# EDGAR Filing Document

**Accession Number:** 0001951222
**File Stem:** 0001104659-26-037706
**Filing Date:** 2026-3
**Character Count:** 1922455
**Document Hash:** a26e6ca5b090a662028533f9661fd5c0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-037706.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001104659-26-037706

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 209

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SEALSQ Corp
- **CENTRAL INDEX KEY:** 0001951222
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41709
- **FILM NUMBER:** 26821714

**BUSINESS ADDRESS:**
- **STREET 1:** AVENUE LOUIS-CASAI 58
- **CITY:** COINTRIN
- **STATE:** V8
- **ZIP:** 1216
- **BUSINESS PHONE:** 212-336-2039

**MAIL ADDRESS:**
- **STREET 1:** CRAIGMUIR CHAMBERS, ROAD TOWN
- **CITY:** TORTOLA
- **STATE:** D8
- **ZIP:** VG 1110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SEAL (BVI) Corp.
- **DATE OF NAME CHANGE:** 20221019

?xml version='1.0' encoding='ASCII'? SEALSQ Corp_2025-12-31

[**Table of Contents**](#TOC)

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 20-F**

**(Mark One)**

☐ **REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934**

**or**

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the fiscal year ended December 31, 2025**

**or**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**or**

☐ **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from** _____________________ **to _____________________.**

**Commission file number: 001-41709**

**SEALSQ Corp**

(Exact name of Registrant as specified in its charter)

**SEALSQ Corp**

(Translation of Registrant's name into English)

**British Virgin Islands**

(Jurisdiction of incorporation or organization)

**Avenue Louis-Casaï 58**

**CH-1216 Cointrin, Switzerland**

(Address of principal executive offices)

**John O'Hara**

**Chief Financial Officer**

**SEALSQ Corp**

**Craigmuir Chambers, Road Town**

**Tortola, British Virgin Islands 1110**

**Tel: 011-41-22-594-3000**

**Fax: 011-41-22-594-3001**

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

**Securities registered or to be registered pursuant to Section 12(b) of the Act.**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **TradingSymbols** | **Name of each exchange and on which registered** |
| **Ordinary Shares, par value USD 0.01 per share** | **LAES** | **The Nasdaq Stock Market LLC** |

---

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

[**Table of Contents**](#TOC)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: 191,525,129 Ordinary Shares and 1,499,800 Class F Shares.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or (15)(d) of the Securities Exchange Act of 1934. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

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

Large Accelerated Filer ☐ &nbsp;&nbsp;&nbsp;&nbsp; Accelerated Filer ☐ &nbsp;&nbsp;&nbsp;&nbsp; Non-Accelerated Filer ☐ <br> Emerging Growth Company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act ☒

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

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☒ International Financial Reporting Standards as issuedby the International Accounting Standards Board ☐ Other ☐

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐

------

[**Table of Contents**](#TOC)

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| [INTRODUCTION AND USE OF CERTAIN TERMS](#INTRODUCTIONANDUSEOFCERTAINTERMS_691112) | [INTRODUCTION AND USE OF CERTAIN TERMS](#INTRODUCTIONANDUSEOFCERTAINTERMS_691112) | 1 |
| [SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS](#SPECIALNOTEREGARDINGFORWARDLOOKINGSTATEM) | [SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS](#SPECIALNOTEREGARDINGFORWARDLOOKINGSTATEM) | 4 |
| [Item 1.](#Item1IdentityofDirectorsSeniorManagement) | [Identity of Directors, Senior Management and Advisers](#Item1IdentityofDirectorsSeniorManagement) | 8 |
| [Item 2.](#Item2OfferStatisticsandExpectedTimetable) | [Offer Statistics and Expected Timetable](#Item2OfferStatisticsandExpectedTimetable) | 8 |
| [Item 3.](#Item3KeyInformation_17051) | [Key Information](#Item3KeyInformation_17051) | 8 |
|  | [A.&nbsp;&nbsp;&nbsp;&nbsp; RESERVED](#ARESERVED_12349) | 8 |
|  | [B.&nbsp;&nbsp;&nbsp;&nbsp; Capitalization and Indebtedness](#BCapitalizationandIndebtedness_389292) | 8 |
|  | [C.&nbsp;&nbsp;&nbsp;&nbsp; Reasons for the Offer and Use of Proceeds](#CReasonsfortheOfferandUseofProceeds_6321) | 8 |
|  | [D.&nbsp;&nbsp;&nbsp;&nbsp; Risk Factors](#DRiskFactors_505865) | 8 |
| [Item 4.](#Item4InformationontheCompany_715721) | [Information on the Company](#Item4InformationontheCompany_715721) | 59 |
|  | [A.&nbsp;&nbsp;&nbsp;&nbsp; History and Development of the Company](#AHistoryandDevelopmentofSEALSQ_515262) | 59 |
|  | [B.&nbsp;&nbsp;&nbsp;&nbsp; Business Overview](#BBusinessOverview_256394) | 60 |
|  | C.&nbsp;&nbsp;&nbsp;&nbsp; Organizational Structure |  |
|  | D.&nbsp;&nbsp;&nbsp;&nbsp; Property, Plants, and Equipment |  |
| [Item 4A.](#Item4AUnresolvedStaffComments_289438) | [Unresolved Staff Comments](#Item4AUnresolvedStaffComments_289438) | 90 |
| [Item 5.](#Item5OperatingandFinancialReviewandProsp) | [Operating and Financial Review and Prospects](#Item5OperatingandFinancialReviewandProsp) | 90 |
|  | [A.&nbsp;&nbsp;&nbsp;&nbsp; Operating Results](#AOperatingResults_65552) | 90 |
|  | [B.&nbsp;&nbsp;&nbsp;&nbsp; Liquidity and Capital Resources](#BLiquidityandCapitalResources_504036) | 102 |
|  | [C.&nbsp;&nbsp;&nbsp;&nbsp; Research and Development, Patents and Licenses, Etc.](#CResearchandDevelopmentPatentsAandLicens) | 105 |
|  | [D.&nbsp;&nbsp;&nbsp;&nbsp; Trend Information](#DTrendInformation_21126) | 105 |
|  | [E.&nbsp;&nbsp;&nbsp;&nbsp; Critical Accounting Estimates](#ECriticalAccountingEstimates_885927) | 107 |
| [Item 6.](#Item6DirectorsSeniorManagementandEmploye) | [Directors, Senior Management and Employees](#Item6DirectorsSeniorManagementandEmploye) | 108 |
|  | [A.&nbsp;&nbsp;&nbsp;&nbsp; Directors and Senior Management](#ADirectorsandSeniorManagement_659695) | 108 |
|  | [B.&nbsp;&nbsp;&nbsp;&nbsp; Compensation](#BCompensation_13495) | 115 |
|  | [C.&nbsp;&nbsp;&nbsp;&nbsp; Board Practices](#CBoardPractices_320380) | 115 |
|  | [D.&nbsp;&nbsp;&nbsp;&nbsp; Employees](#DEmployees_540685) | 119 |
|  | [E.&nbsp;&nbsp;&nbsp;&nbsp; Share Ownership](#EShareOwnership_582454) | 119 |
|  | [F.&nbsp;&nbsp;&nbsp;&nbsp; Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation](#FDisclosureofaRegistrantsActiontoRecover) | 121 |
| [Item 7.](#Item7MajorShareholdersandRelatedPartyTra) | [Major Shareholders and Related Party Transactions](#Item7MajorShareholdersandRelatedPartyTra) | 121 |
|  | [A.&nbsp;&nbsp;&nbsp;&nbsp; Major Shareholders](#AMajorShareholders_525262) | 121 |
|  | [B.&nbsp;&nbsp;&nbsp;&nbsp; Related Party Transactions](#BRelatedPartyTransactions_329695) | 123 |
|  | [C.&nbsp;&nbsp;&nbsp;&nbsp; Interests of experts and counsel](#CInterestsofexpertsandcounsel_260711) | 126 |
| [Item 8.](#Item8FinancialInformation_521482) | [Financial Information](#Item8FinancialInformation_521482) | 126 |
|  | [A.&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Financial Statements and Other Financial Information](#AConsolidatedFinancialStatementsandOther) | 126 |
|  | [B.&nbsp;&nbsp;&nbsp;&nbsp; Significant Changes](#BSignificantChanges_606481) | 126 |
| [Item 9.](#Item9TheListing_98214) | [The Listing](#Item9TheListing_98214) | 127 |
|  | [A.&nbsp;&nbsp;&nbsp;&nbsp; Listing Details](#AListingDetails_710997) | 127 |
|  | [B.&nbsp;&nbsp;&nbsp;&nbsp; Plan of Distribution](#BPlanofDistribution_512220) | 127 |
|  | [C.&nbsp;&nbsp;&nbsp;&nbsp; Markets](#CMarkets_827699) | 127 |
|  | [D.&nbsp;&nbsp;&nbsp;&nbsp; Selling Shareholders](#DSellingShareholders_123084) | 127 |
|  | [E.&nbsp;&nbsp;&nbsp;&nbsp; Dilution](#EDilution_820515) | 127 |
|  | [F.&nbsp;&nbsp;&nbsp;&nbsp; Expenses of the Issue](#FExpensesoftheIssue_228025) | 127 |
| [Item 10.](#Item10AdditionalInformation_522492) | [Additional Information](#Item10AdditionalInformation_522492) | 127 |
|  | [A.&nbsp;&nbsp;&nbsp;&nbsp; Share Capital](#AShareCapital_93057) | 127 |
|  | [B.&nbsp;&nbsp;&nbsp;&nbsp; Memorandum and Articles of Association](#BMemorandumandArticlesofAssociation_1051) | 127 |
|  | [C.&nbsp;&nbsp;&nbsp;&nbsp; Material Contracts](#CMaterialContracts_454668) | 135 |
|  | [D.&nbsp;&nbsp;&nbsp;&nbsp; Exchange Controls](#DExchangeControls_957279) | 149 |
|  | [E.&nbsp;&nbsp;&nbsp;&nbsp; Taxation](#ETaxation_348678) | 149 |
|  | [F.&nbsp;&nbsp;&nbsp;&nbsp; Dividends and Paying Agents](#FDividendsandPayingAgents_496714) | 157 |
|  | [G.&nbsp;&nbsp;&nbsp;&nbsp; Statement by Experts](#GStatementbyExperts_694361) | 157 |

---

i

[**Table of Contents**](#TOC)

---

| | | |
|:---|:---|:---|
|  | [H.&nbsp;&nbsp;&nbsp;&nbsp; Documents on Display](#HDocumentsonDisplay_612956) | 157 |
|  | [I.&nbsp;&nbsp;&nbsp;&nbsp; Subsidiary Information](#ISubsidiaryInformation_11744) | 157 |
|  | [J.&nbsp;&nbsp;&nbsp;&nbsp; Annual report to security holders](#JAnnualreporttosecurityholders_807064) | 157 |
| [Item 11.](#Item11QuantitativeandQualitativeDisclosu) | [Quantitative and Qualitative Disclosures about Market Risk](#Item11QuantitativeandQualitativeDisclosu) | 157 |
| [Item 12.](#Item12DescriptionofSecuritiesOtherthanEq) | [Description of Securities Other than Equity Securities](#Item12DescriptionofSecuritiesOtherthanEq) | 158 |
|  | [A.&nbsp;&nbsp;&nbsp;&nbsp; Debt Securities.](#ADebtSecurities_733818) | 158 |
|  | [B.&nbsp;&nbsp;&nbsp;&nbsp; Warrants and Rights.](#BWarrantsandRights_222627) | 158 |
|  | [C.&nbsp;&nbsp;&nbsp;&nbsp; Other Securities.](#COtherSecurities_904838) | 158 |
|  | [D.&nbsp;&nbsp;&nbsp;&nbsp; American Depositary Shares](#DAmericanDepositaryShares_371190) | 158 |
| [Item 13.](#Item13DefaultsDividendArrearagesandDelin) | [Defaults, Dividend Arrearages and Delinquencies](#Item13DefaultsDividendArrearagesandDelin) | 159 |
| [Item 14.](#Item14MaterialModificationstoTheRightsof) | [Material Modifications to The Rights of Security Holders and Use of Proceeds](#Item14MaterialModificationstoTheRightsof) | 159 |
| [Item 15.](#Item15ControlsandProcedures_252208) | [Controls and Procedures](#Item15ControlsandProcedures_252208) | 159 |
| [Item 16.](#Item16RESERVED_238152) | [\[RESERVED\]](#Item16RESERVED_238152) | 160 |
| [Item 16A.](#Item16AAuditCommitteeFinancialExpert_617) | [Audit Committee Financial Expert](#Item16AAuditCommitteeFinancialExpert_617) | 160 |
| [Item 16B.](#Item16BCodeofEthics_464180) | [Code of Ethics](#Item16BCodeofEthics_464180) | 160 |
| [Item 16C.](#Item16CPrincipalAccountingFeesandService) | [Principal Accounting Fees and Services](#Item16CPrincipalAccountingFeesandService) | 160 |
| [Item 16D.](#Item16DExemptionsfromtheListingStandards) | [Exemptions from the Listing Standards for Audit Committees](#Item16DExemptionsfromtheListingStandards) | 160 |
| [Item 16E.](#Item16EPurchasesofEquitySecuritiesbytheI) | [Purchases of Equity Securities by the Issuer and Affiliated Purchasers](#Item16EPurchasesofEquitySecuritiesbytheI) | 160 |
| [Item 16F.](#Item16FChangeinRegistrantsCertifyingAcco) | [Change in Registrant's Certifying Accountant](#Item16FChangeinRegistrantsCertifyingAcco) | 160 |
| [Item 16G.](#Item16GCorporateGovernance_633789) | [Corporate Governance](#Item16GCorporateGovernance_633789) | 161 |
| [Item 16H.](#Item16HMineSafetyDisclosure_688167) | [Mine Safety Disclosure](#Item16HMineSafetyDisclosure_688167) | 161 |
| [Item 16I.](#Item16IDisclosureRegardingForeignJurisdi) | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#Item16IDisclosureRegardingForeignJurisdi) | 161 |
| [Item 16J.](#Item16JInsidertradingpolicies_929304) | [Insider trading policies](#Item16JInsidertradingpolicies_929304) | 161 |
| [Item 16K.](#Item16KCybersecurity_766891) | [Cybersecurity](#Item16KCybersecurity_766891) | 161 |
| [Item 17.](#Item17FinancialStatements_720118) | [Financial Statements](#Item17FinancialStatements_720118) | 163 |
| [Item 18.](#Item18FinancialStatements_746425) | [Financial Statements](#Item18FinancialStatements_746425) | 163 |
| [Item 19.](#Item19Exhibits_739295) | [Exhibits](#Item19Exhibits_739295) | 164 |
| [Index to Exhibits](#INDEXTOEXHIBITS_846729) | [Index to Exhibits](#INDEXTOEXHIBITS_846729) | 164 |
| [SIGNATURES](#SIGNATURES_378995) | [SIGNATURES](#SIGNATURES_378995) | 169 |

---

ii

[**Table of Contents**](#TOC)

**INTRODUCTION AND USE OF CERTAIN TERMS**

SEALSQ was formed in 2022 as a holding company to incorporate, acquire, hold, and dispose of interests in national and international entities, in particular entities active in the area of secure semiconductor technology and related areas. Its Ordinary Shares, as defined below, have been listed on the Nasdaq Stock Market LLC under the symbol "LAES" since May 24, 2023.

SEALSQ has prepared this annual report using a number of conventions, which you should consider when reading the information contained herein. In this annual report, unless otherwise indicated, references to "SEALSQ," the "SEALSQ Group," the "Group" the "Company," "we," "our," "us" or similar terms refer to the registrant, SEALSQ Corp, and its subsidiaries, except where the context otherwise requires.

Unless otherwise indicated, all information contained in this report regarding "WISeKey" has been provided by WISeKey to SEALSQ for purposes of inclusion in this report. Any reference to "WISeKey" is to WISeKey International Holding AG and its subsidiaries, except where the context otherwise requires.

References to:

"$", "US$", "USD" and "U.S. dollars" are to the lawful currency of the United States of America

"Articles" are to SEALSQ's Amended and Restated Memorandum and Articles of Association as in effect as of the date of this report

"BVI" are to the British Virgin Islands

"BVI Act" are to the BVI Business Companies Act (Revised Edition 2020)

"BVI Insolvency Act" are to the BVI Insolvency Act, 2003, as amended

"Code" are to U.S. Internal Revenue Code of 1986, as amended

"ETP" or "ETPs" are to exchange-traded products

"IRS" are to the U.S. Internal Revenue Service

"GAAP" are to generally accepted accounting principles in the United States

"JOBS Act" are to the U.S. Jumpstart Our Business Startups Act of 2012

"Nasdaq" are to the Nasdaq Stock Market

"Nasdaq Rules" are to the Nasdaq Stock Market Rules LLC

"PFIC" are to a passive foreign investment company as defined under the Code

"Quantix Edge Security" are to Quantix Edge Security, S.L., a Spanish joint venture between the Spanish Government, WISeKey, SEALSQ, OdinS, and TProtege. The joint venture operates a semiconductor personalization center focused on post-quantum chip design using RISC-V architecture while meeting Common Criteria and NIST standards.

"Sarbanes-Oxley Act" are to the U.S. Sarbanes-Oxley Act of 2002

"SEC" or "Commission" are to the U.S. Securities and Exchange Commission

"SPAC" are to a special purpose acquisition company

[**Table of Contents**](#TOC)

"Securities Act" is to the U.S. Securities Act of 1933, as amended

"Securities Exchange Act" and "Exchange Act" are to the U.S. Securities Exchange Act of 1934, as amended

"Spin-Off Distribution" is to the May 23, 2023 transaction whereby WISeKey distributed 20% of SEALSQ's outstanding Ordinary Shares to holders of WISeKey Class B Shares, including to holders of ADSs representing WISeKey Class B Shares, and to holders of WISeKey Class A Shares, as a distribution by way of a dividend in kind to such holders who held Class B Shares and Class A Shares as of the May 19, 2023 record date, and holders of ADSs as of the May 22, 2023 record date, for the Spin-Off Distribution

"WISeSat" are to WISeSat.Space Corp, a subsidiary of WISeKey, a company that provides a next-generation satellite platform designed to deliver secure, cost-effective, and globally accessible IoT connectivity

The following industry-specific acronyms and terms are used throughout the report and have the meanings as set out below:

"ANSSI" is the Agence Nationale de la Sécurité des Systèmes d'Information, the French National Cybersecurity Agency

"AI" means Artificial Intelligence

"ASIC" means Application-Specific Integrated Circuit

"AWS" means Amazon Web Services

"Common Criteria EAL" refers to the Common Criteria Evaluation Assurance Level attributed to an IT product or system on a grade of 1 to 7 with 7 being the highest

"CA" means Certificate Authority

"Chiplet" means a small, modular integrated circuit die that performs a specific function (e.g., CPU core, memory controller, I/O, AI accelerator) and is designed to be combined with other chiplets — using advanced packaging and high-bandwidth interconnects — to create a larger, more complex system. This approach offers better yields, cost efficiency, scalability, and flexibility compared to traditional monolithic SoCs

"CSNA 2.0" means "Commercial National Security Algorithm Suite 2.0". The updated suite of quantum-resistant cryptographic algorithms approved by the NSA for use in National Security Systems, as published in the NSA Cybersecurity Advisory (CSA) dated September 2022, which are analyzed as being secure against both classical and quantum computers

"Cyber Trust Mark" means the U.S. cybersecurity labeling program for consumer IoT devices

"ECC" means Elliptic Curve Cryptography, a key-based technique for encrypting data

"Fabless Semiconductor Company" means a company that designs and sells semiconductors while outsourcing manufacturing to specialized foundries, which reduces capital costs, increases flexibility, speeds up product cycles, and allows more resources for design and R&D. Companies like Nvidia, AMD, and Qualcomm are typical examples of fabless semiconductor companies

"FIDO" means Fast Identity Online

"FIPS140-2" refers to the Federal Information Processing Standard Publication 140-2 and is a US government computer security standard which is graded in levels from 1 to 4

"FIPS 140-3" refers to the Federal Information Processing Standard Publication 140-3, the current U.S. government computer security standard for cryptographic modules

[**Table of Contents**](#TOC)

"HNDL" means Harvest Now, Decrypt Later, which is a cybersecurity threat in which adversaries collecting encrypted data today with the intention of storing it indefinitely and decrypting it in the future once sufficiently powerful quantum computers become available to break current cryptographic algorithms

"IC" is an Integrated Circuit

"IC'Alps" means IC'Alps SASU, a France-based semiconductor design company

"IoT" is the Internet of Things

"HSM" means Hardware Security Module

"IPv6" is version six of the Internet Protocol

"ISO27001" refers to the international standard for information security management systems

"Matter" or "MATTER" means the smart home connectivity standard developed by the Connectivity Standards Alliance

"NCCOE" is the U.S. National Cybersecurity Center of Excellence

"NIST" refers to the U.S. National Institute of Standards & Technology

"OEM" is an Original Equipment Manufacturer

"OSAT" means Outsourced Semiconductor Assembly and Testing

"PKI" is Public Key Infrastructure

"PQC" is Post-Quantum Cryptography

"QS7001" means the SEALSQ Quantum Shield QS7001™ next-generation secure semiconductor that embeds NIST-standardized post-quantum cryptography algorithms ML-KEM (Kyber) and ML-DSA (Dilithium) directly in hardware

"QUASAR" means QUAntum resistant Secure ARchitecture

"Qubit" means the basic unit of quantum information, analogous to a classical binary digit (bit), that leverages the quantum mechanical principles of superposition and entanglement to exist in a combination of the "0" and "1" states simultaneously, rather than in only one of such states at any given time

"QSOC" means Quantum Spatial Orbital Cloud, SEALSQ's satellite-based secure communications initiative

"RSA" means Rivest-Shamir-Aelman, a public-key encryption algorithm

"SoC" means System-on-Chip**,** which are integrated circuits, where multiple system components (e.g., CPU, memory controllers, I/O, and peripherals) are integrated onto a single monolithic silicon die for compact, power-efficient applications like mobile devices, IoT, and embedded systems

"TPM" means Trust Platform Module

"USP" refers to Utility Service Providers

"ZTP" means Zero Touch Provisioning

"WebTrust" refers to the seal of assurance program for certification authorities developed by AICPA/CPA Canada

[**Table of Contents**](#TOC)

**SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS**

This annual report contains forward-looking statements. These forward-looking statements include information about possible or assumed future results of SEALSQ's operations or its performance. Words such as "expects," "intends," "plans," "believes," "anticipates," "estimates," "projects," "forecasts" and variations of such words and similar expressions, as they relate to SEALSQ, WISeKey, its management or third parties, are intended to identify the forward-looking statements. Forward-looking statements include statements regarding SEALSQ's business strategy, financial performance, results of operations, market data, events or developments that SEALSQ expects or anticipates will occur in the future, as well as any other statements which are not historical facts. Although SEALSQ believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond SEALSQ's control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements appear in a number of places in this annual report and include, but are not limited to, statements contained in the sections entitled *Item 3. Key Information, Item 4. Information on the Company* and *Item 5. Operating and Financial Review and Prospects*.

These forward-looking statements include, but are not limited to, statements relating to:

● SEALSQ's anticipated goals, growth strategies and profitability;

● Future operating or financial results;

● The development of SEALSQ post-quantum cryptography products and its expectation to generate revenue from such products;

● The potential for post-quantum cryptography products and estimated market size and market growth including with respect to SEALSQ's long-term business strategy for post-quantum cryptography;

● SEALSQ's intention to make investments in sales and marketing operations including R&D of new products such as post-quantum cryptography;

● SEALSQ's plans for global customer base expansion;

● The establishment of a Design Center, OSAT and Personalization project and the projected additional revenue that this will generate;

● SEALSQ's anticipated pipe growth in 2026 and beyond;

● SEALSQ's belief that the products resulting from its R&D will create additional opportunities for growth;

● SEALSQ's expectation about the development of the markets for SEALSQ, including post-quantum cryptography products, customized security offerings through ASICs, increase in cyber threats and growth of secure hardware market, growing demand for IoT solutions, increase in cybersecurity spending based on the recent regulations and legislations;

● SEALSQ's intent to invest heavily in the ongoing development of its products and technology, including anticipated fab capacity expansion and utilization and expected ramp and production timelines for SEALSQ's post-quantum semiconductors;

● SEALSQ's expectation that it will continue to gain several benefits from its parent company, WISeKey, including supporting functions via certain service agreements;

● SEALSQ's forecasted decrease in the sales of its traditional semiconductor chips, as its customers transition towards post-quantum semiconductor technologies;

[**Table of Contents**](#TOC)

● SEALSQ's investment in quantum-as-a-service and quantum computing in the cloud;

● SEALSQ's digital asset treasury strategy, including investments in approved cryptocurrencies such as Bitcoin, Ethereum, HBAR, and WECAN tokens, and the associated market volatility and regulatory risks;

● SEALSQ's Quantum Spatial Orbital Cloud (QSOC) initiative and its dependence on WISeSat for orbital capacity and related operational services;

● SEALSQ's investment in WISeSat and the development of a secure satellite network for post-quantum IoT communication;

● The development of the Quantix Edge Security facility in Spain and expected revenue generation from post-quantum chip design services and IP licensing;

● Changes in global trade policies, including the adoption and expansion of tariffs and trade barriers, that could affect the macro-economic environment and adversely impact the demand for SEALSQ's products;

● The availability and costs of equipment, raw materials, utilities, third-party manufacturing services and technology, or other supplies required by SEALSQ's operations; and

● Assumptions underlying or related to any of the foregoing.

The preceding list is not intended to be an exhaustive list of all of SEALSQ's forward-looking statements. The forward-looking statements are based on its beliefs, assumptions and expectations of future performance, taking into account the information currently available to SEALSQ and are only predictions based upon SEALSQ's current expectations and projections about future events. There are important factors that could cause its actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Those factors include, in addition to those set forth in *Item 3.D. Risk Factors* and those included elsewhere in this report, among others, the following:

● The adoption by developers and customers of quantum computing;

● SEALSQ's ability to sell post-quantum cryptography products to customers;

● The inability to realize estimated financial position, results of operations or cash flows;

● SEALSQ's ability to anticipate market needs and opportunities;

● SEALSQ's ability to attract new customers and retain existing customer base;

● SEALSQ's ability to foster innovation, to develop new products and enhancements to its existing products;

● The demand for SEALSQ's products or for the goods into which its products are incorporated;

● SEALSQ's expectation that order commitments and non-cancellable orders SEALSQ receives are properly executed;

● The sufficiency of SEALSQ's cash and cash equivalents to meet its liquidity needs;

● The impact of any supply chain disruption that SEALSQ may experience;

● SEALSQ's dependency on the timely supply of equipment and materials from its third-party suppliers;

● SEALSQ's ability to protect its intellectual property rights;

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● SEALSQ's ability to keep pace with technical advances in cryptography and semiconductor design;

● SEALSQ's ability to raise funds for investment from cash flow from operating activities, advance payments from a key customer, and grants and other available subsidies from funding agencies;

● SEALSQ's ability to reduce its cost structure and general and administrative costs;

● SEALSQ's ability to attract and retain qualified employees and key personnel;

● SEALSQ's ability to attract new customers and retain and expand within its existing customer base;

● SEALSQ's ability to foster innovation, to develop new products and enhancements to its existing products;

● The future growth of the information technology and cybersecurity industry;

● Risks relating to SEALSQ's ability to implement its growth strategies;

● SEALSQ's ability to successfully form new strategic partnerships with its alliance partners;

● SEALSQ's ability to continue beneficial transactions with material parties, including WISeKey and a limited number of significant customers;

● SEALSQ's ability to prevent security breaches and unauthorized access to confidential customer information;

● SEALSQ's ability to comply with modified or new laws and regulations relating to its industries;

● The activities of SEALSQ's competitors and the introduction of competing products by its competitors;

● Market demand and semiconductor industry conditions;

● SEALSQ's ability to successfully introduce new technologies and products;

● Uncertain negative effects from the imposition by the United States of tariffs, sanction or other restrictions

● SEALSQ's physical AI strategy and its ability to develop and commercialize secure semiconductors and post-quantum cryptographic solutions for AI-enabled devices;

● Risks related to SEALSQ's digital asset holdings, including volatility, regulatory uncertainty, custodian counterparty risks, and the potential impact of spot Bitcoin and Ethereum ETPs on the market price of SEALSQ's ordinary shares;

● The cyclical nature of the semiconductor industry;

● An economic downturn in the semiconductor industry;

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● SEALSQ's ability to comply with U.S. and other applicable international laws and regulations;

● Changes in SEALSQ's overall tax position as a result of changes in tax laws or tax rates, new or revised legislation, the outcome of tax audits or changes in international tax treaties which may impact its results of operations as well as its ability to accurately estimate tax credits, benefits, deductions and provisions and to realize deferred tax assets;

● Fluctuations in the exchange rates between the U.S. dollar and the other major currencies SEALSQ uses for its operations;

● SEALSQ's ability to collect accounts receivable;

● Changes in certain commodities used as raw material, which may affect SEALSQ's gross margin; and

● How long SEALSQ will qualify as an emerging growth company or a foreign private issuer.

Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results.

Except as required by law, SEALSQ undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing factors that could cause its actual results to differ materially from those contemplated in any forward-looking statement included in this annual report should not be interpreted as exhaustive. You should read this annual report, and each of the documents filed as exhibits to the annual report, completely, with this cautionary note in mind, and with the understanding that its actual future results may be materially different from expected.

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**Item 1.** **Identity of Directors, Senior Management and Advisers**

Not applicable.

**Item 2.** **Offer Statistics and Expected Timetable**

Not applicable.

**Item 3.** **Key Information**

**A.** **RESERVED**

**B.** **Capitalization and Indebtedness**

Not applicable.

**C.** **Reasons for the Offer and Use of Proceeds**

Not applicable.

**D.** **Risk Factors**

These disclosures reflect SEALSQ's beliefs and opinions as to factors that could materially and adversely affect SEALSQ and its securities in the future. References to past events are provided by way of example only and are not intended to be a complete listing or a representation as to whether or not such factors have occurred in the past or their likelihood of occurring in the future.

**Summary of Risk Factors**

Investing in SEALSQ's Ordinary Shares may expose you to a number of risks, including risks relating to its business and industry, financial risks, legal risks, and risks relating to its Ordinary Shares. The following summarizes part, but not all, of these risks. Please carefully consider all of the information discussed in *Item 3. Key Information—D. Risk Factors* and elsewhere in this annual report which contains a more thorough description of risks relating to investing in SEALSQ.

● The semiconductor industry is highly cyclical, with alternating periods of overcapacity and undersupply that have historically resulted in significant downturns.

● SEALSQ operates in a highly competitive environment characterized by constant technological change, short product lifecycles, and evolving standards.

● The quantum computing industry is in its early stages and volatile; if SEALSQ's post-quantum cryptography products do not achieve market acceptance, its business may be harmed.

● In 2025, SEALSQ's ten largest customers accounted for 63% of its revenue, subjecting SEALSQ to significant customer concentration risk.

● SEALSQ operates a fabless business and relies on third-party foundries without long-term contracts; supply chain disruptions could adversely affect SEALSQ's operations.

● SEALSQ operates sensitive public key infrastructure platforms and is an attractive target for cyberattacks; security breaches could result in theft or disclosure of confidential information.

● Advances in attacks on cryptographic algorithms or the emergence of quantum computing may weaken the effectiveness of SEALSQ's products.

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● Its use of artificial intelligence may adversely affect SEALSQ's business operations, products, or financial results, and expose it to evolving legal, regulatory, technological, and operational risks.

● WISeKey, SEALSQ's parent company, has an accumulated deficit of approximately USD 299 million as of June 30, 2025, and it may continue to incur losses.

● SEALSQ's success depends on its ability to protect its patents, trade secrets, and other intellectual property rights; third parties may assert infringement claims against it.

● SEALSQ's Investment Policy permits investment in cryptocurrencies, exposing it to significant market volatility, regulatory uncertainty, and custodian counterparty risks.

● SEALSQ's business could suffer from tariffs, trade sanctions, or similar measures, including recently announced U.S. tariffs on semiconductor imports.

● Ongoing military conflicts, including between Russia and Ukraine and in the Middle East, create economic uncertainty that could adversely affect SEALSQ's business.

● SEALSQ's international operations expose it to currency fluctuations, regulatory requirements, and export restrictions on cryptographic technologies.

● The integration of IC'Alps may not generate anticipated synergies or financial benefits and is subject to French foreign investment regulations.

● The SEALSQ Group is a "controlled company" under Nasdaq rules, and its dual class share structure concentrates voting power with certain shareholders.

● As a foreign private issuer incorporated in the British Virgin Islands, SEALSQ relies on exemptions from certain Nasdaq and SEC requirements, and shareholders may have fewer protections than under U.S. law.

● There is substantial uncertainty regarding SEALSQ's status as a passive foreign investment company, or PFIC, for its 2025 taxable year there is a significant risk that SEALSQ could be a PFIC in 2026 and possibly future taxable years.

● The market price of SEALSQ's ordinary shares is volatile and subject to significant fluctuations.

● If SEALSQ's shares do not meet Nasdaq's minimum price requirement, they could be delisted.

● Future equity offerings or issuances may dilute the value of shares held by existing investors.

● WISeKey and other Class F shareholders could have, and WISeKey does have, voting power that exceeds 49.99% of the voting power of SEALSQ's outstanding Ordinary Shares.

● As a result of issuances of SEALSQ's Ordinary Shares or the disposal of Ordinary Shares by WISeKey and other Class F shareholders, WISeKey and other Class F shareholders could have, and do have, voting power that is substantially greater than, and outsized in comparison to, their economic interests and the percentage of SEALSQ's Ordinary Shares that they hold.

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**Risks Related to SEALSQ's Business and Industry**

***The semiconductor industry is highly cyclical.***

Historically, the relationship between supply and demand in the semiconductor industry has caused a high degree of cyclicality in the semiconductor market. Semiconductor supply is partly driven by manufacturing capacity, which in the past has demonstrated alternating periods of substantial capacity additions and periods in which no or limited capacity was added. As a general matter, semiconductor companies are more likely to add capacity in periods when current or expected future demand is strong and margins are, or are expected to be, high. Investments in new capacity can result in overcapacity, which can lead to a reduction in prices and margins. In response, companies typically limit further capacity additions, eventually causing the market to be relatively undersupplied. In addition, demand for semiconductors varies, which can exacerbate the effect of supply fluctuations. As a result of this cyclicality, the semiconductor industry has, in the past, experienced significant downturns, such as in 1997/1998, 2001/2002, in 2008/2009, in early 2020 and in 2022/2023, often in connection with, or in anticipation of, maturing life cycles of semiconductor companies' products and declines in general economic conditions. These downturns have been characterized by diminishing demand for end-user products, high inventory levels, under-utilization of manufacturing capacity and accelerated erosion of average selling prices. The foregoing risks have historically had, and may continue to have, a material adverse effect on its business, financial condition and results of operations.

***Significantly increased volatility and instability, and unfavorable economic conditions may adversely affect SEALSQ's semiconductor business.***

Forecasting demand trends is challenging for SEALSQ, its semiconductor customers and its suppliers. SEALSQ may be unable to accurately predict the extent or duration of market cycles or their effect on its financial condition or result of operations, and can give no assurance as to the timing, extent or duration of the current or future semiconductor business cycles generally, or specific to the markets in which SEALSQ participates. In the event of a future decline in global economic conditions, SEALSQ's business, financial condition and results of operations could be materially adversely affected, and the resulting economic decline might disproportionately affect the markets in which SEALSQ participates, further exacerbating a decline in its results of operations. The COVID-19 global pandemic, for example, created a period of significant instability in the global economy, including among SEALSQ's semiconductor clients and suppliers. The restrictions imposed upon people and businesses around the world served, in the short run, to reduce demand for SEALSQ's semiconductor products as many companies reduced or paused their operations. While this has since served to benefit SEALSQ through the increased demand for IT network infrastructure among other examples, this may not always be the situation.

***The semiconductor industry is highly competitive. If SEALSQ fails to introduce new technologies and products in a timely manner, this could adversely affect its business.***

The semiconductor industry is highly competitive and is characterized by constant and rapid technological change, short product lifecycles, significant price erosion, and evolving standards. Accordingly, the success of SEALSQ's business depends heavily on its ability to develop new technologies and products that are ultimately successful in the market. The costs related to the research and development required to develop new technologies and products are significant, and any reduction in its research and development budget could harm its competitiveness. Meeting evolving industry requirements and introducing new products to the market in a timely manner, and at prices that are acceptable to SEALSQ's customers, are significant factors in determining SEALSQ's competitiveness and success. Commitments to develop new products must be made well in advance of any resulting sales, and technologies and standards may change during development, potentially rendering products outdated or noncompetitive before their introduction. If SEALSQ is unable to successfully develop new products, its revenue may decline substantially. Moreover, some of SEALSQ's competitors are well-established, larger entities than SEALSQ and have greater resources than it does. If these competitors increase the resources they devote to developing and marketing their products, SEALSQ may not be able to compete effectively. Any consolidation among SEALSQ's competitors could enhance their product offerings and financial resources, further strengthening their competitive position. In addition, some competitors operate in narrow business areas relative to SEALSQ, allowing them to concentrate their research and development efforts directly on products and services for those areas, which may give them a competitive advantage. As a result of these competitive pressures, SEALSQ may face declining sales volumes or lower prevailing prices for its products, and SEALSQ may not be able to reduce its total costs in line with this declining revenue. If any of these risks materialize, they could have a material adverse effect on SEALSQ's business, financial condition and results of operations.

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***If SEALSQ fails to develop new products in response to, or in anticipation of, rapid technological changes in the industry or the industries SEALSQ serves, its business may be materially and adversely affected.***

The market for SEALSQ's products is characterized by rapidly evolving security threats, technological advancements, and shifting end-user requirements. For example, rapid improvements are occurring in post-quantum cryptography, hardware Root of Trust, secure enclaves, trusted execution environments, supply chain security, AI-driven security analytics, and zero-trust architectures. Furthermore, while the pace of improvements in semiconductor transistor density has slowed, driving up costs and complexity, the demand for more secure, tamper-resistant hardware is accelerating, especially in sectors such as defense, automotive, critical infrastructure, and secure communications.

The increasing sophistication of cybersecurity adversaries, including state-sponsored actors, combined with the growing regulatory focus on hardware security, adds complexity and cost to the design, verification, and manufacturing of SEALSQ's existing and developmental products. As a result of these rapidly changing technological and threat landscapes — along with unforeseen security vulnerabilities — the future market for these products is difficult to predict.

These risks are further exacerbated by the fact that many of SEALSQ's secure semiconductor platforms leverage common architectural frameworks across multiple end markets. In some cases, secure processing architectures, cryptographic hardware and secure IP blocks are reused across product generations and applications. Therefore, if a fundamental architectural vulnerability was discovered, or if SEALSQ's architectures were rendered uncompetitive, obsolete, or unmarketable due to evolving security standards or new attack vectors, multiple products and customer segments could be impacted. This could force SEALSQ to expend significant resources and incur substantial costs to redesign products, develop new architectures or remediate deployed devices in the field.

SEALSQ's business, reputation, and relationships with government agencies, OEMs and technology partners could be adversely affected if SEALSQ is unable to deliver technological improvements, address newly discovered vulnerabilities or adapt its products to evolving security requirements and technological shifts on a timely basis. Whether SEALSQ will be able to compete effectively in the future will depend substantially on its ability to anticipate emerging threats, advance its products to meet evolving regulatory, market and end-user security requirements, and respond to changes in global hardware, software and security architecture standards in a cost-effective and timely manner.

There is also additional risk that public opinion, regulatory scrutiny or customer sentiment around hardware security, particularly in areas such as AI, government surveillance and data privacy, may diverge from SEALSQ's expectations. For example, failure to achieve market acceptance for secure semiconductors designed to enhance AI model integrity, protect sensitive data or mitigate supply chain risks could materially and adversely impact its business and operating results.

***The demand for SEALSQ's semiconductor products depends to a significant degree on the demand for its customers' end products.***

The vast majority of SEALSQ's Semiconductors segment revenue is derived from sales to manufacturers in the IT infrastructure (Network Servers, Switch, Home boxes, PC Keyboards, etc.), utilities distribution, edge infrastructure (Smart Meters), and Access Control modules. Demand in these markets fluctuates significantly, driven by consumer spending, consumer preferences, the development of new technologies and prevailing economic conditions. In addition, the specific products in which SEALSQ's semiconductors are incorporated may not be successful or may experience price erosion or other competitive factors that affect the price manufacturers are willing to pay SEALSQ. Such customers have in the past, and may in the future, vary order levels significantly from period to period, request postponements to scheduled delivery dates, modify their orders or reduce lead times. This is particularly common during periods of low demand. This can make managing SEALSQ's semiconductor business difficult, as it limits the predictability of future revenue. It can also affect the accuracy of its financial forecasts. Furthermore, developing industry trends, including customers' use of outsourcing and new and revised supply chain models, may affect SEALSQ's revenue, costs and working capital requirements.

