Registration Statement, the Prospectus or any amendment or supplement thereto, when such documents were or are filed
with the Commission under the Securities Act or the Exchange Act or became or become effective under the Securities Act, as the case may
be, conformed or will conform in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Financial Information</u>. The consolidated financial statements of the
Company included in or incorporated by reference into the Registration Statement, the Prospectus and the Issuer Free Writing Prospectuses,
if any, together with the related notes and schedules, present fairly, in all material respects, the consolidated financial position of
the Company and the Subsidiaries (as defined below) as of the dates indicated and the consolidated results of operations, cash flows and
changes in stockholders' equity of the Company for the periods specified and have been prepared in compliance with the requirements
of the Securities Act and Exchange Act and in conformity with U.S. Generally Accepted Accounting Principles ("  **<u>GAAP</u>** "),
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 GAAP, applied on a consistent basis during the periods involved; the other financial and statistical
data with respect to the Company and the Subsidiaries contained in or incorporated by reference into the Registration Statement, the Prospectus
and the Issuer Free Writing Prospectuses, if any, are accurately and fairly presented and either prepared on a basis consistent with the
financial statements and books and records of the Company or were obtained or derived from sources which the Company reasonably and in
good faith believes are reliable and accurate; there are no financial statements (historical or pro forma) that are required to be included
in or incorporated by reference into the Registration Statement, or the Prospectus that are not included in or incorporated by reference
as required; the Company and the Subsidiaries do not have any material liabilities or obligations, direct or contingent (including any
off-balance sheet obligations), not described in the Registration Statement (excluding the exhibits thereto), and the Prospectus; and
all disclosures contained in or incorporated by reference into the Registration Statement, the Prospectus and the Issuer Free Writing
Prospectuses, if any, regarding "non-GAAP financial measures" (as such term is defined by the rules and regulations of the
Commission) comply with Regulation G of the Exchange Act and Item 10 of Regulation S-K under the Securities Act, to the extent applicable.
The interactive data in eXtensible Business Reporting Language included in or incorporated by reference into the Registration Statement
and the Prospectus fairly presents the information called for in all material respects and has been prepared in accordance with the Commission's
rules and guidelines applicable thereto.

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Conformity with EDGAR Filing</u>. The Prospectus delivered to the Agents
for use in connection with the sale of the Placement Shares pursuant to this Agreement will be identical to the versions of the Prospectus
created to be transmitted to the Commission for filing via EDGAR, except to the extent permitted by Regulation S-T.

&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Organization</u>. The Company and each of its Subsidiaries are duly organized,
validly existing as a corporation and in good standing under the laws of their respective jurisdictions of organization. The Company and
each of its Subsidiaries are duly licensed or qualified as a foreign corporation for transaction of business and in good standing under
the laws of each other jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses
requires such license or qualification, and have all corporate power and authority necessary to own or hold their respective properties
and to conduct their respective businesses as described in the Registration Statement and the Prospectus, except where the failure to
be so qualified or in good standing or have such power or authority would not, individually or in the aggregate, have a material adverse
effect or would reasonably be expected to have a material adverse effect on or affecting the assets, business, operations, earnings, properties,
condition (financial or otherwise), prospects, stockholders' equity or results of operations of the Company and the Subsidiaries
taken as a whole, or prevent or materially interfere with consummation of the transactions contemplated hereby (a "  **<u>Material Adverse Effect</u>** ").

&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Subsidiaries</u>. The subsidiaries set forth on <u>Schedule 4</u> (collectively,
the "  **<u>Subsidiaries</u>** "), are the Company's only significant subsidiaries (as such term is defined in Rule
1-02 of Regulation S-X promulgated by the Commission). Except as set forth in the Registration Statement and in the Prospectus,
the Company owns, directly or indirectly, all of the equity interests of the Subsidiaries free and clear of any lien, charge, security
interest, encumbrance, right of first refusal or other restriction, and all the equity interests of the Subsidiaries are validly issued
and are fully paid, nonassessable and free of preemptive and similar rights. Except as set forth in the Registration Statement and in
the Prospectus, no Subsidiary is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making any
other distribution on such Subsidiary's capital stock, from repaying to the Company any loans or advances to such Subsidiary from
the Company or from transferring any of such Subsidiary's property or assets to the Company or any other Subsidiary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>No Violation or Default</u>. Neither the Company nor any of its Subsidiaries
is (i) in violation of its charter or by-laws or similar organizational documents; (ii) in default, and no event has occurred
that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant
or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company
or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound or to which any of the property or assets
of the Company or any of its Subsidiaries are subject; or (iii) in violation of any law or statute or any judgment, order, rule or
regulation of any Governmental Authority, except, in the case of each of clauses (ii) and (iii) above, for any such violation or default
that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. To the Company's knowledge,
no other party under any material contract or other agreement to which it or any of its Subsidiaries is a party is in default in any respect
thereunder where such default would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>No Material Adverse Change</u>. Subsequent to the respective dates as
of which information is given in the Registration Statement, the Prospectus and the Issuer Free Writing Prospectuses, if any (including
any document deemed incorporated by reference therein), there has not been (i) any Material Adverse Effect or the occurrence of any development
that the Company reasonably expects will result in a Material Adverse Effect, (ii) any transaction which is material to the Company and
the Subsidiaries taken as a whole, (iii) any obligation or liability, direct or contingent (including any off-balance sheet obligations),
incurred by the Company or any Subsidiary, which is material to the Company and the Subsidiaries taken as a whole, (iv) any material change
in the capital stock or outstanding long-term indebtedness of the Company or any of its Subsidiaries or (v) any dividend or distribution
of any kind declared, paid or made on the capital stock of the Company or any Subsidiary, other than in each case above in the ordinary
course of business or as otherwise disclosed in the Registration Statement or the Prospectus (including any document deemed incorporated
by reference therein).

&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Capitalization</u>. The issued and outstanding shares of capital stock
of the Company have been validly issued, are fully paid and nonassessable and, other than as disclosed in the Registration Statement or
the Prospectus, are not subject to any preemptive rights, rights of first refusal or similar rights. The Company has an authorized, issued
and outstanding capitalization as set forth in the Registration Statement and the Prospectus as of the dates referred to therein (other
than the grant of additional options under the Company's existing stock option plans, or changes in the number of outstanding shares
of Common Stock of the Company due to the issuance of shares upon the exercise or conversion of securities exercisable for, or convertible
into, Common Stock outstanding on the date hereof) and such authorized capital stock conforms to the description thereof set forth in
the Registration Statement and the Prospectus. The description of the securities of the Company in the Registration Statement and the
Prospectus is complete and accurate in all material respects. Except as disclosed in or contemplated by the Registration Statement or
the Prospectus, as of the date referred to therein, the Company does not have outstanding any options to purchase, or any rights or warrants
to subscribe for, or any securities or obligations convertible into, or exchangeable for, or any contracts or commitments to issue or
sell, any shares of capital stock or other securities.

&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Authorization; Enforceability</u>. The Company has full legal right,
power and authority to enter into this Agreement and perform the transactions contemplated hereby. This Agreement has been duly authorized,
executed and delivered by the Company and is a legal, valid and binding agreement of the Company enforceable in accordance with its terms,
except to the extent that enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors' rights generally and by general equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Authorization of Placement Shares</u>. The Placement Shares, when issued
and delivered pursuant to the terms approved by the board of directors of the Company or a duly authorized committee thereof, or a duly
authorized executive committee, against payment therefor as provided herein, will be duly and validly authorized and issued and fully
paid and nonassessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, including any statutory or
contractual preemptive rights, resale rights, rights of first refusal or other similar rights, and will be registered pursuant to Section
12 of the Exchange Act. The Placement Shares, when issued, will conform to the description thereof set forth in or incorporated into the
Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>No Consents Required</u>. No consent, approval, authorization, order,
registration or qualification of or with any Governmental Authority is required for the execution, delivery and performance by the Company
of this Agreement, the issuance and sale by the Company of the Placement Shares, except for such consents, approvals, authorizations,
orders and registrations or qualifications as may be required under applicable state securities laws or by the by-laws and rules of
the Financial Industry Regulatory Authority ("  **<u>FINRA</u>**") or the Exchange in connection with the sale of the Placement
Shares by the Agents or as may have been previously obtained by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>No Preferential Rights</u>. Except as set forth in the Registration Statement
and the Prospectus, (i) no person, as such term is defined in Rule 1-02 of Regulation S-X promulgated under the Securities
Act (each, a "  **<u>Person</u>** "), has the right, contractual or otherwise, to cause the Company to issue or sell to such
Person any Common Stock or shares of any other capital stock or other securities of the Company, (ii) no Person has any preemptive
rights, resale rights, rights of first refusal, rights of co-sale, or any other rights (whether pursuant to a "poison pill"
provision or otherwise) to purchase any Common Stock or shares of any other capital stock or other securities of the Company, (iii) 
no Person has the right to act as an underwriter or as a financial advisor to the Company in connection with the offer and sale of the
Common Stock, and (iv) no Person has the right, contractual or otherwise, to require the Company to register under the Securities
Act any Common Stock or shares of any other capital stock or other securities of the Company, or to include any such shares or other securities
in the Registration Statement or the offering contemplated thereby, whether as a result of the filing or effectiveness of the Registration
Statement or the sale of the Placement Shares as contemplated thereby or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Independent Public Accounting Firm</u>. Deloitte Touche Tohmatsu Certified
Public Accountants LLP (the "  **<u>Accountant</u>** "), whose report on the consolidated financial statements of the Company
is filed with the Commission as part of the Company's most recent Annual Report on Form 10-K filed with the Commission and incorporated
by reference into the Registration Statement and the Prospectus, are and, during the periods covered by their report, were an independent
registered public accounting firm within the meaning of the Securities Act and the Public Company Accounting Oversight Board (United States).
To the Company's knowledge, the Accountant is not in violation of the auditor independence requirements of the Sarbanes-Oxley Act
of 2002 (the "  **<u>Sarbanes-Oxley Act</u>**") with respect to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Enforceability of Agreements</u>. All agreements between the Company
and third parties expressly referenced in the Registration Statement and the Prospectus are legal, valid and binding obligations of the
Company enforceable in accordance with their respective terms, except to the extent that (i) enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors' rights generally and by general equitable principles
and (ii) the indemnification provisions of certain agreements may be limited by federal or state securities laws or public policy
considerations in respect thereof, and except for any unenforceability that, individually or in the aggregate, would not be reasonably
expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>No Litigation</u>. Except as set forth in the Registration Statement
or the Prospectus, there are no actions, suits or proceedings by or before any Governmental Authority pending, nor, to the Company's
knowledge, any audits or investigations by or before any Governmental Authority to which the Company or a Subsidiary is a party or to
which any property of the Company or any of its Subsidiaries is the subject that, individually or in the aggregate, would reasonably be
expected to have a Material Adverse Effect and, to the Company's knowledge, no such actions, suits, proceedings, audits or investigations
are threatened or contemplated by any Governmental Authority or threatened by others; and to the Company's knowledge, (i) there
are no current or pending audits or investigations, actions, suits or proceedings by or before any Governmental Authority that are required
under the Securities Act to be described in the Registration Statement and the Prospectus that are not so described; and (ii) there
are no contracts or other documents that are required under the Securities Act to be filed as exhibits to the Registration Statement that
are not so filed.

&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Consents and Permits</u>. The Company and each Subsidiary possess such
valid and current certificates, authorizations or permits issued by the appropriate state, federal or foreign regulatory agencies or bodies
necessary to conduct their respective businesses, and neither the Company nor any Subsidiary has received, or has any reason to believe
that it will receive, any notice of proceedings relating to the revocation or modification of, or non-compliance with, any such certificate,
authorization or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would reasonably
be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Intellectual Property</u>. Except as disclosed in the Registration Statement
and the Prospectus, the Company and its Subsidiaries own, possess, license or have other rights to use, or can otherwise acquire rights
to use, all foreign and domestic patents, patent applications, trade and service marks, trade and service mark registrations, trade names,
copyrights, trade secrets, Internet domain names and other intellectual property (collectively, the "  **<u>Intellectual Property</u>** "),
used in or otherwise necessary for the conduct of their respective businesses as now conducted except to the extent that the failure to
own, possess, license or otherwise hold adequate rights to use such Intellectual Property would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. Except as disclosed in the Registration Statement and the Prospectus (i) to
the Company's knowledge, there is no infringement by third parties of any Intellectual Property owned by or exclusively licensed
to the Company or any of its Subsidiaries; (ii) there is no pending or, to the Company's knowledge, threatened action, suit, proceeding
or claim by others challenging the Company's and its Subsidiaries' rights in or to any such Intellectual Property, and the
Company is unaware of any facts which could form a reasonable basis for any such action, suit, proceeding or claim; (iii) there is no
pending or, to the Company's knowledge, threatened action, suit, proceeding or claim by others challenging the validity, enforceability
or scope of any such Intellectual Property; (iv) there is no pending or, to the Company's knowledge, threatened action, suit, proceeding
or claim by others that the Company and its Subsidiaries infringe or otherwise violate any rights in Intellectual Property of others;
(v) to the Company's knowledge, there is no third-party U.S. patent or published U.S. patent application which contains claims for
which an Interference Proceeding (as defined in 35 U.S.C. § 135) has been commenced against any patent or patent application described
in the Registration Statement or the Prospectus as being owned by the Company; and (vi) the Company and its Subsidiaries have complied
with the terms of each agreement pursuant to which Intellectual Property has been licensed to the Company or such Subsidiary, and all
such agreements are, to the Company's knowledge, in full force and effect, except, in the case of any of clauses (i)-(vi) above
as would not, individually or in the aggregate, reasonably expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Market Capitalization</u>. At the time the Registration Statement was
originally declared effective, and at the time the Company's most recent Annual Report on Form 10-K was filed with the Commission,
the Company met the then applicable requirements for the use of Form S-3 under the Securities Act, including, but not limited to, General
Instruction I.B.1 of Form S-3. The Company is not a shell company (as defined in Rule 405 under the Securities Act) and has not been a
shell company for at least 12 calendar months previously and if it has been a shell company at any time previously, has filed current
Form 10 information (as defined in Instruction I.B.6 of Form S-3) with the Commission at least 12 calendar months previously reflecting
its status as an entity that is not a shell company.

&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>FINRA Matters</u>. The information provided to the Agents by the Company,
its counsel, and its officers and directors for purposes of the Agents' compliance with applicable FINRA rules in connection with
the offering of the Shares is true, complete, and correct and compliant with FINRA's rules. As of the date of this Agreement, the
Company meets the definition of the term "experienced issuer" within the meaning of FINRA Rule 5110(j)(6) for purposes of
the exemption from filing under FINRA Rule 5110(h)(1)(C) .

&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>No Material Defaults</u>. Neither the Company nor any of the Subsidiaries
has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults,
individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. The Company has not filed a report pursuant
to Section 13(a) or 15(d) of the Exchange Act since the filing of its last Annual Report on Form 10-K, indicating that it (i) has
failed to pay any dividend or sinking fund installment on preferred stock or (ii) has defaulted on any installment on indebtedness
for borrowed money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, would reasonably
be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Certain Market Activities</u>. Neither the Company, nor any of the Subsidiaries,
nor any of their respective directors, officers or controlling persons has taken, directly or indirectly, any action designed to, or that
has constituted or would reasonably be expected to cause or result in, under the Exchange Act or otherwise, the stabilization or manipulation
of the price of any security of the Company to facilitate the sale or resale of the Placement Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Broker/Dealer Relationships</u>. Neither the Company nor any of the Subsidiaries
(i) is required to register as a "broker" or "dealer" in accordance with the provisions of the Exchange Act
or (ii) directly or indirectly through one or more intermediaries, controls or is a "person associated with a member"
or "associated person of a member" (within the meaning set forth in the FINRA Manual).

&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>No Reliance</u>. The Company has not relied upon the Agents or legal
counsel for the Agents for any legal, tax or accounting advice in connection with the offering and sale of the Placement Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Taxes</u>. The Company and each of its Subsidiaries have filed all federal,
state, local and foreign tax returns which have been required to be filed and paid all taxes shown thereon through the date hereof, to
the extent that such taxes have become due and are not being contested in good faith, except where the failure to so file or pay would
not reasonably be expected to have a Material Adverse Effect. Except as otherwise disclosed in or contemplated by the Registration Statement
or the Prospectus, no tax deficiency has been determined adversely to the Company or any of its Subsidiaries which has had, or would reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect. The Company has no knowledge of any federal, state or
other governmental tax deficiency, penalty or assessment which has been or might be asserted or threatened against it which would reasonably
be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Title to Real and Personal Property</u>. Except as set forth in the Registration
Statement or the Prospectus, the Company and its Subsidiaries have good and marketable title in fee simple to all items of real property
owned by them and good and valid title to all personal property described in the Registration Statement or the Prospectus as being owned
by them, in each case free and clear of all liens, encumbrances and claims, except those matters that (i) do not materially interfere
with the use made and proposed to be made of such property by the Company and any of its Subsidiaries or (ii) would not, individually
or in the aggregate, have a Material Adverse Effect. Any real or personal property described in the Registration Statement or the Prospectus
as being leased by the Company and any of its Subsidiaries is held by them under valid, existing and enforceable leases, except those
that (A) do not materially interfere with the use made or proposed to be made of such property by the Company or any of its Subsidiaries
or (B) would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. Each of the properties of
the Company and its Subsidiaries complies with all applicable codes, laws and regulations (including, without limitation, building and
zoning codes, laws and regulations and laws relating to access to such properties), except if and to the extent disclosed in the Registration
Statement or the Prospectus or except for such failures to comply that would not, individually or in the aggregate, reasonably be expected
to interfere in any material respect with the use made and proposed to be made of such property by the Company and its Subsidiaries or
otherwise have a Material Adverse Effect. None of the Company or its subsidiaries has received from any Governmental Authorities any notice
of any condemnation of, or zoning change affecting, the properties of the Company and its Subsidiaries, and the Company knows of no such
condemnation or zoning change which is threatened, except for such that would not reasonably be expected to interfere in any material
respect with the use made and proposed to be made of such property by the Company and its Subsidiaries or otherwise have a Material Adverse
Effect, individually or in the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Environmental Laws</u>. (i) The Company and its Subsidiaries (x) are in compliance with any and all
applicable federal, state, local and foreign laws, rules, regulations, requirements, judgments, decrees and orders relating to pollution
or, as such relates to exposure to hazardous or toxic substances or wastes, pollutants or contaminants, the protection of human health
and safety, the environment, natural resources or hazardous or toxic substances or wastes, pollutants or contaminants (collectively, "**Environmental Laws** "); (y) have received and are in compliance with all permits, licenses, certificates or other authorizations or approvals
required of them under applicable Environmental Laws to conduct their respective businesses as described in the Registration Statement
and the Prospectus; and (z) have not received written notice of any actual or alleged liability or obligation under or relating to, or
any actual or alleged violation of, any Environmental Laws, including for the investigation or remediation of any disposal or release
of hazardous or toxic substances or wastes, pollutants or contaminants, , and (ii) except as described in each of the Registration Statement
and the Prospectus, (x) there is no proceeding that is pending, or that is known by the Company or any Subsidiary to be threatened in
writing, against the Company or any of its Subsidiaries under any Environmental Laws in which a governmental entity is also a party, other
than such proceeding regarding which it is reasonably believed no monetary sanctions of $300,000 or more will be imposed, and (y) the
Company and its Subsidiaries are not aware of any facts or circumstances regarding compliance with Environmental Laws, or liabilities
or other obligations under Environmental Laws or concerning hazardous or toxic substances or wastes, pollutants or contaminants, that
are specific to the Company or the Subsidiaries and that could reasonably be expected to have a material effect on the capital expenditures,
earnings or competitive position of the Company and its Subsidiaries, , except, in the case of any of clauses (i) or (ii) above, for any
such failure to comply, failure to receive required permits, licenses, certificates or other authorizations or approvals, or liability,
obligation, violation, investigation, remediation, proceeding or effect as would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Disclosure Controls</u>. The Company and each of its Subsidiaries maintain
systems of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance
with management's general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of
financial statements in conformity with GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance
with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing
assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company's internal control over
financial reporting is effective and the Company is not aware of any material weaknesses in its internal control over financial reporting
(other than as set forth in the Registration Statement or the Prospectus). Since the date of the latest audited financial statements of
the Company included in the Prospectus, there has been no change in the Company's internal control over financial reporting that
has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting (other
than as set forth in the Registration Statement or the Prospectus). The Company has established disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15 and 15d-15) for the Company and designed such disclosure controls and procedures to ensure
that material information relating to the Company and each of its Subsidiaries is made known to the certifying officers by others within
those entities, particularly during the period in which the Company's Annual Report on Form 10-K or Quarterly Report on Form
10-Q, as the case may be, is being prepared. The Company's certifying officers have evaluated the effectiveness of the Company's
disclosure controls and procedures as of a date within 90 days prior to the filing date of the Annual Report on Form 10-K for the
fiscal year most recently ended (such date, the "  **<u>Evaluation Date</u>** "). The Company presented in its Annual Report
on Form 10-K for the fiscal year most recently ended the conclusions of the certifying officers about the effectiveness of the disclosure
controls and procedures based on their evaluations as of the Evaluation Date and the disclosure controls and procedures are effective.
Since the Evaluation Date, there have been no significant changes in the Company's internal controls (as such term is defined in
Item 307(b) of Regulation S-K under the Securities Act) or, to the Company's knowledge, in other factors that could significantly
affect the Company's internal controls.

&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Sarbanes-Oxley</u>. There is and has been no failure on the part of the Company or any of the Company's
directors or officers, in their capacities as such, to comply in all material respects with any applicable provisions of the Sarbanes-Oxley
Act and the rules and regulations promulgated thereunder. Each of the principal executive officer and the principal financial officer
of the Company (or each former principal executive officer of the Company and each former principal financial officer of the Company as
applicable) has made all certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act with respect to all reports, schedules,
forms, statements and other documents required to be filed by it or furnished by it to the Commission. For purposes of the preceding sentence,
"principal executive officer" and "principal financial officer" shall have the meanings given to such terms in
the Sarbanes-Oxley Act.

&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>Finder's Fees</u>. Neither the Company nor any of the Subsidiaries
has incurred any liability for any finder's fees, brokerage commissions or similar payments in connection with the transactions
herein contemplated, except as may otherwise exist with respect to the Agents pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Labor Disputes</u>. No labor disturbance by or dispute with employees
of the Company or any of its Subsidiaries exists or, to the knowledge of the Company, is threatened which would reasonably be expected
to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>Investment Company Act</u>. Neither the Company nor any of the Subsidiaries is or, after giving effect
to the offering and sale of the Placement Shares, will be an "investment company" or an entity "controlled" by
an "investment company," as such terms are defined in the Investment Company Act of 1940, as amended (the "  **<u>Investment Company Act</u>** ").

&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>Operations</u>. The operations of the Company and its Subsidiaries are and have been conducted at all
times in compliance in all material respects with applicable financial record keeping and reporting requirements of the Currency and Foreign
Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions to which the Company or its Subsidiaries
are subject, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or
enforced by any Governmental Authority (collectively, the "  **<u>Money Laundering Laws</u>** "); and no action, suit or proceeding
by or before any Governmental Authority involving the Company or any of its Subsidiaries with respect to the Money Laundering Laws is
pending or, to the knowledge of the Company, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Off-Balance Sheet Arrangements</u>. There are no transactions, arrangements
and other relationships between and/or among the Company, and/or any of its affiliates and any unconsolidated entity, including, but not
limited to, any structured finance, special purpose or limited purpose entity (each, an "  **<u>Off-Balance Sheet Transaction</u>** ")
that could reasonably be expected to affect materially the Company's liquidity or the availability of or requirements for its capital
resources, including those Off-Balance Sheet Transactions described in the Commission's Statement about Management's Discussion
and Analysis of Financial Conditions and Results of Operations (Release Nos. 33-8056; 34-45321; FR-61), required to be described
in the Registration Statement or the Prospectus which have not been described as required.