If semiconductor customers do not purchase products made specifically for them, SEALSQ may not be able to resell such products to other customers or may not be able to require the customers who have ordered these products to pay a cancellation fee. The foregoing risks could have a material adverse effect on SEALSQ's business, financial condition and results of operations.

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***The semiconductor industry is characterized by continued price erosion, especially after a product has been on the market.***

One of the results of the rapid innovation in the semiconductor industry is that pricing pressure, especially on products containing older technology, can be intense. Product life cycles are relatively short and, as a result, products tend to be replaced by more technologically advanced substitutes on a regular basis.

In turn, demand for older technology falls, causing the price at which such products can be sold to drop, in some cases precipitously. In order to continue profitably supplying these products, SEALSQ must reduce its production costs in line with the lower revenue it can expect to generate per unit. Usually, this must be accomplished through improvements in process technology and production efficiencies. If SEALSQ cannot advance its process technologies or improve its production efficiencies to a degree sufficient to maintain required margins, it will no longer be able to make a profit from the sale of these products. Moreover, SEALSQ may not be able to cease production of such products, either due to contractual obligations or for customer relationship reasons, and as a result may be required to bear a loss on such products. SEALSQ cannot guarantee that competition in its core product markets will not lead to price erosion, lower revenue or lower margins in the future. Should reductions in manufacturing costs fail to keep pace with reductions in market prices for the products it sells, this could have a material adverse effect on SEALSQ's business, financial condition and results of operations.

***Delays in development, launch and/or rollout of SEALSQ's next-generation post-quantum cryptography products and services could have a material adverse effect on its business, results of operations and financial condition.***

SEALSQ completed the commercial release of its post-quantum cryptography products in Q4 2025, with the first revenues expected to be generated in the second half of 2026. While SEALSQ expects to recognize revenue in 2026 relating to the implementation of new technologies into its planned Open Semiconductor and Test centers including the provision of professional services, projections expect returns from the full-scale commercial deployment of the post-quantum-resistant chips starting in the second half of 2026. However, if SEALSQ experiences delays in the production of these products, or if there are issues with the integration of the new chip into potential client solutions, it could have a material adverse effect on its business, results of operations and financial condition. Delays could result from either the "qualification" process, the "certification" process or both. While SEALSQ has expanded its revenue streams from Matter certification adoption and implementing new Cyber Trust Mark standards, its ability to generate and grow its revenues in the future will largely be dependent on the ability to develop its next-generation post-quantum cryptography products and services.

SEALSQ's quantum-resistant chip is a newly developed product, and its qualification process is still ongoing. Additionally, the sales process includes a period of ensuring the product is compatible with potential client products. During these processes, unforeseen issues may arise that require debugging and potentially a remask. Such adjustments could result in a delay of six to nine months in the chip's market availability, impacting the ability to meet customer demand and production timelines.

In addition, the quantum-resistant chip is currently undergoing certification for FIPS 140-3 Level 3, Hardware (HW) Common Criteria certification, and Combination (HW+SW) Common Criteria certification. If the certification labs identify a critical flaw that prevents compliance with required security standards, SEALSQ may need to partially redesign the affected components. This could significantly delay product availability for customers that require these certifications for deployment. Additionally, there is a risk of delays in the final certification process. Once the certification labs complete their testing and release the test report, there may be further delays in obtaining the FIPS certificate from NIST (the U.S. standards authority). Any such delays could postpone customer acceptance, impact sales cycles, and shift the anticipated production ramp-up schedule. Furthermore, after SEALSQ's quantum-resistant chip is released, a hardware or software vulnerability could be discovered that could render the chip uncompetitive, obsolete or unmarketable if the vulnerability is not fixed. This could force SEALSQ to expend significant resources to remediate such vulnerability.

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***Failure of SEALSQ's quantum-resistant semiconductor products to perform as intended, achieve required certifications, interoperate at scale, or gain timely market acceptance—and/or slower-than-expected development of quantum computing threats—could materially reduce demand for its products, delay or prevent revenue generation, increase costs, expose SEALSQ to warranty and indemnity claims, and adversely affect the results of operations.***

SEALSQ is investing significant resources to design, manufacture, and commercialize quantum-resistant secure elements and related modules, including new products implementing post-quantum cryptographic algorithms. These products embody complex hardware, firmware, and cryptographic implementations that must meet stringent performance, reliability, security, and certification requirements across diverse use cases and environments. If SEALSQ's chips, reference designs, or associated software do not perform as intended, exhibit defects, vulnerabilities, or reliability issues, fail to meet customer specifications or certification standards (such as FIPS or Common Criteria), or cannot be integrated or provisioned at customer scale, customers may delay, reduce, or cancel orders, require re-designs, or select alternative solutions. SEALSQ could incur substantial costs to remediate issues, including product rework, field returns, replacements, patches, or recalls, as well as increased warranty, support, and indemnity obligations. Any publicized defect or vulnerability—particularly one that implicates cryptographic correctness, side-channel resistance, secure boot/attestation, or supply-chain integrity—could damage SEALSQ's brand and impair its ability to obtain new customers.

Market demand for quantum-resistant semiconductors is influenced by the pace and nature of quantum computing development, regulatory guidance, standardization timelines, and customer migration priorities. If practical cryptographically relevant quantum computers emerge later than industry forecasts, or if customers conclude that existing classical algorithms remain adequate for longer than anticipated, procurement cycles for post-quantum hardware may be deferred, scaled back, or reallocated to software-based mitigations. Conversely, if quantum threats emerge faster or differently than expected, the current implementations might not align with prevailing standards, certification baselines, or customer requirements, requiring unplanned re-engineering. Either scenario could materially reduce or delay demand relative to expectations. Furthermore, if new or revised standards, profiles, or certification protection profiles diverge from the algorithms, parameter sets, or implementation approaches SEALSQ has adopted, it may need to modify products, incur additional engineering and certification expense, or support multiple variants, which could compress margins and delay commercialization.

If demand falls short of SEALSQ's projections, or if customers do not transition from pilots to volume production on anticipated schedules, its inventories could become excess or obsolete, SEALSQ could experience lower factory utilization and unfavorable variances, and it may be required to record inventory write-downs. Lower-than-expected demand or product performance issues could also trigger impairment indicators for capitalized development, acquired intangibles, or goodwill, and reduce operating cash flows. Because SEALSQ's pipeline and forecasts include opportunities with governmental, defense, and critical-infrastructure customers, changes in budget cycles, procurement rules, national-sovereignty requirements, export controls, or qualification milestones could magnify the volatility of orders and timing of revenue recognition.

***SEALSQ's success depends on its ability to keep pace with technical advances in cryptography and semiconductor design.***

SEALSQ needs to keep up with changing technologies to provide effective identification and authentication solutions. In addition, SEALSQ needs to continue its growth trend to broaden and strengthen the portfolio of its products to stay ahead of the technology changes and risks in order to be successful.

SEALSQ needs to anticipate, and quickly react to, rapid changes occurring in security technologies and to the development of new and improved semiconductors and software that result from these changes. If SEALSQ are unable to respond quickly and cost-effectively to changing hardware and software technologies and evolving industry standards, the existing offering could become non-competitive and it may lose market share. SEALSQ's success will depend, in part, on its ability to effectively use leading technologies critical to the business, enhance its existing solutions, find appropriate technology partners, and continue to develop new solutions and technology that address the increasingly sophisticated and varied needs of its current and prospective clients and their customers, and its ability to influence and respond to technological advances, emerging industry and regulatory standards and practices and competitive service offerings. SEALSQ's ability to remain technologically competitive may require substantial expenditures and lead-time, and the integration of newly acquired technologies will also take time. If SEALSQ is unable to adapt and integrate in a timely manner to changing market conditions or customer requirements, its business, financial condition and results of operations could be seriously harmed.

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***The use of cryptography is subject to a variety of laws around the world. Unfavorable developments in legislation and regulation may adversely affect SEALSQ's business, operating results, and financial condition.***

The use of cryptography is subject to a variety of laws around the world. Government regulation of the internet is evolving and any changes in government regulations relating to the internet or other areas of SEALSQ's business or other unfavorable developments may adversely affect its business, operating results, and financial condition.

For example, the U.S. agency NIST has recently selected the post-quantum cryptographic algorithms for all governmental use of cryptography. While SEALSQ has aligned product development with NIST's PQC process, its ability to fully comply with evolving standards and successfully integrate these algorithms across the product portfolio is critical to maintaining its eligibility for government contracts and leadership in the post-quantum security market. Failure to timely implement NIST-selected algorithms or adapt to additional regional cryptographic requirements could limit market access, increase compliance and development costs, or fragment SEALSQ's product offerings across different jurisdictions, which could materially and adversely affect its business, operating results, and financial condition.

***SEALSQ's services and products depend on the continued integrity of public key cryptography technology and algorithms that may be compromised or proven obsolete over time.***

SEALSQ's services and products rely heavily on cryptography. Advances in attacks on cryptographic algorithms and technology may weaken their effectiveness, and significant new technology requirements may be imposed by root distribution programs that requires SEALSQ to make significant modifications to its systems or to reissue digital certificates to some or all customers, which could damage SEALSQ's reputation or otherwise harm its business.

Quantum computing may threaten the resilience of current cryptography against attacks during the current lifespan of hardware. This is certainly the case for SEALSQ's secure modules embedded in larger systems and/or deployed on remote locations, such as for smart meter and satellite deployments.

SEALSQ cannot guarantee that its services and products will still offer sufficient protection against attacks carried out with quantum computers.

***SEALSQ's semiconductors and software services are highly technical and may contain undetected software bugs or vulnerabilities, which could manifest in ways that could seriously harm its reputation and business.***

SEALSQ's semiconductors and software services are highly technical and complex and may contain undetected software bugs, hardware errors, and other vulnerabilities. There is a risk that defects or errors could arise, particularly when new versions or enhancements are released. SEALSQ cannot assure you that its software or other components will not experience errors or performance problems in the future. These bugs and errors can manifest in any number of ways in these products, including through diminished performance, security vulnerabilities, malfunctions, or even permanently disabled products.

Some errors in SEALSQ's products may be discovered only after a product has been used by customers and may in some cases be detected only under certain circumstances or after extended use. Any errors, bugs, or other vulnerabilities discovered in the code or back-end after delivery could damage SEALSQ's reputation, drive away customers, and allow third parties to manipulate or exploit vulnerabilities.

SEALSQ also face claims for product liability, tort, or breach of warranty. Defending a lawsuit, regardless of its merit, is costly and may divert management's attention and seriously harm its reputation and its business. In addition, if its liability insurance coverage proves inadequate or future coverage is unavailable on acceptable terms or at all, SEALSQ's business could be seriously harmed.

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***Services offered by SEALSQ's PKI business rely on the continued integrity of public key cryptography technology and algorithms that may be compromised or proven obsolete over time.***

Services and products are relying heavily on cryptography, in particular, services offered by SEALSQ's PKI business are based on public key cryptography technology. With public key cryptography technology, a user possesses a public key and a private key, both of which are required to perform encryption and decryption operations. The security afforded by this technology depends on the integrity of a user's private key and ensuring that it is not lost, stolen or otherwise compromised. Advances in attacks on cryptographic algorithms and technology may weaken their effectiveness, and significant new technology requirements may be imposed by root distribution programs that require SEALSQ to make significant modifications to its systems or to reissue digital certificates to some or all of its customers, which could damage the reputation or otherwise harm the business. Severe attacks on public key cryptography could render PKI services in general obsolete or unmarketable.

Quantum computing may threaten the resilience of current cryptography against attacks during the current lifespan of hardware. This is certainly the case for SEALSQ's secure modules embedded in larger systems and/or deployed on remote locations, such as for smart meter and satellite deployments.

Although SEALSQ is committed to adapt the PKI platforms to the evolving technologies and industry regulations, it cannot guarantee that its current services and products will still offer sufficient long-term protection against future attacks executed with quantum computers.

***Cybersecurity incidents, including data security breaches or computer viruses, could harm its business by disrupting SEALSQ's delivery of services, damaging its reputation or exposing it to liability.***

SEALSQ operates sensitive PKI platforms, retain certain confidential customer information in its secure data centers and registration systems, and its digital certificates and electronic signatures may be used by customers in mission critical applications. It is critical to SEALSQ's business strategy that its facilities and infrastructure remain secure and are perceived by the marketplace to be secure.

SEALSQ receives, process, store and transmit, often electronically, the data of its customers and others, much of which is confidential. Unauthorized access to SEALSQ's computer systems or stored data could result in theft, including cyber-theft, or improper disclosure of confidential information, and the deletion or modification of records could cause interruptions in its operations. These cybersecurity risks increase when SEALSQ transmits information from one location to another, including over the Internet or other electronic networks. Despite the security measures it has implemented, SEALSQ's facilities, systems and procedures, and those of its third-party service providers, may be vulnerable to security breaches, acts of vandalism, software viruses, misplaced or lost data, programming or human errors or other similar events which may disrupt SEALSQ's delivery of services or expose the confidential information of its customers and others. Any security breach involving the misappropriation, loss or other unauthorized disclosure or use of confidential information of SEALSQ's customers or others, whether by SEALSQ or a third party, could subject it to civil and criminal penalties, have a negative impact on its reputation, or expose it to liability to its customers, third parties or government authorities. SEALSQ is not aware of such breaches or any other material cybersecurity risks in its supply chain to date. Any of these developments could have a material adverse effect on SEALSQ's business, results of operations and financial condition.

To mitigate these risks, SEALSQ complies with one of the highest security standards in its industry: WebTrust, ISO27001 and the "Common Criteria" standard. Compliance with these standards require SEALSQ to implement, monitor and audit on a yearly basis all the processes where we, or SEALSQ's third-party suppliers, manipulate sensitive data. This includes supply chain processes and partners which, like the SEALSQ Group, are audited every year by security experts certified by governmental authorities. In addition, one of its customers, Cisco, also conducts an independent and extensive audit to control SEALSQ's processes and propose improvements.

SEALSQ's security processes are piloted by a Global Security Director, under the supervision of a Security Board, which includes the top management of SEALSQ. Once a year, the Global Security Director reassesses SEALSQ's cybersecurity risks and proposes to the Security Board a plan of action and budget for the year to come.

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The Executive Board Members of SEALSQ hold a weekly meeting with the General Manager to discuss all matters including operational matters and risk management, as well as holding regular, wider meetings with the senior management of SEALSQ. During these meetings, the risks faced by the business and any new matters arising or potential threats identified are discussed. The SEALSQ management team also provide updates on their ongoing projects designed to manage these risks, as well as presenting the results of any audits that are being carried out. The full board of directors are also kept appraised on the results of all audits carried out during the year and are required to decide on strategic decisions such as whether to attain accreditations for the business. The board of directors and Audit Committee are responsible also for overseeing the annual audit of SEALSQ which, while primarily focused on the financials of SEALSQ, does also cover certain risks associated with the business.

***If its security systems are breached, SEALSQ may face civil liability, and public perception of its security measures could be diminished, either of which would negatively affect SEALSQ's ability to attract and retain customers.***

Techniques used to gain unauthorized access to data and software are constantly evolving, and SEALSQ may be unable to anticipate or prevent unauthorized access to cryptographic data. SEALSQ's software services, which are supported by its own systems and those of third parties that it works with, are vulnerable to software bugs, computer viruses, internet worms, break-ins, phishing attacks, attempts to overload servers with denial-of-service, or other attacks and similar disruptions from unauthorized use of SEALSQ's and third-party computer systems, any of which could lead to system interruptions, delays, or shutdowns, causing loss of critical data or the unauthorized access to personal data.

Computer malware, viruses, computer hacking, and phishing attacks have become more prevalent in SEALSQ's industry. SEALSQ and its systems have been subject to such attacks in the past, albeit they have always been unsuccessful, and further such attempts to compromise its systems' security may occur in the future. Because of its brand of trust and security, SEALSQ believes that it is a particularly attractive target for such attacks. Though it is difficult to determine what, if any, harm may directly result from any specific interruption or attack, any failure to maintain performance, reliability, security, and availability of its products and technical infrastructure to the satisfaction of SEALSQ's customers may harm its reputation and ability to retain existing customers and attract new customers. Although SEALSQ has developed systems and processes that are designed to protect its data and user data, to prevent data loss, to disable undesirable accounts and activities on its platform, and to prevent or detect security breaches, it cannot assure you that such measures will provide absolute security, and SEALSQ may incur significant costs in protecting against or remediating cyber-attacks.

Additionally, if an actual or perceived breach of security occurs to its systems or a third party's platform, SEALSQ may face regulatory or civil liability and public perception of its security measures could be diminished, either of which would negatively affect its ability to attract and retain customers, which in turn would harm its efforts to attract and retain business partners. SEALSQ also would be required to expend significant resources to mitigate the breach of security and to address matters related to any such breach. SEALSQ also may be required to notify regulators about any actual or perceived personal data breach (including the EU Lead Data Protection Authority) as well as the individuals who are affected by the incident within strict time periods.

Any failure, or perceived failure, by SEALSQ to maintain the security of data relating to its customers, to comply with its posted privacy policy, laws and regulations, rules of self-regulatory organizations, industry standards, and contractual provisions to which SEALSQ may be bound, could result in the loss of confidence, or result in actions against SEALSQ by governmental entities or others, all of which could result in litigation and financial losses, and could potentially cause it to lose customers, advertisers, and revenues. In Europe, the European Data Protection Authority could impose fines and penalties of up to 4% of annual global turnover or €20 million, whichever is higher, for a personal data breach.

***Failure at tape-out or failure to achieve the expected final test yields for SEALSQ's ICs could negatively impact its results of operations.***

The tape-out process is a critical milestone in SEALSQ's IoT business. A tape-out means all the stages in the design and verification process of SEALSQ's ICs have been completed, and the chip design is sent for manufacturing. The tape-out process requires considerable investment in time and resources and close cooperation with the wafer foundry, and repeated failures can significantly increase costs, lengthen product development period, and delay product launch. If the tape-out or testing of a new chip design fails, either as a result of design flaws by SEALSQ's research and development team or problems with production or the testing process by the wafer foundry, SEALSQ may incur considerable costs and expenses to fix or restart the design process. Such obstacles may decrease its profitability or delay the launch of new products.

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Once tape-out is achieved, the IC design is sent for manufacturing, and the final test yield is a measurement of the production success rate. The final test yield is a function of both product design, which is developed by SEALSQ, and process technology, which typically belongs to a third-party foundry. Low final test yields can result from a product design deficiency or a process technology failure or a combination of both. As such, SEALSQ may not be able to identify problems causing low final test yields until its product designs go to the manufacturing stage, which may substantially increase its per unit costs and delay the launch of new products.

***SEALSQ's IC products mainly depend on supplies from third-party foundries, and any failure to obtain sufficient foundry capacity from such foundries would significantly delay the shipment of its products.***

SEALSQ's IoT activity is a fabless IC design business and, as such, it does not own any IC fabrication facilities. SEALSQ currently works with two leading foundries as its main IC fabrication partners and places purchase orders according to its business needs. It is important for SEALSQ to have a reliable relationship with third-party foundries as well as other future foundry service providers to ensure adequate product supply to respond to customer demand.

SEALSQ cannot guarantee that its foundry service providers will be able to meet its manufacturing requirements. The ability of its foundry service providers to provide SEALSQ with foundry services is limited by available capacity. If any of its foundry service providers fails to succeed in their capacity promise, it will not be able to deliver to SEALSQ ICs as per the purchase orders that SEALSQ has placed to them, which will significantly affect its shipment of its products and solutions. This could in turn result in lost sales and have a material adverse effect on its relationships with its customers and on its business and financial condition. In addition, SEALSQ does not have a guaranteed level of production capacity from its foundry service providers. SEALSQ does not have long-term contracts with them, and it sources its supplies on a purchase order basis. As a result, SEALSQ depends on its foundry service providers to allocate to it a portion of their manufacturing capacity sufficient to meet its needs, produce products of acceptable quality and at acceptable final test yields and deliver those products to SEALSQ on a timely basis and at acceptable prices. If any of SEALSQ's foundry service providers raises its prices or is unable to meet its required capacity for any reason, such as shortages or delays in the shipment of semiconductor equipment or raw materials required to manufacture ICs, or if its business relationships with any of its foundry service providers deteriorate, SEALSQ may not be able to obtain the required capacity and would have to seek alternative foundries, which may not be available on commercially reasonable terms, or at all. Moreover, it is possible that other customers of any of its foundry service providers that are larger and/or better financed than SEALSQ, or that have long-term contracts with them, may receive preferential treatment in terms of capacity allocation or pricing. In addition, if SEALSQ does not accurately forecast its capacity needs, any of its foundry service providers may not have available capacity to meet its immediate needs or it may be required to pay higher costs to fulfil those needs, either of which could materially and adversely affect its business, results of operations or financial condition.

Other risks associated with SEALSQ's dependence on third-party foundries include limited control over delivery schedules and quality assurance, lack of capacity in periods of excess demand, unauthorized use of its intellectual property and limited ability to manage inventory and parts. In particular, although SEALSQ has entered into confidentiality agreements with its third-party foundries for the protection of its intellectual property, they may not protect SEALSQ's intellectual property with the same degree of care as SEALSQ uses to protect its intellectual property. If SEALSQ fails to properly manage any of these risks, its business and results of operations may be materially and adversely affected.

Moreover, if any of its foundry service providers suffers any damage to its facilities, suspends manufacturing operations, loses benefits under material agreements, experiences power outages or computer virus attacks, lacks sufficient capacity to manufacture its products, encounters financial difficulties, is unable to secure necessary raw materials from its suppliers or suffers any other disruption or reduction in efficiency, SEALSQ may encounter supply delays or disruptions.

***SEALSQ relies on a limited number of third parties for IC packaging and testing services.***

In relation to SEALSQ's semiconductor business, fabrication of ICs requires specialized services to process the silicon wafers into ICs by packaging them and to test their proper functioning. SEALSQ primarily collaborates with an Outsource Semiconductors Assembly and Testing (OSAT) provider for such services, which may expose it to a number of risks, including difficulties in finding alternate suppliers, capacity shortages or delays, lack of control or oversight in timing, quality or costs, and misuse of SEALSQ's intellectual property. If any such problems arise with its packaging and testing partners, SEALSQ may experience delays in its production and delivery timeline, inadequate quality control of products or excessive costs and expenses. As a result, SEALSQ's financial condition, results of operations, reputation and business may be adversely affected.

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***SEALSQ's supply chain depends on third-party suppliers. Failure of one of its suppliers to handle increased demand could impact the ability to take advantage of upside business opportunities.***

SEALSQ outsources several critical functions in its supply chain to third-party suppliers, such as the manufacture of its semiconductors. They all have a number of risks that are present in their businesses that could limit their ability to meet increased demands if SEALSQ see increased orders from its customers. If its suppliers cannot satisfy demand, SEALSQ may not be able to meet its customer demands. Also, if suppliers add higher costs to cover their increased volume, SEALSQ may see drops in its gross profit margins. Many of these costs are not fixed, even though there may be contracts in place, and may be increased at the discretion of the third-party vendor.

The following issues related to SEALSQ's third-party suppliers could have an adverse effect on its ability to meet customer demand and negatively impact revenues, business operations, profitability and cash flows:

● SEALSQ's suppliers' failure or inability to react to shifts in product demand, including situations where demand for integrated circuits exceeds suppliers' capacity to meet that demand;

● a failure or inability by SEALSQ's suppliers to procure raw materials or allocate adequate raw materials for its products, or an increase in prices for raw materials or components;

● an inability to procure or utilize raw materials, components or products from SEALSQ's suppliers due to government prohibitions or restrictions on transactions with certain countries and/or companies, or alternative suppliers, or because raw material sources or raw materials are not available or not available in acceptable time frames or upon acceptable terms;

● a failure by SEALSQ's suppliers to allocate adequate manufacturing, assembly or test capacity for its products;

● SEALSQ's suppliers' failure or inability to develop or maintain, or a delay in developing or building out, manufacturing capacity for leading process technologies, including transitions to smaller geometry process technologies;

● the loss of a supplier or the failure or inability of a supplier to meet performance, quality or yield specifications or delivery schedules;

● additional expense or production delays as a result of qualifying a new supplier and commencing volume production or testing in the event of a loss of, or a decision to add or change, a supplier;

● natural disasters, the effects of climate change, acts of war or other geopolitical conflicts impacting the regions in which SEALSQ's suppliers and their manufacturing foundries or assembly, test or other facilities are located;

● health crises, including epidemics or pandemics, and government and business responses thereto, which impact SEALSQ's suppliers, including as a result of quarantines or closures;

● cyber-attacks on SEALSQ's suppliers' information technology (IT) systems, including those related to their manufacturing foundries or assembly, test or other facilities;

● trade or national security protection policies, particularly U.S. or Chinese government policies, that limit or prevent SEALSQ from transacting business with suppliers of critical integrated circuit products, or that limit or prevent such suppliers from transacting business with it or from procuring materials, machinery or technology necessary to manufacture goods for SEALSQ; and

● any other reduction, interruption, delay or limitation in SEALSQ's product supply sources.

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In particular, SEALSQ's agreement with one of its third-party suppliers, Presto Engineering Inc. ("Presto"), defines, among other things, the following contractual obligations:

● the list of operational obligations that they shall execute for SEALSQ Presto's services include New Production Introduction ("NPI"), such as planning of validation and qualification activities, engineering evaluation of the product and preliminary test solution, and product release to industrial maturity, and Supply Chain Management ("SCM");

● the On-Time Delivery objectives and rules. Presto is required to provide its SCM service based on agreed targets for On Time Delivery ("OTD"). OTD is defined numerically and it constitutes result obligations under French laws, which govern the agreement;

● their obligations vis-à-vis SEALSQ's quality process and its security process, including their obligations to be audited on a yearly basis.

Presto's failure to meet these obligations could have an adverse effect on SEALSQ's ability to meet customer demand and negatively impact revenues, business operations, profitability and cash flows.

Although common in its industry, SEALSQ does not have agreements with any other major third-party suppliers. Rather, the SEALSQ provides such suppliers with purchase orders on a quarterly basis, which triggers the launch of manufacturing of the Company's products. SEALSQ has weekly discussions and provides the suppliers with 12-month rolling forecasts to allow them to anticipate equipment allocations and raw material supplies. However, since SEALSQ does not have written agreements with these suppliers, it is subject to the risk that any of these suppliers could terminate their relationship with SEALSQ, leaving it without critical products, software or other services needed to operate its business.

***SEALSQ is dependent on the timely supply of equipment and materials from various sub-contractors and if any one of these suppliers fails to meet, or delays, their committed delivery schedules due to supply chain disruptions or other reasons, SEALSQ can suffer with lower or lost revenues.***

SEALSQ uses various suppliers for silicon manufacturing and testing its parts. Any one of these suppliers could not meet their commitments for on-time delivery of its products. The market supply of such products has seen and continues to see difficulties in meeting demand and these kinds of supply disruptions can happen due to global shortages of silicon wafers or chemicals used in the processing of the silicon packaging, or shortages in the labor force due to unrest or sicknesses. During the latter half of 2021 and 2022, SEALSQ had to manage its delivery schedule carefully as a result of the global shortage of semiconductors material. During this period, SEALSQ was receiving greater volumes of orders than it was capable of delivering due to such shortages, so it had to program the orders based upon the allocations of materials and production capacity available to SEALSQ. While SEALSQ was able to grow its revenue during this time though careful negotiation with its suppliers, SEALSQ believes that revenues would have been higher had there not been such supply disruption. Further, its business and operating conditions can be at risk if it cannot deliver on product demand as committed in its customer contracts. The global shortage was alleviated in 2023 meaning that the same constraints were no longer applicable during that year and currently, SEALSQ does not have issues around supply allocations. However, supply disruptions may happen in the future and may negatively affect its business, financial condition and results of operations.

SEALSQ's ability to forecast its future results of operations and plan for and model future growth is limited and subject to a number of uncertainties due to recent changes in SEALSQ's context as well as in its own sales organization and go-to-market strategies.

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***SEALSQ faces intense competition from companies that are larger and better known than it is, and it may lack sufficient financial or other resources to maintain or improve its competitive position.***

The digital security market space in which SEALSQ operates faces intense competition, constant innovation and evolving security threats. There are several global security companies with strong presence in this market, including VeriSign, Inc., DigiCert Inc., Entrust Datacard, Let's Encrypt, Symantec Corporation, FireEye, Inc., Red Hat Software, VASCO Data Security International, Inc., Zix Corp, NXP Semiconductors, Infineon Technologies, STMicroelectronics and Samsung Electronics. As SEALSQ integrates and moves into the knowledge automation space there are also related data lake and automation companies with strong foundations including Palantir and Snowflake.

Some of SEALSQ's competitors are large companies that have the technical and financial resources and broad customer bases needed to bring competitive solutions to the market and already have existing relationships as a trusted vendor for other products. Such companies may use these advantages to offer products and services that are perceived to be as effective as SEALSQ's at a lower price or for free as part of a larger product package or solely in consideration for maintenance and services fees. They may also develop different products to compete with SEALSQ's current security solutions and respond more quickly and effectively than it does to new or changing opportunities, technologies, standards or client requirements. Additionally, it may compete with smaller regional vendors that offer products with a more limited range of capabilities that purport to perform functions similar to its security solutions. Such companies may enjoy stronger sales and service capabilities in their particular regions.

SEALSQ's competitors may have competitive advantages, such as:

● greater name recognition, a longer operating history and a larger customer base;

● larger sales and marketing budgets and resources;

● broader distribution and established relationships with distribution partners and customers;

● greater customer care and support resources;

● broader supply chains;

● greater resources to make acquisitions;

● larger intellectual property portfolios; and

● greater financial, technical and other resources.

SEALSQ's current and potential competitors may also establish cooperative relationships among themselves or with third parties that may further enhance their resources. Current or potential competitors may be acquired by third parties with access to greater available resources. As a result of such acquisitions, SEALSQ's current or potential competitors may be able to adapt more quickly to new technologies and customer needs, devote greater resources to the promotion or sale of their products and services, initiate or withstand substantial price competition, take advantage of other opportunities more readily or develop and expand their product and service offerings more quickly than SEALSQ does. Larger competitors with more diverse product offerings may reduce the price of products that compete with SEALSQ's in order to promote the sale of other products or may bundle them with other products, which would lead to increased pricing pressure on its products and could cause the average sales prices for its products to decline.

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***If SEALSQ does not successfully anticipate market needs and enhance existing products or develop new products that meet those needs on a timely basis, it may not be able to compete effectively and its ability to generate revenues will suffer.***

Many of its customers operate in markets characterized by rapidly changing technologies and business plans, which require them to adapt to increasingly complex digital security infrastructures to protect internal and external corporate communications. As customers' technologies and business plans grow more complex, SEALSQ expects them to face new and increasingly sophisticated threats of security breaches or counterfeiting. SEALSQ faces significant challenges in:

● ensuring that SEALSQ's security solutions effectively protect identities of individual customers, company information and their brands, and

● driving efficient operations through automated decision making.

As a result, SEALSQ must continually modify and improve its products in response to changes in SEALSQ's customers' technology infrastructures.

SEALSQ may not be able to successfully anticipate or adapt to changing technology or customer requirements on a timely basis or at all. If it fails to keep up with technological changes or to convince its customers and potential customers of the value of its security and automation solutions even in light of new technologies and integration, SEALSQ's business, results of operations and financial condition could be materially and adversely affected.

SEALSQ cannot guarantee that it will be able to anticipate future market needs and opportunities or be able to develop product enhancements or new products to meet such needs or opportunities in a timely manner, if at all. Even if it is able to anticipate, develop and commercially introduce enhancements and new products, there can be no assurance that enhancements or new products will achieve widespread market acceptance.

SEALSQ's product enhancements or new products could fail to attain sufficient market acceptance for many reasons, including:

● delays in releasing product enhancements or new products;

● failure to accurately predict market demand and to supply products that meet this demand in a timely fashion;

● failure to accurately price products and solutions;

● inability to interoperate effectively with the existing or newly introduced technologies, systems or applications of SEALSQ's existing and prospective customers;

● defects in SEALSQ's products;

● inability to integrate security and automation;

● negative publicity about the performance or effectiveness of SEALSQ's products;

● introduction or anticipated introduction of competing products by SEALSQ's competitors; and

● installation, configuration or usage errors by SEALSQ's customers.

If SEALSQ fails to anticipate market requirements or fails to develop and introduce product enhancements or new products to meet those needs in a timely manner, that could cause it to lose existing customers and prevent it from gaining new customers, which would significantly harm its business, financial condition and results of operations.

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***Any decline in demand for SEALSQ's products from its clients could have a material adverse effect on the business, results of operations and financial condition.***

SEALSQ's business is at risk of its clients delaying or withdrawing purchase orders for items where SEALSQ already committed to the production or deployment of these pieces. In these situations, and when sufficient notice is given, it is usually able to adjust SEALSQ's production schedules such that the production or deployment schedules can be transferred to alternative clients thereby limiting SEALSQ's exposure. However, there can be a short-term impact upon the levels of stock that SEALSQ holds at any given point in time. Because its products have a lengthy development cycle, often in the range of 18 to 24 months from design-win or project award to delivering the first batch of finished goods or services, there is a limited risk that SEALSQ finds itself holding material amounts of stocks of finished goods that will not be eventually delivered to its clients. The greatest risk is that a client might reduce their production allocations with SEALSQ and, in this instance, it would be required to adapt its purchase requirements accordingly. Most of its raw materials (in particular, SEALSQ's wafers) can be redirected to alternative products and so the risk is more concentrated to finished goods and committed engineering or deployment capacity. In the event that a client was to significantly reduce demand with a limited lead-time and not place new orders for that product at a later stage, this could lead to some finished goods becoming obsolete. The main risk arising from a decline in demand for SEALSQ's products from one of its larger clients is that SEALSQ would need to find new sources of revenue to replace such client.

***SEALSQ's reputation and business could be harmed based on real or perceived shortcomings, defects or vulnerabilities in its security solutions or the failure of its security solutions to meet customers' expectations.***

Organizations are facing increasingly sophisticated digital security threats and threats of counterfeiting. If SEALSQ fails to identify and respond to new and increasingly complex methods of counterfeiting products or hacking personal and corporate digital accounts, its business and reputation will suffer. In particular, SEALSQ may suffer significant adverse publicity and reputational harm if any of its products fail to perform as advertised. An actual or perceived breach of SEALSQ's customers' sensitive business data, regardless of whether the breach is attributable to the failure of its products, could adversely affect the market's perception of the efficacy of SEALSQ's security solutions and current or potential customers may look to SEALSQ's competitors for alternatives to its security solutions. Similarly, an actual or perceived failure of SEALSQ's products to prevent counterfeit products from being detected, regardless of whether such failure is attributable to its products, could adversely affect the market's perception of the efficacy of its authentication solutions and could encourage current or potential customers to look to SEALSQ's competitors for an alternative to its products. The failure of its products may also subject SEALSQ to product liability lawsuits and financial losses stemming from the indemnification of its partners and other third parties, as well as the expenditure of significant financial resources to analyze, correct or eliminate any vulnerability. It could also cause SEALSQ to suffer reputational harm, lose existing customers or deter them from purchasing additional products and services and prevent new customers from purchasing its security solutions.

***Sometimes it will be necessary to make a product or product line obsolete and there may be negative impacts to sales or disruption to the customer base during the ramp down of that product.***

All products have a natural lifecycle that includes the inevitable end-of-life ("EOL") process. During the ramping down of a product, or product family, there are many ways that SEALSQ's business operations can be challenged. Last time buys are a typical way for customers to deal with the EOL of a product that is still critical to one of their end products. These kinds of orders show an increase in short term sales but result in the abrupt drop off of revenue from that customer, for that product, after the last time buy is delivered. Discontinuing a product also comes with the risk that SEALSQ may lose that customer for good if SEALSQ does not have a replacement for the product or if they decide to look at alternative suppliers because of the change in supply.

***SEALSQ's research and development efforts may not produce successful products or enhancements to its security solutions that result in significant revenue or other benefits in the near future, if at all.***

Investing in research and development personnel, developing new products and enhancing existing products is expensive and time-consuming, and there is no assurance that such activities will result in significant new marketable products or enhancements to SEALSQ's products, design improvements, cost savings, revenues or other expected benefits. If SEALSQ spends significant time and effort on research and development and is unable to generate an adequate return on its investment, its business and results of operations may be adversely affected. SEALSQ's research and development roadmap anticipates a continued increase in 2026 in its expenditure, in particular focused on its post-quantum cryptography.

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***Failure to protect SEALSQ's intellectual property could substantially harm its business, operating results, and financial condition.***

The success of SEALSQ's business depends on its ability to protect and enforce its patents, trade secrets, trademarks, copyrights, and all of other intellectual property rights, including the silicon intellectual property rights of SEALSQ's semiconductors.

SEALSQ's attempt to protect its intellectual property under patent, trade secret, trademark, and copyright law through a combination of employee, third-party assignment and nondisclosure agreements, other contractual restrictions, technological measures, and other methods. These afford only limited protection and SEALSQ is still early in the process of securing its intellectual property rights. Despite SEALSQ's efforts to protect its intellectual property rights and trade secrets, unauthorized parties may attempt to copy aspects of its technology, or obtain and use trade secrets and other confidential information. Moreover, policing SEALSQ's intellectual property rights is difficult and time consuming. SEALSQ cannot assure you that it would have adequate resources to protect and police its intellectual property rights, and it cannot assure you that the steps it takes to do so will always be effective.

SEALSQ has filed, and may in the future file, patent applications on certain of its innovations. It is possible, however, that these innovations may not be patentable. In addition, given the cost, effort, risks, and downside of obtaining patent protection, including the requirement to ultimately disclose the invention to the public, SEALSQ may choose not to seek patent protection for some innovations. Furthermore, SEALSQ's patent applications may not result in granted patents, the scope of the protection gained may be insufficient or an issued patent may be deemed invalid or unenforceable. SEALSQ also cannot guarantee that any of its present or future patents or other intellectual property rights will not lapse or be invalidated, circumvented, challenged, or abandoned. Neither can SEALSQ guarantee that its intellectual property rights will provide competitive advantages. SEALSQ's ability to assert its intellectual property rights against potential competitors or to settle current or future disputes could be limited by its relationships with third parties, and any of its pending or future patent applications may not have the scope of coverage originally sought. SEALSQ cannot guarantee that its intellectual property rights will be enforced in jurisdictions where competition may be intense or where legal protection may be weak. SEALSQ could lose both the ability to assert its intellectual property rights against, or to license technology to, others and the ability to collect royalties or other payments.

Litigation or proceedings before governmental authorities and administrative bodies may be necessary in the future to enforce SEALSQ's intellectual property rights, to protect its patent rights, trademarks, trade secrets, and domain names and to determine the validity and scope of the proprietary rights of others. SEALSQ's efforts to enforce or protect its proprietary rights may be ineffective and could result in substantial costs and diversion of resources and management time, each of which could substantially harm its operating results. Additionally, changes in law may be implemented, or changes in interpretation of such laws may occur, that may affect its ability to protect and enforce SEALSQ's patents and other intellectual property.

***SEALSQ's growth prospects and revenue will be adversely affected if its efforts to attract prospective customers and to retain existing customers are not successful.***

SEALSQ's ability to grow its business and generate revenue depends on retaining and expanding its total customer base and increasing services revenue by effectively monetizing added value. SEALSQ must convince prospective customers of the benefits of its solutions and its existing customers of the continuing value of those solutions. SEALSQ's ability to attract new customers, retain existing customers, and reach out to new markets depends in large part on its ability to continue to offer leading technologies and products, superior security and trust, and integration capabilities. For instance, in SEALSQ's Semiconductors segment, some of its semiconductor competitors, including Infineon, Microchip, NXP and STMicroelectronics, have developed, and are continuing to develop, secure elements, which puts SEALSQ at a significant competitive disadvantage.

***SEALSQ derives a significant amount of its revenue each year from a limited number of significant customers.***

SEALSQ derives a significant amount of its revenue each year from a small number of customers. In the year ended December 31, 2025, the SEALSQ Group's ten largest customers accounted for 63% of its revenue. SEALSQ's business and results of operations are largely dependent upon the success of its significant customers. The loss of any large customer, a decline in the volume of sales to these customers or the deterioration of their financial condition could adversely affect SEALSQ's business, results of operations and financial conditions.

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One of SEALSQ's largest customers is CISCO Systems International ("Cisco"). SEALSQ operates under the terms of a Master Purchase Agreement, dated August 14, 2014. This agreement defines, among other things:

● the communication process that it shall respect vis-a-vis forecasting / pricing update, such as determination of price reflecting component prices in effect on the date of shipment to Cisco's authorized contract manufactures ("EMS Providers"), representations and warranties that the product price are, and shall be, no higher than the lowest prices offered by SEALSQ to any customer purchasing the same or lesser total sales or unit volume on an annual basis;

● buffer stock, timing and volume constitution rules, including but not limited to, obligations to make commercially reasonable efforts to conduct capacity and materials planning and management sufficient to meet EMS Provider's forecast at the period of time agreed between SEALSQ and EMS Providers

● list of contract manufacturers to whom SEALSQ is allowed to take purchase orders and to make deliveries;

● rules of fair treatment in case capacity shortage, that is, an obligation to provide Cisco, EMS Providers and any third party designated by Cisco an allocation of products during its shortage that is no less favorable than that provided to any other customer;

● warranties, including but not limited to, three year warranty period, delivered product having no less than eight remaining weeks of shelf-life, replacement of defected products within two business days in general;

● epidemic failure when a single failure mode in excess of 1% of the product or a multiple failure mode in excess of 3% of the product, during any rolling 3-full calendar month period, occurs. If an epidemic failure occurs within five (5) years following the delivery of a product, SEALSQ must promptly notify Cisco, provide a preliminary diagnosis plan within one (1) business day, and update it as required by Cisco. SEALSQ has agreed to collaborate with Cisco to diagnose the issue, develop an interim solution, and implement a permanent fix. Subject to the liability exclusions and limitations outlined in the agreement, SEALSQ is contractually obligated to compensate Cisco for all reasonable direct costs incurred in addressing the epidemic failure.

Additionally, SEALSQ has agreed to provide necessary support to Cisco, its EMS Providers, and any designated third parties for remediation efforts, including but not limited to customer notifications, replacement scheduling, and corrective measures such as product removal, return, reinstallation, and repair.

***SEALSQ depends on its customers' ability to sell their products, which may pose challenges for the Company's ability to forecast demand or optimize inventory and sales.***

Large orders may depend on the ability of SEALSQ's customers to be awarded significant regional or national contracts. The design of many industrial devices involves the risk that such devices may not see the demand expected in the relevant market, or that high-volume contracts may be awarded to competing suppliers. SEALSQ's customers may be bidding against multiple suppliers to win government contracts, and if they lose, SEALSQ may not realize the results originally expected during forecasting of opportunity size and profitability. As such, the volume predictions used in pricing negotiations and forecasts may not always be achievable by SEALSQ's customers and may adversely affect SEALSQ's operating results.

***Changes in regulations or citizen concerns regarding privacy and protection of citizen data, or any failure or appearance of failure to comply with such laws, could diminish the value of its services and cause SEALSQ to lose customers and revenue.***

The regulatory framework for privacy issues worldwide is currently in flux and is likely to remain so for the foreseeable future. Practices regarding the collection, use, storage, transmission, and security of personal information by companies operating over the internet have recently come under increased public scrutiny.

The U.S. government, including the Federal Trade Commission and the Department of Commerce, may continue to review the need for greater regulation over the collection of information concerning consumer behavior on the internet, including regulation aimed at restricting certain targeted advertising practices.

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Additionally, the EU may continue to review the need for greater regulation or reform to its existing data protection legal framework, which may result in a greater compliance burden for companies with users in Europe. Various government and consumer agencies also have called for new regulation and changes in industry practices. SEALSQ's business, including its ability to operate and expand internationally, could be adversely affected if legislation or regulations are adopted, interpreted, or implemented in a manner that is inconsistent with SEALSQ's current business practices and that require changes to these practices, the design of its website, services, features, or its privacy policy. In particular, the success of its business has been, and SEALSQ expects will continue to be, driven by its ability to responsibly use the personal data that its customers share with SEALSQ.

Accordingly, SEALSQ's business could be harmed by any significant change to applicable laws, regulations, or industry practices regarding the use of its customers' personal data, for example regarding the manner in which disclosures are made and how the express or implied consent of customers for the use of personal data is obtained. Such changes may require SEALSQ to modify its services and features, possibly in a material manner, and may limit its ability to develop new services and features that make use of the data that its customers voluntarily share with SEALSQ. In addition, some of its developers or other partners, such as those that help SEALSQ measure the effectiveness of advertisements, may receive or store information provided by it or by its customers through mobile or web applications integrated with its services. SEALSQ provides limited information to such third parties based on the scope of services provided to it. However, if these third parties or developers fail to adopt or adhere to adequate data security practices, or in the event of a breach of their networks, SEALSQ's data or its customers' data may be improperly accessed, used, or disclosed.

***Interruptions, delays or discontinuations in service arising from SEALSQ's own systems or from third parties could impair the delivery of its services and harm its business.***

SEALSQ relies on systems housed in its own facilities and upon third parties, including bandwidth providers and third-party "cloud" data storage services, to enable its customers to receive its content in a dependable, timely, and efficient manner. SEALSQ has experienced and may in the future experience periodic service interruptions and delays involving its own systems and those of third parties that SEALSQ works with. Both SEALSQ's own facilities and those of third parties are vulnerable to damage or interruption from earthquakes, floods, fires, power loss, telecommunications failures, and similar events. They also are subject to break-ins, sabotage, intentional acts of vandalism, the failure of physical, administrative, technical, and cybersecurity measures, terrorist acts, natural disasters, human error, the financial insolvency of third parties that it works with, and other unanticipated problems or events. The occurrence of any of these events could result in interruptions in SEALSQ's services and to unauthorized access to, or alteration of, the content and data contained on its systems and that these third parties store and deliver on its behalf.

Any disruption in the services provided by these third parties could materially adversely impact SEALSQ's business reputation, customer relations, and operating results. Upon expiration or termination of any of its agreements with third parties, SEALSQ may not be able to replace the services provided to SEALSQ in a timely manner or on terms and conditions, including service levels and cost, that are favorable to it, and a transition from one third party to another could subject SEALSQ to operational delays and inefficiencies until the transition is complete.

***SEALSQ's business model consists in promoting trust and security, and it depends on trust in its brand. Negative media coverage could adversely affect its brand and any failure to maintain, protect, and enhance SEALSQ's brand would hurt its ability to retain or expand its customer base.***

Maintaining, protecting, and enhancing SEALSQ's brand is critical to expanding its customer base, and will depend largely on its ability to continue to develop and provide top-level security. If SEALSQ does not successfully maintain its brand, its business could be harmed.

SEALSQ's brand may be impaired by a number of other factors, including a failure to protect the cryptographic keys, data and software of end customers, any failure to keep pace with technological advances on its platform or with its services, a failure to protect its intellectual property rights, or any alleged violations of law, regulations, or public policy. Further, if SEALSQ's partners fail to maintain high standards in the supply chain, or if SEALSQ partners with supply chain partners that its customers reject, the strength of its brand could be adversely affected.

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SEALSQ has not historically been required to spend considerable resources to establish and maintain its brand. However, if it is unable to maintain the growth rate in its customer base, it may be required to expend greater resources on advertising, marketing, and other brand-building efforts to preserve and enhance brand awareness, which would adversely affect operating results and may not be effective.

***If management is unable to provide reports as to the effectiveness of SEALSQ's internal control over financial reporting, investors could lose confidence in the reliability of its financial statements, which could result in a decrease in the value of its shares.***

Under Section 404 of Sarbanes-Oxley, SEALSQ is required to include in each of its annual reports on Form 20-F, a report containing its management's assessment of the effectiveness of its internal control over financial reporting. If, in such annual reports on Form 20-F, management cannot provide a report as to the effectiveness of its internal control over financial reporting as required by Section 404, investors could lose confidence in the reliability of SEALSQ's financial statements, which could result in a decrease in the value of its shares and SEALSQ could be subject to sanctions or investigations by the Nasdaq Stock Market, SEC or other regulatory authorities.

***SEALSQ's CEO and CFO manage multiple, publicly traded companies and the requirements of managing multiple public companies may strain their resources.***

SEALSQ's CEO and CFO currently hold the same management positions at WISeKey and, for its CEO, at WISeSat; WISeKey is a publicly traded company, and WISeSat will become a publicly traded company if the proposed business combination with Columbus Acquisition Corp., a publicly traded special purpose acquisition company ("SPAC"), relating to the proposed public listing of WISeSat is completed. WISeKey is, and WISeSat would as a publicly traded company be, required to comply with various regulatory and reporting requirements, including those required by the SEC. Complying with these reporting and other regulatory requirements may divert their attention from other business concerns of SEALSQ, which could have a material adverse effect on its business, financial condition and results of operations.

***Obligations associated with being a public company require significant resources and management attention.***

SEALSQ is subject to the reporting requirements of the Securities Exchange Act, and the other rules and regulations of the SEC, including the Sarbanes-Oxley Act. Section 404 of Sarbanes-Oxley requires that SEALSQ evaluates and determines the effectiveness of its internal control over financial reporting.

SEALSQ works with its legal, accounting and financial advisors to identify any areas in which changes should be made to its financial and management control systems to manage its growth and its obligations as a public company. SEALSQ evaluates areas such as corporate governance, corporate control, internal audit, disclosure controls and procedures and financial reporting and accounting systems. SEALSQ will make changes in any of these and other areas, including its internal control over financial reporting, which it believes are necessary. However, these and other measures SEALSQ may take may not be sufficient to allow SEALSQ to satisfy its obligations as a public company on a timely and reliable basis. In addition, compliance with reporting and other requirements applicable to public companies do create additional costs for it and require the time and attention of management. SEALSQ's limited management resources may exacerbate the difficulties in complying with these reporting and other requirements while focusing on executing business strategy. SEALSQ may not be able to predict or estimate the amount of the additional costs it may incur, the timing of such costs or the degree of impact that its management's attention to these matters will have on its business.

***SEALSQ depends on highly skilled key personnel to operate its business, and if it is unable to attract, retain, and motivate qualified personnel, its ability to develop and successfully grow its business could be harmed.***

SEALSQ believes that its future success is highly dependent on the talents and contributions of senior management, including Carlos Moreira, founder and Chief Executive Officer of SEALSQ, members of its executive team, and other key employees, such as key engineering, finance, research and development, marketing, and sales personnel. SEALSQ's future success depends on its continuing ability to attract, develop, motivate, and retain highly qualified and skilled employees and senior management. All of SEALSQ's employees, including senior management, are free to terminate their employment relationship with SEALSQ at any time, and their knowledge of its business and industry may be difficult to replace.

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Furthermore, SEALSQ's performance depends on favorable labor relations with its employees and compliance with labor laws in the countries where SEALSQ has employees and plans to hire new employees. Any deterioration of current relations or increase in labor costs due to its compliance with labor laws could adversely affect its business.

Qualified individuals are in high demand, particularly in the digital industry, and SEALSQ may incur significant costs to attract them. If SEALSQ is unable to attract and retain its senior management and key employees, it may not be able to achieve its strategic objectives, and its business could be harmed. In addition, SEALSQ believes that senior management has developed highly successful and effective working relationships. SEALSQ cannot ensure that it will be able to retain the services of any members of its senior management or other key employees. If one or more of these individuals leave, it may not be able to fully integrate new senior management or replicate the current dynamic, and working relationships that have developed among its senior management and other key personnel, and its operations could suffer.

***SEALSQ is currently operating in a period of economic uncertainty and capital markets disruption, which has been significantly impacted by geopolitical instability due to the ongoing military conflict between Russia and Ukraine, the Israel-Hamas war, and the hostilities among Iran, the United States, and Israel. SEALSQ's business, financial condition and results of operations may be materially adversely affected by any negative impact on the global economy and capital markets resulting from their conflict, or any other geopolitical tensions.***

U.S. and global markets are experiencing volatility and disruption following the escalation of geopolitical tensions and the start of the military conflict between Russia and Ukraine.

In February 2022, a full-scale military invasion of Ukraine by Russian troops was reported. Although the length and impact of the ongoing military conflict is highly unpredictable, the conflict in Ukraine could lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions. SEALSQ is continuing to monitor the situation in Ukraine and globally and assessing its potential impact on its business. Additionally, Russia's prior annexation of Crimea, recent recognition of two separatist republics in the Donetsk and Luhansk regions of Ukraine and subsequent military interventions in Ukraine have led to sanctions and other penalties being levied by the United States, the European Union and other countries against Russia, Belarus, the Crimea Region of Ukraine, the so-called Donetsk People's Republic, and the so-called Luhansk People's Republic, including agreement to remove certain Russian financial institutions from the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, payment system, expansive ban on imports and exports of products to and from Russia and ban on exportation of U.S. denominated bank notes to Russia or persons located there. Additional potential sanctions and penalties have also been proposed and/or threatened. Russian military actions and the resulting sanctions could adversely affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets.

Additionally, on October 7, 2023, Hamas, a U.S. designated terrorist organization, launched a series of coordinated attacks from the Gaza Strip onto Israel. On October 8, 2023, Israel formally declared war on Hamas, and the armed conflict is ongoing as of the date of this filing.

On February 28, 2026, the U.S. and Israel launched coordinated strikes against Iran. In response, Iran conducted retaliation attacks that expanded the conflict beyond just Iran and Israel and has threatened some commercial routes, especially traffic through the Strait of Hormuz, raising concerns about broader regional instability in the Middle East. These tensions include military posturing, proxy conflicts, and the potential for direct confrontation, which could lead to disruptions in global energy markets, supply chains, and international trade. Any escalation of hostilities could have far-reaching implications for global economic stability and capital markets.

Although SEALSQ's operations have not experienced material and adverse impact on supply chain, cybersecurity or other aspects of its business from the ongoing conflict between Russia and Ukraine, from the war between Israel and Hamas, or from tensions between Iran, the United States, and Israel, nor from any associated event such as the Red Sea shipping crisis, there is no assurance that such conflicts and events would not develop or escalate in a way that could materially and adversely affect SEALSQ's business, financial condition, and results of operations in the future.

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***SEALSQ's business could suffer as a result of tariffs and trade sanctions or similar actions.***

The imposition by the U.S. government of trade measures, including tariffs, sanctions or other restrictions on goods exported from, or imported into, the United States, or countermeasures imposed in response to such U.S. government trade measures, could adversely affect global economic conditions, SEALSQ's operations or its ability to sell its products globally, which could adversely affect its operating results and financial condition. The U.S. tariff environment remains highly volatile and uncertain. On January 14, 2026, following the completion of a Section 232 national security investigation, the U.S. President signed a proclamation imposing a 25% ad valorem tariff on certain advanced computing semiconductors and their derivative products, effective January 15, 2026, with certain exemptions. On February 20, 2026, the U.S. Supreme Court held that the International Emergency Economic Powers Act ("IEEPA") does not authorize the President to impose tariffs, striking down the sweeping tariffs previously imposed under IEEPA on imports from China, Canada, Mexico, and most other trading partners. In response, President Trump immediately imposed replacement tariffs under Section 122 of the Trade Act of 1974, initially at a rate of 10% and subsequently increased to 15%, on a global basis effective February 24, 2026. While a significant portion of SEALSQ's current supply chain does not directly import products to the U.S. because SEALSQ supplies to contract manufacturers located outside the U.S. However, the tariffs on imports of semiconductor chips, or products containing semiconductor chips could impact the contract manufacturers and the entire semiconductor supply chain when finished goods are delivered to end-customers into the U.S.. End customers may seek to restructure their supply chains to areas or countries unaffected by tariffs, or may demand that the semiconductor supply chain absorb the added costs, which would reduce SEALSQ's revenue and gross profit. The ongoing legal uncertainty surrounding U.S. presidential tariff authority and potential Congressional action to extend or codify tariffs, create significant unpredictability for SEALSQ's business planning and operations. Escalations in trade measures may directly impair SEALSQ's business by increasing trade-related costs or disrupting established supply chains and may indirectly impair its business by causing a negative effect on global economic conditions and financial markets. In addition, de-escalation of trade measures, or selected exemptions from trade measures, may not result in an immediate increase in SEALSQ's business activity. The ultimate impact of the evolving trade measures is uncertain and may be affected by various factors, including the outcome of pending and future legal challenges to tariff authority, whether and when broader tariffs are implemented, Congressional action on tariff extensions, and any retaliatory countermeasures imposed by other countries.

Additional changes or threatened changes in U.S. trade measures have affected and may continue to affect trade involving many countries, including Mexico, Canada, Taiwan, the People's Republic of China, the United Kingdom, South Korea, Japan, and the member countries of the European Union. The U.S. Supreme Court's ruling that IEEPA does not authorize tariffs has created substantial uncertainty regarding existing trade agreements negotiated under the prior tariff regime. On January 15, 2026, the United States and Taiwan signed a trade agreement that provides preferential tariff treatment for Taiwanese semiconductor companies investing in U.S. manufacturing capacity, which may affect competitive dynamics in the semiconductor industry. Any trade measure against Taiwan, which is a major hub for global semiconductor manufacturing, may specifically target imports of semiconductor products, which, if imposed, could seriously and negatively affect SEALSQ's business and the U.S. economy overall. Countries that do not reach satisfactory agreements may face the imposition of broader tariffs on semiconductors and derivative products. The materials subject to these trade measures may impact the cost or availability of raw materials used by SEALSQ's suppliers or in its customers' products. SEALSQ cannot predict the evolving trade policies, but the imposition of trade measures by the U.S. on a broader range of imports, or further retaliatory trade measures taken in response to additional U.S. trade measures, could increase costs in its supply chain or reduce demand for SEALSQ's customers' products, either of which could adversely affect its results of operations. Any increase in trade-related costs associated with such measures may impair the profitability of international production, may strain SEALSQ's suppliers' ability to reliably provide inputs necessary to produce these items, and may otherwise affect its partners' abilities to provide its products at previously contracted prices. SEALSQ's business and financial results could be negatively affected as a result.

***SEALSQ face many risks associated with its international expansion, including geopolitical tensions, trade barriers, payment delays and currency failures.***

SEALSQ is continuing to expand its operations into additional international markets. The expansion into international markets may cause difficulties because of distance, as well as language and cultural differences. Other risks related to international operations include fluctuations in currency exchange rates, difficulties arising from staffing and managing foreign operations, legal and regulatory requirements of different countries, and overlapping or differing tax laws. Management cannot assure that it will be able to market and operate its services successfully in foreign markets, select appropriate markets to enter, open new offices efficiently or manage new offices profitably.

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Offering SEALSQ's services in a new geographical area also poses geopolitical risks. For example, export and import of cryptographic technologies is subject to sanctions, and national import and export restrictions. Changes in these restrictions due to geopolitical tensions may significantly harm its business.

As a result of these obstacles, SEALSQ may find it impossible or prohibitively expensive to enter additional markets, or its entry into foreign markets could be delayed, which could hinder its ability to grow its business.

Business practices in the global markets that SEALSQ serves may differ and may require SEALSQ to include non-standard terms in customer contracts, such as extended payment or warranty terms. To the extent that it enters into customer contracts that include non-standard terms related to payment, warranties or performance obligations, its results of operations may be adversely impacted.

Additionally, SEALSQ's global sales and operations are subject to a number of risks, including the following:

● difficulty in enforcing contracts and managing collections, as well as long collection periods;

● costs of doing business globally, including costs incurred in maintaining office space, securing adequate staffing and localizing SEALSQ's contracts;

● management communication and integration problems resulting from cultural and geographic dispersion;

● risk of unexpected changes in regulatory practices, tariffs, tax laws and treaties;

● compliance with anti-bribery laws;

● heightened risk of unfair or corrupt business practices in certain geographies and of improper or fraudulent sales arrangements that may impact financial results, and give rise to restatements of, or irregularities in, financial statements;

● social, economic and political instability, terrorist attacks and security concerns in general;

● reduced or uncertain protection of intellectual property rights in some countries; and

● potentially adverse tax consequences.

These factors could harm SEALSQ's ability to generate future global revenues and, consequently, materially impact its business, results of operations and financial condition.

***SEALSQ's use of artificial intelligence may adversely affect its business operations, products, or financial results, and expose it to evolving legal, regulatory, technological, and operational risks.***

SEALSQ utilizes artificial intelligence ("AI") technologies in several aspects of its business, including the development and enhancement of its software services, and the protection of its products against advanced cyberattacks. AI is also a core component of SEALSQ's strategic initiatives, including the development of AI identity frameworks and the integration of AI capabilities into its existing software platforms and services, post-quantum secure semiconductors and RISC-V-based platforms.

While AI offers potential benefits in product innovation, design efficiency, and security enhancement, its use of AI exposes SEALSQ to a wide range of risks, many of which are difficult to predict given the rapid pace of AI technological advancements and the limited historical experience with AI deployments in semiconductor design and security-critical applications. There can be no assurance that SEALSQ's AI-enabled products and services will achieve the desired performance improvements, security benefits, or cost efficiencies. In some cases, AI implementation may introduce new design flaws, security vulnerabilities, or operational inefficiencies that could adversely affect product functionality, customer trust, or market acceptance.

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Utilizing AI may expose SEALSQ to additional intellectual property, cybersecurity, operational, and technological risks, as the technologies underlying AI and its use are subject to a variety of laws, including intellectual property, privacy, and consumer protection. SEALSQ is also subject to increasing legal, regulatory, and ethical scrutiny regarding its use of AI. In particular, the SEC and other global regulatory bodies are actively reviewing corporate disclosures and governance practices related to AI usage. New or expanded laws, regulations, and industry standards governing AI transparency, accountability, explainability, ethical use, bias prevention, privacy, or security could impose additional compliance obligations on SEALSQ. Such obligations could require SEALSQ to modify, restrict, or discontinue certain AI-enabled functionalities, leading to increased development costs, reduced product performance, or delays in product releases.

Furthermore, shifting public perception and heightened regulatory focus on the ethical implications of AI, particularly in relation to AI-assisted cybersecurity, government surveillance, and supply chain security, could negatively affect demand for SEALSQ's products, limit the markets in which SEALSQ can operate, or expose it to reputational harm.

The technologies underlying AI are inherently complex, rapidly evolving, and subject to a high degree of uncertainty. As a result, SEALSQ cannot predict all of the legal, regulatory, operational, technological, or ethical risks associated with the use of AI in its products and operations. If SEALSQ is unable to effectively manage AI-related risks, its business, reputation, financial condition, and results of operations could be materially and adversely affected.

***SEALSQ's strategic initiatives relating to embedded security and post-quantum cryptography as foundational pillars of "Physical AI" may not achieve market acceptance or technological viability and are subject to significant risks and uncertainties.***

Physical AI refers to artificial intelligence systems that interact with and operate in the physical world, such as robotics, autonomous vehicles, and AI-enabled connected devices. SEALSQ technology is particularly relevant to secure Physical AI, and is targeting this market as potential of growth. Accordingly, SEALSQ has started discussion with robotics providers and technology providers who are already present on this market, in order to use them as channels. The successful execution of this strategy depends on SEALSQ's ability to develop and commercialize secure semiconductors, RISC-V-based platforms, and post-quantum cryptographic solutions capable of being deployed at scale in connected and AI-enabled devices. These technologies are complex and may require significant additional development, validation, and certification, particularly as post-quantum standards continue to evolve and implementation in constrained hardware environments may create performance, integration, or cost challenges. SEALSQ's execution also depends on third-party foundries, supply chain partners, and broader ecosystem adoption, which are outside its control. If SEALSQ is unable to deliver commercially viable products on expected timelines, or if market adoption develops more slowly than anticipated, its business, reputation, and results of operations could be materially and adversely affected.

***Integration of IC'Alps into SEALSQ's business may be unsuccessful or may not generate the anticipated synergies, operational efficiencies, or financial benefits, which could materially and adversely affect SEALSQ's business, results of operations, and cash flows.***

Successfully integrating IC'Alps requires the consolidation of engineering teams and leadership, alignment of product roadmaps, harmonization of processes and internal controls, integration of IT systems, migration to SEALSQ's quality, security, and certification frameworks, and coordination of sales, pricing, and contract terms. If SEALSQ is unable to integrate these functions effectively, on schedule, and within budget, it may fail to realize expected cost savings, revenue synergies, design-win acceleration, or margin improvements, and SEALSQ's operating expenses could increase without a corresponding growth in revenue.

Realizing anticipated commercial benefits depends on SEALSQ's ability to cross-sell and co-develop offerings that combine IC'Alps's ASIC services with its security IP, secure elements, and trust services. Customers may not adopt combined solutions at the pace or volumes SEALSQ expects, may require additional custom features, or may prefer incumbent providers. Differences in business models and revenue recognition, heightened execution risks, project scope changes, cost overruns, yield shortfalls, schedule slippage, or acceptance delays could reduce or defer revenue, compress margins, and increase working capital needs. In addition, any failure to meet performance, confidentiality, IP ownership, or delivery commitments under IC'Alps contracts could expose SEALSQ to liquidated damages, penalties, or indemnity claims and damage its reputation.

Integration also introduces operational, legal, and compliance risks, including with respect to cybersecurity and data protection, export controls and technology transfer, contractual assignment and change-of-control consents, maintenance of effective disclosure controls and procedures, and internal control over financial reporting across a larger and more complex organization.

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If SEALSQ is unable to successfully integrate IC'Alps and achieve the expected benefits in the time frames anticipated, or at all, its revenue, margins, and cash flows could be significantly below SEALSQ's expectations, and its competitive position could be harmed.

***SEALSQ's QSOC initiative depends exclusively on WISeSat for orbital capacity and related operational services, and any failure to finalize acceptable arrangements with WISeSat or obtain the contemplated capacity and services could materially delay or impair SEALSQ's ability to develop, test, validate, and commercialize QSOC.***

SEALSQ's Quantum Spatial Orbital Cloud, or QSOC, initiative currently depends exclusively on WISeSat as the provider of the orbital capacity and related operational services contemplated by the parties. If SEALSQ is unable to finalize the contemplated arrangements with WISeSat on acceptable terms, if WISeSat is unable or unwilling to provide the contemplated capacity and services, if the service specifications are not agreed, or if the arrangement does not evolve into a commercially viable service offering within the expected timeframe, SEALSQ's ability to develop, test, validate and commercialize QSOC may be materially delayed or impaired.

***Assertions by third parties of infringement or other violations by SEALSQ of their intellectual property rights could harm its business, operating results, and financial condition.***

Third parties may assert that SEALSQ has infringed, misappropriated, or otherwise violated their copyrights, patents, and other intellectual property rights, and, as it faces increasing competition, the possibility of intellectual property rights claims against SEALSQ grows.

SEALSQ's ability to provide its services is dependent upon its ability to license intellectual property rights, including to semiconductor designs. Various laws and regulations govern the copyright and other intellectual property rights associated with semiconductor design and cryptographic algorithms. Existing laws and regulations are evolving and subject to different interpretations, and various legislative or regulatory bodies may expand current or enact new laws or regulations. Although SEALSQ expends significant resources to seek to comply with the statutory, regulatory, and judicial frameworks by, for example, entering into license agreements, it cannot assure you that it is not infringing or violating any third-party intellectual property rights, or that SEALSQ will not do so in the future.

Moreover, for its semiconductor solutions, SEALSQ relies on multiple hardware designers, and firmware and software programmers to design its proprietary technologies. Although it make every effort to prevent the incorporation of licenses that would require SEALSQ to disclose code and/or innovations in its products, SEALSQ does not exercise complete control over the development efforts of its developers, and it cannot be certain that its developers have not used designs or software that is subject to such licenses or that they will not do so in the future. In the event that portions of its proprietary technology are determined to be subject to licenses that require SEALSQ to publicly release the affected portions of its semiconductor design and source code, re-engineer a portion of its technologies, or otherwise be limited in the licensing of its technologies, SEALSQ may be forced to do so, each of which could materially harm its business, operating results, and financial condition.

***SEALSQ is dependent upon its parent company and other members of the WISeKey Group for the provision of certain services.***

SEALSQ is currently dependent upon its parent company and other members of the WISeKey Group for the provision of certain services, including certain financial, legal and Information Technology support. SEALSQ has entered into certain service agreements with its parent company under the terms of which certain members of staff and associated resources of WISeKey will be required to carry out certain tasks and duties on behalf of SEALSQ. Under the terms of the service agreements, WISeKey agrees to provide these services to SEALSQ on a cost-plus basis and WISeKey will regularly invoice SEALSQ for the associated costs of providing these services. However, if WISeKey were to no longer carry out these roles then SEALSQ would be required to appoint the appropriate C-suite staff and build out its own support functions which may lead to additional costs and a loss of expertise in the short-term.

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**Financial Risks**

***SEALSQ has a history of losses and may not achieve profitability in the future.***

SEALSQ has invested substantial amounts of financial resources so far on its acquisitions, brand technology and market position. As at December 31, 2025, SEALSQ had, on a consolidated level, an accumulated cumulative deficit of USD 76,107,000.00, compared to USD 41,913,000.00 as at December 31, 2024. In the past, SEALSQ made significant investments in its operations which have not resulted in corresponding revenue growth and, as a result, increased its losses. SEALSQ expects to make significant future investments to support the further development and expansion of its business and these investments may not result in increased revenue or growth on a timely basis or at all.

SEALSQ may also incur significant losses in the future for a number of reasons, including slowing demand for its products and services, increasing competition, weakness in the software and security industries generally, as well as other risks described herein, and SEALSQ may encounter unforeseen expenses, difficulties, complications and delays, and other unknown factors. If SEALSQ incurs losses in the future, it may not be able to reduce costs effectively because many of SEALSQ's costs are fixed. In addition, to the extent that SEALSQ reduces variable costs to respond to losses, this may affect its ability to attract customers and grow its revenues. Accordingly, SEALSQ may not be able to achieve or maintain profitability and SEALSQ may continue to incur significant losses in the future.

***SEALSQ's operating results can vary significantly due to the impairment of goodwill and other tangible and intangible assets due to changes in the business environment.***

SEALSQ's operating results can also vary significantly due to impairments of intangible assets, including goodwill, and other fixed assets. As at December 31, 2025, the value of SEALSQ's goodwill as recorded on its balance sheet was USD 5,656,000.00 and the value of acquired technologies and other intangible assets was USD 20,953,000.00, net of impairment and amortization. Because the market for SEALSQ's products is characterized by rapidly changing technologies, its future cash flows may not support the value of goodwill and other intangibles recorded in its consolidated financial statements. According to U.S. GAAP, SEALSQ is required to annually test its recorded goodwill and indefinite-lived intangible assets, if any, and to assess the carrying values of other intangible assets when impairment indicators exist. As a result of such tests, SEALSQ could be required to book impairment charges in its statement of operations if the carrying value is greater than the fair value. The amount of any potential impairment is not predictable.

Factors that could trigger an impairment of such assets include, but are not limited to, the following:

● underperformance relative to projected future operating results;

● negative industry or economic trends, including changes in borrowing rates or weighted average cost of capital;

● applicable tax rates;

● changes in working capital;

● the market multiples utilized in SEALSQ's fair value calculations;

● changes in the manner or use of the acquired assets or the strategy for SEALSQ's overall business; and

● changes in SEALSQ's organization or management reporting structure, which could require greater aggregation or disaggregation in its analysis by reporting unit and potentially alternative methods/ assumptions of estimating fair values.

Any potential future impairment, if required, could have a material adverse effect on SEALSQ's business, financial condition and results of operations.

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***SEALSQ is exposed to risks associated with acquisitions and investments.***

SEALSQ may in the future make acquisitions of, or investments in, existing companies or existing or new businesses. Acquisitions and investments involve numerous risks that vary depending on their scale and nature, including, but not limited to:

● diversion of management's attention from other operational matters;

● inability to complete proposed transactions as anticipated or at all (and any ensuing obligation to pay a termination fee or other costs and expenses);

● the possibility that the acquired business will not be successfully integrated or that anticipated cost savings, synergies or other benefits will not be realized;

● the acquired business or strategic partnership may lose market acceptance or profitability;

● a decrease in SEALSQ's cash or an increase in its indebtedness, including security interests that may have to be constituted as part of the acquisition indebtedness, may limit its ability to access additional capital when needed;

● failure to commercialize purchased technologies, intellectual property rights or partnered solutions;

● initial dependence on unfamiliar supply chains or relatively small supply partners;

● inability to obtain and protect intellectual property rights in key technologies;

● incurrence of unexpected liabilities; and

● loss of key personnel and clients or customers of acquired businesses.

In addition, if SEALSQ is unsuccessful at integrating such acquisitions or the technologies associated with such acquisitions, its revenues and results of operations could be adversely affected. Any integration process may require significant time and resources, and SEALSQ may not be able to manage the process successfully. SEALSQ may not successfully evaluate or utilize the acquired technology or personnel, or accurately forecast the financial impact of an acquisition transaction, including accounting charges. SEALSQ may have to pay cash, incur debt or issue equity securities to pay for any such acquisition, each of which could adversely affect its financial condition. The sale of equity or incurrence of debt to finance any such acquisitions could result in dilution to its shareholders. The incurrence of indebtedness would result in increased fixed obligations and could also include covenants or other restrictions that would impede SEALSQ's ability to manage its operations.

***SEALSQ may need additional capital in the future and it may not be available on terms favorable for it or at all.***

Although SEALSQ has raised significant capital during 2024, 2025 and 2026 to date, SEALSQ may require additional capital in the future to do, among other things, the following:

● enhance and expand the range of products and services it offers;

● respond to potential strategic opportunities, such as investments, acquisitions and expansions; and

● fund SEALSQ's operations.

SEALSQ's ability to obtain external financing in the future is subject to a variety of uncertainties, including: (i) SEALSQ's financial condition, results of operations and cash flows, and (ii) general market conditions for financing activities.

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The terms of available financing may also restrict SEALSQ's financial and operating flexibility. If adequate funds are not available on acceptable terms, SEALSQ may be forced to reduce its operations or delay, limit or abandon expansion opportunities. Moreover, even if SEALSQ is able to continue its operations, the failure to obtain additional financing could have a material adverse effect on its business, financial condition and results of operations.

***SEALSQ is a holding company with no direct cash generating operations and which relies on its subsidiaries to provide it with funds necessary to pay dividends to shareholders.***

SEALSQ is a holding company with no significant assets other than the equity interests in its subsidiaries. SEALSQ's subsidiaries own substantially all the rights to its revenue streams. SEALSQ has no legal obligation to, and may not, declare dividends or other distributions on its shares. SEALSQ's ability to pay dividends to its shareholders depends on its ability to satisfy a solvency test under the BVI Act and its Articles, which will depend on the performance of its subsidiaries and their ability to distribute funds to SEALSQ. Under the BVI Act, a company satisfies the solvency test if the value of the company's assets exceeds its liabilities and the company is able to pay its debts as they fall due (the "BVI Solvency Test").

The ability of a subsidiary to make distributions to SEALSQ could be affected by a claim or other action by a third party, including a creditor, or by laws which regulate the payment of dividends by companies. In addition, the subsidiaries' ability to distribute funds to SEALSQ depends on, among other things, the availability of sufficient legally distributable profit of such subsidiaries. SEALSQ cannot offer any assurance that legally distributable profit or reserves from capital contributions will be available in any given financial year.

Even if the BVI Solvency Test can be met, SEALSQ may not be able to pay a dividend or a distribution for a variety of reasons. Payment of future dividends and other distributions will depend on SEALSQ's liquidity and cash flow generation, financial condition and other factors, including regulatory and liquidity requirements, as well as tax and other legal considerations.

**Legal Risks**

***Claims, litigation, government investigations, and other proceedings may adversely affect SEALSQ's business and results of operations***

SEALSQ faces a variety of potential claims, lawsuits, investigations, and other legal proceedings across different areas, such as intellectual property, taxes, labor, privacy, data security, consumer protection, commercial disputes, and more, involving both its own operations and those of third parties. These proceedings can negatively impact SEALSQ due to legal expenses, disruption of operations, diversion of management attention, adverse publicity, and other factors. The outcomes of these matters are uncertain and come with significant risks. Assessing potential losses and establishing legal reserves involves judgment and may not fully capture all uncertainties and unpredictable outcomes. Until these matters are resolved, SEALSQ may face losses beyond what is currently recorded, which could be significant. Changes or inaccuracies in its estimates and assumptions could materially affect its business or financial results.

***Employment laws in some of the countries in which SEALSQ operates are relatively stringent.***

As of December 31, 2025, SEALSQ had employees located in the United States, in France and other countries and regions. In some of the countries in which it operates, employment laws may grant significant job protection to employees, including rights on termination of employment and setting maximum number of hours and days per week that a particular employee is permitted to work. In addition, in certain countries in which it operates, SEALSQ is or may be required to consult and seek the advice of employee representatives and/or unions. These laws, coupled with the requirement to consult with any relevant employee representatives and unions, could impact its ability to react to market changes and the needs of SEALSQ's business.

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***SEALSQ may incur fines or penalties, damage to its reputation or other adverse consequences if its employees, agents or business partners violate, or are alleged to have violated, anti-bribery, competition or other laws.***

SEALSQ's internal controls may not always protect SEALSQ from reckless or criminal acts committed by its employees, agents or business partners that would violate BVI, U.S. or other laws, including anti-bribery, competition, trade sanctions and regulations and other related laws. Any such improper actions could subject SEALSQ to administrative, civil or criminal investigations in the competent jurisdictions, could lead to substantial civil or criminal monetary and non-monetary penalties against SEALSQ or its subsidiaries, and could damage its reputation. Even the allegation or appearance of SEALSQ's employees, agents or business partners acting improperly or illegally could damage SEALSQ's reputation and result in significant expenditures in investigating and responding to such actions.

***SEALSQ could be subject to litigation that, if not resolved in its favor and not sufficiently insured against, could have a material adverse effect on the SEALSQ Group***

As SEALSQ continues to expand products, partnerships, sales and distribution, the risk of being involved in legal proceedings will invariably increase. Legal proceedings, especially when involving intellectual property rights and product liability, may have material adverse effects on SEALSQ's financial condition, results of operations and cash flows.

***Risks related to the proposed redomiciliation of SEALSQ's controlling shareholder***

SEALSQ's controlling shareholder, WISeKey, has announced its intention to change its place of incorporation from Switzerland to the British Virgin Islands through a proposed cross-border merger. Although SEALSQ Corp is not a party to the proposed redomiciliation and does not expect to change its own place of incorporation or listing as a result of the transaction, the redomiciliation of its controlling shareholder could have adverse legal, regulatory and governance consequences for SEALSQ.

The proposed redomiciliation is subject to shareholder approval, regulatory approvals and other customary conditions, and there can be no assurance that it will be completed on the anticipated timeline or at all. Any delays, challenges or failure to complete the redomiciliation could result in legal disputes, regulatory scrutiny or adverse market perception affecting WISeKey, which could in turn negatively impact SEALSQ due to its status as a controlled subsidiary.

If completed, the redomiciliation would result in WISeKey being governed by the laws of the British Virgin Islands rather than Swiss law. Differences between Swiss law and British Virgin Islands law relating to corporate governance, shareholder rights, disclosure obligations and fiduciary duties could give rise to uncertainty, disputes or claims involving WISeKey, including claims brought by shareholders or regulators. Any such disputes, investigations or proceedings involving WISeKey could result in reputational harm, management distraction or legal costs for SEALSQ, or could adversely affect its relationship with its controlling shareholder, its access to capital markets or investor confidence in SEALSQ.

In addition, changes in WISeKey's jurisdiction of incorporation or regulatory profile could affect contractual arrangements, regulatory filings, tax positions or compliance obligations applicable to SEALSQ as part of the WISeKey group, and could result in additional legal or compliance costs or the need to modify existing governance, disclosure or reporting practices.

**Risks Related to Taxation**

***If a United States person is treated as owning at least 10% of SEALSQ's shares, including constructively through the ownership of convertible securities, or if SEALSQ or one of SEALSQ's non-U.S. subsidiaries is or becomes a controlled foreign corporation ("CFC"), there could be materially adverse U.S. federal income tax consequences to a United States person treated as owning at least 10% of SEALSQ's shares, including constructively through the ownership of convertible securities.***

If a U.S. investor owns or is treated as owning (indirectly or constructively, including constructively through the ownership of convertible securities) at least 10% of the total value or voting power of SEALSQ's shares, such investor generally will be treated as a "United States shareholder" with respect to each "controlled foreign corporation," or CFC, in SEALSQ's group, if any. A non-U.S. corporation generally will be a CFC if United States shareholders own, directly, indirectly or constructively, more than 50% of the total value or total combined voting power of such corporation.

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A United States shareholder of a CFC is generally required to report annually and include in its U.S. federal taxable income its *pro rata* share of "subpart F income," "net controlled foreign corporation tested income" (known as "global intangible low-taxed income" before changes to the Code introduced in 2025) and investments in U.S. property by the controlled foreign corporation, regardless of whether it makes any distribution of that income. Failure to comply with these reporting obligations may subject a United States shareholder to significant monetary penalties and may prevent the statute of limitations with respect to such shareholder's U.S. federal income tax return for the year for which reporting was due from starting. Any such U.S. holder who is an individual generally would not be allowed certain tax deductions or foreign tax credits that would be allowed to a U.S. corporation.

SEALSQ cannot provide any assurance that SEALSQ will assist investors in determining whether SEALSQ or any of SEALSQ's non-U.S. subsidiaries is treated as a CFC or whether any investor is treated as a United States shareholder with respect to any such CFC or furnish to any United States shareholders information that may be necessary to comply with the aforementioned reporting and tax paying obligations. U.S. holders should consult their tax advisers regarding the potential application of these rules to their investment in SEALSQ's shares.