&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>Underwriter Agreements</u>. The Company is not a party to any agreement
with an agent or underwriter for any other "at the market" or continuous equity transaction.

&nbsp;&nbsp;&nbsp;&nbsp;(kk) <u>ERISA</u>. To the knowledge of the Company, each material employee benefit plan, within the meaning
of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("  **<u>ERISA</u>** "), that is maintained,
administered or contributed to by the Company or any of its affiliates for employees or former employees of the Company and any of its
Subsidiaries has been maintained in material compliance with its terms and the requirements of any applicable statutes, orders, rules
and regulations, including but not limited to ERISA and the Internal Revenue Code of 1986, as amended (the "  **<u>Code</u>** ");
no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred which would result in
a material liability to the Company with respect to any such plan excluding transactions effected pursuant to a statutory or administrative
exemption; and for each such plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no "accumulated
funding deficiency" as defined in Section 412 of the Code has been incurred, whether or not waived, and the fair market value of
the assets of each such plan (excluding for these purposes accrued but unpaid contributions) exceeds the present value of all benefits
accrued under such plan determined using reasonable actuarial assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;(ll) <u>Forward-Looking Statements</u>. No forward-looking statement (within
the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) (a "  **<u>Forward-Looking Statement</u>** ")
contained in the Registration Statement and the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed
other than in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>Agent Purchases</u>. The Company acknowledges and agrees that the Agents
have informed the Company that each Agent may, to the extent permitted under the Securities Act and the Exchange Act, purchase and sell
Common Stock for its own account while this Agreement is in effect, *provided*, that the Company shall not be deemed to have authorized
or consented to any such purchases or sales by such Agent.

&nbsp;&nbsp;&nbsp;&nbsp;(nn) <u>Margin Rules</u>. Neither the issuance, sale and delivery of the Placement Shares nor the application
of the proceeds thereof by the Company as described in the Registration Statement and the Prospectus will violate Regulation T, U or X
of the Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) <u>Insurance</u>. The Company and each of its Subsidiaries carry, or are covered by, insurance in such
amounts and covering such risks as the Company and each of its Subsidiaries reasonably believe are adequate for the conduct of their properties
and as is customary for companies engaged in similar businesses in similar industries.

&nbsp;&nbsp;&nbsp;&nbsp;(pp) <u>No Improper Practices</u>. (i) Neither the Company nor the Subsidiaries, nor any director, officer,
or employee of the Company or any Subsidiary nor, to the Company's knowledge, any agent, affiliate or other person acting on behalf
of the Company or any Subsidiary has, in the past five years, made any unlawful contributions to any candidate for any political office
(or failed fully to disclose any contribution in violation of applicable law) or made any contribution or other payment to any official
of, or candidate for, any federal, state, municipal, or foreign office or other person charged with similar public or quasi-public duty
in violation of any applicable law or of the character required to be disclosed in the Registration Statement or the Prospectus; (ii)
no relationship, direct or indirect, exists between or among the Company or any Subsidiary or, to the Company's knowledge, any affiliate
of any of them, on the one hand, and the directors, officers and stockholders of the Company or any Subsidiary, on the other hand, that
is required by the Securities Act to be described in the Registration Statement and the Prospectus that is not so described; (ii) no
relationship, direct or indirect, exists between or among the Company or any Subsidiary or any affiliate of them, on the one hand, and
the directors, officers, or stockholders of the Company or any Subsidiary, on the other hand, that is required by the rules of FINRA to
be described in the Registration Statement and the Prospectus that is not so described; (iii) except as described in the Registration
Statement and the Prospectus, there are no material outstanding loans or advances or material guarantees of indebtedness by the Company
or any Subsidiary to or for the benefit of any of their respective officers or directors or any of the members of the families of any
of them; and (iv) the Company has not offered, or caused any placement agent to offer, Common Stock to any person with the intent to influence
unlawfully (A) a customer or supplier of the Company or any Subsidiary to alter the customer's or supplier's level or
type of business with the Company or any Subsidiary or (B) a trade journalist or publication to write or publish favorable information
about the Company or any Subsidiary or any of their respective products or services, and, (v) neither the Company nor any Subsidiary nor,
to the Company's knowledge, any director, officer or employee of the Company or any Subsidiary or any agent, affiliate or other
person acting on behalf of the Company or any Subsidiary has (A) violated or is in violation of any applicable provision of the U.S. Foreign
Corrupt Practices Act of 1977, as amended, or any other applicable anti-bribery or anti-corruption law (collectively, "  **<u>Anti-Corruption Laws</u>** "), (B) promised, offered, provided, attempted to provide or authorized the provision of anything of value, directly
or indirectly, to any person for the purpose of obtaining or retaining business, influencing any act or decision of the recipient, or
securing any improper advantage; or (C) made any payment of funds of the Company or any Subsidiary or received or retained any funds in
violation of any Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;(qq) <u>Status Under the Securities Act</u>. The Company was not and is not an ineligible issuer as defined
in Rule 405 under the Securities Act at the times specified in Rules 164 and 433 under the Securities Act in connection with the offering
of the Placement Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(rr) <u>No Misstatement or Omission in an Issuer Free Writing Prospectus</u>.
Each Issuer Free Writing Prospectus, as of its issue date and as of each Applicable Time, did not, does not and will not include any information
that conflicted, conflicts or will conflict with the information contained in the Registration Statement or the Prospectus, including
any incorporated document deemed to be a part thereof that has not been superseded or modified. The foregoing sentence does not apply
to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity with written information furnished
to the Company by the Agents specifically for use therein.

&nbsp;&nbsp;&nbsp;&nbsp;(ss) <u>No Conflicts</u>. Neither the execution of this Agreement, nor the issuance,
offering or sale of the Placement Shares, nor the consummation of any of the transactions contemplated herein and therein, nor the compliance
by the Company with the terms and provisions hereof and thereof will conflict with, or will result in a breach of, any of the terms and
provisions of, or has constituted or will constitute a default under, or has resulted in or will result in the creation or imposition
of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any contract or other agreement
to which the Company may be bound or to which any of the property or assets of the Company is subject, except (i) such conflicts, breaches
or defaults as may have been waived and (ii) such conflicts, breaches and defaults that would not reasonably be expected to have a Material
Adverse Effect; nor will such action result (x) in any violation of the provisions of the organizational or governing documents of the
Company, or (y) in any material violation of the provisions of any statute or any order, rule or regulation applicable to the Company
or of any Governmental Authority having jurisdiction over the Company, except where such violation would not reasonably be expected to
have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;(tt) <u>Sanctions</u>. (i) The Company represents that, neither the Company nor
any of its Subsidiaries (collectively, the "  **<u>Entity</u>**") nor, to the Company's knowledge, any director, officer,
employee, agent, affiliate or representative of the Entity, is a government, individual, or entity (in this paragraph (tt), "  **<u>Person</u>** ")
that is, or is owned or controlled by a Person that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the subject of any sanctions administered or enforced by the U.S. Department of the Treasury's Office of Foreign Assets Control ("**<u>OFAC</u>**"), the United Nations Security Council, the European Union, His Majesty's Treasury, or other relevant sanctions authorities, including, without limitation, designation on OFAC's Specially Designated Nationals and Blocked Persons List or OFAC's Foreign Sanctions Evaders List (as amended, collectively, "**<u>Sanctions</u>**"), nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) located, organized or resident in a country or territory that is the subject of Sanctions that broadly prohibit dealings with that country or territory (including, without limitation, Cuba, Iran, North Korea, Syria, the so-called Donetsk People's Republic, the so-called Luhansk People's Republic and the Crimea Region of Ukraine) (the "**Sanctioned Countries**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company represents and covenants that the Entity will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions or is a Sanctioned Country; 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;(B) in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering, whether as underwriter, advisor, investor or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company represents and covenants that, except as detailed in the Registration Statement and the Prospectus, since April 24, 2019, the Entity has not engaged in, is not now engaging in, and will not engage in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions or is or was a Sanctioned Country.

&nbsp;&nbsp;&nbsp;&nbsp;(uu) <u>Stock Transfer Taxes</u>. On each Settlement Date, all stock transfer or other taxes (other than income
taxes) which are required to be paid in connection with the sale and transfer of the Placement Shares to be sold 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 fully complied with.

&nbsp;&nbsp;&nbsp;&nbsp;(vv) <u>Compliance with Laws</u>. The Company and each of its Subsidiaries are in material compliance with
all applicable law, regulations and statutes in the jurisdictions in which it carries on business; the Company has not received a notice
of non-compliance, nor knows of, nor has reasonable grounds to know of, any facts that would reasonably be expected to give rise to a
notice of non-compliance with any such laws, regulations and statutes, and is not aware of any pending change or publicly proposed change
to any applicable law or regulation or governmental position; in each case that would reasonably be expected to materially adversely affect
the business of the Company.

(ww) <u>Statistical and Market-Related Data</u>. The statistical, demographic
and market-related data included in the Registration Statement and Prospectus are based on or derived from sources that the Company believes
to be reliable and accurate or represent the Company's good faith estimates that are made on the basis of data derived from such
sources.

&nbsp;&nbsp;&nbsp;&nbsp;(xx) <u>Cybersecurity</u>. The Company and its subsidiaries' information technology assets and equipment,
computers, systems, networks, hardware, software, websites, applications, and databases (collectively, "  **<u>IT Systems</u>** ")
are adequate for, and operate and perform as required in connection with, the operation of the business of the Company as currently conducted,
free and clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants except, in the case of
the foregoing, as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. The Company
and its subsidiaries have implemented, maintained and do maintain commercially reasonable physical, technical and administrative controls,
policies, procedures, and safeguards intended to maintain and protect their material confidential information and the integrity, continuous
operation, redundancy and security of all IT Systems and data, including all "Personal Data" (as defined below) and all sensitive,
confidential or regulated data ("  **<u>Confidential Data</u>**") used in connection with their businesses except, in the
case of the foregoing, as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.
"Personal Data" means (i) a natural person's name, street address, telephone number, e-mail address, photograph, social
security number or tax identification number, driver's license number, passport number, credit card number, or bank information;
(ii) any information which would qualify as "personally identifying information" under the Federal Trade Commission Act, as
amended; (iii) "personal data" as defined by the European Union General Data Protection Regulation ("  **<u>GDPR</u>** ")
(EU 2016/679); (iv) to the extent applicable to the Company, any information which would qualify as "protected health information"
under the Health Insurance Portability and Accountability Act of 1996, as amended by the Health Information Technology for Economic and
Clinical Health Act (collectively, "  **<u>HIPAA</u>** "); and (v) any "personal information" as defined by the
California Consumer Privacy Act ("  **<u>CCPA</u>** "); and (vi) any other piece of information that identifies a natural
person, including their health or sexual orientation. To the Company's knowledge, there have been no breaches, violations, outages
or unauthorized uses of or accesses to same, except for those that have been remedied without material cost or liability or the duty to
notify any other person, nor any incidents under internal review or investigations relating to the same except, in the case of the foregoing,
as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. The Company and its Subsidiaries
are presently in compliance with all applicable law or statutes and all judgments, orders, rules and regulations of any court or arbitrator
or governmental or regulatory authority applicable to the Company, internal policies and contractual obligations of the Company or its
Subsidiaries relating to the privacy and security of IT Systems, Confidential Data, and Personal Data in the Company's or its Subsidiary's
possession or control, and to the protection of such IT Systems, Confidential Data, and Personal Data from unauthorized use, access, misappropriation
or modification except, in the case of the foregoing, as would not, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;(yy) <u>Compliance with Data Privacy Laws</u>. The Company and its subsidiaries are, at all prior times were,
in compliance with all applicable state and federal data privacy and security laws and regulations, including without limitation, if applicable,
HIPAA, CCPA, and GDPR (collectively, the "  **<u>Privacy Laws</u>** "), except, in the case of the foregoing, as would not,
individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. To ensure compliance with the Privacy
Laws, the Company has in place, complies with, and takes appropriate steps to ensure compliance with their policies and procedures relating
to data privacy and security and the collection, storage, use, processing, disclosure, handling, and analysis of Personal Data and Confidential
Data (the "  **<u>Policies</u>**") except, as would not, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Effect. Except, as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse
Effect, the Company has at all times made all disclosures to users or customers required to be made by the Company by applicable law and
regulatory rules or requirements, and none of such disclosures made or contained in any Policy have been in violation of any applicable
law and regulatory rules or requirements. Neither the Company nor any Subsidiary: (i) has received written notice of any actual or potential
liability under or relating to, or actual or potential violation of, any of the Privacy Laws, and has no knowledge of any event or condition
that would reasonably be expected to result in any such notice; (ii) is currently conducting or paying for, in whole or in part, any investigation,
remediation, or other corrective action pursuant to any Privacy Law; or (iii) is a party to any order, decree, or agreement that imposes
any obligation or liability under any Privacy Law, in each case of (i)-(iii), except as would not, individually or in the aggregate, reasonably
be expected to result in a Material Adverse Effect.