***There is substantial uncertainty regarding SEALSQ's status as a passive foreign investment company, or PFIC, for its 2025 taxable year and there is a significant risk that SEALSQ could be a PFIC in 2026 and possibly future taxable years.***

Under the Code, generally a non-U.S. corporation is a passive foreign investment company ("PFIC") for any taxable year in which, after the application of certain look-through rules with respect to subsidiaries, either (i) 75% or more of its gross income consists of passive income or (ii) 50% or more of the average quarterly value of its assets consists of assets that produce, or are held for the production of, passive income. Cash and cash-equivalents generally are passive assets for these purposes, and digital assets are likely to be passive assets for these purposes as well. Goodwill and other unbooked intangible assets (the value of which may be determined by reference to the excess of the sum of a corporation's market capitalization and liabilities over the value of its book assets) are active to the extent attributable to activities that produce or are intended to produce active income.

There is substantial uncertainty regarding SEALSQ's PFIC status for 2025. SEALSQ held, and continues to hold, a substantial amount of passive assets, including cash. Therefore, SEALSQ's PFIC status for 2025, and likely for the current and future taxable years, depends on the value of its goodwill and other intangible assets. SEALSQ has not obtained, and does not intend to obtain, valuations of SEALSQ's goodwill and other intangible assets. However, the average value of SEALSQ's assets (including goodwill and other intangible assets) for 2025 is determined, in large part, by reference to the market value of SEALSQ's Ordinary Shares, which has fluctuated substantially over time. Moreover, the determination of whether SEALSQ is a PFIC for any taxable year requires the application of principles and methodologies that in some circumstances are unclear. In particular, PFIC's status for 2025 is uncertain because, among other things, the law applicable to determining whether SEALSQ's goodwill is categorized as an asset that produces active or passive income is subject to varying interpretations.

There is also a significant risk that SEALSQ could be a PFIC in 2026 and possibly future taxable years. Whether SEALSQ is a PFIC for the current or any future year is a fact-intensive determination that can only be determined after the close of the taxable year and will depend on the composition of its income and assets and the value of its assets from time to time during the year. SEALSQ currently holds a significant amount of cash and other liquid assets, and so the composition of SEALSQ's income and assets will be affected by how, and how quickly, SEALSQ uses its liquid assets. If SEALSQ deploys significant amounts of cash and investments for active purposes, SEALSQ may be less likely to be classified as a PFIC for the current or future taxable years. SEALSQ's PFIC status for any taxable year may also be largely driven by the market value of SEALSQ's Ordinary Shares, which could continue to be volatile. Accordingly, there is a significant risk that SEALSQ could be a PFIC for 2026 and possibly for future taxable years.

If SEALSQ is a PFIC for any taxable year during which a U.S. investor holds SEALSQ Ordinary Shares, certain adverse U.S. federal income tax consequences could apply to such U.S. Holder. See the discussion in the Item 10.E. Taxation section of this annual report titled "*Material Tax Considerations — U.S. Federal Income Tax Considerations*." U.S. Holders are urged to consult with their own tax advisors regarding the possible application of the PFIC rules.

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***The Company could be required to comply with economic substance requirements in the British Virgin Islands.***

British Virgin Islands legislation requires certain entities registered in the British Virgin Islands engaged in "relevant activities" to maintain a substantial economic presence in the British Virgin Islands and to satisfy economic substance requirements. The list of "relevant activities" includes carrying on as a business any one or more of: banking, insurance, fund management, financing and leasing, headquarters, shipping, distribution and service center, intellectual property and pure equity holding entities.

Entities which are tax resident outside of the British Virgin Islands (as SEALSQ is), provided they are not tax resident in a country included in Annex I to the European Union list of non-cooperative jurisdictions for tax purposes (which SEALSQ is not), are not required to have economic substance in the British Virgin Islands, regardless of the activity they are conducting.

If SEALSQ's tax status changes and it is conducting any "relevant activities" or if the scope of the relevant statute is changed by subsequent legislation, it may be required to increase its substance in the British Virgin Islands, which could result in additional costs that could adversely affect its financial condition or results of operations. If SEALSQ was required to satisfy economic substance requirements in the British Virgin Islands, but failed to do so, it could face spontaneous disclosure to competent authorities in the EU of the information filed by the entity with the BVI International Tax Authority and the BVI Financial Investigation Agency in connection with the economic substance requirements and SEALSQ's beneficial and legal ownership and may also face financial penalties, restriction or regulation of SEALSQ's business activities and/or may be struck off or liquidated as a registered entity in the British Virgin Islands.

***The French tax authorities may determine that SEALSQ is not a Swiss tax resident.***

SEALSQ believes that it is and will remain a Swiss resident company for tax purposes and that SEALSQ will benefit from the France-Switzerland double tax treaty when dividend and interest payments are made by SEALSQ France to SEALSQ Corp. Additionally, any payments of dividends and interest to SEALSQ would be made into a bank account that is located in Switzerland and would not be subsequently rewired to a bank account located in the BVI (or any other blacklisted jurisdiction).

The status of SEALSQ's tax residence may be subject to challenge by the French tax authorities and the onus would be upon SEALSQ to demonstrate that (i) SEALSQ has sufficient substance in Switzerland, including having its place of effective management in Switzerland along with sufficient substance, in particular employees and offices, (ii) SEALSQ is not controlled, directly or indirectly, by a non-French or non-Swiss tax resident, and (iii) SEALSQ is the beneficial owner of the dividends and interest paid by SEALSQ France SAS.

It is important to note that pursuant to a French government Decree (*arrêté*) dated February 16, 2024, the British Virgin Islands is no longer on the list of "non-cooperative States and territories". As a result, even if SEALSQ Corp was deemed a tax resident of the British Virgin Islands, the potential adverse French tax consequences that existed prior to that date on dividend and interest payments made by SEALSQ France to SEALSQ Corp have ceased to exist.

***A change in tax laws, treaties or regulations, or their interpretation, of any country in which SEALSQ operates, could result in a higher tax rate on its earnings, which could result in a significant negative impact on its earnings and cash flows from operations.***

SEALSQ operates in various jurisdictions. Consequently, it is subject to changes in applicable tax laws, treaties or regulations in the jurisdictions in which it operates, which could include laws or policies directed toward companies organized in jurisdictions with low tax rates. A material change in the tax laws or policies, or their interpretation, of any country in which it has significant operations, or in which SEALSQ is incorporated or resident, could result in a higher effective tax rate on its worldwide earnings and such change could be significant to its financial results.

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**Risk Related to SEALSQ's Corporate Structure**

***As a "foreign private issuer" (within the meaning of the U.S. Securities Act) SEALSQ is entitled to claim exemptions from certain Nasdaq corporate governance standards, and, if it elected to rely on these exemptions, you may not have the same protections afforded to stockholders of companies that are subject to all of the Nasdaq corporate governance requirements.***

As a foreign private issuer, SEALSQ is permitted to, and it does, rely on exemptions from certain Nasdaq corporate governance standards applicable to domestic U.S. issuers. This may afford less protection to holders of its Ordinary Shares.

SEALSQ is exempted from certain corporate governance requirements of Nasdaq by virtue of being a foreign private issuer. SEALSQ is required to provide a brief description of the significant differences between its corporate governance practices and the Nasdaq corporate governance practices required to be followed by domestic U.S. companies listed on Nasdaq. The standards applicable to SEALSQ are considerably different from the standards applied to domestic U.S. issuers. For instance, SEALSQ is not required to:

● have a majority of the board of directors be independent (although all of the members of the audit committee must be independent under the Securities Exchange Act);

● have a compensation committee or a nominating or corporate governance committee consisting entirely of independent directors; or

● have regularly scheduled executive sessions with only independent directors.

SEALSQ has relied on and intends to continue to rely on some of these exemptions. As a result, you may not be provided with the benefits of certain corporate governance requirements of Nasdaq.

***As a "foreign private issuer" and, as a result, SEALSQ is subject to reduced requirements with respect to the reporting of financial statements and other material events to SEALSQ's shareholders and the SEC.***

As a foreign private issuer, SEALSQ is exempt from, among other things, the rules prescribing the furnishing and content of proxy statements under the Exchange Act. In addition, its executive officers and directors and principal shareholders are exempt from the short-swing profit and recovery provisions contained in Section 16 of the Exchange Act, and its principal shareholders are also exempt from the reporting requirements contained in Section 16 of the Exchange Act. SEALSQ is also not required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as domestic U.S. companies with securities registered under the Exchange Act. As a result, SEALSQ's shareholders may be afforded less protection than they would under the Exchange Act rules applicable to domestic U.S. companies.

***SEALSQ may lose its foreign private issuer status, which would then require SEALSQ to comply with the Exchange Act's domestic reporting regime and cause it to incur significant legal, accounting and other expenses.***

As a foreign private issuer, SEALSQ is not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act applicable to U.S. domestic issuers. In order to maintain SEALSQ's current status as a foreign private issuer, either (a) a majority of its Ordinary Shares must be either directly or indirectly owned of record by non-residents of the United States or (b)(i) a majority of its executive officers or directors may not be United States citizens or residents, (ii) more than 50 percent of its assets cannot be located in the United States and (iii) its business must be administered principally outside the United States. These criteria are tested annually. If SEALSQ lost this status, it would be required to comply with the Exchange Act reporting and other requirements applicable to U.S. domestic issuers, which are more detailed and extensive than the requirements for foreign private issuers. SEALSQ may also be required to make changes in its corporate governance practices in accordance with various SEC and stock exchange rules. The regulatory and compliance costs to SEALSQ under U.S. securities laws if it is required to comply with the reporting requirements applicable to a U.S. domestic issuer may be significantly higher than the cost SEALSQ would incur as a foreign private issuer. As a result, SEALSQ expects that a loss of foreign private issuer status would increase its legal and financial compliance costs and would make some activities highly time-consuming and costly. SEALSQ also expects that if it were required to comply with the rules and regulations applicable to U.S. domestic issuers, it would make it more difficult and expensive for SEALSQ to obtain director and officer liability insurance, and SEALSQ may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. These rules and regulations could also make it more difficult for SEALSQ to attract and retain qualified members of its board of directors.

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***SEALSQ is a "controlled company" as defined under the Nasdaq corporate governance rules. As a result, it qualifies for, and intends to rely on, exemptions from certain corporate governance requirements that would otherwise provide protection to shareholders of other companies.***

SEALSQ is a "controlled company" as defined under the Nasdaq corporate governance rules because WISeKey owns more than 50% of its total voting power. For so long as it remains a controlled company, SEALSQ may rely on certain exemptions from the corporate governance rules, including the rule that its board of directors be comprised of a majority of independent directors. As a result, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. Even if SEALSQ ceases to be a controlled company, it may still rely on exemptions available to foreign private issuers, including being able to adopt home country practices in relation to corporate governance matters.

***SEALSQ will likely not pay dividends in the foreseeable future.***

The dividend policy is subject to the discretion of SEALSQ's board of directors and will depend on, among other things, its earnings, financial condition, capital requirements and other factors. There is no assurance that its board of directors will declare dividends even if SEALSQ is profitable. Under BVI law, SEALSQ may only pay dividends if it satisfies the BVI Solvency Test, being that SEALSQ's assets must exceed its liabilities and it must be able to pay its debts as they fall due.

***As the rights of shareholders under British Virgin Islands law differ from those under U.S. law, you may have fewer protections as a shareholder.***

SEALSQ's corporate affairs are governed by its Articles, the BVI Act and the common law of the British Virgin Islands. The rights of shareholders to take legal action against its directors, actions by minority shareholders and the fiduciary responsibilities of its directors under British Virgin Islands law are governed by the BVI Act and the common law of the British Virgin Islands. The common law of the British Virgin Islands is derived in part from comparatively limited judicial precedent in the British Virgin Islands as well as from the common law of England and the wider Commonwealth, which has persuasive, but not binding, authority on a court in the British Virgin Islands. Decisions of the Judicial Committee of the Privy Council are binding on courts in the British Virgin Islands. The rights of SEALSQ's shareholders and the fiduciary responsibilities of its directors under British Virgin Islands law are largely codified in the BVI Act, but are potentially not as clearly established as they would be under statutes or judicial precedents in some jurisdictions in the United States. In particular, the British Virgin Islands has a less developed body of securities laws as compared to the United States, and some states (such as Delaware) have more fully developed and judicially interpreted bodies of corporate law. As a result of all of the above, holders of SEALSQ's shares may have more difficulty in protecting their interests through actions against its management, directors or major shareholders than they would as shareholders of a U.S. company.

***British Virgin Islands companies may not be able to initiate shareholder derivative actions in the United States, thereby depriving shareholders of the ability to protect their interests.***

Shareholders of British Virgin Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the United States as issues of standing and demand are generally determined by the law of the place of incorporation. Shareholders of a British Virgin Islands company could, however, bring a derivative action in the British Virgin Islands courts, and there is a clear statutory right to commence such derivative claims under Section 184C of the BVI Act, but only with the leave of the court. Leave will typically be granted only where the court is satisfied, among other things, that the applicant is acting in good faith and that it is in the interests of the company that the claim be brought. The circumstances in which any such action may be brought, and the procedures and defenses that may be available in respect to any such action, may result in the rights of shareholders of a British Virgin Islands company being more limited than those of shareholders of a company organized in the United States. Accordingly, shareholders may have fewer alternatives available to them if they believe that corporate wrongdoing has occurred. The British Virgin Islands courts are also unlikely to recognize or enforce against SEALSQ judgments of courts in the United States based on certain liability provisions of U.S. securities laws, and to impose liabilities against SEALSQ, in original actions brought in the British Virgin Islands, based on certain liability provisions of U.S. securities laws that are penal in nature. There is no statutory recognition in the British Virgin Islands of judgments obtained in the United States, although the courts of the British Virgin Islands will generally recognize and enforce the non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits. This means that even if shareholders were to sue SEALSQ successfully, they may not be able to recover anything to make up for the losses suffered.

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***The laws of the British Virgin Islands may provide less protection for minority shareholders than those under U.S. law, so minority shareholders may have less recourse than they would under U.S. law if the shareholders are dissatisfied with the conduct of SEALSQ's affairs.***

Under the laws of the British Virgin Islands, the rights of minority shareholders are protected by provisions of the BVI Act dealing with shareholder remedies and other remedies available under common law (in tort or contractual remedies). The principal protection under statutory law is that shareholders may bring an action to enforce the constitutional documents of the SEALSQ (i.e., its Articles) as shareholders are entitled to have the affairs of SEALSQ conducted in accordance with the BVI Act and the memorandum and articles of association of SEALSQ. A shareholder may also bring an action under statute if they feel that the affairs of the company have been or will be carried out in a manner that is unfairly prejudicial, discriminating, or oppressive to them. The BVI Act also provides for certain other protections for minority shareholders, including in respect of investigation of the company and inspection of SEALSQ books and records. There are also common law rights for the protection of shareholders that may be invoked, largely dependent on English common law, since the common law of the British Virgin Islands for business companies is limited.

***The Company is not subject to the supervision of the BVI Financial Services Commission, and so the shareholders are not protected by any regulatory inspections by the BVI Financial Services Commission in the BVI.***

SEALSQ is not an entity subject to any regulatory supervision in the BVI by the BVI Financial Services Commission. As a result, SEALSQ's shareholders are not protected by any regulatory supervision or inspections by any regulatory agency in the BVI, and SEALSQ is not required to observe any restrictions in respect of conduct save as disclosed in this report, its Articles, or the BVI Act.

***It may be difficult to enforce service of process and judgments against SEALSQ and its officers and directors.***

SEALSQ is incorporated under the laws of the British Virgin Islands and its principal executive offices are located outside the United States. Most of SEALSQ's directors and officers and those of its subsidiaries are residents of countries other than the United States. Substantially all of its subsidiaries' assets and a substantial portion of the assets of its directors and officers are located outside the United States. As a result, it may be difficult or impossible for United States investors to effect service of process within the United States upon SEALSQ, its directors or officers, its subsidiaries or to realize against SEALSQ or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.

***BVI Regulatory Environment***

SEALSQ is currently a non-operating business and as such it does not have any industry-specific regulators or regulations that it needs to comply with in the BVI. As a BVI business company limited by shares, SEALSQ is regulated by the laws of the British Virgin Islands, and principally by the corporate law of the BVI which is contained in the BVI Act. The BVI does not distinguish between public and private companies. SEALSQ is also governed by the BVI Insolvency Act (Revised Edition 2020) and the laws and regulations of the BVI which pertain to economic substance and beneficial ownership, as well as common law.

**Risks Relating to SEALSQ's Ordinary Shares**

***SEALSQ's Ordinary Shares were not publicly traded before the completion of the Spin-Off Distribution on May 23, 2023. While an active trading market currently exists, such a market may not be maintained and therefore it may not provide you with adequate liquidity for SEALSQ's Ordinary Shares.***

Before the Spin-Off Distribution, which was completed on May 23, 2023, there was no public market for SEALSQ's Ordinary Shares. As of December 31, 2025, WISeKey and its affiliates, including Mr. Carlos Moreira, held 3.75% of the Ordinary Shares and WISeKey held 99.99% of the Class F Shares, which together mean they held approximately 51.86% of the voting rights of SEALSQ, and this concentration of ownership could make it less likely that an active and liquid trading market for its Ordinary Shares be maintained on Nasdaq.

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Although SEALSQ's Ordinary Shares are listed on the Nasdaq Global Select Market the market for its Ordinary Shares has demonstrated varying levels of trading activity. The current level of trading may not be sustained in the future. The lack of an active market for SEALSQ's Ordinary Shares may impair investors' ability to sell their Ordinary Shares at the time they wish to sell them or at a price that they consider reasonable, may reduce the fair market value of their Ordinary Shares and may impair SEALSQ's ability to raise capital to continue to fund operations by selling Ordinary Shares and may impair its ability to acquire additional assets by using its Ordinary Shares as consideration.

***SEALSQ may experience extreme share price volatility unrelated to its actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of its Ordinary Shares.***

The U.S. stock market has witnessed instances of extreme stock price run-ups followed by rapid price declines, particularly among newly public companies. In many instances, such volatility has appeared disconnected from the issuers' operational performance and financial condition. While market fluctuations are an inherent risk for publicly traded companies, such volatility could distort the market perception of SEALSQ's share price and financial performance, potentially affecting the liquidity of its Ordinary Shares.

Further, if the trading volumes of SEALSQ's Ordinary Shares are low, shareholders may face difficulties in liquidating their investments or may be forced to sell at unfavorable prices. As a result, investors may experience losses on their investment in its Ordinary Shares, and its ability to access capital markets could be adversely affected.

***If securities or industry analysts do not publish research or reports about SEALSQ's business, or publish negative reports about its business, its share price and trading volume could decline.***

As a company that became publicly traded on May 23, 2023, there is currently limited analyst coverage of the SEALSQ Group. The trading market for SEALSQ's Ordinary Shares will depend, in part, upon the research and reports that securities or industry analysts publish about SEALSQ or its business. SEALSQ does not have any control over analysts as to whether they will cover it, and if they do, whether such coverage will continue. If additional analysts do not commence coverage of SEALSQ, or if one or more of these analysts cease coverage of the SEALSQ Group or fail to regularly publish reports on it, it could lose visibility in the financial markets, which could cause its share price or trading volume to decline. In addition, if one or more of the analysts who cover SEALSQ downgrades its shares or change their opinion of its shares, the share price may likely decline.

***The exercise of SEALSQ's outstanding warrants may result in significant dilution to existing shareholders and could cause its stock price to decline.***

As of March 27, 2026, SEALSQ has outstanding warrants to purchase an aggregate of 153,410,592 Ordinary Shares. If some or all of these warrants are exercised, it will be required to issue additional Ordinary Shares, which would increase the number of shares outstanding, dilute the ownership interests of existing shareholders, and could adversely affect the per-share amounts of SEALSQ's net income (loss), book value, and other financial measures. The extent of dilution experienced by existing shareholders will depend on the number of warrants exercised, the exercise prices relative to the market price of SEALSQ's Ordinary Shares at the time of exercise, and the terms of the warrants, including any provisions that adjust the exercise price or the number of shares issuable upon certain events.

The mere existence of the warrants may create an overhang and encourage short selling, placing downward pressure on SEALSQ's stock price; exercises followed by sales would increase the public float and could further depress the price. If the market price of SEALSQ's Ordinary Shares is below a warrant's exercise price, the warrants may remain unexercised, depriving SEALSQ of proceeds while the overhang persists. In addition, any anti-dilution or reset adjustments could increase the number of shares issuable or lower the exercise price, which would exacerbate dilution and pressure its stock price. SEALSQ's stock price may also fluctuate based on anticipated or actual issuances upon exercise of outstanding warrants.

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***You may experience future dilution as a result of future equity offerings and other issuances of SEALSQ's Ordinary Shares or other securities.***

To raise additional capital, including to support SEALSQ's growth plans, or in connection with equity awards, strategic transactions or otherwise, SEALSQ may in the future offer additional Ordinary Shares, or other securities convertible into or exchangeable for its Ordinary Shares, including convertible debt. SEALSQ expects that a component of its potential future financing requirements will be raised through equity offerings. SEALSQ cannot predict the size of future issuances or sales of SEALSQ's Ordinary Shares or other securities, including those made in connection with future acquisitions or capital raising activities, or the effect, if any, that such issuances or sales may have on the market price of its Ordinary Shares. The issuance and sale of substantial amounts of Ordinary Shares or other equity-linked securities, or announcement that such issuance and sales may occur, may have the effect of diluting the value of the Ordinary Shares held by SEALSQ's investors and could adversely affect the market price of its Ordinary Shares. In addition, SEALSQ cannot assure you that it will be able to make future sales of its Ordinary Shares or other securities at a price per share that is equal to or greater than the price per share paid by investors, and investors purchasing shares or other securities in the future could have rights that are superior to existing shareholders. The issuance of additional Ordinary Shares or other securities could adversely impact the trading price of SEALSQ's Ordinary Shares.

***The market price of SEALSQ's Ordinary Shares may be subject to significant fluctuations.***

The market price of its Ordinary Shares has been, and is likely to continue to be, volatile. The variance in SEALSQ's stock price makes it difficult to forecast the stock price at which an investor may be able to buy or sell Ordinary Shares. Among the factors that could affect its share price are:

● SEALSQ's operating and financial results;

● future announcements concerning SEALSQ's business;

● changes in revenue or earnings estimates and recommendations by securities analysts;

● changes in SEALSQ's business strategy and operations;

● changes in SEALSQ's senior management or board of directors;

● speculation of the press or the investment community;

● disposals of Ordinary Shares by shareholders;

● actions of competitors;

● SEALSQ's involvement in acquisitions, strategic alliances or joint ventures;

● regulatory factors;

● arrival and departure of key personnel;

● investment community views on technology stock;

● liquidity of the Ordinary Shares; and

● general market, economic and political conditions.

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***If SEALSQ's Ordinary Shares do not meet the Nasdaq Global Select Market's minimum share price requirement, and if SEALSQ cannot cure such deficiency within the prescribed timeframe, its Ordinary Shares could be delisted.***

Under the rules of the Nasdaq Global Select Market, listed companies are required to maintain a share price of at least $1.00 per share (the "Minimum Bid Price Requirement"). If the share price declines below $1.00 for a period of 30 consecutive business days, then the listed company has a cure period of at least 180 days to regain compliance with the Minimum Bid Price Requirement. If the price of SEALSQ's Ordinary Shares closes below $1.00 for 30 consecutive days, and if SEALSQ cannot cure that deficiency within the 180-day timeframe, then its Ordinary Shares could be delisted. Additionally, in January 2025, the SEC approved Nasdaq's proposal to modify its listing standards governing minimum bid price compliance periods and delisting processes, such that, among other matters, if a company fails to maintain the Minimum Bid Price Requirement, and had previously executed a reverse stock split within the prior year, it would immediately receive a notification letter from the Nasdaq Listing Qualifications Department commencing delisting proceedings, with no compliance period.

In the event of a delisting from the Nasdaq Global Select Market, SEALSQ's Ordinary Shares would likely be traded in the over-the- counter inter-dealer quotation system, more commonly known as the OTC. OTC transactions involve risks in addition to those associated with transactions in securities traded on the securities exchanges, such as the Nasdaq Global Select Market, or other exchange-listed stocks. Many OTC stocks trade less frequently and in smaller volumes than exchange-listed stocks. Accordingly, SEALSQ's Ordinary Shares would be less liquid than it would be otherwise. Also, the prices of OTC stocks are often more volatile than exchange-listed stocks. Additionally, many institutional investors are prohibited from investing in OTC stocks, and it might be more challenging to raise capital when needed.

If the market price of SEALSQ's Ordinary Shares is below $5.00 per share, under stock exchange rules, SEALSQ's shareholders will not be able to use such Ordinary Shares as collateral for borrowing in margin accounts. This inability to continue to use SEALSQ's Ordinary Shares as collateral may lead to sales of such shares creating downward pressure and increased volatility in the market price of its Ordinary Shares.

***Provisions in SEALSQ's Articles are intended to discourage certain types of transactions that may involve an actual or threatened hostile acquisition of control over SEALSQ, which will likely depress the trading price of its Ordinary Shares.***

SEALSQ's Articles contain provisions that may make the acquisition of control over SEALSQ more difficult, including the following:

● SEALSQ's dual class share structure, which provides holders of its Class F Shares the ability to effectively control the outcome of matters requiring shareholder approval, even if they own significantly less than a majority of its outstanding shares. SEALSQ's Articles provide that holders of its Class F Shares as a class are fixed at 49.99% of the Company's voting power irrespective of the number of Ordinary Shares that may be issued in the future.

● The ownership of SEALSQ's Class F Shares is subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o in the event of a change of control (being the acquisition by any person or entity, alone or jointly, of more than 50% of the voting rights of any Class F Shareholder which is a corporate entity), as determined by SEALSQ's board of directors, the Class F Shares owned by such Class F Shareholder will be subject to a mandatory and automatic redemption by SEALSQ in exchange for the issuance of new Ordinary Shares at a ratio of five (5) Ordinary Shares for each one (1) Class F Share redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the Class F Shares are non-transferrable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the holders of Class F Shares will be bound by the terms of a Class F Shareholders' Agreement.

● The absence of cumulative voting.

● Vacancies on SEALSQ's board of directors will be able to be filled only by its board of directors and not by shareholders.

● The Class F Shareholders' Agreement provides that the holders of Class F Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o will vote the Class F Shares held by them as one and in accordance with the majority (by the number of shares held) view of the holders of the Class F Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o are bound by the redemption provisions set out in the Articles and required to take all necessary action to comply with them.

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These provisions, alone or together, could discourage, delay or prevent a transaction involving a change of control of the SEALSQ Group. These provisions could also limit the opportunity for its shareholders to receive a premium for their Ordinary Shares and could also affect the price that some investors are willing to pay for its Ordinary Shares.

***SEALSQ is an "emerging growth company" and it cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make its Ordinary Shares less attractive to investors.***

SEALSQ is an "emerging growth company", as defined in the JOBS Act, and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. SEALSQ cannot predict if investors will find its Ordinary Shares less attractive because it may rely on these exemptions. If some investors find its Ordinary Shares less attractive as a result, there may be a less active trading market for its Ordinary Shares and the share price may be more volatile.

In addition, under the JOBS Act, SEALSQ's independent registered public accounting firm will not be required to attest to the effectiveness of its internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act of 2002 for so long as SEALSQ is an emerging growth company.

For as long as SEALSQ takes advantage of the reduced reporting obligations, the information that it provides its shareholders may be different from information provided by other public companies.

***Techniques employed by short sellers may drive down the market price of the Ordinary Shares.***

Short selling is the practice of selling securities that the seller does not own but rather has borrowed from a third party with the intention of buying identical securities back at a later date to return to the lender. The short seller hopes to profit from a decline in the value of the securities between the sale of the borrowed securities and the purchase of the replacement shares, as the short seller expects to pay less in that purchase than it received in the sale.

As it is in the short seller's interest for the price of the security to decline, many short sellers publish, or arrange for the publication of, negative opinions regarding the relevant issuer and its prospects to create negative market momentum and generate profits for themselves after selling a security short. These short attacks have, in the past, led to selling of shares in the market.

Public companies that have substantially all of their operations in China have been the subject of short selling. Much of the scrutiny and negative publicity has centered on allegations of a lack of effective internal control over financial reporting resulting in financial and accounting irregularities and mistakes, inadequate corporate governance policies or a lack of adherence thereto and, in many cases, allegations of fraud. As a result, many of these companies are now conducting internal and external investigations into the allegations and, in the interim, are subject to shareholder lawsuits and/or SEC enforcement actions.

It is not clear what effect such negative publicity could have on SEALSQ. If SEALSQ were to become the subject of any unfavorable allegations, whether such allegations are proven to be true or untrue, it could have to expend significant resources to investigate such allegations and/or defend itself.

While SEALSQ would strongly defend against any such short seller attacks, it may be constrained in the manner in which it can proceed against the relevant short seller by principles of freedom of speech, applicable state law or issues of commercial confidentiality. Such a situation could be costly, time-consuming, and could distract SEALSQ's management from growing its business. Even if such allegations are ultimately proven to be groundless, allegations against SEALSQ could severely impact its business, and any investment in Ordinary shares could be greatly reduced or even rendered worthless.

***SEALSQ could be subject to securities class action litigation.***

In the past, securities class action litigation has often been brought against public companies following declines in the market prices of their securities. If SEALSQ faces such litigation, it could result in substantial costs and a diversion of management's attention and its resources, which could harm its business.

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**Risks Relating to the Dual Class Structure of SEALSQ's Shares**

***The dual class structure of SEALSQ's shares has the effect of concentrating voting power with certain shareholders, in particular WISeKey, which will effectively eliminate your ability to influence the outcome of important transactions, including a change of control.***

SEALSQ's Ordinary Shares have one (1) vote per share as against each other Ordinary Share but, as a class, the Ordinary Shares are fixed at 50.01% of SEALSQ's voting power. SEALSQ's Class F Shares have a variable number of votes that ensure that WISeKey and other Class F Shareholders are fixed at 49.99% of SEALSQ's voting power, and WISeKey may, and as of December 31, 2025 does, have voting power that, in the aggregate, exceeds 49.99% of SEALSQ's voting power, regardless of the actual proportion of the shares of SEALSQ held by it. This voting feature is not common among other corporations and may have an adverse effect on SEALSQ's shareholders other than WISeKey. SEALSQ is reserving up to 5% of its Class F Shares for issuance pursuant to an F Share Option Plan for certain directors and senior management of SEALSQ, its subsidiaries and its parent. As a result, WISeKey's initial ownership percentage of Class F Shares is subject to the grant and exercise of SEALSQ Class F Share Options from time to time. SEALSQ's Articles provide that, in the event of a change of control (being the acquisition by any person or entity, alone or jointly, of more than 50% of the voting rights of any Class F Shareholder which is a corporate entity), as determined by SEALSQ's board of directors, the Class F Shares owned by such Class F Shareholder will be subject to a mandatory and automatic redemption by SEALSQ in exchange for the issuance of new Ordinary Shares at a ratio of five (5) Ordinary Shares for each one (1) Class F Share redeemed. A change in the control of WISeKey would trigger this provision as it is a corporate entity holding Class F Shares. See *Item 10.B. Memorandum and Articles of Association* for a further discussion of the terms of the Articles. Accordingly, WISeKey will effectively control all matters submitted to the shareholders for the foreseeable future, including the election of directors, amendments of SEALSQ's organizational documents, compensation matters, and any merger, consolidation, sale of all or substantially all of SEALSQ's assets, or other major corporate transaction requiring shareholder approval.

WISeKey and the other Class F Shareholders may have interests that differ from yours and may vote in a way with which you disagree with and which may be adverse to your interests. This concentrated control is likely to have the effect of limiting the likelihood of an unsolicited merger proposal, unsolicited tender offer, or proxy contest for the removal of directors. As a result, SEALSQ's governance structure and its Articles may have the effect of depriving its shareholders of an opportunity to sell their shares at a premium over prevailing market prices and make it more difficult to replace its directors and management.

***SEALSQ's governance structure and its Articles may negatively affect the decision by certain institutional investors to purchase or hold its Ordinary Shares.***

The holding of multi-class or low-voting shares, such as SEALSQ's Ordinary Shares, may not be permitted by the investment policies of certain institutional investors or may be less attractive to the portfolio managers of certain institutional investors. In addition, the FTSE Russell requires that at least 5% of a company's total voting rights be held by unrestricted public shareholders for inclusion in the Russell U.S. equity indexes. By contrast, in April 2023, the S&P Dow Jones Indices revised its methodology to permit companies with multiple share-class structures to be considered for inclusion in the S&P Composite 1500 and its component indices; inclusion is still subject to all other eligibility criteria and index-committee discretion. If SEALSQ's capital structure does not satisfy the requirements of the indexes or does not meet other eligibility criteria, its Ordinary Shares would be ineligible for inclusion in those indexes, and mutual funds, exchange traded funds and other investment vehicles that seek to passively track those indices would not invest in SEALSQ's Ordinary Shares, which could negatively affect the trading price and volume of its Ordinary Shares.

***The Class F Shareholders' Agreement also has the effect of concentrating voting power with WISeKey and the other Class F Shareholders, which will effectively eliminate your ability to influence the outcome of important transactions, including a change of control.***

SEALSQ's Articles provide that all Class F Shareholders must enter into the Class F Shareholders' Agreement. The Class F Shareholders' Agreement provides that all of the Class F Shares will be voted as one and in accordance with the majority (by the number of shares held) view of the holders of the Class F Shares. Accordingly, together with SEALSQ's dual class structure, such Class F Shareholders will effectively control all matters submitted to the shareholders for the foreseeable future, including the election of directors, amendments of SEALSQ's organizational documents, and any merger, consolidation, sale of all or substantially all of its assets, or other major corporate transaction requiring shareholder approval.

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***WISeKey and other Class F Shareholders could have, and WISeKey currently does have, voting power that exceeds 49.99% of the voting power of SEALSQ's outstanding capital stock.***

SEALSQ's Articles will not prevent WISeKey or other Class F shareholders from having more than 49.99% of the voting power of its outstanding shares in aggregate. As of December 31, 2025, WISeKey holds 3.13% of SEALSQ's Ordinary Shares, and combined with its holding of Class F Shares, 51.55% of the voting power of SEALSQ's outstanding shares in aggregate. In the future, other Class F Shareholders could have voting power that exceeds 49.99% of the voting power of SEALSQ's outstanding shares in aggregate, including substantially in excess, as a result of their ownership of its Ordinary Shares.

As a result of issuances of SEALSQ's Ordinary Shares or the disposal of Ordinary Shares by WISeKey and other Class F Shareholders, WISeKey and other Class F Shareholders could have, and WISeKey currently does have, voting power that is substantially greater than, and outsized in comparison to, their economic interests and the percentage of SEALSQ's Ordinary Shares that they hold.

In certain circumstances, SEALSQ's Class F Shareholders could have voting power that is substantially greater than, and outsized in comparison to, their economic interests and the percentage of its Ordinary Shares that they hold. This separation between voting power and economic interests could cause conflicts of interest between WISeKey, SEALSQ's Class F Shareholders and its other shareholders, which may result in WISeKey and SEALSQ's other Class F Shareholders undertaking, or causing SEALSQ to undertake, actions that would be desirable for WISeKey and SEALSQ's other Class F Shareholders but would not be desirable for SEALSQ's other shareholders.

As of December 31, 2025, WISeKey holds 3.13% of SEALSQ's Ordinary Shares, and combined with its holding of Class F Shares, 51.55% of the voting power of SEALSQ's outstanding shares in aggregate. In the event that WISeKey and SEALSQ's other Class F Shareholders have less than 49.99% of the voting power of SEALSQ's shares prior to giving effect to the voting power of the Class F Shares, which is currently the case, the issuance of additional Ordinary Shares by SEALSQ in the future to shareholders other than Class F Shareholders will dilute the economic interests of WISeKey and SEALSQ's other Class F Shareholders in SEALSQ but will not result in further dilution of the 49.99% voting power of WISeKey as a holder of Class F Shares and of SEALSQ's other Class F Shareholders.

***Future issuances of SEALSQ's Ordinary Shares will dilute the voting power of its holders of Ordinary Shares but may not result in further dilution of the voting power of Class F Shareholders.***

Future issuances of SEALSQ's Ordinary Shares will dilute both the voting power and economic interests of holders of its Ordinary Shares and future issuances to shareholders other than Class F Shareholders will dilute only the economic interests of SEALSQ's Class F Shareholders but not the 49.99% voting power of the Class F Shareholders. Because the Class F Shares have variable voting rights, in the event that SEALSQ's Class F Shareholders have less than 49.999999% of the voting power of its shares prior to giving effect to the voting power of the Class F Shares, future issuances of Ordinary Shares to shareholders other than Class F Shareholders will not result in dilution of the 49.99% voting power of SEALSQ's Class F Shareholders, but rather, will correspondingly increase the voting power of the Class F Shares.

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**Risks Related to SEALSQ's Investment Policy and Investment Portfolio**

***The value of SEALSQ's investment portfolio may decline.***

The Company's Investment Policy permits the Company to invest from time to time in securities and certain cryptocurrencies as approved by the Board (collectively referred to herein as the "Approved Cryptocurrencies"), including Bitcoin, Ethereum, HBAR (which are digital assets based on an open source cryptographic protocol existing on the Hedera Network), and WECAN tokens (which are Ethereum-based native utility token compliant with the ERC-20 standard tokens issued by WeCan Group SA, (a Swiss blockchain and data compliance company in which SEALSQ has a 31.9% equity stake as of December 31, 2025)), and SEALSQ will be exposed to market volatility in connection with these investments. SEALSQ's financial position and financial performance could be adversely affected by worsening market conditions or poor performance of such investments. Bitcoin, for example, is a highly volatile asset and has experienced significant price fluctuations over time. SEALSQ's cryptocurrency strategy has not been tested and may prove unsuccessful. SEALSQ may also invest from time to time in nonmarketable securities and may need to hold such instruments for a long period of time and may not be able to realize a return of its cash investment should there be a need to liquidate to obtain cash at any given time. SEALSQ may also invest from time to time in securities that are interest-bearing securities and if there are changes in interest rates, those changes would affect the interest income SEALSQ earns on these investments and, therefore, impact its cash flows and results of operations, as well as the value of such assets as reflected on the balance sheet.

***SEALSQ's investment portfolio may be concentrated in just a few holdings, which may result in a single holding significantly impacting the value of its investment portfolio.***

The SEALSQ Group's investment portfolio is overseen in accordance with the guidelines approved by the Investment Committee pursuant to the Investment Policy. SEALSQ's investment portfolio may be concentrated in just a few holdings. Accordingly, a significant decline in the market value of one or more of such holdings may not be offset by hypothetically better performance of the other holdings, if any. This concentration of risk may result in a more pronounced effect on net income and stockholders' equity and may result in greater volatility in the fair market value of SEALSQ's investment portfolio from one period to another.

***The trading prices of many digital assets, including the Approved Cryptocurrencies, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including declines in the trading prices of any of the Approved Cryptocurrencies, is likely to influence SEALSQ's financial results and the market price of its ordinary shares.***

Digital assets are highly volatile assets, and to the extent SEALSQ holds material positions in the Approved Cryptocurrencies or other digital assets, fluctuations in the price of any of the Approved Cryptocurrencies or other digital assets are likely to influence its financial results and, as a result, the market price of its ordinary shares. To the extent SEALSQ holds material positions in the Approved Cryptocurrencies or other digital assets, its financial results and the market price of its Ordinary Shares would be adversely affected, and its business and financial condition would be negatively impacted, if the price of any of the Approved Cryptocurrencies or other digital assets decreased substantially (as it has in the past, such as during 2022), including as a result of:

● decreased user and investor confidence in any of the Approved Cryptocurrencies or other digital assets, including due to the various factors described herein;

● investment and trading activities, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o trading activities of highly active retail and institutional users, speculators, miners and investors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o actual or expected significant dispositions of any of the Approved Cryptocurrencies or other digital assets by large holders, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o actual or perceived manipulation of the spot or derivative markets for any of the Approved Cryptocurrencies or other digital assets or spot Approved Cryptocurrencies or other digital assets exchange traded products;

● negative publicity, media or social media coverage, or sentiment due to events in or relating to, or perception of, any of the Approved Cryptocurrencies or the broader digital assets industry;

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● changes in consumer preferences and the perceived value or prospects of any of the Approved Cryptocurrencies or other digital assets;

● competition from other digital assets that exhibit better speed, security, scalability, or energy efficiency, that feature other more favored characteristics, that are backed by governments, including the U.S. government, or reserves of fiat currencies, or that represent ownership or security interests in physical assets;

● a decrease in the price of other digital assets, including stablecoins, or the crash or unavailability of stablecoins that are used as a medium of exchange for Bitcoin or Ethereum purchase and sale transactions, such as the crash of the stablecoin Terra USD in 2022, to the extent the decrease in the price of such other digital assets or the unavailability of such stablecoins may cause a decrease in the price of Bitcoin, Ethereum or other digital assets or adversely affect investor confidence in digital assets generally;

● the identification of Satoshi Nakamoto, the pseudonymous person or persons who developed Bitcoin, or the transfer of substantial amounts of Bitcoin from Bitcoin wallets attributed to Mr. Nakamoto or other "whales" that hold significant amounts of Bitcoin;

● disruptions, failures, unavailability, or interruptions in service of trading venues for any of the Approved Cryptocurrencies, such as, for example, the announcement by the digital asset exchange FTX Trading that it would freeze withdrawals and transfers from its accounts and subsequent filing for bankruptcy protection;

● the filing for bankruptcy protection by, liquidation of, or market concerns about the financial viability of digital asset custodians, trading venues, lending platforms, investment funds, or other digital asset industry participants;

● regulatory, legislative, enforcement and judicial actions that adversely affect the price, ownership, transferability, trading volumes, legality or public perception of any of the Approved Cryptocurrencies, or that adversely affect the operations of or otherwise prevent digital asset custodians, trading venues, lending platforms or other digital assets industry participants from operating in a manner that allows them to continue to deliver services to the digital assets industry;

● further reductions in mining rewards of Bitcoin or other digital assets, including block reward halving events, which are events that occur after a specific period of time that reduce the block reward earned by "miners" who validate Bitcoin or other digital asset transactions, or increases in the costs associated with Bitcoin or other digital asset mining, including increases in electricity costs and hardware and software used in mining, that may cause a decline in support for the Bitcoin network or other digital asset networks;

● transaction congestion and fees associated with processing transactions on the Bitcoin, Ethereum, Hedera and/or WECAN tokens or other digital asset networks;

● macroeconomic changes, such as changes in the level of interest rates and inflation, fiscal and monetary policies of governments, trade restrictions, and fiat currency devaluations;

● developments in mathematics or technology, including in digital computing, algebraic geometry and quantum computing, that could result in the cryptography used by the Bitcoin blockchain or other digital asset blockchains and networks becoming insecure or ineffective; and

● changes in national and international economic and political conditions.