Any certificate signed by an officer of the Company and delivered to the Agents or to counsel for the Agents pursuant to or in connection with this Agreement shall be deemed to be a representation and warranty by the Company, as applicable, to the Agents as to the matters set forth therein.

&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Covenants of the Company</u>. The Company covenants and agrees with each
Agent that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Registration Statement Amendments</u>. After the date of this Agreement
and during any period in which a Prospectus relating to any Placement Shares is required to be delivered by the Agents under the Securities
Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act or similar rule),
(i) the Company will notify the Agents promptly of the time when any subsequent amendment to the Registration Statement, other than
documents incorporated by reference, has been filed with the Commission and/or has become effective or any subsequent supplement to the
Prospectus has been filed and of any request by the Commission for any amendment or supplement to the Registration Statement or the Prospectus
or for additional information, (ii) the Company will prepare and file with the Commission, promptly upon the Agents' reasonable
request, any amendments or supplements to the Registration Statement or the Prospectus that, in the Agents' reasonable opinion,
may be necessary or advisable in connection with the distribution of the Placement Shares by the Agents in good faith on reasonable grounds
and in writing within two (2) Business Days following its receipt of a copy thereof (*provided*, *however*, that (A) the failure
of the Agents to make such request shall not relieve the Company of any obligation or liability hereunder, or affect the Agents'
right to rely on the representations and warranties made by the Company in this Agreement, (B) the Company has no obligation to provide
the Agents any advance copy of such filing or an opportunity to object to such filing if such filing does not name or reference the Agents
or the transactions contemplated hereunder, and (C) that the only remedy the Agents shall have with respect to the failure to make such
filing shall be to cease making sales under this Agreement until such amendment or supplement is filed); (iii) the Company will not
file any amendment or supplement to the Registration Statement or the Prospectus relating to the Placement Shares or a security convertible
into the Placement Shares unless a copy thereof has been submitted to the Agents within a reasonable period of time before the filing
and the Agents have not objected thereto (*provided*, *however*, that the failure of the Agents to make such objection shall
not relieve the Company of any obligation or liability hereunder, or affect the Agents' right to rely on the representations and
warranties made by the Company in this Agreement and *provided*, *further*, that the only remedy the Agents shall have with
respect to the failure by the Company to obtain such consent shall be to cease making sales under this Agreement) and the Company will
furnish to the Agents at the time of filing thereof a copy of any document that upon filing is deemed to be incorporated by reference
into the Registration Statement or the Prospectus, except for those documents available via EDGAR; and (iv) the Company will cause
each amendment or supplement to the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule
424(b) of the Securities Act or, in the case of any document to be incorporated therein by reference, to be filed with the Commission
as required pursuant to the Exchange Act, within the time period prescribed (the determination to file or not file any amendment or supplement
with the Commission under this <u>Section 7(a)</u>, based on the Company's reasonable opinion or reasonable objections, shall be
made exclusively by the Company).

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notice of Commission Stop Orders</u>. The Company will advise the Agents,
promptly after it receives notice or obtains knowledge thereof, of the issuance or threatened issuance by the Commission of any stop order
suspending the effectiveness of the Registration Statement, of the suspension of the qualification of the Placement Shares for offering
or sale in any jurisdiction, or of the initiation or threatening of any proceeding for any such purpose; and it will promptly use its
commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such a stop order should be issued.
The Company will advise the Agents promptly after it receives any request by the Commission for any amendments to the Registration Statement
or any amendment or supplements to the Prospectus or any Issuer Free Writing Prospectus or for additional information related to the offering
of the Placement Shares or for additional information related to the Registration Statement, the Prospectus or any Issuer Free Writing
Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Delivery of Prospectus; Subsequent Changes</u>. During any period in
which a Prospectus relating to the Placement Shares is required to be delivered by the Agents under the Securities Act with respect to
the offer and sale of the Placement Shares, (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under
the Securities Act or similar rule), the Company will comply in all material respects with all requirements imposed upon it by the Securities
Act, as from time to time in force, and to file on or before their respective due dates (taking into account any extensions available
under the Exchange Act) all reports and any definitive proxy or information statements required to be filed by the Company with the Commission
pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act. If the Company has omitted any information
from the Registration Statement pursuant to Rule 430B under the Securities Act, it will use its commercially reasonable efforts to comply
with the provisions of and make all requisite filings with the Commission pursuant to said Rule 430B and to notify the Agents promptly
of all such filings. If during such period any event occurs as a result of which the Prospectus as then amended or supplemented would
include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light
of the circumstances then existing, not misleading, or if during such period it is necessary to amend or supplement the Registration Statement
or the Prospectus to comply with the Securities Act, the Company will promptly notify the Agents to suspend the offering of Placement
Shares during such period and the Company will promptly amend or supplement the Registration Statement or the Prospectus (at the expense
of the Company) so as to correct such statement or omission or effect such compliance provided, however, that the Company may delay the
filing of any amendment or supplement, if in the reasonable judgment of the Company, it is in the best interest of the Company and shall
promptly provide the Agents with a written notice to that effect setting forth with reasonable details the grounds for such judgment.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Listing of Placement Shares</u>. Prior to the date of the first Placement
Notice, the Company will use its commercially reasonable efforts to cause the Placement Shares to be listed on the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Delivery of Registration Statement and Prospectus</u>. The Company will
furnish to the Agents and their counsel (at the expense of the Company) copies of the Registration Statement, the Prospectus (including
all documents incorporated by reference therein) and all amendments and supplements to the Registration Statement or the Prospectus that
are filed with the Commission during any period in which a Prospectus relating to the Placement Shares is required to be delivered under
the Securities Act (including all documents filed with the Commission during such period that are deemed to be incorporated by reference
therein), in each case as soon as reasonably practicable and in such quantities as the Agents may from time to time reasonably request
and, at the Agents' request, will also furnish copies of the Prospectus to each exchange or market on which sales of the Placement
Shares may be made; *provided*, *however*, that the Company shall not be required to furnish any document (other than the Prospectus)
to the Agents to the extent such document is available on EDGAR.

&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Earning Statement</u>. The Company will make generally available to its
security holders as soon as practicable, but in any event not later than 15 months after the end of the Company's current fiscal
quarter, an earning statement covering a 12-month period that satisfies the provisions of Section 11(a) and Rule 158 of the Securities
Act. The Company's compliance with the periodic reporting requirements of the Exchange Act shall be deemed to satisfy the requirements
of this Section 7(f).

&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Use of Proceeds</u>. The Company will use the Net Proceeds as described
in the Prospectus in the section entitled "Use of Proceeds."

&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Notice of Other Sales</u>. Without the prior written consent of the Agents,
the Company will not, directly or indirectly, offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of
any Common Stock (other than the Placement Shares offered pursuant to this Agreement) or securities convertible into or exchangeable for
Common Stock, warrants or any rights to purchase or acquire, Common Stock during the period beginning on the fifth (5<sup>th</sup>) Trading
Day immediately prior to the date on which any Placement Notice is delivered to the Agents hereunder and ending on the fifth (5<sup>th</sup>)
Trading Day immediately following the final Settlement Date with respect to Placement Shares sold pursuant to such Placement Notice (or,
if the Placement Notice has been terminated or suspended prior to the sale of all Placement Shares covered by a Placement Notice, the
date of such suspension or termination); and will not directly or indirectly in any other "at the market" or continuous equity
transaction offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Common Stock (other than the Placement
Shares offered pursuant to this Agreement) or securities convertible into or exchangeable for Common Stock, warrants or any rights to
purchase or acquire, Common Stock prior to the sixtieth (60<sup>th</sup>) day immediately following the termination of this Agreement; *provided*, *however*, that such restrictions will not be required in connection with the Company's issuance or sale of
(i) Common Stock, options to purchase Common Stock or Common Stock issuable upon the exercise of options, pursuant to any employee
or director stock option or benefits plan, stock ownership plan or dividend reinvestment plan (but not Common Stock subject to a waiver
to exceed plan limits in its dividend reinvestment plan) of the Company whether now in effect or hereafter implemented, (ii) Common
Stock issuable upon conversion of securities or the exercise of warrants, options or other rights in effect or outstanding, and disclosed
in filings by the Company available on EDGAR or otherwise in writing to the Agents and (iii) Common Stock or securities convertible into
or exchangeable for shares of Common Stock as consideration for mergers, acquisitions, other business combinations or strategic alliances
occurring after the date of this Agreement which are not issued for capital raising purposes.

&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Change of Circumstances</u>. The Company will, at any time during the
pendency of a Placement Notice, advise the Agents promptly after it shall have received notice or obtained knowledge thereof, of any information
or fact that would alter or affect in any material respect any opinion, certificate, letter or other document required to be provided
to the Agents pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Due Diligence Cooperation</u>. During the term of this Agreement, the
Company will cooperate with any reasonable due diligence review conducted by the Agents or their representatives in connection with the
transactions contemplated hereby, including, without limitation, providing information and making available documents and senior corporate
officers, during regular business hours and at the Company's principal offices, as the Agents may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Required Filings Relating to Placement of Placement Shares</u>. The Company
shall disclose, in its Quarterly Reports on Form 10-Q and in its Annual Report on Form 10-K to be filed by the Company with the Commission
from time to time, the number of the Placement Shares sold through the Agents under this Agreement, and the net proceeds to the Company
from the sale of the Placement Shares pursuant to this Agreement during the relevant quarter or, in the case of an Annual Report on Form
10-K, during the fiscal year covered by such Annual Report and the fourth quarter of such fiscal year. The Company agrees that on such
dates as the Securities Act shall require, the Company will (i) file a prospectus supplement with the Commission under the applicable
paragraph of Rule 424(b) under the Securities Act (each and every filing date under Rule 424(b), a "  **<u>Filing Date</u>** "),
which prospectus supplement will set forth, within the relevant period, the amount of Placement Shares sold through the Agents, the Net
Proceeds to the Company and the compensation payable by the Company to the Agents with respect to such Placement Shares provided that
the Company's obligations under this <u>Section 7(k)</u> shall be deemed satisfied by making a filing in accordance with the Exchange
act including such information, and (ii) deliver such number of copies of each such prospectus supplement to each exchange or market
on which such sales were effected as may be required by the rules or regulations of such exchange or market.

&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Representation Dates; Certificate</u>. (1) Prior to the date of the first
Placement Notice and (2) each time the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) files the Prospectus relating to the Placement Shares or amends or supplements (other than a prospectus supplement relating solely to an offering of securities other than the Placement Shares) the Registration Statement or the Prospectus relating to the Placement Shares by means of a post-effective amendment, sticker, or supplement but not by means of incorporation of documents by reference into the Registration Statement or the Prospectus relating to the Placement Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) files an Annual Report on Form 10-K under the Exchange Act (including any Annual Report on Form 10-K/A containing amended financial information or a material amendment to the previously filed Annual Report on Form 10-K);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) files its Quarterly Reports on Form 10-Q under the Exchange Act (including any Quarterly Report on Form 10-Q/A containing amended financial information or a material amendment to the previously filed Quarterly Report on Form 10-Q); 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;(iv) files a Current Report on Form 8-K containing amended financial information (other than information "furnished" pursuant to Items 2.02 or 7.01 of a Current Report on Form 8-K or to provide disclosure pursuant to Item 8.01 of a Current Report on Form 8-K relating to the reclassification of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards No. 144) under the Exchange Act (each date of filing of one or more of the documents referred to in clauses (i) through (iv) shall be a "**<u>Representation Date</u>**");

the Company shall furnish the Agents (but in the case of clause (iv) above only if the Agents reasonably determine that the information contained in such Current Report on Form 8-K is material) with a certificate dated the Representation Date, in the form and substance satisfactory to the Agents and their counsel, substantially similar to the form previously provided to the Agents and their counsel, modified, as necessary, to relate to the Registration Statement and the Prospectus as amended or supplemented. The requirement to provide a certificate under this <u>Section 7(l)</u> shall be waived for any Representation Date occurring at a time at which no Placement Notice is pending or a Suspension is in effect, which waiver shall continue until the earlier to occur of the date the Company delivers instructions for the sale of Placement Shares hereunder (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date. Notwithstanding the foregoing, if the Company subsequently decides to sell Placement Shares following a Representation Date when a waiver or a Suspension was in effect and did not provide the Agents with a certificate under this <u>Section 7(l)</u>, then before the Company delivers the instructions for the sale of Placement Shares or the Agents sell any Placement Shares pursuant to such instructions, the Company shall provide the Agents with a certificate in conformity with this <u>Section 7(l)</u> dated as of the date that the instructions for the sale of Placement Shares are issued.

&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Company Counsel Legal Opinion and Negative Assurance Letter</u>. (1)
Prior to the date of the first Placement Notice and (2) within five (5) Trading Days of each Representation Date with respect to which
the Company is obligated to deliver a certificate pursuant to <u>Section 7(l)</u> for which no waiver is applicable and excluding the
date of this Agreement, the Company shall cause to be furnished to the Agents (i) a written opinion and negative assurance letter of Allen
Overy Shearman Sterling US LLP ("  **<u>Company Counsel</u>** "), or other counsel satisfactory to the Agents, in form and
substance satisfactory to the Agents and their counsel, substantially similar to the form previously provided to the Agents and their
counsel, modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented; *provided*,
that in lieu of such opinions or negative assurance letters for subsequent periodic filings under the Exchange Act, Company Counsel may
furnish the Agents with a letter (a "  **<u>Reliance Letter</u>**") to the effect that the Agents may rely on a prior opinion
or negative assurance letter delivered under this <u>Section 7(m)</u> to the same extent as if it were dated the date of such letter (except
that statements in such prior opinion or negative assurance letter, as the case may be, shall be deemed to relate to the Registration
Statement and the Prospectus as amended or supplemented as of the date of the Reliance Letter).

&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Agents Counsel Negative Assurance Letter</u>. (1) Prior to the date of
the first Placement Notice and (2) within five (5) Business Days of each Representation Date with respect to which the Company is obligated
to deliver a certificate pursuant to <u>Section 7(l)</u> for which no waiver is applicable and excluding the date of this Agreement,
the Agents shall have received a negative assurance letter of DLA Piper LLP (US) ("  **<u>Agents Counsel</u>** "), or other
counsel satisfactory to the Agents, in form and substance satisfactory to the Agents and their counsel, modified, as necessary, to relate
to the Registration Statement and the Prospectus as then amended or supplemented; *provided*, that in lieu of such negative
assurance letters for subsequent periodic filings under the Exchange Act, Agents Counsel may furnish the Agents with a Reliance Letter
to the effect that the Agents may rely on a prior negative assurance letter delivered under this <u>Section 7(n)</u> to the
same extent as if it were dated the date of such letter (except that statements in such prior negative assurance letter shall be deemed
to relate to the Registration Statement and the Prospectus as amended or supplemented as of the date of the Reliance Letter).

&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Comfort Letter</u>. (1) Prior to the date of the first Placement Notice
and (2) within five (5) Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate
pursuant to <u>Section 7(l)</u> for which no waiver is applicable and excluding the date of this Agreement, the Company shall cause its
independent registered public accounting firm to furnish the Agents letters (the "  **<u>Comfort Letters</u>** "), dated the
date the Comfort Letter is delivered, which shall meet the requirements set forth in this <u>Section 7(o)</u>; *provided*, that if
requested by the Agents, the Company shall cause a Comfort Letter to be furnished to the Agents within ten (10) Trading Days after the
date of occurrence of any material transaction or event requiring the filing of a Current Report on Form 8-K containing financial information
(including the restatement of the Company's financial statements). The Comfort Letter from the Company's independent registered
public accounting firm shall be in a form and substance satisfactory to the Agents, (i) confirming that they are an independent registered
public accounting firm within the meaning of the Securities Act and the Public Company Accounting Oversight Board ("  **<u>PCAOB</u>** "),
(ii) stating, as of such date, the conclusions and findings of such firm with respect to the financial information and other matters ordinarily
covered by accountants' "comfort letters" to underwriters in connection with registered public offerings (the first
such letter, the "  **<u>Initial Comfort Letter</u>**") and (iii) updating the Initial Comfort Letter with any information
that would have been included in the Initial Comfort Letter had it been given on such date and modified as necessary to relate to the
Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.

&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Market Activities; Compliance with Regulation M</u>. The Company will
not, directly or indirectly, (i) take any action designed to cause or result in, or that constitutes or would reasonably be expected
to constitute, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of Common
Stock or (ii) sell, bid for, or purchase Common Stock in violation of Regulation M, or pay anyone any compensation for soliciting
purchases of the Placement Shares other than the Agents.

&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Investment Company Act</u>. The Company will conduct its affairs in such
a manner so as to reasonably ensure that neither it nor any of its Subsidiaries will be or become, at any time prior to the termination
of this Agreement, required to register as an "investment company," as such term is defined in the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>No Offer to Sell</u>. Other than an Issuer Free Writing Prospectus approved
in advance by the Company and the Agents in their capacity as agents hereunder, neither the Agents nor the Company (including its agents
and representatives, other than the Agents in their capacity as such) will make, use, prepare, authorize, approve or refer to any written
communication (as defined in Rule 405 under the Securities Act), required to be filed with the Commission, that constitutes an offer to
sell or solicitation of an offer to buy Placement Shares hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Blue Sky and Other Qualifications</u> *.* To the extent required
by applicable law, the Company will use its commercially reasonable efforts, in cooperation with the Agents, to qualify the Placement
Shares for offering and sale, or to obtain an exemption for the Placement Shares to be offered and sold, under the applicable securities
laws of such states and other jurisdictions (domestic or foreign) as the Agents may designate and to maintain such qualifications and
exemptions in effect for so long as required for the distribution of the Placement Shares (but in no event for less than one year from
the date of this Agreement); *provided*, *however*, that the Company shall not be obligated to file any general consent to service
of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or
to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject. In each jurisdiction
in which the Placement Shares have been so qualified or exempt, the Company will file such statements and reports as may be required by
the laws of such jurisdiction to continue such qualification or exemption, as the case may be, in effect for so long as required for the
distribution of the Placement Shares (but in no event for less than one year from the date of this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Sarbanes-Oxley Act</u>. The Company and the Subsidiaries will maintain
and keep accurate books and records reflecting their assets and maintain internal accounting controls in a manner designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with GAAP and including those policies and procedures that (i) pertain to the maintenance of records that in reasonable
detail accurately and fairly reflect the transactions and dispositions of the assets of the Company, (ii) provide reasonable assurance
that transactions are recorded as necessary to permit the preparation of the Company's consolidated financial statements in accordance
with GAAP, (iii) that receipts and expenditures of the Company are being made only in accordance with management's and the
Company's directors' authorization, and (iv) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on its financial statements.
The Company and the Subsidiaries will maintain such controls and other procedures, including, without limitation, those required by Sections
302 and 906 of the Sarbanes-Oxley Act, and the applicable regulations thereunder that are designed to ensure that information required
to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported,
within the time periods specified in the Commission's rules and forms, including, without limitation, controls and procedures designed
to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated
and communicated to the Company's management, including its principal executive officer and principal financial officer, or persons
performing similar functions, as appropriate to allow timely decisions regarding required disclosure and to ensure that material information
relating to the Company or the Subsidiaries is made known to them by others within those entities, particularly during the period in which
such periodic reports are being prepared.

&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Secretary's Certificate; Further Documentation</u>. Prior to the
date of the first Placement Notice, the Company shall deliver to the Agents a certificate of the Secretary of the Company and attested
to by an executive officer of the Company, dated as of such date, certifying as to (i) the Certificate of Incorporation of the Company,
(ii) the Bylaws of the Company, (iii) the resolutions of the Board of Directors of the Company authorizing the execution, delivery and
performance of this Agreement and the issuance of the Placement Shares and (iv) the incumbency of the officers duly authorized to execute
this Agreement and the other documents contemplated by this Agreement. Within five (5) Trading Days of each Representation Date with respect
to which the Company is obligated to deliver a certificate pursuant to Section 7(l) for which no waiver is applicable, the Company shall
have furnished to the Agents such further information, certificates and documents as the Agents may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Payment of Expenses</u>. The Company will pay all expenses incident to
the performance of its obligations under this Agreement, including (i) the preparation and filing of the Registration Statement,
including any fees required by the Commission, and the printing or electronic delivery of the Prospectus as originally filed and of each
amendment and supplement thereto, in such number as the Agents shall deem necessary, (ii) the printing and delivery to the Agents of this
Agreement and such other documents as may be required in connection with the offering, purchase, sale, issuance or delivery of the Placement
Shares, (iii) the preparation, issuance and delivery of the certificates, if any, for the Placement Shares to the Agents, including
any stock or other transfer taxes and any capital duties, stamp duties or other duties or taxes payable upon the sale, issuance or delivery
of the Placement Shares to the Agents, (iv) the fees and disbursements of the counsel, accountants and other advisors to the Company,
(v) the fees and expenses of the Agents including but not limited to the fees and expenses of the counsel to the Agents, payable
upon the execution of this Agreement, (a) in an amount not to exceed $100,000 in connection with the execution of this Agreement, (b)
in an amount not to exceed $15,000 per calendar quarter thereafter payable in connection with each Representation Date with respect to
which the Company is obligated to deliver a certificate pursuant to <u>Section 7(l)</u> for which no waiver is applicable and excluding
the date of this Agreement, and (c) in an amount not to exceed $50,000 for each program "refresh" (filing of a new registration
statement, prospectus or prospectus supplement relating to the Placement Shares and/or an amendment of this Agreement) executed pursuant
to this Agreement, (vi) the qualification or exemption of the Placement Shares under state securities laws in accordance with the
provisions of <u>Section 7(s)</u> hereof, including filing fees, but excluding fees of the Agents' counsel, (vii) the
printing and delivery to the Agents of copies of any Permitted Issuer Free Writing Prospectus and the Prospectus and any amendments or
supplements thereto in such number as the Agents shall deem necessary, (viii) the preparation, printing and delivery to the Agents
of copies of the blue sky survey, (ix) the fees and expenses of the transfer agent and registrar for the Common Stock, (x) the
filing and other fees incident to any review by FINRA of the terms of the sale of the Placement Shares including the fees of the Agents'
counsel (subject to the cap, set forth in clause (v) above), and (xi) the fees and expenses incurred in connection with the listing
of the Placement Shares on the Exchange. The Company agrees to pay the fees and expenses of counsel to the Agents set forth in clause
(v) above by wire transfer of immediately available funds directly to such counsel upon presentation of an invoice containing the requisite
payment information prepared by such counsel, and such counsel shall be a third-party beneficiary of the expense reimbursement obligations
set forth in this <u>Section 8</u>.