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***The Approved Cryptocurrencies and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty.***

The Approved Cryptocurrencies and other digital assets are relatively novel and are subject to significant uncertainty, which could adversely impact their price. The application of state and federal securities laws and other laws and regulations to digital assets is unclear in certain respects and evolving, and it is possible that regulators in the United States or other countries may interpret or apply existing laws and regulations in a manner that adversely affects the price of any of the Approved Cryptocurrencies.

The U.S. federal government, states, regulatory agencies, and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement or judicial actions, that could materially impact the price of any of the Approved Cryptocurrencies and other digital assets or the ability of individuals or institutions to own or transfer any of the Approved Cryptocurrencies and other digital assets. Regulatory authorities have been evolving in their approach to digital assets. It is not possible to predict whether, or when, any of these developments will lead to Congress granting additional authorities to the SEC or other regulators, or whether, or when, any other federal, state or foreign legislative bodies will take any similar actions. It is also not possible to predict the nature of any such additional authorities, how additional legislation or regulatory oversight might impact the ability of digital asset markets to function or the willingness of financial and other institutions to continue to provide services to the digital assets industry, nor how any new regulations or changes to existing regulations might impact the value of digital assets generally, and the Approved Cryptocurrencies specifically. The consequences of increased regulation of digital assets and digital asset activities could adversely affect the market price of any of the Approved Cryptocurrencies and, in turn, adversely affect the market price of SEALSQ's Ordinary Shares.

Moreover, the risks of engaging in a digital asset treasury strategy are relatively novel and have created, and could continue to create, complications due to the lack of experience that third parties have with companies engaging in such a strategy, such as increased costs of director and officer liability insurance or the potential inability to obtain such coverage on acceptable terms in the future.

The growth of the digital assets industry in general, and the use and acceptance of the Approved Cryptocurrencies in particular, may also impact the price of any of the Approved Cryptocurrencies or other digital assets and is subject to a high degree of uncertainty. The pace of worldwide growth in the adoption and use of the Approved Cryptocurrencies may depend, for instance, on public familiarity with digital assets, ease of buying, accessing or gaining exposure to the Approved Cryptocurrencies, institutional demand for the Approved Cryptocurrencies as an investment asset, the participation of traditional financial institutions in the digital assets industry, consumer demand for the Approved Cryptocurrencies as a means of payment, and the availability and popularity of alternatives to the Approved Cryptocurrencies. Even if growth in the adoption of the Approved Cryptocurrencies occurs in the near or medium-term, there is no assurance that usage of the Approved Cryptocurrencies will continue to grow over the long-term.

Because the Approved Cryptocurrencies have no physical existence beyond the record of transactions on their respective blockchains and networks, a variety of technical factors related to the Approved Cryptocurrencies blockchains and networks could also impact the price of the Approved Cryptocurrencies. For example, malicious attacks by miners, inadequate mining fees to incentivize validating of Bitcoin transactions, hard "forks" of the Bitcoin blockchain into multiple blockchains, and advances in digital computing, algebraic geometry, and quantum computing could undercut the integrity of the Bitcoin blockchain or other digital asset blockchains and networks and negatively affect the price of Bitcoin or other digital assets. The liquidity of Bitcoin or other digital assets may also be reduced and damage to the public perception of Bitcoin or other digital assets may occur, if financial institutions were to deny or limit banking services to businesses that hold Bitcoin, provide Bitcoin or other digital asset-related services or accept Bitcoin or other digital assets as payment, which could also decrease the price of Bitcoin or other digital assets. Similarly, the open-source nature of the Bitcoin blockchain or other digital asset blockchains means the contributors and developers of the Bitcoin blockchain or other digital assets are generally not directly compensated for their contributions in maintaining and developing the blockchain, and any failure to properly monitor and upgrade such blockchains could adversely affect such blockchains and negatively affect the price of Bitcoin or other digital assets.

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***The launch of central bank digital currencies ("CBDCs") may change consumer preferences and the perceived value or prospects of digital assets.***

The introduction of a government-issued digital currency could eliminate or reduce the need or demand for private-sector issued crypto currencies, or significantly limit their utility. National governments around the world could introduce CBDCs, which could in turn limit the size of the market opportunity for cryptocurrencies, and change consumer preferences and the perceived value or prospects of digital assets.

***HBAR is the native token of the Hedera public network, which differs materially from conventional blockchains. Investing in or holding HBAR could expose SEALSQ to risks specific to Hedera's technology, governance, and token economics.***

The Hedera network is governed and controlled by the Hedera Governing Council, which is comprised of a limited number of multinational corporations and academic institutions, and it retains the authority to direct protocol upgrades, determine validator participation, and influence network policy. Therefore, control is concentrated in a small group and decisions adverse to HBAR holders could be made without broad community consent. Hedera's hashgraph consensus algorithm remains relatively new and previously undiscovered weaknesses may emerge as usage grows. Certain features of HBAR, such as token freezing, KYC/AML compliance flags, and issuer-controlled minting and burning, could expose network participants and developers to heightened scrutiny under evolving securities, commodities, and payments regulations across multiple jurisdictions.

***The WECAN tokens are novel, highly speculative digital assets that entail risks beyond those inherent in Ethereum-based ERC-20 tokens***

WECAN tokens rely on a proprietary and semi-permissioned infrastructure, which may concentrate operational control and create a single point of systemic failure. Given that the WECAN tokens are used in digital identity, such as KYC/AML verification, and data auditability functions, there is a risk of heightened exposure to regulatory and compliance oversight across multiple jurisdictions. Since the WECAN tokens have low trading volumes and a high token supply, there is a greater risk of price manipulation, impaired secondary market exit, and dilution upon the release of vested or reserved token allocations. Further, the success of the WECAN token, in part, is dependent on enterprise adoption and strategic partnerships and if those do not materialize, the WECAN token may lose value or cease to exist. The WECAN token is built on the ERC-20 standard, and it is, therefore, exposed to technical vulnerabilities in the ERC-20 standard and in any bridging mechanisms used to link Ethereum and the WECAN infrastructure.

***Changes in the governance of a digital asset network or protocol may not receive sufficient support from users and validators, which may negatively affect that digital asset network's or protocol's ability to grow and respond to challenges.***

The governance of some digital asset networks and protocols, such as the Bitcoin and Ethereum Networks, is generally by voluntary consensus and open competition. For such networks and protocols, there may be a lack of consensus or clarity on that network's or protocol's governance, which may stymie such network's or protocol's utility, adaptability and ability to grow and face challenges. The foregoing notwithstanding, the underlying software for some digital networks and protocols is informally or formally managed or developed by a group of core developers that propose amendments to the relevant network's or protocol's source code. Core developers' roles may evolve over time, generally based on self-determined participation.

If a significant majority of users and validators were to adopt amendments to the networks for the Approved Cryptocurrencies based on the proposals of such core developers, the networks for the Approved Cryptocurrencies would be subject to new source code that may adversely affect the value of the Approved Cryptocurrencies.

As a result of the foregoing, it may be difficult to find solutions or marshal sufficient effort to overcome any future problems, especially long-term problems, on digital asset networks.

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***If SEALSQ or its third-party service providers experience a security breach or cyberattack and unauthorized parties obtain access to its Approved Cryptocurrencies, or if its private keys are lost or destroyed, or other similar circumstances or events occur, SEALSQ may lose some or all of its Approved Cryptocurrencies and its financial condition and results of operations could be materially adversely affected.***

Security breaches and cyberattacks are of particular concern with respect to SEALSQ's holdings and potential holdings of the Approved Cryptocurrencies or other digital assets. The Approved Cryptocurrencies and other blockchain-based cryptocurrencies and the entities that provide services to participants in the digital asset ecosystems have been, and may in the future be, subject to security breaches, cyberattacks, or other malicious activities. For example, in October 2021 it was reported that hackers exploited a flaw in the account recovery process and stole from the accounts of at least 6,000 customers of the Coinbase exchange, although the flaw was subsequently fixed and Coinbase reimbursed affected customers. Similarly, in November 2022, hackers exploited weaknesses in the security architecture of the FTX Trading digital asset exchange and reportedly stole over $400 million in digital assets from customers. A successful security breach or cyberattack could result in:

● a partial or total loss of SEALSQ's Approved Cryptocurrencies in a manner that may not be covered by insurance or the liability provisions of the custody agreements with the custodians that its may engage to hold its Approved Cryptocurrencies;

● harm to SEALSQ's reputation and brand;

● improper disclosure of data and violations of applicable data privacy and other laws; or

● significant regulatory scrutiny, investigations, fines, penalties, and other legal, regulatory, contractual and financial exposure.

Further, any actual or perceived data security breach or cybersecurity attack directed at other companies with digital assets or companies that operate digital asset networks, regardless of whether SEALSQ is directly impacted, could lead to a general loss of confidence in the broader blockchain ecosystem or in the use of the blockchain ecosystems to conduct financial transactions, which could negatively impact SEALSQ.

Attacks upon systems across a variety of industries, including industries related to Bitcoin and/or Ethereum, are increasing in frequency, persistence, and sophistication, and, in many cases, are being conducted by sophisticated, well-funded and organized groups and individuals, including state actors. The techniques used to obtain unauthorized, improper or illegal access to systems and information (including personal data and digital assets), disable or degrade services, or sabotage systems are constantly evolving, may be difficult to detect quickly, and often are not recognized or detected until after they have been launched against a target. These attacks may occur on SEALSQ's systems or those of its third-party service providers or partners. SEALSQ may experience breaches of its security measures due to human error, malfeasance, insider threats, system errors or vulnerabilities or other irregularities. In particular, SEALSQ expects that unauthorized parties will attempt, to gain access to its systems and facilities, as well as those of its partners and third-party service providers, through various means, such as hacking, social engineering, phishing and fraud. Threats can come from a variety of sources, including criminal hackers, hacktivists, state-sponsored intrusions, industrial espionage, and insiders. In addition, certain types of attacks could harm SEALSQ even if its systems are left undisturbed. For example, certain threats are designed to remain dormant or undetectable, sometimes for extended periods of time, or until launched against a target and SEALSQ may not be able to implement adequate preventative measures. Further, there has been an increase in such activities due to the increase in work-from-home arrangements. The risk of cyberattacks could also be increased by cyberwarfare in connection with the ongoing or future military and/or geopolitical conflicts, including potential proliferation of malware into systems unrelated to such conflicts. Any future breach of its operations or those of others in the digital asset industry, including third-party services on which SEALSQ relies, could materially and adversely affect its financial condition and results of operations.

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***SEALSQ faces risks relating to the custody of any Approved Cryptocurrency it may hold, including the loss or destruction of private keys required to access such digital assets and cyberattacks or other data loss relating to its digital assets.***

SEALSQ intends to hold its Approved Cryptocurrencies with regulated custodians that have duties to safeguard its private keys. SEALSQ's holdings of any of its Approved Cryptocurrencies may be concentrated with a single custodian from time to time. In light of the significant amount of Approved Cryptocurrencies SEALSQ may hold, it would seek to engage additional custodians to achieve a greater degree of diversification in the custody of its Approved Cryptocurrencies it may hold as the extent of potential risk of loss is dependent, in part, on the degree of diversification. If there is a decrease in the availability of digital asset custodians that SEALSQ believes can safely custody any of the Approved Cryptocurrencies it may hold, for example, due to regulatory developments or enforcement actions that cause custodians to discontinue or limit their services in the United States or consolidation in the custody industry, SEALSQ may need to take other measures to custody any of the Approved Cryptocurrencies it may hold, and its ability to seek a greater degree of diversification in the use of custodial services would be materially adversely affected.

Any insurance that SEALSQ obtains that would covers losses of its holdings of digital assets may only cover a small fraction of the value of the entirety of its digital asset holdings, and there can be no guarantee that such insurance will be maintained as part of the custodial services SEALSQ may have or that such coverage will cover losses with respect to its digital assets. Moreover, the use of custodians may expose SEALSQ to the risk that the digital assets that custodians may hold on its behalf could be subject to insolvency proceedings and it could be treated as a general unsecured creditor of the custodian, inhibiting its ability to exercise ownership rights with respect to such digital assets. Any loss associated with such insolvency proceedings is unlikely to be covered by any insurance coverage SEALSQ may maintain related to its digital assets.

The Approved Cryptocurrencies are controllable only by the possessor of both the unique public key and private key(s) relating to the local or online digital wallet in which such digital assets are held. While the blockchain ledger for the Approved Cryptocurrencies requires a public key relating to a digital wallet to be published when used in a transaction, private keys must be safeguarded and kept private in order to prevent a third party from accessing the Approved Cryptocurrencies held in such wallet. To the extent the private key(s) for a digital wallet are lost, destroyed, or otherwise compromised and no backup of the private key(s) is accessible, neither SEALSQ nor its custodians will be able to access the Approved Cryptocurrencies held in the related digital wallet. Furthermore, SEALSQ cannot provide assurance that its digital wallets, nor the digital wallets of its custodians held on its behalf, will not be compromised as a result of a cyberattack. The Bitcoin and blockchain ledger, as well as other digital assets and Decentralized Ledger technologies, have been, and may in the future be, subject to security breaches, cyberattacks, or other malicious activities.

***SEALSQ's digital asset treasury strategy exposes SEALSQ to risk of non-performance by counterparties***

Its digital asset treasury strategy exposes SEALSQ to the risk of non-performance by counterparties, whether contractual or otherwise. Risk of non-performance includes inability or refusal of a counterparty to perform because of a deterioration in the counterparty's financial condition and liquidity or for any other reason. For example, SEALSQ's execution partners, custodians, or other counterparties might fail to perform in accordance with the terms of its agreements with them, which could result in a loss of the digital assets, a loss of the opportunity to generate funds, or other losses.

One of the counterparty risks with respect to digital assets is custodian default in the performance of obligations under the various custody arrangements SEALSQ may enter into. A series of recent high-profile bankruptcies, closures, liquidations, regulatory enforcement actions and other events relating to companies operating in the digital asset industry, the closure or liquidation of certain financial institutions that provided lending and other services to the digital assets industry, SEC enforcement actions against other providers, and placement into receivership or civil fraud lawsuit against digital asset industry participants have highlighted the perceived and actual counterparty risk applicable to digital asset ownership and trading. Legal precedent created in these bankruptcy and other proceedings may increase the risk of future rulings adverse to its interests in the event one or more of its custodians becomes a debtor in a bankruptcy case or is the subject of other liquidation, insolvency or similar proceedings.

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While custodians are subject to regulatory regimes intended to protect customers in the event of a custodial bankruptcy, receivership or similar insolvency proceeding, no assurance can be provided that any custodially-held digital assets will not become part of the custodian's insolvency estate if one or more of the custodians enters bankruptcy, receivership or similar insolvency proceedings. Additionally, if SEALSQ pursues any strategies to create income streams or otherwise generate funds using its digital assets, it would become subject to additional counterparty risks. Although no such strategies are contemplated at this time, SEALSQ will need to carefully evaluate market conditions, including price volatility as well as service provider terms and market reputations and performance, among others, prior to implementing any such strategy, all of which could affect its ability to successfully implement and execute on any such future strategy. These risks, along with any significant non-performance by counterparties, including in particular the custodians with which SEALSQ may custody substantially all of its digital assets, could have a material adverse effect on its business, prospects, financial condition, and operating results.

***The availability of spot Bitcoin Exchange Traded Products and Ethereum Exchange Traded Products (ETPs) may adversely affect the market price of SEALSQ's Ordinary Shares.***

Although Bitcoin, Ethereum and other digital assets have experienced a surge of investor attention since Bitcoin was invented in 2008, until recently investors in the United States had limited means to gain direct exposure to Bitcoin and Ethereum through traditional investment channels, and instead generally were only able to hold Bitcoin and Ethereum through "hosted" wallets provided by digital asset service providers or through "unhosted" wallets that expose the investor to risks associated with loss or hacking of their private keys. Given the relative novelty of digital assets, general lack of familiarity with the processes needed to hold Bitcoin or Ethereum directly, as well as the potential reluctance of financial planners and advisers to recommend direct Bitcoin or Ethereum holdings to their retail customers because of the manner in which such holdings are custodied, some investors have sought exposure to Bitcoin and Ethereum through investment vehicles that hold Bitcoin and Ethereum, respectively, and issue shares representing fractional undivided interests in their underlying Bitcoin or Ethereum holdings. These vehicles, which were previously offered only to "accredited investors" on a private placement basis, have in the past traded at substantial premiums or discounts to net asset value, or NAV, possibly due to the relative scarcity of traditional investment vehicles providing investment exposure to Bitcoin or Ethereum, or due to the inability to convert such instruments to digital asset holdings, or withdraw digital assets from such facilities.

In 2024, the SEC approved the listing and trading of spot Bitcoin ETPs and spot Ethereum ETPs, the shares of which can be sold in public offerings and are traded on U.S. national securities exchanges. To the extent investors view SEALSQ's Ordinary Shares as providing exposure to Bitcoin or Ethereum, it is possible that the value of its Ordinary Shares may have included (or may in the future include) a premium over the value of Bitcoin or Ethereum SEALSQ was expected to hold (or that it may in the future hold) due to the prior scarcity of traditional investment vehicles providing investment exposure to Bitcoin or Ethereum or may be subject to declined due to investors now having a greater range of options to gain exposure to Bitcoin and Ethereum and investors choosing to gain such exposure through ETPs rather than SEALSQ's ordinary shares.

Although SEALSQ is an operating company with a post-quantum technology hardware and software solutions business, and it believes it offers a different value proposition than a passive Bitcoin or Ethereum investment vehicle such as a spot Bitcoin ETP or spot Ethereum ETP, investors may nevertheless view SEALSQ's Ordinary Shares as an alternative to an investment in an ETP, and choose to purchase shares of a spot Bitcoin ETP or spot Ethereum ETP instead of its Ordinary Shares. They may do so for a variety of reasons, including if they believe that ETPs offer a "pure play" exposure to Bitcoin or Ethereum that is generally not subject to federal income tax at the entity level as SEALSQ is, or the other risk factors applicable to an operating business, such as SEALSQ's. Additionally, unlike spot Bitcoin ETPs or spot Ethereum ETPs, SEALSQ (i) does not seek for its shares to track the value of the underlying Bitcoin or Ethereum SEALSQ holds before payment of expenses and liabilities, (ii) do not benefit from various exemptions and relief under the Securities Exchange Act of 1934, as amended, including Regulation M, and other securities laws, which enable spot Bitcoin ETPs and spot Ethereum ETPs to continuously align the value of their shares to the price of the underlying Bitcoin or Ethereum they hold through share creation and redemption, (iii) are a British Virgin Islands corporation rather than a statutory trust, and do not operate pursuant to a trust agreement that would require SEALSQ to pursue one or more stated investment objectives, and (iv) are not required to provide daily transparency as to SEALSQ's Bitcoin and Ethereum holdings or its daily NAV. Furthermore, recommendations by broker-dealers to buy, hold, or sell complex products and non-traditional ETPs, or an investment strategy involving such products, may be subject to additional or heightened scrutiny that would not be applicable to broker-dealers making recommendations with respect to its ordinary shares.

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As a result of the foregoing factors, availability of spot Bitcoin ETPs and spot Ethereum ETPs on U.S. national securities exchanges could have a material adverse effect on the market price of SEALSQ's ordinary shares

***SEALSQ's digital asset treasury strategy subjects it to enhanced regulatory oversight.***

As noted above, several spot Bitcoin ETPs and spot Ethereum ETPs have received approval from the SEC to list their shares on a U.S. national securities exchange with continuous share creation and redemption at NAV. Even though SEALSQ is not, and does not function in the manner of, a spot Bitcoin ETP or a spot Ethereum ETP, it is possible that it nevertheless could face regulatory scrutiny from the SEC or other federal or state agencies due to SEALSQ's holdings of digital assets. For example, if SEALSQ holds a substantial portion of its assets in the form of digital assets, or if it earns a substantial portion of its income from digital assets, regulators could take the position that SEALSQ is a commodity pool operator or otherwise subject to regulations (including registration requirements) under the Commodity Exchange Act of 1936 (as amended, the "CEA") and/or, to the extent such digital assets are treated as securities, that SEALSQ is an investment company subject to regulations (including registration requirements) under the Investment Company Act of 1940 (as amended, the "ICA"). SEALSQ currently does not believe that its planned digital asset treasury strategy will require registration under the CEA or the ICA, but if regulators believe otherwise, it could be subject to enforcement action, or it may be required to discontinue such strategy or incur substantial costs to register and comply with regulations under the CEA and/or the ICA.

As discussed in more detail below, the SEC and U.S. Commodity Futures Trading Commission (the "CFTC") recently issued the Joint Interpretation (as defined below), which provides some comfort that certain of the digital assets held and planned to be held by SEALSQ are not, in and of themselves, securities for purposes of the federal securities laws. However, as further discussed below, certain digital assets SEALSQ holds or plans to hold, such as WECAN tokens, are not specifically mentioned in the Joint Interpretation, and there is uncertainty as to whether such unmentioned digital assets may be treated as securities under the federal securities laws. Even for digital assets that the Joint Interpretation specifically mentions as not being securities in and of themselves, it is possible that certain transactions in such digital assets may nonetheless be considered investment contracts, and thus securities for purposes of the federal securities laws.

In addition, there has been increasing focus on the extent to which digital assets can be used to launder the proceeds of illegal activities, fund criminal or terrorist activities, or circumvent sanctions regimes, including those sanctions imposed in response to the ongoing conflict between Russia and Ukraine. While SEALSQ has implemented and maintains policies and procedures reasonably designed to promote compliance with applicable anti-money laundering and sanctions laws and regulations and plans take care to only acquire its digital assets through entities subject to anti-money laundering regulation and related compliance rules in the United States, if SEALSQ is found to have purchased any of its Approved Cryptocurrencies from bad actors that have used digital assets to launder money or persons subject to sanctions, it may be subject to regulatory proceedings and any further transactions or dealings in digital assets by SEALSQ may be restricted or prohibited.

Additional laws, guidance and policies may be issued by domestic and foreign regulators following the filing for Chapter 11 bankruptcy protection by FTX Trading, one of the world's largest cryptocurrency exchanges, in November 2022. U.S. and foreign regulators have also increased, and are highly likely to continue to increase, enforcement activity, and are likely to adopt new regulatory requirements in response to FTX Trading's collapse. Increased enforcement activity and changes in the regulatory environment, including changing interpretations and the implementation of new or varying regulatory requirements by the government or any new legislation affecting digital assets, as well as enforcement actions involving or impacting SEALSQ's trading venues, counterparties and custodians, may impose significant costs or significantly limit its ability to hold and transact in digital assets.

In addition, private actors that are wary of digital assets or the regulatory concerns associated with digital assets may in the future take further actions that may have an adverse effect on SEALSQ's business or the market price of its ordinary shares.

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***Due to the currently unregulated nature and lack of transparency surrounding the operations of many digital asset trading venues, digital asset trading venues may experience greater fraud, security failures or regulatory or operational problems than trading venues for more established asset classes, which may result in a loss of confidence in digital asset trading venues and adversely affect the value of SEALSQ's digital assets.***

Digital asset trading venues are relatively new and, in many cases, unregulated. Even if regulated, such venues may not be complying with such regulations. Furthermore, there are many crypto assets trading venues that do not provide the public with significant information regarding their ownership structure, management teams, corporate practices and regulatory compliance. As a result, the marketplace may lose confidence in digital asset trading venues, including prominent exchanges that handle a significant volume of Bitcoin, Ethereum or other digital asset trading and/or are subject to regulatory oversight, in the event one or more Bitcoin, Ethereum or other digital asset trading venues cease or pause for a prolonged period the trading of Bitcoin, Ethereum or other digital assets, or experience fraud, significant volumes of withdrawal, security failures or operational problems.

In 2019 there were reports claiming that 80-95% of Bitcoin trading volume on trading venues was false or non-economic in nature, with specific focus on currently unregulated exchanges located outside of the United States. Any actual or perceived false trading in the digital asset markets, and any other fraudulent or manipulative acts and practices, could adversely affect the value of SEALSQ's Approved Cryptocurrencies. Negative perception, a lack of stability in the broader digital asset markets and the closure, temporary shutdown or operational disruption of digital asset trading venues, lending institutions, institutional investors, institutional miners, custodians, or other major participants in the digital asset ecosystem, due to fraud, business failure, cybersecurity events, government-mandated regulation, bankruptcy, or for any other reason, may result in a decline in confidence in any of the Approved Cryptocurrencies and the broader digital asset ecosystem and greater volatility in the price of the Approved Cryptocurrencies. For example, in 2022, each of Celsius Network, Voyager Digital, Three Arrows Capital, FTX Trading, and BlockFi filed for bankruptcy, following which the market prices of Bitcoin and other digital assets significantly declined. As the price of SEALSQ's ordinary shares could be affected by the value of any digital assets SEALSQ may hold, the failure of a major participant in the digital asset ecosystem could have a material adverse effect on the market price of its Ordinary Shares.

***SEALSQ's failure to deal appropriately with conflicts of interest could adversely affect its businesses.***

Some of SEALSQ's executive officers, members of its Investment Committee and members of the Board of Directors engage in personal investment activities. These personal investments, done in their individual capacities or through affiliated investment vehicles, may give rise to potential conflicts or perceived conflicts between the personal financial interests of the executive officers, members of its Investment Committee or members of the Board of Directors and the interests of SEALSQ, any of its subsidiaries or any stockholder other than such executive officers, members of its Investment Committee or members of the Board of Directors.

***SEALSQ's historical financial statements does not reflect the potential variability in earnings that it may experience in the future relating to holdings of digital assets.***

SEALSQ's historical financial statements does not fully reflect the potential variability in earnings that it may experience in the future from acquiring, holding or selling significant amounts of digital assets.

The price of Bitcoin and other digital assets has historically been subject to dramatic price fluctuations and is highly volatile.

SEALSQ expects to determine the fair value of its Approved Cryptocurrencies based on quoted (unadjusted) prices on the applicable exchange (if available), and following adoption of ASU 2023-08, will be required to measure its holdings of the Approved Cryptocurrencies at fair value in SEALSQ's statement of financial position, and to recognize gains and losses from changes in the fair value of its Approved Cryptocurrencies in net income each reporting period, which may create significant volatility in SEALSQ's reported earnings and decrease the carrying value of its digital assets, which in turn could have a material adverse effect on the market price of its Ordinary Shares. Conversely, any sale of SEALSQ's Approved Cryptocurrencies at prices above its carrying value for such assets creates a gain for financial reporting purposes even if SEALSQ would otherwise incur an economic or tax loss with respect to such transaction, which also may result in significant volatility in its reported earnings.

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Due in particular to the volatility in the price of Bitcoin, Ethereum and HBAR, SEALSQ expects SEALSQ's adoption of ASU 2023-08 may increase the volatility of its financial results and it could significantly affect the carrying value of SEALSQ's Bitcoin and Ethereum on its balance sheet. Due to the investment in WeCan Group SA, the developer of the WeCan token, SEALSQ's investment in the WeCan token will be valued at cost and reviewed periodically for indicators of impairment. Gains in the value of the WECAN token will only be recognized upon sale of the token.

Due to anticipated future purchases, SEALSQ expects that the proportion of its total assets represented by its holdings of the Approved Cryptocurrencies will increase in the future. As a result, and in particular with respect to the periods with respect to which ASU 2023-08 will apply, and for all future periods, volatility in its earnings may be significantly more than what SEALSQ experienced in prior periods.

***The emergence or growth of new digital assets, including those with significant private or public sector backing, could have a negative impact on the price of the Approved Cryptocurrencies and adversely affect SEALSQ's business***

There are numerous alternative digital assets and many entities, including consortiums and financial institutions, that are researching and investing resources into private or permissioned blockchain platforms or digital assets. If such new digital assets are perceived as superior to those SEALSQ may hold, those new digital assets could gain market share relative to those it may hold and the value of digital assets it may hold could decline or otherwise be lower than it otherwise would have been.

Additionally, central banks in some countries have started to introduce digital forms of legal tender. For example, China's Central Bank Digital Currency ("CBDC") project was made available to consumers in January 2022, and governments including the United States, the United Kingdom, the European Union, and Israel have been discussing the potential creation of new CBDCs. Whether or not they incorporate blockchain or similar technology, CBDCs, as legal tender in the issuing jurisdiction, could also compete with, or replace, Bitcoin, Ethereum and other digital assets SEALSQ may hold as a medium of exchange or store of value. As a result, the emergence or growth of these or other digital assets could cause the market price of the Approved Cryptocurrencies it may hold to decrease, which could have a material adverse effect on SEALSQ's business, prospects, financial condition, and operating results.

***SEALSQ's holdings of digital assets will be less liquid than its existing cash and cash equivalents and may not be able to serve as a source of liquidity for it to the same extent as cash and cash equivalents.***

Historically, the digital asset markets have been characterized by significant volatility in price, limited liquidity and trading volumes compared to sovereign currencies markets, relative anonymity, a developing regulatory landscape, potential susceptibility to market abuse and manipulation, compliance and internal control failures at exchanges, and various other risks inherent to entirely electronic, virtual form and decentralized networks. During times of market instability, SEALSQ may not be able to sell its digital assets at favorable prices or at all. For example, a number of Bitcoin trading venues temporarily halted deposits and withdrawals in 2022. As a result, SEALSQ's holdings of digital assets may not be able to serve as a source of liquidity for SEALSQ to the same extent as cash and cash equivalents. Further, the Approved Cryptocurrencies SEALSQ intends to hold with its custodians and transact with its trade execution partners do not (and may not in the future) enjoy the same protections as are available to cash or securities deposited with or transacted by institutions subject to regulation by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation. Additionally, SEALSQ may be unable to enter into term loans or other capital raising transactions collateralized by its unencumbered digital assets, or otherwise generate funds using digital asset holdings, including in particular during times of market instability or when the price of its digital assets has declined significantly. If SEALSQ is unable to sell its digital assets, enter into additional capital raising transactions using its digital assets as collateral, or otherwise generate funds using its digital asset holdings, or if SEALSQ is forced to sell its digital assets at a significant loss, in order to meet its working capital requirements, its business and financial condition could be negatively impacted.

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***SEALSQ is not registered as an investment company under the Investment Company Act of 1940 (as amended, the "ICA") or as a Commodity Pool Operator, Commodity Trading Advisor or otherwise under the Commodity Exchange Act of 1936 (as amended, the "CEA") and shareholders do not have the protections associated with ownership of shares in a registered investment company under the ICA nor the protections afforded by the CEA*.**

The ICA is designed to protect investors by preventing insiders from managing investment companies to their benefit and to the detriment of public investors, such as the issuance of securities having inequitable or discriminatory provisions; the management of investment companies by irresponsible persons; the use of unsound or misleading methods of computing earnings and asset values; changes in the character of investment companies without the consent of investors; and investment companies engaging in excessive leveraging. To accomplish these ends, the ICA requires the safekeeping and proper valuation of fund assets, restricts greatly transactions with affiliates, limits leveraging, and imposes governance requirements as a check on fund management.

The SEALSQ Group is not registered as an investment company under the ICA, and believes that it is not required to register as such under the ICA. Consequently, its shareholders do not have the regulatory protections provided to investors in investment companies.

SEALSQ will not hold or trade in commodity futures contracts regulated by the CEA, as administered by the CFTC, and believes that it is not a commodity pool for purposes of the CEA, and is not subject to regulation by the CFTC as a commodity pool operator or a commodity trading advisor. Consequently, SEALSQ's shareholders will not have the regulatory protections provided to investors in CEA-regulated instruments or commodity pools.

***Regulatory change reclassifying Bitcoin, Ethereum or other digital assets as a security could lead to SEALSQ's classification as an "investment company" under the Investment Company Act of 1940, as amended, or the 1940 Act, and could adversely affect the market price of Bitcoin, Ethereum or its other digital asset holdings and the market price of its ordinary shares.***

Under Sections 3(a)(1)(A) and (C) of the ICA, a company generally will be deemed to be an "investment company" for purposes of the ICA if (1) it is, or holds itself out as being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities or (2) it engages, or proposes to engage, in the business of investing, reinvesting, owning, holding or trading in securities and it owns or proposes to acquire investment securities having a value exceeding 40% of the value of its total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis. SEALSQ does not believe that it is an "investment company," as such term is defined in the ICA, and is not registered as an "investment company" under the ICA as of the date hereof.

A determination that the digital assets SEALSQ holds are securities could lead to its classification as an "investment company" under the ICA, if the portion of its assets consisting of digital assets treated as securities, together with other securities SEALSQ holds, exceeds the applicable thresholds in the ICA, which would subject it to significant additional regulatory controls that could have a material adverse effect on its business and operations and may also require SEALSQ to change the manner in which it conducts its business.

On March 17, 2026, the SEC and CFTC issued a joint interpretation (Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets, Release Nos. 33-11412, 34-105020) regarding the application of federal securities laws to certain types of digital assets and transactions, or the Joint Interpretation. According to the Joint Interpretation, based on the SEC's understanding of their characteristics, terms, and functions as of the date of the Joint Interpretation, Bitcoin (BTC), Ether (ETH), Hedera (HBAR) and certain other digital assets would not, in and of themselves, be considered securities for purposes of the federal securities laws. However, the Joint Interpretation does not mention certain digital assets SEALSQ holds or plans to hold, such as WECAN tokens, and thus, there is uncertainty as to whether such unmentioned digital assets may be treated as securities under the federal securities laws. While the Joint Interpretation provides comfort that Bitcoin, Ether, Hedera and certain other digital assets SEALSQ holds or plans to hold are not securities in and of themselves, certain transactions in such digital assets may nonetheless be considered investment contracts, and thus securities for purposes of the federal securities laws. The Joint Interpretation provides further comfort that specific transactions in non-securities digital assets, such as certain staking and mining services, would not be considered investment contracts. However, the Joint Interpretation does not discuss all digital asset-related activities and transactions that SEALSQ may undertake, and it is possible that certain of those activities or transactions could be determined to involve an investment contract, and thus, the holding, offer or sale of a security by SEALSQ for purposes of federal securities laws.

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SEALSQ monitors its assets and income for compliance under the ICA and seeks to conduct its business activities in a manner such that it does not fall within its definitions of "investment company" or that SEALSQ qualifies under one of the exemptions or exclusions provided by the ICA and corresponding SEC regulations. If any of its digital assets are determined to constitute a security for purposes of the federal securities laws, SEALSQ would take steps to reduce the percentage of such digital assets that constitute investment securities under the ICA. These steps may include, among others, selling SEALSQ's digital assets that SEALSQ might otherwise hold for the long term and deploying its cash in non-investment assets, and it may be forced to sell its digital assets at unattractive prices. SEALSQ may also seek to acquire additional non-investment assets to maintain compliance with the ICA, and it may need to incur debt, issue additional equity or enter into other financing arrangements that are not otherwise attractive to SEALSQ's business. Any of these actions could have a material adverse effect on SEALSQ's results of operations and financial condition. Moreover, SEALSQ can make no assurance that it would successfully be able to take the necessary steps to avoid being deemed to be an investment company. If it were unsuccessful, then SEALSQ would have to register as an investment company, and the additional regulatory restrictions imposed by ICA could adversely affect the market price of its digital assets and in turn adversely affect the market price of SEALSQ's ordinary shares.

***SEALSQ's custodially-held digital assets may become part of the custodian's insolvency estate if one or more of its custodians enters bankruptcy, receivership or similar insolvency proceedings.***

If digital assets SEALSQ may hold with custodians are considered to be the property of its custodians' estates in the event that any such custodians were to enter bankruptcy, receivership or similar insolvency proceedings, SEALSQ could be treated as a general unsecured creditor of such custodians, inhibiting its ability to exercise ownership rights with respect to such digital assets and this may ultimately result in the loss of the value related to some or all of such digital assets. A series of high-profile bankruptcies, closures, liquidations, regulatory enforcement actions and other events relating to companies operating in the digital asset industry, including the filings for bankruptcy protection by Three Arrows Capital, Celsius Network, Voyager Digital, FTX Trading and Genesis Global Capital, the closure or liquidation of certain financial institutions that provided lending and other services to the digital assets industry, including Signature Bank and Silvergate Bank, SEC enforcement actions against Coinbase, Inc. and Binance Holdings Ltd., the placement of Prime Trust, LLC into receivership following a cease-and-desist order issued by Nevada's Department of Business and Industry, and the filing and subsequent settlement of a civil fraud lawsuit by the New York Attorney General against Genesis Global Capital, its parent company Digital Currency Group, Inc., and former partner Gemini Trust Company, have highlighted the counterparty risks applicable to owning and transacting in digital assets. Additional bankruptcies, closures, liquidations, regulatory enforcement actions or other events involving participants in the digital assets industry in the future may further negatively impact the adoption rate, price, and use of digital assets, limit the availability to SEALSQ of financing collateralized by digital assets, or create or expose additional counterparty risks. Any loss associated with such insolvency proceedings is unlikely to be covered by any insurance coverage SEALSQ may maintain related to digital asset holdings it may have. Even if SEALSQ is able to prevent any digital assets it may hold from being considered the property of a custodian's bankruptcy estate as part of an insolvency proceeding, it is possible that it would still be delayed or may otherwise experience difficulty in accessing any digital assets it may hold with the affected custodian during the pendency of the insolvency proceedings. Any such outcome could have a material adverse effect on its financial condition and the market price of its Ordinary Shares.

***A temporary or permanent blockchain "fork" to its digital assets could adversely affect SEALSQ's business.***

Blockchain protocols, including Bitcoin, Ethereum and the Hedera network, are open source. Any user can propose modifications to the protocol software. If a substantial majority of participants—such as miners in proof-of-work systems or validators in proof-of-stake systems—agree to adopt a proposed change, the modification may be implemented, allowing the protocol to evolve without disrupting network functionality. However, if less than a substantial majority of users and miners consent to the proposed modification, and the modification is not compatible with the software prior to its modification, the consequence would be what is known as a "fork", *i.e.*, "split" of the impacted blockchain protocol network and respective blockchain, with one prong running the pre-modified software and the other running the modified software. The effect of such a fork would be the existence of two parallel versions of the Bitcoin or other blockchain protocol network, as applicable, running simultaneously, but with each split network's digital asset lacking interchangeability. A "hard fork" – where there is disagreement among the users about the rules of the network – can have a significant negative impact on value of the digital asset.

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The Bitcoin network has been subject to "forks" that resulted in the creation of new networks, including Bitcoin cash ABC, Bitcoin cash SV, Bitcoin diamond, Bitcoin gold and others. Some of these forks have caused fragmentation among platforms as to the correct naming convention for forked crypto assets. Due to the lack of a central registry or rulemaking body, no single entity has the ability to dictate the nomenclature of forked digital assets, causing disagreements and a lack of uniformity among platforms on the nomenclature of forked digital assets, and which results in further confusion to customers as to the nature of assets they hold on platforms, and which can negatively impact the value of the digital assets. In addition, several of these forks were contentious and as a result, participants in certain communities may harbor ill will towards other communities. As a result, certain community members may take actions that adversely impact the use, adoption, and price of Bitcoin, or any of their forked alternatives.