&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Conditions to the Agents' Obligations</u>. The obligations of the
Agents hereunder with respect to a Placement will be subject to the continuing accuracy and completeness of the representations and warranties
made by the Company herein, to the due performance by the Company of its obligations hereunder, to the completion by the Agents of a due
diligence review satisfactory to it in its reasonable judgment, and to the continuing satisfaction (or waiver by the Agents in their sole
discretion) of the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Registration Statement Effective</u>. The Registration Statement shall
have become effective and shall be available for the (i) resale of all Placement Shares issued to the Agents and not yet sold by
the Agents and (ii) sale of all Placement Shares contemplated to be issued by any Placement Notice.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Material Notices</u>. None of the following events shall have occurred
and be continuing: (i) receipt by the Company of any request for additional information from the Commission or any other federal
or state Governmental Authority during the period of effectiveness of the Registration Statement, the response to which would require
any post-effective amendments or supplements to the Registration Statement or the Prospectus; (ii) the issuance by the Commission
or any other federal or state Governmental Authority of any stop order suspending the effectiveness of the Registration Statement or the
initiation of any proceedings for that purpose; (iii) receipt by the Company of any notification with respect to the suspension of
the qualification or exemption from qualification of any of the Placement Shares for sale in any jurisdiction or the initiation or threatening
of any proceeding for such purpose; or (iv) the occurrence of any event that makes any statement of a material fact made in the Registration
Statement or the Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue or that requires the
making of any changes in the Registration Statement, the Prospectus or documents so that, in the case of the Registration Statement, it
will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
in order to make the statements therein not misleading and, that in the case of the Prospectus, it will not contain an untrue statement
of a material fact or omit 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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Misstatement or Material Omission</u>. The Agents shall not have advised
the Company that the Registration Statement or the Prospectus, or any amendment or supplement thereto, contains an untrue statement of
fact that in the Agents' reasonable opinion is material, or omits to state a fact that in the Agents' reasonable opinion is
material and is required to be stated therein or is necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Material Changes</u>. Except as contemplated in the Registration Statement
or the Prospectus, or disclosed in the Company's reports filed with the Commission, there shall not have been any material adverse
change in the authorized capital stock of the Company or any Material Adverse Effect or any development that would reasonably be expected
to cause a Material Adverse Effect, or a downgrading in or withdrawal of the rating assigned to any of the Company's securities
(other than asset backed securities) by any rating organization or a public announcement by any rating organization that it has under
surveillance or review its rating of any of the Company's securities (other than asset backed securities), the effect of which,
in the case of any such action by a rating organization described above, in the reasonable judgment of the Agents (without relieving the
Company of any obligation or liability it may otherwise have), is so material as to make it impracticable or inadvisable to proceed with
the offering of the Placement Shares on the terms and in the manner contemplated in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Company Counsel Legal Opinion and Negative Assurance Letter</u>. The
Agents shall have received the opinion and negative assurance letter of Company Counsel required to be delivered pursuant to <u>Section 7(m)</u> on or before the date on which such delivery of such opinion and negative assurance letter, as applicable, is required pursuant
to <u>Section 7(m)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Agents Counsel Negative Assurance Letter</u>. The Agents shall have received
the negative assurance letter of Agents Counsel required to be delivered pursuant to <u>Section 7(n)</u> on or before the date on which
such delivery of such negative assurance letter is required pursuant to <u>Section 7(n)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Comfort Letter</u>. The Agents shall have received the Comfort Letter
required to be delivered pursuant to <u>Section 7(o)</u> on or before the date on which such delivery of such Comfort Letter is required
pursuant to <u>Section 7(o)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Representation Certificate</u>. The Agents shall have received the certificate
required to be delivered pursuant to <u>Section 7(l)</u> on or before the date on which delivery of such certificate is required pursuant
to <u>Section 7(l)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>No Suspension</u>. Trading in the Common Stock shall not have been suspended
on the Exchange and the Common Stock shall not have been delisted from the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Other Materials</u>. On each date on which the Company is required to
deliver a certificate pursuant to <u>Section 7(l)</u>, the Company shall have furnished to the Agents such appropriate further information,
opinions, certificates, letters and other documents as the Agents may reasonably request. All such opinions, certificates, letters and
other documents will be in compliance with the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Securities Act Filings Made</u>. All filings with the Commission required
by Rule 424 under the Securities Act to have been filed prior to the issuance of any Placement Notice hereunder shall have been made within
the applicable time period prescribed for such filing by Rule 424.

&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Approval for Listing</u>. The Placement Shares shall either have been
(i) approved for listing on the Exchange, subject only to notice of issuance, or (ii) the Company shall have filed an application for
listing of the Placement Shares on the Exchange at, or prior to, the issuance of any Placement Notice and the Exchange shall have reviewed
such application and not provided any objections thereto.

&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>FINRA</u>. If applicable, FINRA shall have raised no objection to the
terms of this offering and the amount of compensation allowable or payable to the Agents as described in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>No Termination Event</u>. There shall not have occurred any event that
would permit the Agents to terminate this Agreement pursuant to <u>Section 12(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Indemnification and Contribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Company Indemnification</u>. The Company agrees to indemnify and hold
harmless each Agent, its affiliates and their respective partners, members, directors, officers, employees and agents and each person,
if any, who controls such Agent or any affiliate within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) against any and all loss, liability, claim, damage and expense whatsoever,
as incurred, joint or several, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained
in the Registration Statement (or any amendment thereto), or the omission or alleged omission therefrom of a material fact required to
be stated therein or necessary to make the statements therein not misleading, or arising out of any untrue statement or alleged untrue
statement of a material fact included in any related Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement
thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against any and all loss, liability, claim, damage and expense whatsoever,
as incurred, joint or several, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding
by any Governmental Authority, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or
any such alleged untrue statement or omission; *provided* that (subject to <u>Section 10(d)</u> below) any such settlement is
effected with the written consent of the Company, which consent shall not unreasonably be delayed or withheld; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) against any and all expense whatsoever, as incurred (including the fees
and disbursements of counsel), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation
or proceeding by any Governmental Authority, commenced or threatened, or any claim whatsoever based upon any such untrue statement or
omission, or any such alleged untrue statement or omission (whether or not a party), to the extent that any such expense is not paid under
(i) or (ii) above, *provided*, *however*, that this indemnity agreement shall not apply to any loss, liability, claim,
damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made solely in
reliance upon and in conformity with the Agents Information.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Agents Indemnification</u>. Each Agent severally but not jointly agrees
to indemnify and hold harmless the Company and its directors and each officer of the Company who signed the Registration Statement, and
each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act
against any and all loss, liability, claim, damage and expense described in the indemnity contained in <u>Section 10(a)</u>, as incurred,
but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement
(or any amendments thereto), the Prospectus (or any amendment or supplement thereto) or any Issuer Free Writing Prospectus (or any amendment
or supplement thereto) in reliance upon and in conformity with information relating to such Agent and furnished to the Company in writing
by such Agent expressly for use therein. The Company hereby acknowledges that the only information that the Agents have furnished to the
Company expressly for use in the Registration Statement, the Prospectus, any Prospectus Supplement or any Issuer Free Writing Prospectus
(or any amendment or supplement thereto) are the statements set forth in the first sentence of the fifth paragraph and the seventh and
eighth paragraphs under the caption "Plan of Distribution" in the Prospectus (the "  **<u>Agents Information</u>** ").

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Procedure</u>. Any party that proposes to assert the right to be indemnified
under this <u>Section 10</u> will, promptly after receipt of notice of commencement of any action against such party in respect of which
a claim is to be made against an indemnifying party or parties under this <u>Section 10</u>, notify each such indemnifying party of the
commencement of such action, enclosing a copy of all papers served, but the omission so to notify such indemnifying party will not relieve
the indemnifying party from (i) any liability that it might have to any indemnified party otherwise than under this <u>Section 10</u> and (ii) any liability that it may have to any indemnified party under the foregoing provision of this <u>Section 10</u> unless,
and only to the extent that, such omission results in the forfeiture of substantive rights or defenses by the indemnifying party. If any
such action is brought against any indemnified party and it notifies the indemnifying party of its commencement, the indemnifying party
will be entitled to participate in and, to the extent that it elects by delivering written notice to the indemnified party promptly after
receiving notice of the commencement of the action from the indemnified party, jointly with any other indemnifying party similarly notified,
to assume the defense of the action, with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying
party to the indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party
for any other legal expenses except as provided below and except for the reasonable costs of investigation subsequently incurred by the
indemnified party in connection with the defense. The indemnified party will have the right to employ its own counsel in any such action,
but the fees, expenses and other charges of such counsel will be at the expense of such indemnified party unless (1) the employment
of counsel by the indemnified party has been authorized in writing by the indemnifying party, (2) the indemnified party has reasonably
concluded (based on advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different
from or in addition to those available to the indemnifying party, (3) a conflict or potential conflict exists (based on advice of
counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party will
not have the right to direct the defense of such action on behalf of the indemnified party) or (4) the indemnifying party has not
in fact employed counsel to assume the defense of such action or counsel reasonably satisfactory to the indemnified party, in each case,
within a reasonable time after receiving notice of the commencement of the action; in each of which cases the reasonable fees, disbursements
and other charges of counsel will be at the expense of the indemnifying party or parties. It is understood that the indemnifying party
or parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable
fees, disbursements and other charges of more than one separate firm (plus local counsel) admitted to practice in such jurisdiction at
any one time for all such indemnified party or parties. All such fees, disbursements and other charges will be reimbursed by the indemnifying
party promptly as they are incurred. An indemnifying party will not, in any event, be liable for any settlement of any action or claim
effected without its written consent. No indemnifying party shall, without the prior written consent of each indemnified party, settle
or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters
contemplated by this <u>Section 10</u> (whether or not any indemnified party is a party thereto), unless such settlement, compromise or
consent (1) includes an express and unconditional release of each indemnified party, in form and substance reasonably satisfactory
to such indemnified party, from all liability arising out of such litigation, investigation, proceeding or claim and (2) does not
include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Settlement Without Consent if Failure to Reimburse</u> *.* If an
indemnified party shall have requested an indemnifying party to reimburse the indemnified party for reasonable fees and expenses of counsel,
such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by <u>Section 10(a)(ii)</u> effected without its written consent if (1) such settlement is entered into more than 45 days after receipt by such indemnifying
party of the aforesaid request, (2) such indemnifying party shall have received notice of the terms of such settlement at least 30
days prior to such settlement being entered into and (3) such indemnifying party shall not have reimbursed such indemnified party
in accordance with such request prior to the date of such settlement.