Furthermore, when the Ethereum and Ethereum Classic networks split in July 2016, replay attacks, in which transactions from one network were rebroadcast on the other network to achieve "double-spending," plagued platforms that traded Ethereum through at least October 2016, resulting in significant losses to some crypto asset platforms. Similar replay attacks occurred in connection with the Bitcoin cash and Bitcoin cash SV network split in November 2018. Another possible result of a hard fork is an inherent decrease in the level of security due to the splitting of some mining power across networks, making it easier for a malicious actor to exceed 50% of the mining power of that network, thereby making digital assets that rely on proof-of-work more susceptible to attack, as has occurred with Ethereum Classic.

SEALSQ intends to recognize forked and airdropped assets consistent with its custodians' practices and policies. SEALSQ may not immediately or ever have the ability to withdraw a forked or airdropped Bitcoin, Ethereum or other digital assets that is received or created with respect to Bitcoin, Ethereum and/or other digital assets that it holds with SEALSQ's custodians. Future forks may occur at any time. A fork can lead to a disruption of networks and SEALSQ's information technology systems, cybersecurity attacks, replay attacks, or security weaknesses, any of which can further lead to temporary or even permanent loss of assets.

***The due diligence procedures conducted by SEALSQ and its liquidity provider to mitigate transaction risk may fail to prevent transactions with a sanctioned entity.***

SEALSQ plans to execute trades through liquidity providers, and will rely on these third parties to implement controls and procedures to mitigate the risk of transacting with sanctioned entities. While SEALSQ expects such third-party service providers to conduct their business in compliance with applicable laws and regulations and in accordance with its contractual arrangements, there is no guarantee that they will do so. Accordingly, SEALSQ may be exposed to risk that its due diligence procedures may fail. If SEALSQ is found to have transacted in digital assets with bad actors that have used digital assets to launder money or with persons subject to sanctions, it may be subject to regulatory proceedings, or digital asset may be subject to freezing or forfeiture and any further transactions or dealings in digital assets by SEALSQ may be restricted or prohibited.

**Item 4.** **Information on the Company**

**A.** **History and Development of SEALSQ**

SEALSQ Corp (formally known as "SEAL (BVI) Corp.") was incorporated as a BVI business company under the BVI Act, in the British Virgin Islands on April 1, 2022 with company number: 2095496. The Company's registered office is located at Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands. The registered agent of the Company is Harneys Corporate Services Limited of Craigmuir Chambers, P.O. Box 71, Road Town, Tortola, VG 1110, British Virgin Islands. SEALSQ's principal executive offices and effective place of management are located at Avenue Louis-Casaï 58, 1216 Cointrin, Switzerland. SEALSQ's telephone number from the United States is 011 41 22 594 3000. SEALSQ's website can be accessed at www.SEALSQ.com. The information on or linked to on SEALSQ's website is not a part of this report.

SEALSQ Corp is the holding company of the SEALSQ Group. The SEALSQ Group consists of SEALSQ Corp, SEALSQ Corp's branch, registered in Meyrin, Switzerland, SEALSQ France SAS, SEALSQ USA Ltd, SEALSQ Japan KK, SEALSQ France, Taiwan Branch and IC'Alps SASU. SEALSQ's business purpose is to incorporate, acquire, hold, and dispose of interests in national and international entities, in particular entities active in the area of security technology of IoT devices, branded appliances and precious objects, and other such related areas.

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SEALSQ is a subsidiary of WISeKey International Holding Ltd, a Swiss stock corporation (Aktiengesellschaft) of unlimited duration under the laws of Switzerland and registered in the Commercial Register of the Canton of Zug, Switzerland, on December 2, 2015 under the register number CHE-143.782.707. SEALSQ was incorporated by WISeKey to serve as the holding company of 2 subsidiaries and 1 branch (which formerly represented WISeKey's global semiconductor business). Pursuant to an internal restructuring of WISeKey on January 1, 2023, WISeKey transferred the ownership of SEALSQ France SAS (formerly known as "WISeKey Semiconductors SAS"), a French semiconductor manufacturer and distributor, WISeKey IoT Japan KK, a Japan-based sales subsidiary of SEALSQ France SAS, and SEALSQ France, Taiwan Branch, a Taiwan-based sales and support branch of SEALSQ France SAS, to SEALSQ in a share exchange.

SEALSQ France SAS was incorporated in France on September 30, 2010, and was acquired by WISeKey International Holding AG on September 21, 2016 for a total consideration of $11.0 million. On March 15, 2020, SEALSQ France SAS purchased the entire share capital of WISeCoin R&D Lab France SAS, a French company engaged in research and development in the connected device and IoT security domain, from WISeCoin AG, a fellow undertaking of WISeKey, for a notional consideration of EUR 1. On January 1, 2021, the entire assets and liabilities of WISeCoin R&D Lab France SAS were merged into SEALSQ France SAS and WISeCoin R&D Lab France SAS was dissolved with immediate effect. SEALSQ France SAS purchased the entire share capital of WISeKey IoT Japan KK on April 15, 2019 from WISeKey SA, a fellow subsidiary undertaking of WISeKey International Holding AG for a nominal consideration of JPY 1. SEALSQ France SAS completed the transfer of SEALSQ France, Taiwan Branch, on March 4, 2019 from WISeKey International Holding AG for no consideration.

On January 1, 2023, WISeKey contributed these subsidiaries to SEALSQ, and on May 23, 2023, as the then-sole shareholder of SEALSQ, distributed 20% of SEALSQ's outstanding Ordinary Shares to holders of WISeKey Class B Shares ("Class B Shares"), including to holders of WISeKey American Depositary Shares ("ADSs") representing Class B Shares, and to holders of WISeKey Class A Shares ("Class A Shares"), as a distribution by way of a dividend in kind to such holders who held such ADSs as of the May 22, 2023 record date and such Class B shares and Class A shares as of the May 19, 2023 record date (the "Spin-Off Distribution"). As of December 31, 2023, WISeKey held 100% ownership of SEALSQ Class F Shares with a par value of $0.05 per share ("Class F Shares" and the holders thereof "Class F Shareholders") and 38.85% of SEALSQ Ordinary Shares.

On May 24, 2023, SEALSQ listed its Ordinary Shares on the Nasdaq Global Market under the ticker symbol "LAES". On October 4, 2023, SEALSQ transferred the listing of its Ordinary Shares from the Nasdaq Global Market to the Nasdaq Capital Market.

On August 4, 2025, SEALSQ Corp received final approval from the French Ministry of the Economy, Finance and Industrial and Digital Sovereignty under applicable foreign investment regulations and completed the acquisition of 100% of the share capital and voting rights of IC'Alps SASU ("IC'Alps"), a France-based semiconductor design company. Following completion of the acquisition, IC'Alps became a wholly owned subsidiary of SEALSQ Corp.

On October 27, 2025, SEALSQ Corp transferred the listing of its ordinary shares from the Nasdaq Capital Market to the Nasdaq Global Select Market.

As of December 31, 2025, WISeKey held 99.99% ownership of the SEALSQ Class F Shares and 3.13% of SEALSQ Ordinary Shares.

The SEC maintains an internet site at http://www.sec.gov that contains reports, information statements, and other information regarding issuers that file electronically with the SEC.

**B.** **Business Overview**

**Overview**

SEALSQ was established to combine decades of expertise in cryptographic security and trusted digital infrastructure. Headquartered in Switzerland, SEALSQ operates across Europe, the United States and the APAC region. SEALSQ's solutions provide the foundation of digital trust for businesses and governments worldwide.

SEALSQ generates revenues from the design and sale of semiconductor secure chips and from Digital Certificates, Software as a Service, Software licenses and Post-Contract Customer Support for cybersecurity applications.

[**Table of Contents**](#TOC)

SEALSQ's comprehensive portfolio, which includes secure microcontrollers, PKI services, compliance with IoT standards like Matter, GSMA eUICC root certificates, tailored ASICs, and post-quantum cryptography capabilities, uniquely positions SEALSQ to address evolving market needs. SEALSQ has a comprehensive range of secure elements, smart card products, and open ARM platforms offering advanced standards of security, including quantum-proof cryptography.

Its principal activities include design, development, and marketing of semiconductor systems, with manufacturing outsourced to third-party foundries. Its main categories of products sold and/or services performed for each of the last three financial years are:

- Semiconductors secure chips design and sales

- Cloud-based authentication certificates and certificate management platform

- ASICs custom design

Revenue contributions by category for each of the last three financial years were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Product category** | **2025** | **2024** | **2023** |
| Secure chips | 78% | 100% | 100% |
| Certificates | 2% | <1% | <1% |
| ASIC Design | 20% |  |  |

---

The following table shows SEALSQ's revenues by geography, based on customers' billing addresses:

---

| | | | |
|:---|:---|:---|:---|
| **Geography** | **2025** | **2024** | **2023** |
| North America | 57% | 68% | 55% |
| Europe, Middle East & Africa | 24% | 17% | 33% |
| Asia Pacific | 18% | 15% | 12% |
| Latin America | 1% |  |  |

---

SEALSQ's strategy involves (i) developing post-quantum technology hardware and software solutions and (ii) using its cash and other sources of liquidity to maximize shareholder value, including through potential investment and/or acquisition opportunities.

As of March 25, 2026, SEALSQ has raised over $575 million in cash since November 2024 to accelerate development and strategic investments. It ended the year with a strong cash position of $417.7 million as at December 31, 2025.

*Post-Quantum Technology Hardware and Software Solutions*

SEALSQ is a leading innovator in post-quantum technology hardware and software solutions. This technology seamlessly integrates Semiconductors, PKI, and Provisioning Services, with a strategic emphasis on developing state-of-the-art quantum-resistant cryptography and semiconductors designed to address the urgent security challenges posed by quantum computing. SEALSQ's products are engineered to safeguard critical systems, enhancing resilience and security across diverse industries.

These capabilities, combined with SEALSQ's entry into the TPM market through the QVault™ Trusted Platform Module and the commercial launch of the Quantum Shield QS7001™ secure microcontroller in Q4 2025, form the basis for strong growth potential and market leadership in the cybersecurity and IoT sectors.

As of December 31, 2025, the estimated pipeline for QS7001 and QVault TPM exceeded $60.0 million (for the years 2026–2028), forming part of the Company's total estimated pipeline of $200 million for the same period. These figures reflect management estimates and are subject to conversion risks, customer validation, and technical integration.

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**What does SEALSQ do?**

As a fabless semiconductor<sup>1</sup> innovator, SEALSQ designs and markets secure microcontrollers and hardware architectures to anchor digital trust in a quantum-threatened world SEALSQ's comprehensive portfolio, which includes secure microcontrollers, PKI services, compliance with IoT standards like Matter, GSMA eUICC root certificates, tailored ASICs, and post-quantum cryptography capabilities, uniquely positions the Company to address evolving market needs.

SEALSQ's strategy is to offer off-the-shelf or custom-designed FIPS and Common Criteria certified quantum-resistant secure hardware, integrated within a vertical trust services ecosystem featuring a post-quantum root of trust, managed PKI services, and secure chip personalization and testing capabilities.

While the global embedded security chip market is projected to reach $12.6 billion by 2030<sup>2</sup>, very few suppliers can offer certified, secure products, which makes the segment a good opportunity for innovative players capable of offering compliance with standards and responding to emerging threats like quantum computers. As a result of SEALSQ's strengthened market capitalization, boosted by the market's recognition of the risks posed by quantum computers and the need for new secure microcontrollers to protect against these, SEALSQ was able to raise over $575 million in cash since November 2024 in order to accelerate development and execute strategic investments that strengthen its growth pipeline.

In Q4 2025, SEALSQ commercially launched the Quantum Shield "QS7001", the industry's first quantum-resistant hardware platform embedding post-quantum cryptographic algorithms at hardware level. SEALSQ has also developed an estimated multi-million-dollar pipeline for this product and its upcoming Trusted Platform Module ("TPM") version to be launched in 2026, with prominent players like Eviden (ATOS Group) or Trusted Semiconductor Solutions ("TSS") confirming their strong interest for the QS7001. These pipeline figures reflect management estimates and are subject to conversion risks, customer validation, and technical integration.

SEALSQ has also allocated over $100 million to invest and develop technological partnerships with other Quantum companies. In Q1 2025, SEALSQ invested in ColibriTD, a French Quantum-as-a-Service ("QaaS") company, co-developing a revolutionary approach to improve semiconductor wafer yields with SEALSQ. In August 2025, SEALSQ completed the acquisition of 100% of IC'Alps SASU ("IC'Alps"), a French ASIC design specialist. This acquisition aligns with SEALSQ's custom chips (ASIC) development strategy, leveraging IC'Alps' expertise and footprint in medical, automotive, and IoT applications. At the end of Q4 2025, SEALSQ invested $1 Million in EeroQ, a US based Quantum computer company, and announced a bold strategy to bring together post-quantum security with quantum computing science.

On September 25, 2025 SEALSQ also signed a €40 million investment deal to develop Spain's first post-quantum, semiconductor personalization center through the joint venture Quantix Edge Security. The investment contribution is expected to be €20 million from the Spanish Government, €10 million from WISeKey and SEALSQ, and €10 million from partners OdinS and TProtege. This personalization center facility will focus on post-quantum chip design using RISC-V and meeting Common Criteria and NIST standards. SEALSQ anticipates generating revenue from this project by invoicing its professional services and licensing IPs to the joint venture. In the year ended December 31, 2025, SEALSQ had transferred €0.75 million in relation to this investment deal.

On November 6, 2025, SEALSQ invested $10 million into WISeSat to support the development of a secure satellite network designed to combat future quantum computing threats with a focus on delivering secure, post-quantum IoT communication and satellite-as-a-service.

<sup>1</sup> A fabless semiconductor company designs and sells chips while outsourcing manufacturing to specialized foundries, which reduces capital costs, increases flexibility, speeds up product cycles, and allows more resources for design and R&D. Companies like Nvidia, AMD, and Qualcomm are typical examples of fabless semiconductor companies.

<sup>2</sup> ABI Research (August 2025) "Embedded Security Market Set to Hit $12.6B as Regulations Reshape IoT Compliance Landscape", Digital Authentication and Embedded Security Market Data (part of Trusted Device Solutions research service), available at "https://www.abiresearch.com/market-research/product/7786425-digital-authentication-and-embedded-security".

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SEALSQ delivers integrated digital security solutions that combine four critical components into a unified offering: Root of Trust, Secure Chips, trusted Identity Generation and Management (PKI), and Personalization Services. Together, these components ensure the confidentiality, integrity, and authenticity of connected devices and digital communications.

SEALSQ offerings are structured around four foundational technology pillars:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **SEALSQ's Swiss-based Root of Trust:** 

Public Key Cryptography and Digital Certificates are used to encrypt or digitally sign any information such as communication data or device firmware updates. These processes rely on the concept of "Digital Trust" and "Root of Trust" as the only way to ensure trusted data is coming from authentic devices, or to safely apply a firmware update. SEALSQ's Root of Trust offers neutrality, reliability, and is certified by leading industry standards such as WebTrust (browsers), Matter (Smart Home), and Wi-SUN (Smart Grid). In November 2025, SEALSQ also launched a sovereign U.S.-based Post-Quantum Root of Trust capable of supporting U.S. government agencies and enterprises in managing quantum-secure digital identities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Public Key Infrastructure services:** 

Leveraging this Root of Trust, SEALSQ offers a SaaS solution to issue and manage cryptographic credentials that authenticate users, devices, and systems. SEALSQ's platform uses quantum-resistant cryptographic algorithms recommended by the National Institute of Standards and Technology (NIST). These include integration of ML-KEM (Kyber) and ML-DSA (Dilithium) into the INeS PKI platform for hybrid classical & post-quantum certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Personalization Services:** 

SEALSQ proposes industrial-scale systems for embedding digital identities into secure microcontrollers, enabling seamless integration and secure operation at scale. This includes the INeS Box for secure factory-floor provisioning and localized personalization capabilities supporting zero-touch onboarding. Supported by European and U.S. personalization and test centers, these services drive recurring revenue from personalization, lifecycle management, licensing, and security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Certified secure microcontrollers:** 

Designed to protect and store digital identities, SEALSQ's certified secure microcontrollers ensure robust authentication for connected devices and systems. Key products include the VaultIC range designed for IoT applications, and SEALSQ's new line of quantum-resistant microcontrollers featuring the QS7001 (launched commercially in November 2025 with development kits available) and the upcoming QVault TPM (scheduled for launch and production in 2026). The QS7001 leverages a secure 32-bit RISC-V core, delivering up to 10× higher performance than software-based PQC implementations.

**Which industries does SEALSQ serve?**

SEALSQ serves high-growth industries requiring secure, scalable, and certified solutions. SEALSQ's products and services contribute to securing billions of connected objects today: luxury products, routers, gateways, utilities meters, E.V. chargers, drones, authentication dongles, storage memory USB sticks, medical devices, connected door-locks, and a variety of other electronic consumers devices. Additional applications include defense, financial services, timing and sensing, and regulated digital infrastructures.

[**Table of Contents**](#TOC)

Some examples of the use cases of SEALSQ's products are as follows:

● **Smart Homes & Consumer Electronics:** SEALSQ products help device makers accelerate time to market and reduce costs by easing compliance with the increasingly adopted Matter protocol, which ensures secure and seamless interoperability across connected devices. Since every Matter-certified device is mandatorily provisioned with a unique Device Attestation Certificate (DAC) issued by a CSA-approved PKI authority, this represents a direct and captive addressable market: according to ABI Research, more than 5.5 billion Matter-compliant devices are projected to ship between 2022 and 2030 <sup>3</sup> each requiring a PKI-issued certificate — making device attestation one of the most structurally guaranteed growth opportunities in IoT security In 2025, SEALSQ achieved 8 new design-wins in the Matter ecosystem (versus 5 in 2024).

● **Automotive:** Securing Plug-and-Charge infrastructure (EV Charging stations), a sector expected to grow at a 36% CAGR through 2030 <sup>4</sup> .

● **IoT and Smart Cities:** Protecting billions of IoT devices, with the number of connected devices requiring protection set to reach more than 29 billion units by 2027 <sup>5</sup> .

● **Critical Infrastructure:** Securing smart grids and utilities through FIPS 140-3 certified solutions.

● **Healthcare:** Enabling secure communication for medical devices and sensitive patient data.

● **Industrial IoT:** Providing tamper-resistant chips for sensors and mission-critical systems.

● **Drones & Robotics:** Long term security partner of leading drone company PARROT, SEALSQ stands on the forefront of securing UAVs and Robots.

**SEALSQ's** Key Differentiators and Value Proposition

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Digital Security "PURE" player:** 

SEALSQ focuses only on security, unlike its biggest hardware competitors who specialize in a broad range of embedded components.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Digital Security "FULL" player:** 

The only market player integrating all aspects of a connected device's security from the Root of Trust to the Secure Elements (secure microcontrollers), including PKI Services and industrial-scale personalization services. This end-to-end approach streamlines security deployment for connected devices and systems, reducing complexity and enhancing protection.

<sup>3</sup> ABI Research, 2022 — https://www.abiresearch.com/press/more-than-55-billion-smart-home-matter-compliant-devices-will-ship-between-2022-and-2030

<sup>4</sup> https://www.fortunebusinessinsights.com/north-america-electric-vehicle-charging-station-market-108624

<sup>5</sup> https://iot-analytics.com/number-connected-iot-devices-2023/

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Post-Quantum Technology:** 

A key focus and competitive differentiator, SEALSQ commercially launched the QS7001 in Q4 2025, achieving significant early traction with an estimated $60.0 million pipeline for QS7001 and QVault TPM as of December 31, 2025. These figures reflect management estimates and are subject to conversion risks, customer validation, and technical integration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Fabless:** 

A cost-efficient, flexible business model focusing on the core profit area of the value chain (semiconductor design and trust services).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Customization / ASICS:** 

SEALSQ designs and delivers tailor-made chips to meet the specific performance and security needs of its clients. The acquisition of IC'Alps in mid-2025 added approximately 100 ASIC engineers, enhancing custom chip design capabilities in high-reliability sectors including healthcare, security, and post-quantum platforms. IC'Alps renewed ISO 9001, ISO 13485, and EN 9100 certifications in Q4 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Neutral Root of Trust:** 

SEALSQ's Swiss-based Root of Trust, accredited by numerous industry ecosystems or standards such as WebTrust, Matter, GSMA and Wi-SUN, supports compliance, neutrality, and reliability. A U.S.-based sovereign post-quantum Root of Trust initiative was launched in November 2025.

These differentiators allow SEALSQ to serve highly demanding global customers such as CISCO, THALES, SIEMENS, TOSHIBA, and Landis & Gyr. Additional partners and customers who engaged in discussions for SEALSQ's products in 2025 included Eviden (Atos Group), Kaynes Semiconductor, Trusted Semiconductor Solutions and Lattice Semiconductors.

**SEALSQ's Products & Services**

Certified Secure Microcontroller Products

*Range Overview*

SEALSQ is one of only six semiconductor companies in the world that can develop certified secure microcontrollers. SEALSQ has a comprehensive range of secure elements, smart card products, and open ARM platforms offering advanced standards of security, including quantum-proof cryptography.

SEALSQ's secure chips range is organized into three primary categories, each designed for high-security applications in areas such as IoT, AI, and edge devices. Below is a structured overview by family:

&nbsp;&nbsp;&nbsp;&nbsp;● **Quantum-Resistant RISC-V Secure Chips**: This family focuses on post-quantum cryptography for future-proof security.

◾ QS7001: A next-generation chip integrating NIST-approved ML-KEM and ML-DSA algorithms at the hardware level, supporting hybrid migration and protection for AI, IoT, and edge devices.

◾ QVault TPM (models 183 and 185): FIPS 140-3 and TCG-certified trusted platform modules built on a CC EAL5+ certified RISC-V platform, securing device identities, boot integrity, and cryptographic operations; available open for custom firmware or pre-provisioned.

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;● **VaultIC Secure Elements**: Ready-to-use, tamper-resistant microcontrollers with embedded firmware for configurable cryptographic services, suitable for IoT, authentication, and government applications.

◾ VaultIC408: FIPS 140-3 and CC EAL5+ ready for IoT security, featuring ECC, AES, and digital signature capabilities.

◾ VaultIC292: Cost-effective solution for secure object authentication and TLS connections.

◾ VaultIC18X series (183 and 186): Contact-based chips for anti-counterfeiting in accessories like chargers and batteries.

◾ VaultIC155: The most secure NFC tag with CC EAL4+ hardware, enabling product authentication, traceability, and NFT linking to physical assets.

◾ VaultIC405: Tailored for FIPS-certified P25 radio applications in government and military sectors.

&nbsp;&nbsp;&nbsp;&nbsp;● **Secure ARM Platforms (MS600X series)**: CC EAL5+ certified 32-bit ARM SC300-based microcontrollers for fast time-to-market in sensitive applications like access control and secure storage.

◾ MS6003: Includes integrated USB for FIDO tokens, crypto wallets, and secure storage, with 1MB Flash, 24KB RAM, and interfaces like SPI and I2C.

◾ MS6001: Cost-effective option for embedded systems, offering similar specs without USB.

In addition to these next-generation families, SEALSQ also maintains legacy products that contribute to SEALSQ's revenue as described below:

&nbsp;&nbsp;&nbsp;&nbsp;● **Smart Card Reader Chips**: This family provides EMV-CO and ISO 7816 compliant hardware platforms based on 8/16-bit RISC processors, enabling quick design of contact and dual-interface smart card readers without custom development. Widely adopted by leading OEMs, they target applications in healthcare, pharmaceuticals, government, education, identity verification, and access management.

◾ AT90 SCR200: Flash-based model for faster time-to-market.

◾ AT90 SCR075: Cost-effective ROM-based variant to reduce costs once firmware is proven.

&nbsp;&nbsp;&nbsp;&nbsp;● **CISCO-Specific Products**: As a key supplier in Cisco's supply chain, SEALSQ provides secure semiconductors earning the Cisco 2023 Supply Chain Security Champion Award for proactively securing Cisco IP and protecting the brand; these traditional secure chips, are planned to be gradually replaced with SEALSQ's Quantum-Resistant chips to enhance protection against emerging quantum threats

*QS7001 - Quantum-Resistant Secure Semiconductors update*

In 2025, SEALSQ marked a groundbreaking achievement with the introduction of the QS7001, the world's first commercially available secure semiconductor embedding NIST-standardized post-quantum cryptography algorithms ML-KEM (Kyber) and ML-DSA (Dilithium) directly in hardware. This milestone stems from the QUASAR project, launched in 2022 to develop a post-quantum Root of Trust and Hardware Security Module compliant with French ANSSI recommendations and Common Criteria EAL5+ certification, resulting in the QS7001 and its TPM variant, QVault TPM.

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In March 2026, SEALSQ announced a clear certification roadmap for its QS7001 Secure Element and QVault TPM product lines, confirming that production samples for the first-generation variants are now available and all four products—QS7001 V1/V2 and QVault TPM-183/185—remain on track ("green" status) through Q4 2026. The roadmap targets Common Criteria EAL5+, FIPS 140-3, and TCG certifications to ensure compliance with post-quantum standards and support the NSA CNSA 2.0 2027 mandates<sup>6</sup>. Key milestones include:

● **QS7001 V1**: Hardware Evaluation Test Report (ETR) and CC Lab Letter expected in April 2026.

● **QS7001 V2**: expected fabrication completion in April 2026, with CC ETR expected in or around September 2026.

● **QVault TPM-183**: FIPS 140-3 Lab Letter to NIST expected in May 2026, TCG Certification expected in or around August 2026.

● **QVault TPM-185**: Engineering samples expected in July 2026, FIPS 140-3 submission expected in or around September 2026, TCG Certification expected in or around October 2026.

Conducted with accredited third-party labs like SERMA Technologies, this schedule reinforces SEALSQ's commitment to delivering certified, hardware-rooted post-quantum solutions that enable seamless migration for organizations, device manufacturers, and critical infrastructure providers.

SEALSQ's quantum roadmap is a strategic initiative that is designed to deliver the technology, services, and strategic frameworks necessary for an end-to-end quantum-safe transformation while ensuring cryptographic agility in an evolving digital landscape.

SEALSQ is witnessing significant global traction from industry partners, system integrators, and technology OEMs seeking robust security solutions to face upcoming quantum computers' capability to break current encryption technology: SEALSQ has strengthened its collaboration network with industry consortia, integrators, and standards bodies to accelerate scalable deployment of its quantum-resistant products (QS7001 and its TPM version QVault TPM) worldwide and has entered commercial discussions with approximately 115 potential customers who have expressed strong interest. Adoption spans multiple continents, with deployments and pilot programs underway in North America, Europe, and Asia Pacific. The total estimated pipeline for the QS7001 and its TPM version is $60 million as of December 31, 2025. These figures reflect management estimates and are subject to conversion risks, customer validation, and technical integration.

Initially unveiled at the IQT Quantum + AI Conference in New York on October 20, 2025, the QS7001's commercial launch was announced during a dedicated event at the Las Vegas Grand Prix on November 21, 2025, where the first development kits were made available to customers for integration and application development.

Leveraging a secure 32-bit RISC-V core, the QS7001 delivers up to 10× higher performance than software-based post-quantum implementations while offering enhanced resistance to side-channel attacks and physical tampering. It aims at enabling compliance for device makers with emerging post-quantum mandates like CNSA 2.0 and is adapted to resource-constrained environments such as IoT, cryptocurrencies, defense, healthcare, and critical infrastructure.

SEALSQ is taking the lead in the industry as it believes that the QS7001 will become a key player of any quantum-resistant security strategy, targeting a potential market of over 1.75 billion<sup>7</sup> connected devices worldwide that could require immediate protection against "Harvest Now, Decrypt Later" (HNDL) threats.

<sup>6</sup> https://media.defense.gov/2022/Sep/07/2003071836/-1/-1/0/CSI_CNSA_2.0_FAQ_. PDF

<sup>7</sup> https://www.sealsq.com/investors/news-releases/sealsq-achieves-a-new-milestone-secures-1.75-billion-devices-worldwide-with-hybrid-cryptographic-model-as-demand-for-post-quantum-chips-accelerates

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The initiative has been enthusiastically welcomed by PQC advocates and potential future customers testing the product, including Lattice Semiconductors, Eviden (Atos Group), Authentrend, Capgemini Engineering, ColibriTD, FortifyIQ Inc., Granite River Labs, Kaynes Semiconductor, Landis+Gyr, Metavisio (Thomson Computing), PORTYQ, Quantix Edge Security, Serma Security, Trusted Semiconductor Solutions, and manufacturing partner UMC, alongside a new partnership with the BWT Alpine Formula One Team to explore applications in high-stakes environments.

*Vault-IC family update: VaultIC 408 FIPS 140-3 certification and feature for OpenSSL*

FIPS 140-3 certification

The Vault-IC408 has achieved FIPS 140-3 Security Level 3 (overall) validation. This is a significant milestone, as FIPS 140-3 is the latest global benchmark for cryptographic modules, replacing the older 140-2 standard.

**Physical Security:** Level 3 certification ensures the module is tamper-resistant and includes identity-based authentication.

**Compliance**: It is listed on the NIST Cryptographic Module Validation Program (CMVP) "Modules in Process" list, confirming it has passed rigorous laboratory testing (via UL Verification Services).

**Algorithms**: It supports a wide range of NIST-approved algorithms, including AES (up to 256-bit), ECC (up to 576-bit), and RSA (up to 2048-bit), alongside hardware-based random number generation (SP 800-90A/B).

OpenSSL Provider Integration

With the release of OpenSSL 3.0, the architecture shifted from "Engines" to "Providers". A Provider is a modular component that implements cryptographic algorithms.

**Seamless Integration**: By using a dedicated VaultIC408 OpenSSL Provider, developers can delegate cryptographic operations (like signing or decryption) to the hardware secure element without modifying their application core OpenSSL logic.

**Security:** This ensures that sensitive private keys never leave the VaultIC408 hardware, while the application benefits from the high-level OpenSSL API.

**FIPS Mode**: When used with the OpenSSL FIPS provider, systems can maintain end-to-end compliance—using the VaultIC408 for hardware-backed security and OpenSSL for FIPS-validated software processing.

*Secure ARM Platforms (MS600X series) Family update: MS6003 now a FIDO2-Compliant Secure Microcontroller*

The MS6003, SEALSQ's advanced secure microcontroller, now provides a turnkey solution for building FIDO2-compliant authenticators. Integrating FIDO firmware into this hardware is the primary path to achieving CTAP (Client-to-Authenticator Protocol) certification, specifically for CTAP 2.1.

***Firmware Integration Strategy***

**Preloaded Applications:** Since Q2 2025, SEALSQ offers a pre-certified FIDO2 reference design. This firmware implements the full CTAP2.1 stack, including support for Resident Keys (discoverable credentials) and HMAC-secret extensions required for Windows Hello compatibility.

**Hardware Abstraction**: The firmware leverages the MS6003's integrated USB 2.0 interface, eliminating the need for external bridge chips. It maps CTAP commands directly to the cryptographic hardware accelerators for AES, ECC, and RSA operations.

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ASIC Design Services with IC'Alps

ASIC chip design refers to the development of Application-Specific Integrated Circuits (ASICs)—custom semiconductor chips engineered to perform a specific function within an electronic system. Unlike general purpose processors, ASICs are designed and optimized for a defined set of tasks such as cryptographic processing, device authentication, signal processing, or secure communications. By tailoring the chip architecture to a particular application, ASIC chip design enables significantly higher efficiency, reliability and security compared with programmable or off-the-shelf components.

in August 2025, SEALSQ acquired IC'Alps, a leading ASIC design specialist, and now offers a comprehensive portfolio of custom integrated circuits development services. IC'Alps' design centers in Grenoble and Toulouse, combined with SEALSQ's semiconductor industrial and supply chain capabilities, enable SEALSQ to deliver full-custom intellectual property (IP) blocks and turnkey ASICs for high-reliability and sensitive applications.

The acquisition of IC'Alps has strengthened SEALSQ's leadership in sovereign, quantum-resistant semiconductor solutions, supporting critical sectors such as healthcare, cybersecurity, IoT, and beyond. This positions SEALSQ to deliver end-to-end secure hardware innovations in the post-quantum era.

See *Item 10.C. Material Contracts* for additional information on the acquisition of IC'Alps.

*Core Capabilities and Value Proposition*

The growing demand for a trusted, sovereign partner in ASIC development for mission-critical applications underscores IC'Alps' unique value proposition. Customers increasingly require cutting-edge expertise in ultra-low-power design, optimized sensor interfaces, advanced energy management, and state-of-the-art security solutions, all delivered in strict compliance with stringent technical, geopolitical, and quality standards. IC'Alps' proven capabilities are now recognized internationally, with strong traction among demanding customers in the European Union and North America.

*Key Markets and Applications*

Healthcare Applications (ISO 13485 Certified)

IC'Alps specializes in ultra-low-power designs for demanding medical devices, including:

- Leadless pacemakers for cardiac rhythm management

- Brain-computer interfaces (employing specialized electrodes and ultrasound-based technologies)

- Advanced ultrasound probes with integrated micro-beamforming (for external use and minimally invasive procedures, such as Intracardiac Echocardiography – ICE)

- Ultrasound-based biometric solutions

- Several client projects have advanced to human clinical trials.

Security and Cryptography (Common Criteria Certified):

IC'Alps developed secure sub-blocks (e.g., True Random Number Generators and countermeasures) as well as complete cryptographic devices built around embedded processors (primarily RISC-V architectures). These solutions support SEALSQ's product portfolio and sovereign requirements for French and European Union clients.

As announced in October 2025, IC'Alps is actively designing a state-of-the-art post-quantum cryptography (PQC) platform targeting advanced CMOS nodes. This effort supports the QASIC (Quantum-Resistant ASIC) initiative, with the first prototypes anticipated in 2026. The team concurrently manages approximately 12 projects, applying ISO 9001 and EN 9100 (aeronautics) certifications based on customer specifications. Strategic Foundry Partnerships IC'Alps has expanded its ecosystem of preferred partnerships with leading global foundries, including:

● TSMC (DCA trusted design partner)

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● X-FAB (xchain network partner)

● ams-OSRAM (preferred partner)

● Intel Foundry (Design Services Alliance – DSA and Value Chain Alliance – VCA within the Accelerator Alliance Program)

● GlobalFoundries (GlobalSolutions design & supply partner)

These alliances enable design expertise across process nodes from mature 0.18 µm technologies to advanced 18A nodes, encompassing various CMOS flavors (bulk, SOI, FDSOI, FinFET, and others).

Active engagement at major foundry events in the United States and Europe, including booths and presentations, continues to highlight IC'Alps' technical achievements.

*Quality Management and Certifications*

In Q4 2025, IC'Alps successfully renewed its core certifications for a three-year period:

● ISO 9001

● ISO 13485

● EN 9100

The renewal process for site-level Common Criteria certification is progressing, with completion targeted in or around Q1 2026.

Trust Services

At the core of SEALSQ's value proposition is the ability to offer not only secure microcontrollers, but also to securely and conveniently generate, inject and manage a unique and universally trusted digital identity for each connected device. SEALSQ's Public Key Infrastructure (PKI) services allow to create and assign a unique digital identity to every connected device and manage it throughout its lifecycle. Digital identities are called Certificates. These Certificates authenticate devices and enable secure communication with other devices or cloud services like AWS or Azure.

*Factory Provisioning with INeS Box*

The INeS Box (part of SEALSQ's INeS PKI-as-a-Service) is a high-security hardware appliance specifically designed for secure provisioning on the factory floor. It bridges the gap between a high-level Certificate Authority (CA) and the rigorous, high-speed environment of an IoT production line.

Secure Manufacturing Integration

In a typical manufacturing flow, the INeS Box acts as a localized, tamper-resistant "security broker." It allows manufacturers to inject unique digital birth certificates and private keys into devices (like the VaultIC or MS series) without requiring a constant, high-latency connection to a cloud-based CA.

On-Premises Secret Generation: It generates or securely fetches unique cryptographic pairs and signs X.509 certificates locally.

Zero-Trust Protection: Because the INeS Box handles the sensitive "key injection" step, the factory's own network and employees never have access to the raw private keys, mitigating the risk of cloning or "gray market" overproduction.

Scalability: It is designed to interface directly with industrial programming tools and testers, supporting the high-volume throughput required for millions of devices.

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Lifecycle & Compliance

*PKI & Root of Trust: Integrating Post-Quantum Cryptography & U.S. Based RoT*

To prepare for the quantum era, SEALSQ has integrated NIST-standardized Post-Quantum Cryptography (PQC) algorithms—specifically ML-KEM (Kyber) and ML-DSA (Dilithium)—directly into the INeS PKI platform. This integration enables the issuance of PQC certificates and classical certificates that combine classical (RSA/ECC) and quantum-resistant signatures, ensuring both backward compatibility and "Harvest Now, Decrypt Later" protection.

In November 2025, SEALSQ launched a sovereign U.S.-based Post-Quantum Root of Trust. Hosted on American soil, this infrastructure allows U.S. government agencies and enterprises to manage quantum-secure digital identities independently. This "Made in USA" root serves as the ultimate trust anchor for critical infrastructure, aligning with CNSA 2.0 mandates and providing a future-proof foundation for secure IoT, satellite, and cloud ecosystems.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Business Development** 

In 2025, SEALSQ achieved strong growth in its semiconductor secure chip design and sales business, driven primarily by increased sales to its existing customer base and higher product penetration across key applications.

Key application areas driving demand in 2025 included:

- Smart metering

- Access control systems

- Electronic door openers

- Authentication tokens (e-token applications)

- Secure communication systems (including P25-based infrastructure)

Revenue growth for the hardware semiconductor business was supported by continued demand for the Smart Card Reader SCR200, which recorded a 51% increase in revenue compared to 2024, reflecting higher volumes and expanded deployments by major customers. This performance underscores the strength of the Company's established product portfolio and long-standing customer relationships.

SEALSQ's Secure Element (SE) product line, including the VIC405 and VIC408, also experienced significant demand growth, particularly in smart metering and secure communication applications. This growth was driven by project ramp-ups and new deployments among key customers, as well as increasing adoption in infrastructure requiring secure key management.

Additionally, in November 2025, the Company completed the commercial launch of the QS7001, expanding its advanced security solutions portfolio. The product has been positively received by global partners and OEMs, with initial customer engagement supported by the distribution of development kits across multiple regions and application areas.

As for the cloud-based authentication certificates and certificate management platform activities, the trust services business, which includes PKI and provisioning solutions, 2025 was marked by significant expansion, with revenue increasing by 586% compared to 2024. Although it only contributed 2% of total revenue in 2025, growth for trust services was driven by increasing demand for secure device identity and lifecycle management across IoT applications, particularly in smart home ecosystems. The Company's PKI solutions gained traction with customers adopting interoperable standards such as Matter, supporting secure onboarding and authentication of connected devices.

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SEALSQ also advanced the deployment of its INeS Box, an on-premise PKI solution designed for secure factory provisioning. The platform gained initial adoption in Europe and generated growing interest in Asia, particularly in Japan, where demand is driven by emerging smart home and IoT standards.

Finally, the ASIC design business performance in 2025 was impacted by a temporary slowdown in new ASIC requests, primarily driven by reduced R&D investment in the automotive sector amid broader industry challenges. The outlook strengthened markedly in Q4 2025, fueled by positive feedback from long-standing IC'Alps customers on both the SEALSQ acquisition and the expanded opportunities in post-quantum cryptography (PQC) solutions made possible by SEALSQ Group synergies.

Overall, SEALSQ strengthened its position as a provider of integrated hardware and digital trust solutions, addressing increasing global demand for cybersecurity, device authentication, and secure infrastructure.

Geographically, SEALSQ continued to diversify its revenue base, with North American revenue increasing significantly over the past three years, reflecting successful international expansion and growing customer adoption.

See *Item 5.A. Operating and Financial Review and Prospects* for additional information on the Company's 2025 performance.

USA

In 2025, the United States remained a strategic growth market for SEALSQ, driven by increasing demand for high-assurance cybersecurity solutions across enterprise, industrial, cloud infrastructure, and critical IoT applications. SEALSQ continued to strengthen its position as a trusted security partner through the expansion of its PKI Services offering and the introduction of Post-Quantum Cryptography (PQC) hardware-based solutions.

● Solid Business Growth:

SEALSQ recorded continued business expansion in the US in 2025, supported by a growing market share in PKI Services and increased customer engagement throughout the year. Commercial momentum accelerated notably in the second half of the year as customers in the U.S. advanced their quantum-readiness and long-term security roadmaps materialized by new quantum-resistant product features requirements. SEALSQ delivered 22% revenue growth in the US in 2025 versus 2024, from $7.5 million to $9.1 million, excluding revenue from the newly acquired ASIC segment.

● Expansion of PKI Services

A major highlight of 2025 was the strengthening of SEALSQ's PKI Services footprint in the US. Customers increasingly adopted SEALSQ's PKI solutions to support secure identity, device authentication, and lifecycle key management, reinforcing SEALSQ's role as a long-term security services partner rather than a standalone technology provider.

● Strategic Partnerships in PQC Hardware

SEALSQ engaged in advanced discussions with key major US silicon providers to establish strategic partnerships aimed at promoting and commercializing PQC hardware-based products. These collaborations would be expected to accelerate market adoption of quantum-resistant security solutions by combining SEALSQ's cryptographic expertise with leading US silicon platforms.