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Contribution</u>. In order to provide for just and equitable contribution
in circumstances in which the indemnification provided for in the foregoing paragraphs of this <u>Section 10</u> is applicable in accordance
with its terms but for any reason is held to be unavailable or insufficient from the Company or an Agent, the Company and such Agent will
contribute to the total losses, claims, liabilities, expenses and damages (including any investigative, legal and other expenses reasonably
incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted) to which the
Company and the Agents may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company
on the one hand and the Agents on the other hand. The relative benefits received by the Company on the one hand and the Agents on the
other hand shall be deemed to be in the same proportion as the total net proceeds from the sale of the Placement Shares (before deducting
expenses) received by the Company bear to the total compensation received by the Agents from the sale of Placement Shares on behalf of
the Company. If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of
contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing
sentence but also the relative fault of the Company, on the one hand, and such Agent, on the other hand, with respect to the statements
or omission that resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant
equitable considerations with respect to such offering. Such relative fault shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information
supplied by the Company or such Agent, the intent of the parties and their relative knowledge, access to information and opportunity to
correct or prevent such statement or omission. The Company and each Agent agree that it would not be just and equitable if contributions
pursuant to this <u>Section 10(e)</u> were to be determined by pro rata allocation or by any other method of allocation that does not
take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the
loss, claim, liability, expense, or damage, or action in respect thereof, referred to above in this <u>Section 10(e)</u> shall be deemed
to include, for the purpose of this <u>Section 10(e)</u>, any legal or other expenses reasonably incurred by such indemnified party in
connection with investigating or defending any such action or claim to the extent consistent with <u>Section 10(c)</u> hereof. Notwithstanding
the foregoing provisions of this <u>Section 10(e)</u>, an Agent shall not be required to contribute any amount in excess of the commissions
received by it under this Agreement and no person found guilty of fraudulent misrepresentation (within the meaning of <u>Section 11(f)</u> of the Securities Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes
of this <u>Section 10(e)</u>, any person who controls a party to this Agreement within the meaning of the Securities Act, any affiliates
of an Agent and any officers, directors, partners, employees or agents of an Agent or any of its affiliates, will have the same rights
to contribution as that party, and each director of the Company and each officer of the Company who signed the Registration Statement
will have the same rights to contribution as the Company, subject in each case to the provisions hereof. Any party entitled to contribution,
promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be
made under this <u>Section 10(e)</u>, will notify any such party or parties from whom contribution may be sought, but the omission to
so notify will not relieve that party or parties from whom contribution may be sought from any other obligation it or they may have under
this <u>Section 10(e)</u> except to the extent that the failure to so notify such other party materially prejudiced the substantive rights
or defenses of the party from whom contribution is sought. Except for a settlement entered into pursuant to the last sentence of <u>Section 10(c)</u> hereof, no party will be liable for contribution with respect to any action or claim settled without its written consent if
such consent is required pursuant to <u>Section 10(c)</u> hereof. The Agents' respective obligations to contribute pursuant to this
Section 10(e) are several in proportion to the respective number of Placement Shares they have sold hereunder, and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Representations and Agreements to Survive Delivery</u>. The indemnity
and contribution agreements contained in <u>Section 10</u> of this Agreement and all representations and warranties of the Company herein
or in certificates delivered pursuant hereto shall survive, as of their respective dates, regardless of (i) any investigation made
by or on behalf of any Agent, any controlling persons, or the Company (or any of their respective officers, directors, employees or controlling
persons), (ii) delivery and acceptance of the Placement Shares and payment therefor or (iii) any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Agent may terminate this Agreement, with respect to itself, by notice
to the Company, and the other Agents, as hereinafter specified at any time (1) if there has been, since the time of execution of
this Agreement or since the date as of which information is given in the Prospectus, any change, or any development or event involving
a prospective change, in the condition, financial or otherwise, or in the business, properties, earnings, results of operations or prospects
of the Company and its Subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, which individually
or in the aggregate, in the sole judgment of such Agent is material and adverse and makes it impractical or inadvisable to market the
Placement Shares or to enforce contracts for the sale of the Placement Shares, (2) if there has occurred any material adverse change
in the financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation thereof
or other calamity or crisis or any change or development involving a prospective change in national or international political, financial
or economic conditions, in each case the effect of which is such as to make it, in the judgment of such Agent, impracticable or inadvisable
to market the Placement Shares or to enforce contracts for the sale of the Placement Shares, (3) if trading in the Common Stock has
been suspended or limited by the Commission or the Exchange, or if trading generally on the Exchange has been suspended or limited, or
minimum prices for trading have been fixed on the Exchange, (4) if any suspension of trading of any securities of the Company on any exchange
or in the over-the-counter market shall have occurred and be continuing, (5) if a major disruption of securities settlements or clearance
services in the United States shall have occurred and be continuing, or (6) if a banking moratorium has been declared by either U.S.
Federal or New York authorities. Any such termination shall be without liability of any party to any other party except that the provisions
of <u>Section 8</u> (Payment of Expenses), <u>Section 10</u> (Indemnification and Contribution), <u>Section 11</u> (Representations and
Agreements to Survive Delivery), <u>Section 17</u> (Governing Law and Time; Waiver of Jury Trial) and <u>Section 18</u> (Consent to Jurisdiction)
hereof shall remain in full force and effect notwithstanding such termination. If an Agent elects to terminate this Agreement as provided
in this <u>Section 12(a)</u>, such Agent shall provide the required notice as specified in <u>Section 13</u> (Notices). For the avoidance
of doubt, the termination by one Agent of its rights and obligations under this Agreement pursuant to this Section 12(a) shall not affect
the rights and obligations of the other Agents under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall have the right, by giving ten (10) days' notice
as hereinafter specified to terminate this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination
shall be without liability of any party to any other party except that the provisions of <u>Section 7(h)</u>, <u>Section 8</u>, <u>Section 10</u>, <u>Section 11</u>, <u>Section 17</u> and <u>Section 18</u> hereof shall remain in full force and effect notwithstanding such termination.
For the avoidance of doubt, the termination by the Company of this Agreement with respect to one Agent pursuant to this Section 12(b)
shall not affect the rights and obligations of the other Agents under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Agent shall have the right, by giving ten (10) days' notice as
hereinafter specified to terminate this Agreement with respect to itself in its sole discretion at any time after the date of this Agreement.
Any such termination shall be without liability of any party to any other party except that the provisions of <u>Section 7(h)</u>, <u>Section 8</u>, <u>Section 10</u>, <u>Section 11</u>, <u>Section 17</u> and <u>Section 18</u> hereof shall remain in full force and effect notwithstanding
such termination. For the avoidance of doubt, the termination by one Agent of its rights and obligations under this Agreement pursuant
to this Section 12(c) shall not affect the rights and obligations of the other Agents under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement shall remain in full force and effect unless terminated pursuant
to <u>Sections 12(a)</u>, <u>(b)</u>, or <u>(c)</u> above or otherwise by mutual agreement of the parties; *provided*, *however*,
that any such termination by mutual agreement shall in all cases be deemed to provide that <u>Section 7(h)</u>, <u>Section 8</u>, <u>Section 10</u>, <u>Section 11</u>, <u>Section 17</u> and <u>Section 18</u> shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Any termination of this Agreement shall be effective on the date specified
in such notice of termination; *provided*, *however*, that such termination shall not be effective until the close of business
on the date of receipt of such notice by the Agents or the Company, as the case may be. If such termination shall occur prior to the Settlement
Date for any sale of Placement Shares, such Placement Shares shall settle in accordance with the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Notices</u>. All notices or other communications required or permitted
to be given by any party to any other party pursuant to the terms of this Agreement shall be in writing, unless otherwise specified, and
if sent to the Agents, shall be delivered to:

Cantor Fitzgerald & Co.

110 East 59<sup>th</sup> Street

New York, NY 10022

Attention: Capital Markets; General Counsel

Email: CFCEO@cantor.com

With a copy to: General Counsel

Email: legal-IBD@cantor.com

Needham & Company, LLC

250 Park Avenue, 10<sup>th</sup> Floor

New York, NY 10177

Attention: Matthew Castrovince

Email: mcastrovince@needhamco.com

with a copy to:

DLA Piper LLP (US)

1251 Avenue of the Americas

New York, NY 10020

Attention: Stephen P. Alicanti

Email: stephen.alicanti@us.dlapiper.com

and if to the Company, shall be delivered to:

Microvast Holdings, Inc.

12603 Southwest Freeway, Suite 300

Stafford, TX 77477

Attention: Isida Tushe

Email: Isida.Tushe@microvast.com

with a copy to:

Allen Overy Shearman Sterling US LLP

800 Capitol Street, Suite 2200

Houston, TX 77002

Attention: Bill Nelson; Taylor Landry

E-mail: bill.nelson@aoshearman.com; taylor.landry@aoshearman.com

Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose. Each such notice or other communication shall be deemed given (i) when delivered personally or by verifiable facsimile transmission (with an original to follow) on or before 4:30 p.m., New York City time, on a Business Day or, if such day is not a Business Day, on the next succeeding Business Day, (ii) by Electronic Notice, as set forth below, (iii) on the next Business Day after timely delivery to a nationally-recognized overnight courier and (iv) on the Business Day actually received if deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid). For purposes of this Agreement, "**<u>Business Day</u>**" shall mean any day on which the Exchange and commercial banks in the City of New York are open for business.

An electronic communication ("**<u>Electronic Notice</u>**") shall be deemed written notice for purposes of this Section 13 if sent to the electronic mail address specified by the receiving party under separate cover. Electronic Notice shall be deemed received at the time the party sending Electronic Notice receives verification of receipt by the receiving party. Any party receiving Electronic Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic form ("**<u>Nonelectronic Notic</u>e**") which shall be sent to the requesting party within ten (10) days of receipt of the written request for Nonelectronic Notice.

&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Successors and Assigns</u>. This Agreement shall inure to the benefit
of and be binding upon the Company and each Agent and their respective successors and the parties referred to in Section 10 hereof. References
to any of the parties contained in this Agreement shall be deemed to include the successors and permitted assigns of such party. Nothing
in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors
and permitted assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided
in this Agreement. Neither party may assign its rights or obligations under this Agreement without the prior written consent of the other
party; *provided*, *however*, that each Agent may assign its rights and obligations hereunder to an affiliate thereof without
obtaining the Company's consent.

&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Adjustments for Stock Splits</u>. The parties acknowledge and agree that
all share-related numbers contained in this Agreement shall be adjusted to take into account any stock split, stock dividend or similar
event effected with respect to the Placement Shares.

&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Entire Agreement; Amendment; Severability; Waiver</u>. This Agreement
(including all schedules and exhibits attached hereto, any side letters and Placement Notices issued pursuant hereto) constitutes the
entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties
hereto with regard to the subject matter hereof. Neither this Agreement nor any term hereof may be amended except pursuant to a written
instrument executed by the Company and each Agent. In the event that any one or more of the provisions contained herein, or the application
thereof in any circumstance, is held invalid, illegal or unenforceable as written by a court of competent jurisdiction, then such provision
shall be given full force and effect to the fullest possible extent that it is valid, legal and enforceable, and the remainder of the
terms and provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision was not contained herein,
but only to the extent that giving effect to such provision and the remainder of the terms and provisions hereof shall be in accordance
with the intent of the parties as reflected in this Agreement. No implied waiver by a party shall arise in the absence of a waiver in
writing signed by such party. No failure or delay in exercising any right, power, or privilege hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power, or
privilege hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;17.  **<u>GOVERNING LAW AND TIME; WAIVER OF JURY TRIAL</u>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.** 

&nbsp;&nbsp;&nbsp;&nbsp;18.  **<u>CONSENT TO JURISDICTION</u>. EACH PARTY 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 WITH ANY TRANSACTION CONTEMPLATED HEREBY, 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 (CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR 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.** 

&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Counterparts</u>. This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed
Agreement by one party to the other may be made by facsimile, electronic mail (including any electronic signature covered by the U.S.
federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g.,
www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered
and be valid and effective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Construction</u>. The section and exhibit headings herein are for
convenience only and shall not affect the construction hereof. References herein to any law, statute, ordinance, code, regulation, rule
or other requirement of any Governmental Authority shall be deemed to refer to such law, statute, ordinance, code, regulation, rule or
other requirement of any Governmental Authority as amended, reenacted, supplemented or superseded in whole or in part and in effect from
time to time and also to all rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Permitted Free Writing Prospectuses</u>. The Company represents, warrants
and agrees that, unless it obtains the prior written consent of the Agents, which consent shall not be unreasonably withheld, conditioned
or delayed, and each Agent represents, warrants and agrees that, unless it obtains the prior written consent of the Company, which consent
shall not be unreasonably withheld, conditioned or delayed, it has not made and will not make any offer relating to the Placement Shares
that would constitute an Issuer Free Writing Prospectus, or that would otherwise constitute a "free writing prospectus," as
defined in Rule 405, required to be filed with the Commission. Any such free writing prospectus consented to by the Agents or by
the Company, as the case may be, is hereinafter referred to as a "Permitted Free Writing Prospectus." The Company represents
and warrants that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an "issuer free writing
prospectus," as defined in Rule 433, and has complied and will comply with the requirements of Rule 433 applicable to
any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending and record keeping. For the
purposes of clarity, the parties hereto agree that all free writing prospectuses, if any, listed in <u>Exhibit 1</u> hereto are Permitted
Free Writing Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Absence of Fiduciary Relationship</u>. The Company acknowledges and agrees
that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) each Agent is acting solely as agent in connection with the public offering
of the Placement Shares and in connection with each transaction contemplated by this Agreement and the process leading to such transactions,
and no fiduciary or advisory relationship between the Company or any of its respective affiliates, stockholders (or other equity holders),
creditors or employees or any other party, on the one hand, and the Agents, on the other hand, has been or will be created in respect
of any of the transactions contemplated by this Agreement, irrespective of whether or not any Agent has advised or is advising the Company
on other matters, and the Agents have no obligation to the Company with respect to the transactions contemplated by this Agreement except
the obligations expressly set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(b) it is capable of evaluating and understanding, and understands and accepts,
the terms, risks and conditions of the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(c) neither the Agents nor their respective affiliates have provided any legal,
accounting, regulatory or tax advice with respect to the transactions contemplated by this Agreement and it has consulted its own legal,
accounting, regulatory and tax advisors to the extent it has deemed appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;(d) it is aware that each Agent and its affiliates are engaged in a broad range
of transactions which may involve interests that differ from those of the Company and such Agent and its affiliates have no obligation
to disclose such interests and transactions to the Company by virtue of any fiduciary, advisory or agency relationship or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;(e) it waives, to the fullest extent permitted by law, any claims it may have
against an Agent or its affiliates for breach of fiduciary duty or alleged breach of fiduciary duty in connection with the sale of Placement
Shares under this Agreement and agrees that such Agent and its affiliates shall not have any liability (whether direct or indirect, in
contract, tort or otherwise) to it in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its
behalf or in right of it or the Company, employees or creditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Definitions</u>. As used in this Agreement, the following terms have
the respective meanings set forth below:

"**<u>Applicable Time</u>**" means (i) each Representation Date, (ii) the time of each sale of any Placement Shares pursuant to this Agreement and (iii) each Settlement Date.

"**<u>Governmental Authority</u>**" means (i) any federal, provincial, state, local, municipal, national or international government or governmental authority, regulatory or administrative agency, governmental commission, department, board, bureau, agency or instrumentality, court, tribunal, arbitrator or arbitral body (public or private); (ii) any self-regulatory organization; or (iii) any political subdivision of any of the foregoing.

"**<u>Issuer Free Writing Prospectus</u>**" means any "issuer free writing prospectus," as defined in Rule 433, relating to the Placement Shares that (1) is required to be filed with the Commission by the Company, (2) is a "road show" that is a "written communication" within the meaning of Rule 433(d)(8)(i) whether or not required to be filed with the Commission, or (3) is exempt from filing pursuant to Rule 433(d)(5)(i) because it contains a description of the Placement Shares or of the offering that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company's records pursuant to Rule 433(g) under the Securities Act Regulations.

"**<u>Rule 164</u>**," "**<u>Rule 172</u>**," "**<u>Rule 405</u>**," "**<u>Rule 415</u>**," "**<u>Rule 424</u>**," "**<u>Rule 424(b)</u>**," "**<u>Rule 430B</u>**," and "**<u>Rule 433</u>**" refer to such rules under the Securities Act Regulations.

All references in this Agreement to financial statements and schedules and other information that is "contained," "included" or "stated" in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information that is incorporated by reference into the Registration Statement or the Prospectus, as the case may be.

All references in this Agreement to the Registration Statement, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to EDGAR; all references in this Agreement to any Issuer Free Writing Prospectus (other than any Issuer Free Writing Prospectuses that, pursuant to Rule 433, are not required to be filed with the Commission) shall be deemed to include the copy thereof filed with the Commission pursuant to EDGAR; and all references in this Agreement to "supplements" to the Prospectus shall include, without limitation, any supplements, "wrappers" or similar materials prepared in connection with any offering, sale or private placement of any Placement Shares by the Agents outside of the United States.

[*Signature Page Follows*]

If the foregoing correctly sets forth the understanding between the Company and each Agent, please so indicate in the space provided below for that purpose, whereupon this Agreement shall constitute a binding agreement between the Company and each Agent.

Very truly yours,

---

| | |
|:---|:---|
| **MICROVAST HOLDINGS, INC.** | **MICROVAST HOLDINGS, INC.** |
| By: | /s/ Yang Wu |
|  | Name: Yang Wu |
|  | Title: Chief Executive Officer |

---

ACCEPTED as of the date first-above written:

---

| | |
|:---|:---|
| **CANTOR FITZGERALD & CO.** | **CANTOR FITZGERALD & CO.** |
| By: | /s/ Sameer Vasudev |
|  | Name: Sameer Vasudev |
|  | Title: Managing Director |

---

---

| | |
|:---|:---|
| **NEEDHAM & COMPANY, LLC** | **NEEDHAM & COMPANY, LLC** |
| By: | /s/ Matthew Castrovince |
|  | Name: Matthew Castrovince |
|  | Title: Managing Director |

---

[*Signature Page to Sales Agreement*]

**SCHEDULE 1**

__________________________

**Form of Placement Notice**

__________________________

From: Microvast Holdings, Inc. <br>To: Cantor Fitzgerald & Co.<br> Attention: Sameer Vasudev (svasudev@cantor.com)

Subject: Placement Notice

Date: [•], 202[•]

Ladies and Gentlemen:

Pursuant to the terms and subject to the conditions contained in the Sales Agreement by and among Microvast Holdings, Inc., a Delaware corporation (the "**<u>Company</u>**"), Cantor Fitzgerald & Co. and Needham & Company, LLC, dated October 3, 2025, the Company hereby requests that Cantor Fitzgerald & Co. sell up to [•] shares of the Company's common stock, par value $0.0001 per share, at a minimum market price of $[•] per share, during the time period beginning [month, day, time] and ending [month, day, time].

Very truly yours,

**SCHEDULE 2**

__________________________

**Compensation**

__________________________

The Company shall pay to the Agents in cash, upon each sale of Placement Shares pursuant to this Agreement, up to 3.0% of the aggregate gross proceeds from each sale of Placement Shares.

**SCHEDULE 3**

__________________________

**Notice Parties**

__________________________

**The Company**

Microvast Holdings, Inc.

12603 Southwest Freeway, Suite 300

Stafford, TX 77477

Attention: Wu Yang (wuyang@microvast.com)

Rodney Worthen (Rodney.Worthen@microvast.com)

Isida Tushe (Isida.Tushe@microvast.com)

**The Agents**

<u>Cantor Fitzgerald & Co</u>.

Sameer Vasudev (svasudev@cantor.com)

With copies to: CFCEO@cantor.com

<u>Needham & Company, LLC</u>

Matthew Castrovince (mcastrovince@needhamco.com)

**SCHEDULE 4**

__________________________

**Subsidiaries**

__________________________

Incorporated by reference to Exhibit 21.1 of the Company's most recently filed Annual Report on Form 10-K.

**Form of Representation Date Certificate Pursuant to Section 7(l)**

The undersigned, the duly qualified and elected [•], of Microvast Holdings, Inc., a Delaware corporation (the "<u>Company</u>"), does hereby certify in such capacity and on behalf of the Company, pursuant to <u>Section 7(l)</u> of the Sales Agreement, dated October 3, 2025 (the "<u>Sales Agreement</u>"), by and among the Company, Cantor Fitzgerald & Co. and Needham & Company, LLC, that to the best of the knowledge of the undersigned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The representations and warranties of the Company in <u>Section 6</u> of the Sales Agreement are true and correct on and as of the date hereof with the same force and effect as if expressly made on and as of the date hereof, except for those representations and warranties that speak solely as of a specific date and which were true and correct as of such date; *provided*, *however*, that such representations and warranties also shall be qualified by the disclosure included in or incorporated by reference into the Registration Statement and Prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied pursuant to the Sales Agreement at or prior to the date hereof.

Capitalized terms used herein without definition shall have the meanings given to such terms in the Sales Agreement.

---

| | |
|:---|:---|
| **MICROVAST HOLDINGS, INC.** | **MICROVAST HOLDINGS, INC.** |
| By: |  |
|  | Name: |
|  | Title: |

---

Date: [•]

**<u>Exhibit 1</u>**

**Permitted Free Writing Prospectus**

None.

## Exhibit 5.1

**EXHIBIT 5.1**

![](image_001.jpg)

800 Capitol Street, Suite 2200

Houston, Texas 77002

+1.713.354.4900

October 3, 2025

Microvast Holdings, Inc.

12603 Southwest Freeway, Suite 300

Stafford, Texas 77477

<u>Microvast Holdings, Inc.<br> Issuance of Shares under Form S-3</u>

Ladies and Gentlemen:

We have acted as counsel to Microvast Holdings, Inc., a Delaware corporation (the "<u>Company</u>"), in connection with the issuance and sale from time to time by the Company of shares of the Company's common stock, par value $0.0001 per share, having an aggregate offering price of up to $125,000,000 (the "<u>Placement Shares</u>"), which may be issued and sold pursuant to the Controlled Equity Offering<sup>SM</sup> Sales Agreement, dated as of October 3, 2025 (the "<u>Sales Agreement</u>"), by and among the Company, Cantor Fitzgerald & Co. and Needham & Company, LLC, a copy of which is being filed with the Securities and Exchange Commission (the "<u>Commission</u>") as an exhibit to the Company's Current Report on Form 8-K filed on or about the date hereof.

In that connection, we have reviewed originals or copies of the following documents (the "<u>Opinion Documents</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Second Amended and Restated Certificate of Incorporation and the Amended and Restated Bylaws of
the Company, in each case, as amended through the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sales Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The shelf registration statement on Form S-3 (Registration No. 333-284496) filed by the Company under
the Securities Act of 1933, as amended (the " <u>Securities Act</u> "), with the Commission on January 24, 2025 (such registration
statement as so amended at the time of effectiveness, including the information deemed to be part thereof at the time of effectiveness
pursuant to Rule 430B under the Securities Act, and the documents incorporated by reference therein, hereinafter collectively referred
to as the " <u>Registration Statement</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;(d) The base prospectus, dated May 1, 2025 and forming a part of the Registration Statement with respect
to the offering from time to time of the securities described therein, which was included as part of the Registration Statement at the
time it became effective on May 1, 2025 (the " <u>Base Prospectus</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;(e) The prospectus supplement relating to the Placement Shares, dated October 3, 2025 (the " <u>Prospectus Supplement</u> ") (the Base Prospectus, as amended and supplemented by the Prospectus Supplement, in the form first filed by the
Company pursuant to Rule 424(b) under the Securities Act with the Commission, including the documents incorporated by reference therein,
hereinafter collectively referred to as the " <u>Prospectus</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;(f) Such other corporate records of the Company, certificates of public officials and of officers of the
Company and agreements and other documents as we have deemed necessary as a basis for the opinion expressed below.

In our review of the Opinion Documents, we have assumed:

---

| |
|:---|
| **AOSHEARMAN.COM** |
| Allen Overy Shearman Sterling US LLP is a limited liability partnership organized under the laws of the State of Delaware. Allen Overy Shearman Sterling US LLP is affiliated with Allen Overy Shearman Sterling LLP, a limited liability partnership registered in England and Wales with registered number OC306763 and with its registered office at One Bishops Square, London E1 6AD. It is authorized and regulated by the Solicitors Regulation Authority of England and Wales (SRA number 401323). The term partner is used to refer to a member of Allen Overy Shearman Sterling LLP or an employee or consultant with equivalent standing and qualifications. A list of the members of Allen Overy Shearman Sterling LLP and of the non-members who are designated as partners is open to inspection at its registered office at One Bishops Square, London E1 6AD. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The genuineness of all signatures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The authenticity of the originals of the documents submitted to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The conformity to authentic originals of all documents submitted to us as copies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As to matters of fact, the truthfulness of the representations made in the Opinion Documents, and in certificates of public officials and officers of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) That the Sales Agreement is the legal, valid and binding obligation of each party thereto, other than the Company, enforceable against each such party in accordance with its terms.

We have not independently established the validity of the foregoing assumptions.

We do not express any opinion with respect to the laws of any jurisdiction other than the laws of the State of New York and the General Corporation Law of the State of Delaware and we do not express any opinion herein concerning any other law.

Based upon the foregoing and upon such other investigation as we have deemed necessary and subject to the qualifications set forth below, we are of the opinion that the Placement Shares have been duly authorized for issuance by the Company, and when issued and delivered by the Company pursuant to the Sales Agreement in the manner described in the Registration Statement and the Prospectus, will be validly issued, fully paid and non-assessable.

This opinion letter is provided solely in connection with the offering of the Placement Shares pursuant to the Sales Agreement. This opinion letter may not be relied upon by you for any other purpose without our prior written consent.

This opinion letter speaks only as of the date hereof. We expressly disclaim any responsibility to advise you of any development or circumstance of any kind, including any change of law or fact, that may occur after the date of this opinion letter and which might affect the opinions expressed herein.

We hereby consent to the filing of this opinion letter as an exhibit to the Current Report on Form 8-K of the Company being filed on or about the date hereof and to the use of our name in the Registration Statement and Prospectus. In giving this consent, we do not hereby admit that we come 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.

Very truly yours,

/s/ Allen Overy Shearman Sterling US LLP

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