● Expanding Customer and Partner Pipeline

In 2025, SEALSQ expanded its US pipeline through active engagement with enterprise customers, system integrators, and semiconductor partners, who showed strong interest in the SEALSQ Group's hardware-rooted PQC solutions and integrated PKI services. Several opportunities have progressed to advanced evaluation and co-development phases, reinforcing medium- and long-term revenue visibility.

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EMEA

In 2025, EMEA remained a key strategic market for SEALSQ, driven by increasing adoption of secure connectivity solutions across consumer, industrial, and smart home applications. SEALSQ continues to strengthen its position as a trusted security partner for leading global and regional OEMs.

A major highlight of 2025 was the achievement of a significant number of new design wins (confirmation that SEALSQ's product has been selected and will be built into a customer's product design) in 2025, 8 design-wins in 2025 versus 5 in 2024, with widespread adoption of the MATTER protocol. High-profile customers, including DeltaDore, Tedee, and Hager, validate SEALSQ's ability to support secure, interoperable smart devices at scale.

● Broad Geographic Adoption:

SEALSQ recorded strong MATTER-related design-win activity across multiple EMEA countries, including Estonia, Poland, Germany, and France. This broad regional adoption confirms SEALSQ's capability to scale its security solutions across diverse markets and applications.

● Expanding Customer Pipeline:

In 2025, SEALSQ engaged with more than 30 customers across EMEA who showed strong interest in the new QS7001 secure MCU and QVault TPM solutions and early adoption of post-quantum cryptography. Several customers have already initiated active development on the QS7001 platform, reinforcing future revenue visibility.

● Strategic Outlook

With continued MATTER momentum, growing platform adoption, and a strong late-stage pipeline, SEALSQ is well positioned for sustained growth in EMEA, with increasing design-win-to-production conversion expected beyond 2025.

APAC

● Business Growth:

SEALSQ achieved 95% revenue growth in Asia Pacific in 2025 versus 2024, reflecting strong commercial traction, increased customer adoption, and successful market penetration across connected appliance segments.

*Japan*

● Strong Market Momentum:

In 2025, Japan emerged as a key strategic growth market for SEALSQ, driven by accelerating demand for secure connectivity in smart home and HVAC applications. SEALSQ's technology alignment with local and global standards has positioned SEALSQ as a preferred security partner for leading Japanese OEMs.

● Major Design Wins in Smart HVAC:

A key milestone in H2 2025 was the achievement of multiple designs under development or design-wins with major air conditioning manufacturers, integrating MATTER protocol into next-generation products. These projects IN or WIN confirm SEALSQ's leadership in:

● Secure device authentication and lifecycle protection

● Interoperability with global smart home ecosystems

● Security architectures suited to long-lifecycle consumer appliances

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● Local Ecosystem Leadership – ECHONET Lite:

SEALSQ's adoption of the ECHONET Lite protocol, Japan's dominant smart home and energy standard, has significantly accelerated customer engagement. This strategic move has strengthened SEALSQ's local credibility, simplified system integration, and increased demand for its security solutions among domestic players.

● Expanding Customer Pipeline:

In 2025, SEALSQ engaged with more than 30 Japanese customers, including OEMs and system integrators, showing strong interest in QS7001 secure MCU and QVault TPM solutions. These engagements span evaluation, design-in, and pre-production phases, creating a robust pipeline for potential future revenue growth.

● Strategic Outlook:

With strong growth, validated design wins, and deep alignment with Japanese standards like WI-SUN, MATTER and ECHOBET LITE protocols, SEALSQ is well positioned for sustained expansion in Japan. The market is expected to deliver continued revenue growth beyond 2025, driven by smart appliance adoption, increasing security requirements, and SEALSQ's differentiated secure hardware and software portfolio.

*Taiwan*

● Strong Market Momentum:

In 2025, Taiwan emerged as an increasingly strategic market for SEALSQ, driven by strong demand for secure hardware solutions and advanced embedded applications. SEALSQ is reinforcing its position within Taiwan's dynamic semiconductor and ODM ecosystem.

● Accelerating Design Activity in H2 2025:

A major highlight of 2025 was the significant number of new designs under development in H2, leveraging SEALSQ Secure Element solutions for smart metering applications with currently 3 new designs under development at customer for this application, drones, IoT modules, and e-token platforms. These developments demonstrate growing customer confidence in SEALSQ's secure hardware portfolio.

● Expansion into Emerging Applications:

In parallel, SEALSQ engaged in advanced technical and commercial discussions with multiple Taiwanese customers for drone applications during H2 2025, opening new opportunities in security-critical and high-performance embedded systems.

● Expanding Customer Pipeline:

In 2025, SEALSQ identified more than 25 active customer engagements in Taiwan, with strong interest in the QS7001 secure MCU and QVault TPM solutions, particularly for laptop and computing platforms. Several customers have already initiated active project development on the QS7001 platform, reinforcing future production potential.

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**Acquisitions and Investments**

Acquisition and Investment Strategy

SEALSQ's acquisition and investment strategy is designed to reinforce its position across secure semiconductors, post-quantum cryptography, and trusted digital infrastructure. As part of this strategy, in February 2025, SEALSQ announced the launch of its Quantum Fund with an initial allocation of $20 million assigned to invest in pioneering startups specializing in quantum computing, Quantum-as-a-Service (QaaS) and AI-driven semiconductor technologies. The Quantum Fund has evolved with a total allocation of $200 million to invest as of March 27, 2026, with a goal to accelerate the development of a fully integrated Quantum Vertical Sovereign Stack: an end-to-end Root to Qubit ecosystem that ensures technological independence, security and resilience in the Quantum era.

SEALSQ actively evaluates acquisition opportunities across the following 8 complementary strategic categories, each aligned with its long-term technology roadmap and platform-driven growth strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Design Houses or IP Providers (PQC / Embedded Security)**

SEALSQ targets ASIC, SoC, chiplet design houses, and security IP providers to expand its post-quantum hardware portfolio and replicate the IC'Alps integration model, with a strong preference for US-based assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Embedded Software and Security-Centric Operating Systems**

Acquisitions in this category aim to complement SEALSQ's secure hardware with embedded operating systems and secure execution environments, enabling platform openness and third-party integration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Post-Quantum Cryptography Software**

SEALSQ evaluates PQC software providers to enable hybrid deployments on non-PQC hardware and broaden its coverage across software-based and mixed post-quantum implementations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. AI for Security or Security for AI**

This direction focuses on technologies leveraging AI to enhance hardware security or providing hardware-based trust to protect AI models and workloads.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Post-Silicon Services (Test and Personalization)**

Targets include secure test, provisioning, and cryptographic personalization capabilities that support industrial-scale deployment of secure semiconductors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Security Services and Transaction-Based Trust Solutions**

SEALSQ seeks service platforms for post-quantum-ready key management, device onboarding, credential lifecycle management, and secure transactions to support recurring revenue models.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Certification, Attack, and Compliance Services**

This category addresses certification labs, attack labs, and compliance-as-a-service providers that accelerate alignment with evolving security and post-quantum standards.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Quantum Computing Ecosystem**

SEALSQ selectively engages with quantum hardware and software players to co-validate its post-quantum platforms and prepare for future quantum-era compatibility. SEALSQ prioritizes targets located in Europe or North America, with clear strategic alignment to its secure semiconductor and post-quantum roadmap as well as quantum ambition. Preferred companies demonstrate differentiated technology or IP, experienced teams, and commercially validated solutions, with a focus on disciplined integration and long-term value creation.

Recent Acquisitions and Investments

*IC'Alps Acquisition*

In 2025, SEALSQ completed the acquisition of 100% of the share capital and voting rights of IC'Alps. This acquisition marks a significant step in SEALSQ's strategic expansion into ASICs and post-quantum technologies.

This acquisition builds on SEALSQ's strategic initiative launched in 2024 to leverage its QS7001 quantum-resistant hardware architecture to address growing demand from major electronics manufacturers seeking custom quantum-resistant secure chips tailored to specific use cases. The expansion into the post-quantum ASIC segment represented a pivotal milestone in SEALSQ's industrial strategy, opening new business opportunities and revenue streams. IC'Alps, which had contributed to the design of SEALSQ's quantum-resistant platform, emerged as a natural partner to support and accelerate this strategy.

ASIC development is a highly complex process requiring precise customization, rigorous validation, and controlled manufacturing execution. The integration of IC'Alps brings together its advanced ASIC design expertise and established footprint in medical and automotive applications with SEALSQ's security IP portfolio, commercial reach, and supply chain capabilities. This combination is expected to accelerate development timelines, enhance scalability, and enable SEALSQ to deliver high-performance, tailored integrated circuits using competitive technologies across a wide range of applications.

As part of the acquisition, approximately 100 highly skilled engineers and professionals from IC'Alps' design centers in Grenoble and Toulouse joined SEALSQ. The acquisition strengthens SEALSQ's position in the security integrated circuits industry in both European and global markets and reinforces its long-term objective of delivering advanced post-quantum secure semiconductor solutions.

See *Item 10.C. Material Contracts* for additional information on the acquisition of IC'Alps.

*Quantix Edge Security Joint-Venture*

Announced in the first half of 2025, Quantix Edge Security is a flagship public-private joint venture in Murcia, Spain, set up to develop a Semiconductor Design and Personalization Center backed by a €40 million investment. The Spanish government, through the Ministry for Digital Transformation and Public Administration, contributed €19.6 million via the PERTE Chip initiative, with additional funding from WISeKey, SEALSQ, Murcia-based companies OdinS and TProtege, and the Spanish Society for Technological Transformation (SETT). SEALSQ believes that this investment aligns with Spain's stated goal to invest €12.25 billion by 2027 to bolster its microelectronics and semiconductor capabilities<sup>8</sup>, positioning Murcia as a global hub for secure microchip development.

The Semiconductor Design and Personalization Center will focus on post-quantum-resistant chip design based on RISC-V architecture, fully aligned with Common Criteria and NIST standards. The testing and secure personalization operations are planned to be fully operational by 2028. SEALSQ anticipates generating revenue in 2026 from this project by invoicing its professional services and licensing IP to the joint venture.

<sup>8</sup> "Spain to spend 12.25 billion euros on microchip industry". Business Time (May 24, 2022), available at https://www.businesstimes.com.sg/startups-tech/technology/spain-spend-1225-billion-euros-microchip-industry?

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Quantix Edge Security is designed to differentiate through deep cybersecurity expertise, high-quality execution, and customized solutions. By specializing in quantum-resistant semiconductors, the Murcia center is positioned to capture growing demand in European and Latin American markets, driven by regulatory pressure, digital sovereignty initiatives, and accelerating IoT adoption.

Building on this foundation, SEALSQ is actively engaging with partners to establish two additional Custom Design, Test, and Personalization hubs, one in the United States and one in Asia, further expanding its global footprint and reinforcing its leadership in post-quantum semiconductor security.

*ColibriTD Investment & Technical Partnership*

The first investment initiative in 2025 was to acquire a participation into ColibriTD, a Quantum-as-a-Service (QaaS) provider, announced in February 2025, aiming at leveraging ColibriTD's cloud-based quantum computing platform to enhance SEALSQ's quantum roadmap.

In June 2025, SEALSQ announced a key collaboration with ColibriTD and Xdigit, to establish an R&D roadmap to develop a quantum-based solution to improve semiconductor wafer yields at sub-7nm nodes. This project addresses IR Drop challenges, which cause power integrity issues, aiming to increase yields from 50% to 80% by using quantum algorithms to optimize chip design and manufacturing processes. The initiative also enhances resistance to side-channel attacks, strengthening the security of SEALSQ's quantum-resistant microcontrollers, such as the QS7001 and MS6003. By combining ColibriTD's QaaS capabilities for quantum simulation and Xdigit's expertise in IR Drop modeling, the project sought to reduce per-chip costs by up to 50% while advancing SEALSQ's leadership in secure, high-performance semiconductor solutions.

Pioneering industrial applications of quantum computing capabilities, SEALSQ, ColibriTD and BWT Alpine Formula One Team will also consider leveraging ColibriTD's PDE solver capabilities to explore improvements of fluid dynamics in motorsport racing as part of their technical collaboration.

Several additional investments in quantum startups and research initiatives are being discussed, targeting advancements in quantum-resistant chip design and cryptographic agility for IoT, automotive, and defense applications.

*WISeSat Investment & Partnership*

Throughout 2025, WISeSat, a subsidiary of WISeKey, SEALSQ's parent company, advanced its space strategy through significant investments and strategic partnerships aimed at building a secure, post-quantum-ready Low Earth Orbit (LEO) satellite constellation for IoT connectivity and quantum-resilient communications.

In November 2025, SEALSQ invested $10 million in WISeSat to support the development of a quantum-secure satellite infrastructure platform. SEALSQ's involvement is intended to advance the integration of its post-quantum cryptography, secure semiconductor and trusted identity technologies into a space-based environment that can support secure communications and related services for enterprise, governmental and other mission-critical use cases. This investment is part of SEALSQ's broader strategy of extending its security stack into complementary infrastructure layers where its technology may be deployed at scale.

SEALSQ's contemplated commercial model with WISeSat is based on an anticipated Irrevocable Right of Use, or IRU, over the capacity of an initial 12 satellites to be launched over an expected two-year period. Under this structure, WISeSat would retain legal ownership and operational control of the satellites, including the related space and ground segment infrastructure, and would remain responsible for operating the constellation and providing the associated services. SEALSQ would secure dedicated capacity for its Quantum Spatial Orbital Cloud, or QSOC, initiative and would use that capacity to deliver its planned quantum-secure service layer.

The QSOC initiative plans to deploy a 100-satellite constellation delivering quantum key distribution (QKD), quantum random number generation (QRNG), and post-quantum identity services as a subscription offering to enterprises and governments worldwide. The project plans to deploy satellites incrementally from 2024 through Full Operational Capability (FOC) in 2033. At FOC, WISeSat is expected to operate a dedicated QSOC constellation for SEALSQ, and SEALSQ is expected to deliver a contractually guaranteed 99.9% uptime service-level agreement (SLA) to its customers.

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The planned constellation to be operated by WISeSat aims to secure post-quantum transactions using tokens developed by SEALCOIN AG, a subsidiary of WISeKey. The WISeSat 3.0 launch in June 2025 included a proof-of-concept demonstrating SEALCOIN's capacity for autonomous machine-to-machine transactions, secured by SEALSQ's secure semiconductor technology.

The contemplated arrangement is expected to be documented through a separate service level agreement, or SLA, setting out the specifications, performance standards and service requirements applicable to the provision of capacity and related operational support. Those specifications have not yet been finalized and the SLA has not yet been drafted. SEALSQ expects the contractual framework to define the respective roles of the parties and support the commercial deployment of the contemplated capacity arrangement.

SEALSQ believes this structure may allow it to secure dedicated orbital capacity while preserving a clear separation between infrastructure ownership and commercial service delivery. SEALSQ also believes the structure may support a disciplined allocation of capital and a more scalable operating model for future space-based security services. There can be no assurance that the contemplated arrangements, documentation or service model will be completed on the terms currently anticipated, or at all.

*EeroQ Investment & Partnership*

In December 2025, SEALSQ made a strategic investment in EeroQ, a US-based quantum chip design company pioneering a breakthrough approach to building a quantum computer using electrons on helium (eHe).

EeroQ aims to build a large-scale quantum computer based on single electrons trapped on superfluid helium, a technology originally proposed in the late 1990s and now made feasible thanks to major advances in materials science, microfabrication, and cryogenic engineering.

EeroQ's design offers several key advantages that align with SEALSQ's long-term strategic priorities. Unlike other quantum computing architectures requiring datacenter-scale cryogenic infrastructure, EeroQ's qubits, based on the smallest particle in nature, enable the design of quantum processors as small as a thumbnail. EeroQ's platform is designed to be manufactured using standard semiconductor processes, directly compatible with SEALSQ's secure semiconductor personalization and OSAT capabilities. In addition, single-electron qubits offer promising metrics in coherence time, all-to-all connectivity, and mobility of qubits, enabling novel architectures.

This positions EeroQ as one of the most scalable approaches to quantum computing currently under development.

SEALSQ's investment in EeroQ strengthens its "Quantum Made in USA" vision and reinforces its commitment to strengthening the United States' leadership in quantum-resistant technologies and future quantum computing platforms by supporting the development of an integrated post-quantum and quantum-era semiconductor ecosystem combining post-quantum cryptographic chips that are already commercialized, quantum-resistant secure microcontrollers, advanced personalization centers in the U.S., and future quantum accelerator chips developed in strategic partnership.

**Other Business & Organization Highlights**

Quality Management & ESG

In 2025, SEALSQ demonstrated its unwavering commitment to operational excellence, environmental stewardship, and robust governance through the successful renewal of key international certifications. Notably, SEALSQ renewed its ISO 9001:2015 (Quality Management Systems) and ISO 14001:2015 (Environmental Management Systems) certifications by AFNOR for a three-year cycle, achieving this milestone with zero non-conformities.

This flawless audit outcome underscores the maturity and effectiveness of SEALSQ's integrated management systems, ensuring consistent delivery of high-quality, reliable post-quantum semiconductor and cybersecurity solutions while minimizing environmental impact through sustainable practices such as energy efficiency, waste reduction, and responsible resource use.

[**Table of Contents**](#TOC)

These achievements not only reinforce customer confidence and regulatory compliance — including alignment with frameworks like the EU's Corporate Sustainability Reporting Directive (CSRD) — but also advance SEALSQ's broader ESG strategy, positioning SEALSQ as a trusted partner in building a secure and sustainable digital future.

Marketing & Communications

In 2025, SEALSQ significantly amplified its marketing and communication initiatives to drive global awareness of its post-quantum cybersecurity solutions, spearheaded by the launch of the QS7001 quantum-resistant chip in Q4 2025, by launching a targeted PR campaign in partnership with SparkPR a leading U.S. tech marketing agency, that started to generate widespread media coverage and position SEALSQ as a pioneer in quantum-secure hardware.

Strategic partnerships, such as the collaboration with BWT Alpine Formula One Team, were highlighted through high-profile events, including the partnership kick-off at the Las Vegas Grand Prix on November 19-21, 2025, where SEALSQ hosted an exclusive launch event integrating quantum technology demonstrations with motorsport innovation to engage stakeholders in secure, high-performance applications.

SEALSQ also organized a "Quantum Days" event in May in France, gathering experts for discussions on post-quantum and space security, featuring live demonstrations of quantum-resistant algorithms like Kyber and Dilithium to showcase technological advancements.

SEALSQ's participation in the IQT Quantum + AI Summit (Q+AI) in October further elevated visibility and coincided with the debut of SEALSQ's QS7001 product to underscore its role in unbreakable security. Carlos Moreira, SEALSQ's CEO, delivered the opening keynote on "AI Meets Quantum: Building Unbreakable Post-Quantum Security" and joined a CEO roundtable alongside industry leaders,

Complementing these efforts, the inauguration of the IC'Alps facility in Grenoble in November 2025 marked the launch of the Franco-Swiss Quantum Corridor, an event that highlighted Europe's first sovereign quantum-resistant ASIC (QASIC) project and reinforced SEALSQ's commitment to sovereign innovation through collaborative showcases and executive engagements. These initiatives collectively enhanced brand recognition, fostered key industry relationships, and supported revenue growth by aligning SEALSQ's quantum-ready portfolio with emerging market demands.

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**Strategic Outlook 2026**

Market Drivers & General Trends

*The Evolving Landscape of Secure Semiconductors*

SEALSQ is pleased to provide management's assessment of, and views on, the semiconductor industry for the upcoming years. SEALSQ believes this assessment and these views are critical in understanding SEALSQ's strategy and competitive advantage described below.

*Introduction*

The semiconductor industry is at the edge of a discontinuity and profound revolution due to rising complexity, cost, and the impact of disruptive technologies like GenAI, quantum computing, and chiplets.

Semiconductors continue to be the crucial component of intelligent services and devices, with the market expected to reach $1 trillion by 2030. <sup>9</sup>

Hardware-based security is increasingly becoming a pillar of national cybersecurity and OEM strategies, especially in response to emerging quantum threats.

Software alone cannot provide complete protection. Hardware-based security measures are essential to defend against physical attacks, including tampering and side-channel leakage.

SEALSQ is one of the few companies worldwide with the capability to design and certify secure chips at Common Criteria EAL5+ level or higher.

OEMs like Apple, Google, Tesla, and SpaceX are increasingly building their own chips to secure control over critical functions. Chiplets offer a dual opportunity: embedding secure IP into general-purpose chips or creating standalone secure chiplets with high certification.

*Regulations*

The industry is shifting from "security as a feature" to "security as a legal prerequisite" as legacy encryption is being systematically phased out to mitigate the quantum threat.

2026 Outlook:

SEALSQ believes that 2026 is a critical compliance "cliff" for two major reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. EU Cyber Resilience Act (CRA) Deadlines: By September 11, 2026, manufacturers must comply with the CRA's strict vulnerability reporting obligations. This mandates that any "product with digital elements" sold in the EU must have documented security lifecycles. Non-compliance now risks fines of up to €15 million or 2.5% of global turnover.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. CNSA 2.0 Networking Compliance : In the U.S., the National Security Agency (NSA) has set 2026 as the milestone for traditional networking equipment (VPNs, routers) to support and prefer CNSA 2.0 (Post-Quantum) algorithms. This forces a rapid refresh cycle for hardware infrastructure handling sensitive data.

<sup>9</sup> https://www.pwc.com/gx/en/industries/technology/pwc-semiconductor-and-beyond-2026-full-report.pdf

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The Quantum Threat: Beyond 2026:

The "Harvest Now, Decrypt Later" (HNDL) risk has transitioned from a theoretical concern to a boardroom priority. By 2027 and beyond, the trend shifts toward Quantum-Safe-by-Design:

● Hybridization as the Standard: Post-2026, SEALSQ believes that most regulated industries (Finance, Healthcare) will mandate Hybrid Cryptography. This uses a "dual-wrap" approach, combining classical ECC/RSA with NIST-standardized PQC (like ML-KEM and ML-DSA) to ensure security even if one algorithm is compromised.

● The "Quantum-Safe" CE Mark: As the CRA moves toward full application in 2027, "state-of-the-art" requirements will likely include quantum resistance for long-lived devices (e.g., smart meters, industrial controllers).

● Cryptographic Agility: The industry focus is moving beyond just "updating keys." Regulations will increasingly require Crypto-Agility, where systems are designed to swap out entire cryptographic suites via firmware updates without hardware redesigns.

*Sovereignty*

Since 2025, digital sovereignty has transitioned from a policy discussion to a technical mandate for the global supply chain. Central to this shift is "Geopatriation" – the requirement that the anchors of digital identity, such as Roots of Trust and PKI, must be housed within defined national or geopolitical boundaries. SEALSQ's response to this evolution of the geopolitical landscape and supply strategy is to provide sovereign semiconductor design, test, PKI and Root–of-Trust infrastructures and capabilities, particularly in the US ("Made in USA Strategy") and Europe.

**Sovereign Root of Trust (RoT)**

The market has moved away from a "universal cloud trust" model. SEALSQ believes that in 2026, the EU Cyber Resilience Act (CRA) and U.S. Executive Order 14028 (via CNSA 2.0) could create a demand for "Local Roots", such as:

● National Trust Anchors: Governments are increasingly mandating that critical infrastructure (energy, defense, healthcare) use Roots of Trust managed on domestic soil. This prevents foreign entities from having the "kill switch" capability to revoke certificates or push unauthorized firmware.

● Quantum Sovereignty : SEALSQ believes a major 2026 trend will be the creation of sovereign post-quantum Roots of Trust. Nations are racing to establish their own PQC-ready trust chains to ensure long-term data "immutability" and protection against future decryption by rival nation-states.

**Sovereignty in Manufacturing: Secure Injection**

The device digital credentials injection phase (injecting certificates and keys) during manufacturing is now the most sensitive part of the chip supply chain from a sovereignty perspective.

To avoid shipping unprovisioned chips across borders, OEMs are using localized personalization centers. This allows for the injection of Sovereign Identities at the point of assembly, ensuring that a device destined for the U.S. market receives a U.S.-managed identity, while a device for the EU receives an EU-compliant one.

The "Clean Room" Requirement: Manufacturing partners (Foundries and OSATs) are being audited for "Sovereign Compliance." In 2026, "In-Country Injection" mandates are expected to be implemented, where the final cryptographic "birth" of a device must occur within the target market's borders to ensure no third-party interception of primary seeds or keys.

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**PKI and Digital Autonomy**

PKI services are expected to focus on Decoupling and Portability in 2026. This decoupling is achieved through Crypto-Agility and SBOM integration, as detailed below:

● Vendor Lock-in Resistance : Sovereignty now includes the ability to migrate PKI hierarchies without re-tooling hardware. This is achieved through Crypto-Agility, where devices are designed to trust multiple "Sovereign Sub-CAs" that can be rotated as geopolitical alliances shift.

● Supply Chain Attestation (SBOM) : Beyond just the key, the PKI is used to sign the Software Bill of Materials (SBOM) during manufacturing. In 2026, a device cannot be "onboarded" to a sovereign network unless its identity is cryptographically tied to a verified, signed list of its software components.

**Quantum Sovereignty Investments (U.S. Focus)** To accelerate its "Made in USA Strategy" and deliver sovereign quantum capabilities, SEALSQ has deployed capital through the Quantum Fund. Key actions include:

● Strategic investment in EeroQ (December 2025), a U.S.-based quantum chip design house developing scalable electron-on-helium processors.

● Follow-on investment in EeroQ (February 2026) to deepen collaboration.

● Positioning for vertical integration of post-quantum security with future quantum hardware.

● Quantum Capabilities: Investments target full sovereign quantum ecosystems — from secure post-quantum Roots of Trust to CMOS-compatible quantum processors — enabling end-to-end protection of U.S. critical infrastructure and national trust anchors against geopolitical and quantum risks.

*Consortiums & Alliances Standards*

In 2026, the IoT landscape is expected to be characterized by unification and sovereignty. Major alliances have shifted from simply defining connectivity to enforcing security standards that align with global regulations like the EU Cyber Resilience Act (CRA). SEALSQ, as an active member within some consortiums like the ones mentioned below is expected to raise awareness on its advanced product offering which complies with these consortiums' standards, identify potential commercial partners in these alliances, and benefit from the marketing efforts deployed by these consortiums and alliances:

**Connectivity Standards Alliance (CSA): Matter 1.5 and Beyond**

In late 2025 and into 2026, the CSA has solidified Matter 1.5, which expanded the ecosystem into high-impact categories:

● New Device Support: Native integration for security cameras (using WebRTC), smart closures (gates, blinds), and soil sensors.

● Energy Management: Matter now features advanced "Energy Management" clusters, allowing devices to respond to real-time grid carbon intensity and dynamic tariff pricing—a key 2026 trend for sustainability.

● Aliro: The new "Aliro" standard for smart locks has reached maturity, ensuring mobile devices and wearables act as universal digital keys across brands.

**FIDO Alliance: Passkey Maturity & Digital Credentials**

The FIDO Alliance has moved beyond simple login replacement to comprehensive identity wallets:

● CTAP 2.2 / 2.3: The release of CTAP 2.2 has standardized "Hybrid Transport," allowing a passkey on a phone to effortlessly unlock a laptop or IoT terminal.

[**Table of Contents**](#TOC)

● Credential Exchange: 2026 will mark the launch of workstreams for Digital Credentials, allowing users to store and share verified IDs (like driver's licenses) using the same phishing-resistant FIDO protocols.

**Wi-SUN Alliance: The Smart City Backbone**

The Wi-SUN Alliance is dominating the "Field Area Network" (FAN) for utilities and smart cities:

● FAN 1.1 Adoption: 2026 expects the mass rollout of FAN 1.1, which provides higher data rates and lower latency for AMI 2.0 (Advanced Metering Infrastructure).

● Scalability: Wi-SUN mesh networks are expected to be used in 2026 to manage nearly half a million streetlights in single deployments (e.g., Miami and Paris), serving as the communication layer for EV charging and air quality sensors.

**TCG & GSMA: The Hardware Trust Anchors**

● Trusted Computing Group (TCG): The focus in 2026 is expected to be post-Quantum TPMs. TCG has finalized specifications for TPM 2.0 (version 1.85+) to support ML-KEM and ML-DSA, ensuring that "Measured Boot" remains secure against quantum threats.

● GSMA: The push is for eSIM/iSIM for LPWAN. GSMA's 2026 roadmap focuses on the "SGP.32" specification, which simplifies remote provisioning for constrained IoT devices, removing the need for physical SIM swaps in massive industrial deployments.

**ECHONET Consortium**

The ECHONET Consortium, primarily dominant in Japan and East Asia, has entered 2026 as a pivotal player in the global "Energy IoT" and "Carbon Neutrality" movements. As of early 2026, the cumulative shipment of ECHONET Lite-certified devices has surpassed 160 million units, driven largely by mandatory smart meter rollouts and air conditioning standards.

To align with global regulations like the EU Cyber Resilience Act, the ECHONET Consortium has introduced new security layers. In late 2025, the Security Function Certification Working Group was established. By 2026, new AIF (Application Interface) certifications require rigorous device authentication to prevent unauthorized grid-scale manipulation.

Trends by Key Target Market

*TPM Market*

In 2026, the Trusted Platform Module (TPM) market is expected to transition from a PC-centric security component to a universal "Hardware Root of Trust" across all connected industries. The global market is valued at approximately $3.35 billion in 2026, maintaining a robust CAGR of over 13%. <sup>10</sup>

<sup>10</sup> https://www.researchnester.com/reports/trusted-platform-module-tpm-market/3955

[**Table of Contents**](#TOC)

**The Post-Quantum Cryptography Pivot (PQC)**

SEALSQ believes that 2026 is the year of TPM 2.0+. As regulatory mandates like CNSA 2.0 and the European Quantum Act (expected in 2026) take hold, the market is shifting toward quantum-resistant chips including the following:

● Hybrid Implementations: Leading vendors like SEALSQ are shipping TPMs that support hybrid cryptographic suites, combining classical RSA/ECC with ML-KEM and ML-DSA to protect against "Harvest Now, Decrypt Later" threats.

● SEALSQ's QVault™ : New product categories like the QVault TPM are entering mass production, specifically designed for industrial and government sectors requiring long-term data protection.

● Cloud-Edge Synergy : TPMs are now essential for "Attestation" services in cloud-edge computing, where the TPM provides a hardware-verified report of a device's health before it is allowed to access the 2026 "Zero-Trust" enterprise networks.

*Secure ASICs Market*

The global secure ASIC market is experiencing sustained growth driven by increasing security requirements across critical infrastructures, defense systems, industrial automation, automotive, healthcare, and connected IoT applications, reinforced by quantum computer threats and new regulations such as CNSA2.0 in the US.

Unlike general-purpose microcontrollers or programmable devices, secure ASICs enable the integration of advanced security functions directly into silicon, offering higher performance, lower power consumption, and a reduced attack surface. The rising adoption of hardware-based roots of trust, secure enclaves, and embedded cryptographic accelerators, combined with the need for long product lifecycles and regulatory compliance and needs for highest level of certification, is reinforcing demand for custom and semi-custom secure integrated circuits.

The emergence of post-quantum cryptography requirements is creating a new generation of secure ASIC designs, as customers anticipate future quantum computing threats and seek long-term protection of sensitive data. As a result, secure ASICs are increasingly viewed as a strategic foundation for trusted digital systems in both sovereign and commercial markets.

*PKI Market*

SEALSQ believes that the IoT Device Identity market will reach a critical inflection point in 2026, with the global PKI market projected to be worth approximately $8.48 billion growing at a 20.5% CAGR until 2035:<sup>11</sup> The "identity-first" security model is no longer optional, driven by strict global mandates like the EU's CRA.

**In SEALSQ's view, this inflection point is the result of the following trends in the industry:**

**During Manufacturing: The "Secure Birth" Trend**

In 2026, SEALSQ believes that manufacturing PKI will focus on Zero-Touch Provisioning (ZTP) and localized trust anchors given the following industry trends.

Factory-Floor Sovereignty: Manufacturers are increasingly deploying "PKI-in-a-box" solutions (like SEALSQ's INeS Box) to issue unique digital birth certificates locally. This prevents "gray market" overproduction and ensures keys never leave the secure boundary of the factory.

Supply Chain Attestation: There is an industry-wide surge in the use of Software Bill of Materials (SBOM) signing. PKI is used to cryptographically sign not just the firmware, but the entire build manifest at the point of origin, ensuring end-to-end integrity before the device even leaves the factory.

<sup>11</sup> Research Nester, Sept 2025 available at https://www.researchnester.com/reports/public-key-infrastructure-pki-market/5182

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**During Lifecycle: Automation or Outage** Beyond the "Secure Birth" at the manufacturing stage, 2026 is expected to be defined by the Shortened Certificate Lifespan challenge. The following factors are viewed as drivers for this challenge: The 200-Day Standard**:** With public TLS (Transport Layer Security) lifespans dropping to 200 days in early 2026 (and heading toward 45 days in 2029), manual certificate management has become a liability. Automated Certificate Lifecycle Management (CLM) is now the market standard for IoT fleets.

Post-Quantum Readiness: 2026 market leaders are expected to shift toward Hybrid PKI. Devices are being provisioned with dual-signature certificates (Classical + PQC) to ensure they remain reachable as networks begin enforcing quantum-resistant handshakes.

*Provisioning & Test Services Market*

The market for Provisioning and Wafer Test services (OSAT) is shifting from a standard high-volume manufacturing step to a critical security and reliability bottleneck. This shift consists of the following:

**Security-by-Design & "Zero-Touch" Provisioning**: OSATs are no longer just testing electrical signals; they are increasingly responsible for Secure Provisioning. This involves injecting unique device identities (keys/certificates) into Secure Elements or TPMs at the wafer level.

**Regulatory Compliance (CRA & NIST)**: New regulations like the EU Cyber Resilience Act (CRA) are forcing OEMs to prove the integrity of their chips. This drives demand for OSATs to provide an "Identity Birth Certificate" for every chip, often linked to an SBOM (Software Bill of Materials) signed at the factory.

Security provisioning is the critical industrial process of injecting unique cryptographic "birth identities"—such as private keys and X.509 digital certificates—into semiconductor chips or electronic boards during the manufacturing phase. By using a Hardware Security Module (HSM) to manage these secrets within the factory, manufacturers ensure that every device leaves the assembly line with a hardware-anchored Root of Trust that cannot be duplicated or extracted. This process is essential for preventing counterfeiting, ensuring secure boot, and enabling "Zero-Touch" onboarding, where a device can automatically and securely connect to a cloud platform the moment it is powered on for the first time.

Competitive Landscape

SEALSQ stands out with its value proposition as unique player capable to play on three different and very specialized markets: Hardware embedded security, custom IC design services (IC'Alps), and Trust services. SEALSQ achieves a distinctive positioning on each market as illustrated below.

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Embedded security (Semiconductors & Firmware)

![Graphic](laes-20251231x20f015.jpg)

Custom Semiconductor Design Services

![Graphic](laes-20251231x20f016.jpg)

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PKI & Trust Services

![Graphic](laes-20251231x20f017.jpg)

Go to Market Strategy & Product/Services Roadmap

*Go-to-Market Strategy*

SEALSQ's expertise spans the full hardware spectrum, including standard chips, custom chip design, and security IP and secure enclaves. This positioning has been further strengthened by the recent acquisition of IC'Alps in France, which brings SEALSQ critical ASIC and custom chip design capabilities.

SEALSQ is uniquely positioned to execute a three-phase quantum product roadmap that begins in the short term with the commercialization of the first post-quantum cryptography (PQC) standard chip on the market—the QS7001, which was launched in Q4 2025. This roadmap continues in the mid-term with the development of custom integrated circuit solutions, the QASIC (Quantum ASIC – Application-Specific Integrated Circuit), and related security IP offerings. In the long term, SEALSQ aims to provide secure system solutions for next-generation architectures, including chiplet-based Hardware Security Modules (CHSMs) tightly coupled with pre-certified secure enclaves and security IP integrated into larger chips.

SEALSQ's positioning is differentiated by internally developed security and PQC IP and by its ability to achieve the highest levels of hardware certification, including Common Criteria EAL5+.

The QASIC initiative will form a cornerstone of SEALSQ's roadmap for post-quantum Hardware Security Modules (HSMs) and secure microcontrollers used in critical infrastructures, defense systems, IoT devices, and AI applications.

*Product & Hardware Design Roadmap*

*Short Term*

In the short term, SEALSQ will commercialize its existing QS7001 platform (PQC hardware platform only) and/or the QVault TPM (PQC hardware and software–compliant platform). These solutions will be offered either as discrete packaged integrated circuits to be integrated by customers onto their printed circuit boards (PCBs), or as bare die to be integrated directly into customer System-in-Package (SiP) solutions.

[**Table of Contents**](#TOC)

*Mid Term*

In the mid-term, SEALSQ plans to develop a custom integrated circuit embedding post-quantum cryptography secure elements, targeting certifications including FIPS 140-3, Common Criteria, and relevant governmental or agency approvals. Under the preferred operating model, which remains to be validated, SEALSQ would provide a secure hard macro, while a strategic partner would integrate and commercialize the final integrated circuit.

*Long Term*

In the long term, SEALSQ aims to co-develop a next-generation platform combining a chiplet-based Hardware Security Module (CHSM), a companion secure enclave, and integrated trusted services, addressing the security requirements of future system architectures.

Finally, in SEALSQ's model, like other secure chip manufacturers, a critical additional step is the injection of keys and certificates, performed either at the wafer level or after packaging. This Test & Personalization (or provisioning) process embeds credentials such as identities, cryptographic keys, and certificates directly into the chip, enabling trusted security features and making the hardware ready for secure deployment. Test and Personalization Center projects are already being launched in Europe (Murcia, Spain) and South Korea.

*Trust Services Roadmap*

*Personalization & Test*

The global semiconductor supply crisis of 2022–2023, combined with increasing geopolitical instability, exposed two structural vulnerabilities in the global economy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **The critical dependence of all major industries on semiconductors**, with widespread supply disruptions affecting automotive, consumer electronics, network infrastructure, industrial equipment, and defense-related systems. Much like oil, semiconductors are foundational to modern industrial production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **A high level of geostrategic concentration**, with semiconductor manufacturing and processing largely dependent on a limited number of countries, primarily in Southeast Asia, creating systemic supply and security risks.

At the same time, the rapid evolution of cyber threats—particularly the emergence of quantum computing—represents a paradigm shift in digital security. It is expected that quantum computers will be capable of breaking current cryptographic standards within seconds. In response, regulators in Europe (through the CRA) and the United States (e.g., CNSA 2.0 & EO 14144) are mandating the adoption of **post-quantum cryptography** starting in 2027 for all systems related to national security, a scope that effectively extends to most connected and embedded systems.

**SEALSQ's Roadmap responds to these challenges:**

To address both supply-chain sovereignty and next-generation cybersecurity, SEALSQ's strategy is to build **regional semiconductor hubs**, in partnership with local industrial and institutional players, integrating three high-value segments of the semiconductor value chain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Custom, post-quantum enabled microcontroller design**, the root of trust of electronic systems, including the engineering required for industrial-scale production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Testing**, ensuring that every microcontroller is individually validated before customer delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Secure provisioning (personalization)**, where software, cryptographic material, and unique digital identities are embedded into each chip.

[**Table of Contents**](#TOC)

Provisioning is becoming a decisive strategic differentiator. In regulated markets such as automotive, national identity, and IoT across industrial sectors, government authorities increasingly require each semiconductor to embed a **tamper-proof digital identity** to protect against cyberattacks and counterfeiting.

After having signed and kicked-off the first regional semiconductor hubs in Murcia –Spain, and building on this foundation, SEALSQ is actively engaging with partners to establish two additional Custom Design, Test, and Personalization hubs in 2026, one in the United States and one in Asia, further expanding its global footprint and reinforcing its leadership in post-quantum semiconductor security.

*RoT & PKI services*

SEALSQ's strategic roadmap is built on 4 phases: Phase 1 was implemented in 2025, with the other phases in progress:

**Phase 1: High-Assurance Device Identity (Foundation)**

The focus was to establish in 2025 the hardware-backed root of trust consisting of the following.

● Hardware-to-Cloud Binding: Leverage INeS to manage certificates where private keys are generated and stored inside Secure Elements (VaultIC) or TPMs.

● Automated Enrollment: Deploy EST (Enrollment over Secure Transport) or CMPv2 protocols via INES APIs to eliminate manual certificate injection and enable "Zero-Touch" onboarding.

● Cloud-to-Edge Bridge: Integrate INeS with IoT Hubs (AWS IoT, Azure IoT, or private MQTT brokers) to ensure the device identity is the primary key for all telemetry data.

**Phase 2: Post-Quantum Readiness & Crypto-Agility**

The focus started in 2025 and will continue in 2026 around future-proofing the infrastructure against quantum computing threats expected to consist of the following.

● Hybrid PKI Deployment: Start issuing "hybrid" certificates through INeS, containing both classical (ECC/RSA) and Post-Quantum Cryptography (PQC) signatures (e.g., ML-DSA/Dilithium).

● Algorithm Rollover: Test the ability of your IoT fleet to handle larger PQC keys and signatures without bricking legacy hardware.

● HSM Migration: Ensure the HSMs connected to INES are firmware-upgraded to support FIPS-certified PQC algorithms.

**Phase 3: Supply Chain Security & SBOM Integration**

The focus started in 2025 and with new developments anticipated in 2026, is to link "who the device is" with "what the device is running." This integration is expected to involve the following:

● Signed SBOMs: Implement a workflow where every software build generates an SBOM. This SBOM must be digitally signed using the INES Code Signing service (backed by HSMs).

● Immutable Manifests: Store the hash of the signed SBOM on-chain or in a secure ledger, indexed by the device's PKI serial number.

● Vulnerability Mapping: Use the SBOM to proactively notify the PKI manager if a device identity should be suspended because its software version contains a critical CVE.

[**Table of Contents**](#TOC)

**Phase 4: Extended Trust Services (The "Digital Twin" of Trust)**

The objective is to move beyond authentication to verifiable assertions and will require clarifying requirements, initiating prototypes before development. This objective is based on the following:

● Verifiable Credentials (VCs): Transition from simple X.509 certificates to VCs for device attributes (e.g., "This device is certified for medical use" or "This device is owned by Company X").

● Dynamic Trust Scores: Implement a system where a device's "Trust Level" is calculated based on its PKI validity + its current SBOM integrity + its behavioral analysis.

● Cross-Domain Federation: Use INeS to allow your IoT devices to be recognized by partner ecosystems (Interoperability) using standardized trust lists.

Roadmap includes also a Key Management System (KMS), to enable a shift from a purely "identity-focused" view (PKI) to a "secret-focused" view. While the PKI handles certificates (Public Trust), the KMS manages the operational keys (Symmetric keys, API keys, and App-level secrets) that make the IoT ecosystem functional.

If SEALSQ's efforts to attract prospective customers and to retain existing customers are not successful, its growth prospects and revenues may be adversely affected. Please refer to *Item 3.D. Risk Factors* for a discussion of such risks and information that should be considered before making an investment decision with respect to SEALSQ's Ordinary Shares.

**Item 4A. Unresolved Staff Comments**

Not applicable.

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| | |
|:---|:---|
| **Item 5.** | **Operating and Financial Review and Prospects** |

---

*The following discussion of SEALSQ's financial condition and results of operations is based upon and should be read in conjunction with its consolidated financial statements and their related notes included in this annual report on Form 20-F.*

*Certain information included in this discussion and analysis includes forward-looking statements that are subject to risks and uncertainties, and which may cause actual results to differ materially from those expressed or implied by such forward-looking statements. For further information on important factors that could cause SEALSQ's actual results to differ materially from the results described in the forward-looking statements contained in this discussion and analysis, see "Special Note Regarding Forward-Looking Statements" and Item 3.D. Risk Factors.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Operating Results** 

**Company Overview**

SEALSQ was established to combine decades of expertise in cryptographic security and trusted digital infrastructure. Headquartered in Switzerland, SEALSQ operates across Europe, the United States and the APAC region. SEALSQ's solutions provide the foundation of digital trust for businesses and governments worldwide.

As a fabless semiconductor innovator, SEALSQ designs and markets secure microcontrollers and hardware architectures to anchor digital trust in a quantum-threatened world. SEALSQ's comprehensive portfolio, which includes secure microcontrollers, tailored ASICs, post-quantum cryptography capabilities, PKI services, and compliance with IoT standards like Matter, GSMA eUICC root certificates, uniquely positions SEALSQ to address evolving market needs.

SEALSQ's strategy is to offer off-the-shelf or custom-designed FIPS and Common Criteria certified quantum-resistant secure hardware, integrated within a vertical trust services ecosystem featuring a post-quantum root of trust, managed PKI services, and secure chip personalization and testing capabilities.

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While the global embedded security chip market is projected to reach $12.6 billion by 2031<sup>1</sup>, very few suppliers can offer certified, secure products, which makes the segment a good opportunity for innovative players capable of offering compliance with standards and responding to emerging threats like quantum computers. As a result of SEALSQ's strengthened market capitalization, boosted by the market's recognition of the risks posed by quantum computers and the need for new secure microcontrollers to protect against these, SEALSQ was able to raise over $575 million in cash since November 2024 in order to accelerate development and execute strategic investments that strengthen its growth pipeline. In Q4 2025, SEALSQ commercially launched the Quantum Shield "QS7001", the industry's first quantum-resistant hardware platform embedding post-quantum cryptographic algorithms at hardware level. SEALSQ has also developed an estimated multi-million-dollar pipeline for this product and its upcoming TPM version to be launched in 2026, with prominent players like Eviden (ATOS Group) or Trusted Semiconductor Solutions ("TSS") confirming their strong interest for the QS7001. These pipeline figures reflect management estimates and are subject to conversion risks, customer validation, and technical integration.

SEALSQ has also allocated $200 million to invest and develop technological partnerships with other quantum companies. In Q1 2025, SEALSQ invested in ColibriTD, a French Quantum-as-a-Service ("QaaS") company, co-developing a revolutionary approach to improve semiconductor wafer yields with SEALSQ. In August 2025, SEALSQ completed the acquisition of 100% of IC'Alps, a French ASIC design specialist, after receiving regulatory approval. This acquisition aligns with SEALSQ's custom chips (ASIC) development strategy, leveraging IC'Alps' expertise and footprint in medical, automotive, and IoT applications. At the end of Q4 2025, SEALSQ invested $2 million in EeroQ, a US based Quantum computer company, and announced a bold strategy to bring together post-quantum security with quantum computing science. Additionally, in 2025, SEALSQ invested EUR 0.75 million in the Quantix Edge Security facility which will focus on post-quantum chip design using RISC-V, meeting Common Criteria and NIST standards and $10 million in WISeSat to support the development of a secure satellite network designed to combat future quantum computing threats with a focus on delivering secure, post-quantum IoT communication and satellite-as-a-service.

SEALSQ delivers integrated digital security solutions that combine four critical components into a unified offering: Root of Trust, Secure Chips, trusted Identity Generation and Management (PKI), and Personalization Services. Together, these components ensure the confidentiality, integrity, and authenticity of connected devices and digital communications.

**Basis of presentation**

SEALSQ prepares its financial statements in accordance with US GAAP. The reporting currency is the U.S. Dollar.

SEALSQ's critical accounting policies are described in Note 4 of its consolidated financial statements.

**Factors affecting SEALSQ's results of operations**

*Customer Concentration and Revenue Visibility*

Although most of SEALSQ's customers are recurring customers, it is not industry practice to work with long-term contracts. Therefore, most of its customers have signed a framework agreement with SEALSQ but are not committed to certain volumes over a period of time. This introduces a level of uncertainty on the level of revenue generated from recurring customers.

*Fabless Business Model and Supply Chain Dependencies*

As a fabless semiconductor company, SEALSQ focuses on the design, verification, and sale of secure microcontrollers and ASICs, while outsourcing actual manufacturing to specialized foundries and OSAT (Outsourced Semiconductor Assembly and Test) providers that handle wafer fabrication, assembly, testing, and packaging. SEALSQ's results are also dependent on the supply chain. Any factor affecting the availability of material or components, and/or the production capacity of its suppliers will impact its ability to deliver on customer orders. SEALSQ is in constant discussions with its suppliers to adjust production capacity to meet its customer orders, but the supply chain variables can limit the revenue potential in a given year.

<sup>1</sup> ABI Research (August 2025) "Embedded Security Market Set to Hit $12.6B as Regulations Reshape IoT Compliance Landscape", Digital Authentication and Embedded Security Market Data (part of Trusted Device Solutions research service), available at https://www.abiresearch.com/market-research/product/7786425-digital-authentication-and-embedded-securi.

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The global semiconductor supply crisis of recent years, combined with increasing geopolitical instability, has exposed two structural vulnerabilities: (i) the critical dependence of all major industries on semiconductors, with widespread supply disruptions affecting automotive, consumer electronics, network infrastructure, industrial equipment, and defense-related systems; and (ii) a high level of geostrategic concentration, with semiconductor manufacturing and processing largely dependent on a limited number of countries, primarily in Southeast Asia, creating systemic supply and security risks. To mitigate these risks and strengthen supply chain resilience, SEALSQ has expanded its ecosystem through the acquisition of IC'Alps and the establishment of preferred partnerships with leading global foundries, including TSMC, X-FAB, ams-OSRAM, Intel Foundry, and GlobalFoundries. These partnerships enable design expertise across various process nodes and CMOS technologies. Additionally, SEALSQ has plans to invest in regional semiconductor hubs to reduce geostrategic dependency on Southeast Asian manufacturing, beginning with the Quantix Edge Security facility in Spain and future planned facilities in the United States and Asia.

*Technology Evolution and Product Development*

As microelectronics technology evolves, customers seek added functionalities, and competitors develop new products, sales of a given product typically decrease over time as next-generation semiconductors are introduced. To sustain revenue, companies must be able to develop new products with additional or innovative security and application features, or acquire the rights to market such products.

The rapid evolution of cyber threats, particularly the emergence of quantum computing, represents a paradigm shift in digital security. It is predicted that quantum computers will be capable of breaking current cryptographic standards within seconds, and, in response, regulators in Europe and the United States are requiring the adoption of post-quantum cryptography for systems related to national security. SEALSQ believes 2026 is a critical compliance period for two major reasons: (i) the EU Cyber Resilience Act deadlines requiring manufacturers to enforce strict vulnerability reporting obligations by September 11, 2026; and (ii) the CNSA 2.0 sets 2026 as a target for traditional networking equipment to support and prefer post-quantum algorithms.

To address these evolving technology requirements, SEALSQ commercially launched the QS7001 in Q4 2025, the industry's first quantum-resistant hardware platform embedding post-quantum cryptographic algorithms at the hardware level. SEALSQ has also integrated NIST-standardized post-quantum cryptography algorithms — specifically ML-KEM (Kyber) and ML-DSA (Dilithium) — into SEALSQ's INeS PKI platform to enable issuance of hybrid certificates combining classical and quantum-resistant signatures. Additionally, the acquisition of IC'Alps in 2025 added approximately 100 ASIC engineers to the workforce and enhanced SEALSQ's custom chip design capabilities to meet customer demand for specialized security hardware solutions.

*Competitive Environment*

SEALSQ operates in a specialized market with strong competitors, including semiconductor companies such as NXP, STMicroelectronics, Samsung, Microchip, and Infineon, as well as identity service providers like Thales, Digicert, Keyfactor, HID, and Entrust. This is a highly concentrated market: fewer than 12 companies globally have the capability to design and certify secure chips at Common Criteria EAL5+ or higher. SEALSQ's competitive position depends on its ability to maintain certification levels, continue innovation in post-quantum technology, and offer end-to-end integrated solutions spanning secure microcontrollers, PKI services, and personalization capabilities.

*Market and Regulatory Developments*

Several market trends and regulatory developments are expected to influence SEALSQ's results. These include: the increasing adoption of IoT interoperability standards such as MATTER; rising cybersecurity threats driving demand for hardware-based security solutions; stringent data protection regulations (e.g., GDPR) and global initiatives to adopt post-quantum standards; and a broader regulatory shift from treating "security as a feature" to treating "security as a prerequisite", as legacy encryption is systematically phased out to mitigate the quantum threat.

See *Item 4.B. Business Overview* for information regarding SEALSQ's technology and product updates.

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**Operating Segments**

As detailed in Note 39 of its consolidated financial statements, the SEALSQ Group has two operating segments that meet the criteria set in ASC 280-10-50: Semiconductors and ASIC.

In 2025, the SEALSQ Group revised its reportable segments to reflect changes in internal management reporting. SEALSQ now shows two reportable segments: Semiconductors and ASIC. Corporate activities are now included within "Other profit or loss." Prior period segment information has been recast to conform to the current year presentation.

Both the Semiconductors and ASIC reportable segments are strategic business units that offer specific products and are managed separately because they require dedicated resources and a targeted marketing strategy. The Semiconductors segment encompasses the design, manufacturing, sales and distribution of high-end, Common Criteria EAL5+ & FIPS 140-3-certified secure microprocessors. The ASIC segment's operations include a complete offering for Application Specific Integrated Circuits (ASIC) and Systems on Chip (SoC) development from circuit specification, mastering design in-house, up to qualification and the management of the entire production supply chain. The ASIC reportable segment did not exist in SEALSQ's financials prior to August 4, 2025, the date SEALSQ acquired IC'Alps.

**Geographic Information**

SEALSQ's operations are global in scope, and it generates revenue from selling its products and services across various regions. SEALSQ's operations in North America contribute the largest part of its revenues (57% in 2025) and the second largest contributor is Europe, Middle East & Africa (24% in 2025).

SEALSQ's total revenue by geographic region for the fiscal years ended December 31, 2025, 2024 and 2023 is set forth in the following table:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** |
| **Net sales by region** | **USD'000** |  | **%** | **USD'000** |  | **%** | **USD'000** |  | **%** |
| North America | 10487 |  | 57% | 7500 |  | 68% | 16531 |  | 55% |
| Europe, Middle East & Africa | 4444 |  | *24*<br>*%*  | 1839 |  | *17*<br>*%*  | 9985 |  | *33%* |
| Asia Pacific | 3227 |  | *18*<br>*%*  | 1642 |  | *15*<br>*%*  | 3466 |  | *12%* |
| Latin America | 94 |  | *1*<br>*%*  |  |  | *0*<br>*%*  | 76 |  | *0%* |
| **Total net sales** | **18252** |  |  ***100***<br>*%***  | **10981** |  |  ***100***<br>*%***  | **30058** |  |  ***100***<br>*%*** |

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**Financial year ended December 31, 2025 compared with financial year ended December 31, 2024**

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| | | | |
|:---|:---|:---|:---|
|  | **12 months** | **12 months**  |  |
|  | **ended** | **ended** | **Year-on-Year** |
|  | **December 31,** | **December 31,** | **Variance** |
| **USD'000** | **2025** | **2024** |  |
| Net sales | 18252 | 10981 | 66% |
| Cost of sales | (9116) | (6775) | 35% |
| Depreciation of productions assets | (506) | (478) | 6% |
| **Gross profit** | **8630** | **3728** | **131%** |
| Other operating income | 2607 | 359 | 626% |
| Research & development expenses | (12477) | (4985) | 150% |
| Selling & marketing expenses | (12768) | (5453) | 134% |
| General & administrative expenses | (25791) | (10840) | 138% |
| **Total operating expenses** | **(48429)** | **(20919)** | **132%** |
| **Operating loss** | **(39799)** | **(17191)** | **132%** |
| Non-operating income | 8897 | 1061 | 739% |
| Loss on debt extinguishment |  | (100) | (100)% |
| Interest and amortization of debt discount | (223) | (1003) | (78)% |
| Non-operating expenses | (3083) | (883) | 249% |
| **Loss before income tax expense** | **(34208)** | **(18116)** | **89%** |
| Income tax (expense) / income | 162 | (3085) | (105)% |
| &nbsp;&nbsp;Equity in earnings of unconsolidated entities | (148) |  |  |
| **Net loss** | **(34194)** | **(21201)** | **61%** |

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*Revenue*

Total revenue for the year ended December 31, 2025 was $18.3 million, an increase by $7.3 million or 66% from prior period. Revenue growth was driven by renewed demand across core semiconductor and PKI product lines, and five months of revenue contribution from IC'Alps (approx. $3.5 million) following its acquisition on August 4, 2025. The 2025 numbers continued to reflect the transitional period between the traditional product offerings and next-generation post-quantum semiconductor platforms, and included the first revenues from sampling the post-quantum technology products, with the transition expected to enter its commercialization phase with the first production revenues anticipated in the latter part of 2026.

SEALSQ is developing its next-generation secure semiconductors range built on the new Secure RISC-V CPU with a state-of-the art secure firmware stack on it, compliant with the Trusted Computing Group definition of a Trusted Platform Module 2.0 (TPM 2.0) and with the NIST FIPS 140.3 certification requirements, under the project name QUASAR.

Management believes that the QUASAR project, together with its M&A strategy to broaden its competence base (e.g. IC'Alps adding ASIC design to SEALSQ's service offering) and strategic investments in developing technologies and industries such as quantum computing (EeroQ, ColibriTD), decentralized data infrastructure (WeCan Group) and secure satellite services (WISeSat), are essential to future revenue growth. These investments are key to ensure that the SEALSQ Group remains competitive in the future because customers and IT providers are turning to more secure equipment.

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For instance, Windows 11 requires a TPM 2.0 module as part of its minimum hardware specifications to support advanced platform security features such as hardware-based key protection and secure boot, a requirement that Microsoft has emphasized is essential for strengthening resistance to firmware-level threats<sup>12</sup>.

In a similar vein, the U.S. Department of Defense ("DoD") mandates that new computing assets procured for DoD use include a Trusted Platform Module (TPM) version 1.2 or later where applicable under Defense Information Systems Agency (DISA) Security Technical Implementation Guides (STIGs). This policy reflects DoD's anticipation that TPM functionality - such as device authentication, integrity measurement, and cryptographic services - will contribute to securing information systems across its enterprise<sup>13</sup>.

Moreover, its product development is also expected to help customers meet the CNSA 2.0 regulation. The CNSA 2.0<sup>14</sup>, effective in 2022, establishes mandatory cryptographic standards for protecting classified and sensitive information within the United States and U.S. government-affiliated systems worldwide. It specifies algorithms standards to be used with regulatory deadlines requiring existing systems to begin transitioning by December 2025, all new acquisitions compliant by January 2027, and full adoption by 2031. Semiconductor customers supplying computing platforms, servers, and embedded devices must upgrade their technology to meet these standards, ensuring devices support the stronger cryptography and secure key management mandated by CNSA 2.0. Trusted Platform Modules (TPMs) provide an effective solution, offering hardware-based key storage, secure boot verification, and cryptographic acceleration, which enables platforms to implement CNSA-compliant algorithms securely and reliably. By integrating TPMs, manufacturers can comply with U.S. national security regulations across global deployments while future-proofing their devices against evolving cyber threats, making hardware security a critical component of both compliance and market viability.

SEALSQ's customers have been involved in the QUASAR development to make sure that its new product range will suit their needs. With this strategy, SEALSQ expects to get their buy-in for its long-term product strategy but, in the short term, this has also led some customers to also prepare the transition into the next-generation products and some holdback on volumes are expected during this transition. In the semiconductor industry, the development of a new product range involves complex engineering which takes months. The QUASAR project was launched in 2022. The design phase was completed in Q2 2024 as planned, with the first engineering samples available by Q4 2024; the first samples of QVault-TPM were shared with key customers in Q1 2025 and the QS7001, the world's first commercially available secure semiconductor embedding NIST-standardized post-quantum cryptography algorithms ML-KEM (Kyber) and ML-DSA (Dilithium) directly in hardware, was launched.

*Revenue by Segment*

In FY2025, the Semiconductors segment contributed 80% of SEALSQ's revenue with $14.7 million compared to $11.0 million in FY2024 and the ASIC segment contributed the remaining 20% with $3.6 million.

**Semiconductors segment**

SEALSQ recorded a significant increase in revenue from its semiconductors segment in FY2025 compared to FY2024 due to increased traditional chip sales revenue driven by existing customers, confirming the strength of its product portfolio and long-term customer relationships.

A major contributor to this growth was the 47% year-on-year revenue increase in Smart Card Reader SCR200 product, with strong volume increases at key customers such as Hirsh and AB Circle. These customers expanded their deployments during the year, resulting in a substantial uplift in recurring and project-based revenues.

<sup>12</sup> Okemwa, K., (2024-12-4) "Microsoft makes its stringent TPM 2.0 Windows 11 upgrade requirement "non-negotiable" — potentially leading to the single biggest jump in junked and unsupported Windows 10 PCs". Windows Central (December 4, 2024), available at https://www.windowscentral.com.

<sup>13</sup> US Department of Defense. DoD Instruction 8500.01, p. 43. (March 14, 2014), available at https://www.esd.whs.mil/Portals/54/Documents/DD/issuances/dodi/850001_2014.pdf.

<sup>14</sup> National Security Agency. Commercial National Security Algorithm Suite 2.0 (CNSA 2.0) (September 7, 2022), available at https://media.defense.gov/2022/Sep/07/2003071834/-1/-1/0/CSA_CNSA_2.0_ALGORITHMS_.PDF.

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Another contributor was the surge in demand for SEALSQ's Secure Elements (SE), particularly the VIC405 and VIC408 products, thanks to smart metering customers like Landis & Gyr and customers using the P25 Radio protocol in their project, where project ramp-ups and new deployments accelerated throughout 2025. The increased adoption reflects both market momentum in smart infrastructure and SEALSQ's strong positioning in secure metering solutions.

At the end of November 2025, SEALSQ completed the commercial launch of its Quantum Shield QS7001™ secure microcontroller. This product represents the industry's first quantum-resistant hardware platform embedding post-quantum cryptographic algorithms at the hardware level, marking an important milestone in the expansion of SEALSQ's advanced security portfolio. The QS7001 has been well received by global partners and OEMs throughout the testing period, including Eviden (Atos Group), Authentrend, Capgemini Engineering, ColibriTD, FortifyIQ Inc., Granite River Labs, Kaynes Semiconductor, Landis+Gyr, Metavisio (Thomson Computing), PORTYQ, Quantix Edge Security, Serma Security, Trusted Semiconductor Solutions, and manufacturing partner UMC.

This early traction reflects both the relevance of the QS7001 to current market needs and the confidence customers place in SEALSQ's technology roadmap. To support customer evaluations and accelerate project development, SEALSQ has delivered more than 10 development kits to key customers worldwide, covering multiple regions and application domains. The QS7001 currently does not generate revenue, and revenue generation is not expected until Q4 2026.

Additionally, SEALSQ continues growing its PKI Services globally, with particularly strong momentum in Smart Home devices based on the MATTER protocol. The INeS Box, SEALSQ's PKI on-premise solution for secure, trusted factory provisioning, gained initial market share in Europe, with customers actively using the platform to support secure device onboarding for IoT applications. In parallel, strong interest emerged in Japan, driven by demand for PKI Services aligned with the MATTER and ECHONET Lite protocols. These developments confirm INeS Box's growing role as a strategic platform within SEALSQ's global PKI and smart home offering.

**ASIC segment**

The ASIC segment is a new revenue stream for the SEALSQ Group emerging from the acquisition of IC'Alps on August 4, 2025. SEALSQ consolidated five months of ASIC revenue in FY2025 and expects this contribution to grow as it consolidates a full year of ASIC revenue in 2026. Performance in 2025 was impacted by a temporary slowdown in new ASIC requests, primarily driven by reduced R&D investment in the automotive sector amid broader industry challenges. The outlook strengthened markedly in Q4 2025, fueled by positive feedback from long-standing customers on both the SEALSQ acquisition and the expanded opportunities in post-quantum cryptography (PQC) solutions made possible by the SEALSQ Group synergies. Quarterly revenue from the ASIC segment grew from $1.34 million in Q3 2025 to $2.3 million in Q4 2025.

*Gross Profit*

SEALSQ's gross profit increased by $4.9 million to $8.6 million in the year ended December 31, 2025, in comparison with a gross profit of $3.7 million in the year ended December 31, 2024. Gross profit margin increased by 13 percentage points from 34% in 2024 to 47% in 2025.

In 2024, the gross profit margin in the Semiconductors segment decreased to 34% due to the costs of inventory that remained high, some incompressible fixed costs, and SEALSQ customers using their existing stock. In 2025, shipments of new products to these customers have resumed, contributing to the partial recovery of its margin to 37%. Gross margins in the ASIC segment are much higher, reaching 88% in the 5 months to December 31, 2025, which contributed to the significant increase in total gross margin. This is because the ASIC segment consists of sales are derived from a design service with very few costs directly attributable to sales.

*Other operating income*

There is no recurring other operating income that contributes to the SEALSQ Group's profit.

In 2025, other operating income consisted of services provided to the WISeKey Group in an amount of $2.5 million and the release of unused provisions in an aggregate amount of $0.1 million. In 2024, other operating income consisted of services provided to the WISeKey Group in an amount of $0.2 million and the release of unused provisions in an aggregate amount of $0.1 million.

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The significant increase in other income from services provided to the WISeKey Group is due to the transfer of central functions to SEALSQ while, up until 2024, these services were provided by the WISeKey Group and proportionately recharged the SEALSQ Group.

*Research & development expenses*

SEALSQ's research and development ("R&D") expenses include expenses related to the research of new technology, products and applications, as well as their development and proof of concept, and the development of further application for its existing products and technology. They include salaries, bonuses, pension costs, stock-based compensation, depreciation and amortization of capitalized assets, costs of material and equipment that do not meet the criteria for capitalization, as well as any tax credit relating to R&D activities, among others.

R&D expenses increased by $5.1 million (net of stock-based compensation) between FY2024 and FY2025. This reflects the investment required to develop its next-generation products and solutions, especially its post-quantum QUASAR program, as well as the newly consolidated 5-month R&D expenses of IC'Alps. As detailed above, the commercial launch in Q4 2025 of the Quantum Shield QS7001™ secure microcontroller was well-received in the industry, positioning SEALSQ as post-quantum technology leader.

R&D remains a large part of its operating expenses with $10.1 million (net of stock-based compensation) spent in the year ended December 31, 2025, representing 25% of total operating expenses (net of stock-based compensation). SEALSQ Group being technology-driven, the level of its R&D expenses reflects its engagement to act as a leader in semiconductor security solutions and future applications.

Research tax credits are provided by the French government to give incentives for companies to perform technical and scientific research. SEALSQ's subsidiaries, SEALSQ France SAS and IC'Alps, are eligible to receive such tax credits. The credit is deductible from the entity's income tax charge for the year or payable in cash the following year, whichever event occurs first. The amount of the tax credit receivable has increased by $2.0 million in the year ended December 31, 2025, as a result of the consolidated 5-month research tax credits of IC'Alps and the increased expenditure on eligible research and development projects.

*Selling & marketing expenses*

SEALSQ's selling & marketing ("S&M") expenses include advertising and sales promotion expenses such as salaries, bonuses, pension costs, stock-based compensation, business development consultancy services, and costs of supporting material and equipment that do not meet the criteria for capitalization, among others.

With a total of $9 million (net of stock-based compensation), SEALSQ's S&M expenses increased by $3.5 million in comparison with its 2024 S&M expenses of $5.5 million (net of stock-based compensation). This increase reflects its continued efforts to build a stronger sales force, with the recruitment of a COO to lead a strategic expansion in the U.S., to support its revenue growth and the consolidation of IC'Alps sales force for the last 5 months of the year.

*General & administrative expenses*

SEALSQ's general & administrative ("G&A") expenses cover all other charges necessary to run its operations and supporting functions, and include salaries, bonuses, pension costs, stock-based compensation, lease and building costs, insurance, legal, professional, accounting and auditing fees, depreciation and amortization of capitalized assets, and costs of supporting material and equipment that do not meet the criteria for capitalization, among others.

Net of stock-based compensation, G&A expenses of $20.6 million increased by $9.9 million compared to the $10.7 million G&A expense (net of stock-based compensation) for the year ended December 31, 2024. The increase in G&A expenses is primarily attributable to two factors: (i) the recruitment of SEALSQ Corp's management team and certain central functions beginning in January 2025, and (ii) the consolidation of five months of G&A expenses from IC'Alps. In prior periods, management services were provided by the SEALSQ's parent company (WISeKey) and recharged to SEALSQ.

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In addition to these key factors, the SEALSQ Group incurred $1.3 million in incremental legal and audit fees related to the acquisition of IC'Alps and various SEC filings associated with its funding facilities and investment strategy, such as registered direct offerings, warrant inducement, and investments in the WeCan Group, ColibriTD, WISeSat and IC'Alps.

G&A expenses remain and will remain high due to SEALSQ's initiatives to expand its geographical footprint and revenue streams, including through M&A initiatives. These initiatives require specific professional expertise and legal advice which contribute to its G&A cost base.

*Operating loss / income*

As a result of the factors described in the above sections, SEALSQ's $39.8 million operating loss for the year ended December 31, 2025 increased by $22.6 million compared with SEALSQ's $17.2 million operating loss for the year 2024.

The main factor behind this increase in operating loss is the grant of stock-based bonuses in the form of options to all of its staff. Following the significant changes in the SEALSQ Group and its valuation since its listing in 2023, management believes that such equity grants are an important incentive to recognize and reward the commitment of the company's staff. These grants resulted in a noncash stock-based compensation charge of $11.2 million. In addition, the factors outlined in the sections above—most notably the consolidation of IC'Alps from August 4, 2025 and the increase in G&A expenses—also contributed to the loss. These increases were partially offset by $2.6 million in other operating income, primarily from intercompany service charges to the WISeKey Group.

*Non-operating income and expenses*

The net balance of SEALSQ's non-operating activities in the year ended December 31, 2025 was a net non-operating income of $5.6 million compared to a $0.9 million net expense from non-operating activities in the year ended December 31, 2024. Out of the $6.5 million increase in non-operating income, $6.1 million is attributable to interest earned on SEALSQ's large cash balance in 2025.

*Net income / (loss)*

In the year ended December 31, 2025, the Company made a net loss of $34.2 million. This represents a $13.0 million increase in net loss compared to a net loss position of $21.2 million for the year ended December 31, 2024.

The increase in net loss is primarily attributable to the factors impacting operating loss, as outlined above, including a noncash stock-based compensation charge of $11.2 million and the consolidation of a net loss of $0.9 million in relation to IC'Alps, acquired in FY2025.

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*Non-GAAP Performance Measures*

In managing the business on a consolidated basis, management develops an annual operating plan, which is approved by its Board of Directors, using non-GAAP financial measures including EBITDA and adjusted net income. In measuring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing its gross margin and operating margin and when assessing appropriate levels of research and development efforts. In addition, management relies upon these non-GAAP financial measures when making decisions about product spending, administrative budgets, and other operating expenses. Management believes that these non-GAAP financial measures, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the Company's results of operations and the factors and trends affecting business. Management believes that they enable investors to perform additional comparisons of its operating results, to assess its liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to operations, certain non-cash expenses related to acquisitions and share-based compensation expense, which may obscure trends in the Company's underlying performance. This information also enables investors to compare financial results between periods where certain items may vary independently of business performance and allows for greater transparency with respect to key metrics used by management. These non-GAAP financial measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The presentation of these and other similar items in non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent, or unusual. Reconciliations of these non-GAAP measures to the most comparable measures calculated in accordance with GAAP are provided in the financial statements portion of this report in a schedule entitled "Financial Reconciliation of GAAP to non-GAAP Results (unaudited)." EBITDA is defined as Operating income/(loss) for the reporting period before depreciation and amortization for the same reporting period.

*EBITDA*

SEALSQ defines EBITDA as operating income/loss before income tax expenses, depreciation and amortization including any purchase accounting ("PPA") effects when applicable, and net interest expense.

The following table provides a reconciliation from operating loss to EBITDA for the years ended December 31, 2025 and December 31, 2024.

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| | | |
|:---|:---|:---|
| | **12 months ended December 31,** | **12 months ended December 31,** |
| <br>**(Million USD)** | **2025** | **2024** |
| **Operating loss as reported** | **(39.8)** | **(17.2)** |
| Non-GAAP adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 0.7 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization expense on intangibles | 1.5 |  |
| **EBITDA** | **(37.6)** | **(16.6)** |

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**Financial year ended December 31, 2024 compared with financial year ended December 31, 2023**

For discussion related to SEALSQ's financial condition, changes in financial condition, and the results of operations for the year ended December 31, 2024, compared to 2023, refer to Part I, Item 5. Operating and Financial Review and Prospects, in SEALSQ's Annual Report on Form 20-F for the fiscal year ended December 31, 2024, which was filed with the SEC on March 20, 2025.

**Factors affecting SEALSQ's income tax expenses and recovery**

For the financial years 2025, 2024 and 2023, income tax at the statutory rate compared to the SEALSQ Group's income tax expenses as reported is as per table below.

[**Table of Contents**](#TOC)

The difference between the income tax recovery / (expense) at the Swiss Federal statutory income tax rate of 8.5% compared to SEALSQ's income tax recovery / (expense) as reported is reconciled below. In line with ASU 2023-09, SEALSQ has elected not to restate prior periods.

---

| | |
|:---|:---|
| <br>**USD'000** | **12 months**<br>**ended**<br>**December 31,**<br>**2025** |
| Net loss before income tax | (34208) |
| Swiss Federal statutory tax rate | 2908 |
| State and local income taxes (Geneva), net of federal income tax effect |  |
| Foreign tax effects |  |
| &nbsp;&nbsp;France |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State income taxes, net of federal income tax effect | (856) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in tax loss carryfowards from acquisition | 3531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in loss carryforwards in relation to the debt remission | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in tax loss carryfowards | 4161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Permanent Difference in relation to stock-based compensation | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in valuation allowances | (8005) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred tax liabilities from acquisition | 171 |
| &nbsp;&nbsp;Other | 13 |
| Effect of changes in tax laws or rates enacted in the current period |  |
| Effect of cross-border tax laws |  |
| Tax credits |  |
| &nbsp;&nbsp;Changes in tax loss carryfowards | 2311 |
| &nbsp;&nbsp;State income taxes, net of federal income tax effect | (1798) |
| Changes in valuation allowances | (2513) |
| Nontaxable or nondeductible items |  |
| &nbsp;&nbsp;Permanent Difference in relation to stock-based compensation | 15 |
| Changes in unrecognized tax benefits |  |
| Other | 117 |
| **Income tax (expense) / recovery** | **162** |

---

---

| | | |
|:---|:---|:---|
| | **12 months ended December 31,** | **12 months ended December 31,** |
| <br>**USD'000** | **2024** | **2023** |
| Net loss before income tax | (18116) | (3043) |
| Statutory tax rate | 14% | 14% |
| Expected income tax (expense)/recovery | 2536 | 426 |
| Change in tax loss carryforwards | 3912 | 869 |
| Change in loss carryforwards in relation to the debt remission | (52) | (514) |
| Change in valuation allowance | (6932) | (600) |
| Foreign tax effects | (1047) | (75) |
| Nontaxable or nondeductible items | (1491) | (22) |
| Effect of exchange rate changes |  |  |
| Amortization of PPA |  |  |
| Other | (11) | (309) |
| **Income tax (expense) / recovery** | **(3085)** | **(225)** |

---

[**Table of Contents**](#TOC)

As at December 31, 2025 and 2024, SEALSQ's net deferred tax balance was reconciled as follows:

---

| | | |
|:---|:---|:---|
| **Deferred tax assets and liabilities**<br>**USD'000** | **As at December 31,**<br>**2025** | **As at December 31,**<br>**2024** |
| Defined benefit accrual | 401 | (9) |
| Tax loss carry-forwards | 18388 | 8380 |
| Add back loss carryforwards used for the debt remission | 881 | 776 |
| Valuation allowance | (19670) | (9147) |
| Deferred tax liability from acquisition | (4367) |  |
| **Deferred tax assets / (liabilities)** | **(4367)** | **—** |

---

The valuation allowance corresponds to the amount of deferred tax that, based on SEALSQ's accounting assessment under applicable standards, should not be recognized as assets in its balance sheet. For the calculation of the valuation allowance, management has considered the extent to which realization of the tax assets is probable for group entities that are or have been in a loss-making position during the last three financial years.

In 2025, the valuation allowance increased by $10.5 million which is mostly attributable to the increase in tax loss carry-forwards by $10.0 million.

**Impact of foreign currency fluctuation**

SEALSQ operates worldwide and is exposed to currency fluctuation risks. Although the majority of SEALSQ's sales, purchases, and financing activities are denominated in its reporting currency, the U.S. Dollar, some sales and financing contracts are denominated in other currencies, particularly the Euro, which is the functional currency of SEALSQ's French subsidiary.

Fluctuations in the exchange rates between the U.S. Dollar and other currencies may have a significant effect on both the Company's results of operations, including reported sales and earnings, and the Company's assets, liabilities and cash flows. This, in turn, may affect the comparability of period-to-period results of operations.

SEALSQ does not currently hedge against foreign currency fluctuation.

[**Table of Contents**](#TOC)

The table below shows the variation in foreign exchange rates used to prepare SEALSQ's financial statements for the financial years ended December 31, 2025 and December 31, 2024.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **12 months ended December 31,** | **12 months ended December 31,** | **12 months ended December 31,** | **12 months ended December 31,** |  |  |
|  |  |  |  |  |  | **Year-on-Year** | **Year-on-Year** |
|  |  | **2025** | **2025** | **2024** | **2024** | **Variance** | **Variance** |
|  |  |  | **12-month** |  | **12-month**  |  | **12-month**  |
| **Foreign currency to** |  | **Closing** | **Average** | **Closing** | **Average** | **Closing**  | **Average**  |
| **U.S. Dollar** |  | **rate** | **rate** | **rate** | **rate** | **rate** | **rate** |
| Euro | EUR:USD | 1.174662 | 1.129695 | 1.035050 | 1.082265 | 13.49% | 4.38% |
| Japanese Yen | JPY:USD | 0.006393 | 0.006688 | 0.006354 | 0.006610 | 0.61% | 1.18% |
| Taiwanese Dollar | TWD:USD | 0.031975 | 0.032121 | 0.030541 | 0.031161 | 4.7% | 3.08% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **12 months ended December 31,** | **12 months ended December 31,** | **12 months ended December 31,** | **12 months ended December 31,** |  |  |
|  |  |  |  |  |  | **Year-on-Year** | **Year-on-Year** |
|  |  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** |
|  |  |  | **12-month** |  | **12-month**  |  | **12-month**  |
| **Foreign currency to** |  | **Closing** | **Average** | **Closing** | **Average** | **Closing**  | **Average**  |
| **U.S. Dollar** |  | **rate** | **rate** | **rate** | **rate** | **rate** | **rate** |
| Euro | EUR:USD | 1.035050 | 1.082265 | 1.103897 | 1.082004 | (6.24)% | 0.02% |
| Japanese Yen | JPY:USD | 0.006354 | 0.006610 | 0.007092 | 0.007135 | (10.4)% | (7.36)% |
| Taiwanese Dollar | TWD:USD | 0.030541 | 0.031161 | 0.032560 | 0.032121 | (6.20)% | (2.99)% |

---

SEALSQ does not operate in countries experiencing hyperinflation and assessed the impact of inflation as immaterial to its financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Liquidity and Capital Resources** 

**Company liquidity**

SEALSQ's cash and capital requirement relate mainly to its operating cash requirement, capital expenditures, contractual obligations, repayment of indebtedness and payment of interest and financing fees.

*Sources of liquidity*

SEALSQ's usual sources of liquidity are cash generated from customers, cash from financing instruments such as debt and convertible debt and through the issuance of equity.

SEALSQ had positive working capital of $421.4 million as at December 31, 2025. SEALSQ calculates working capital as its current assets, less its current liabilities. Based on the SEALSQ Group's cash projections for the next 12 months to March 31, 2027, the SEALSQ Group has sufficient liquidity to fund operations and financial commitments.

As at December 31, 2025, SEALSQ held cash and cash equivalent in an amount of $417.7 million mainly as a result of the cash received from the sale of Ordinary Shares and Warrants pursuant to registered direct offerings and exercise of warrants in 2024 and 2025 (see *Item 10.C. Material Contracts*). SEALSQ expects to use this liquidity to fund its operations, develop its sales team, support SEALSQ's R&D expenses for its next-generation solutions and to finance its M&A activity.

If SEALSQ executes an M&A transaction, or a joint-venture partnership or another large transaction to expand its operations, acquiring assets or leased assets and/or acquiring and/or establishing additional facilities, it may utilize its current cash balance and/or may be required to secure additional financing, including by way of public or private offerings of equity and/or debt and/or re-financing or other financing alternatives. The timing, terms, size and pricing of any future fundraising, if any, would be subject to the then-prevailing capital market conditions and SEALSQ's business and financial situation, as well as the need to obtain certain regulatory and other consents. There is no assurance that SEALSQ would be able to obtain the necessary consents and/or funding in a timely manner, in sufficient amount or on favorable terms.

[**Table of Contents**](#TOC)

**Cryptocurrencies Investment Policy**

On September 3, 2025, the Board of Directors of SEALSQ Corp (the "Board") authorized the establishment of an investment committee (the "Investment Committee") comprised of a minimum of three members of the Board with a mandate to oversee the implementation of SEALSQ's investment policy (the "Investment Policy"). In accordance with the Board resolution, the Board has delegated authority to manage SEALSQ's portfolio of securities or other investments to the Investment Committee, together with such personnel and advisors as the Investment Committee may choose. The Investment Committee is expected to regularly review risks related to SEALSQ's investment portfolio, including concentration risk. When allocating cash to various investment opportunities and considering related investment risks, the Investment Committee is expected to consider market-based factors, including risk adjusted after-tax yields. When reviewing concentration risk, the Investment Committee should consider the liquidity needs of SEALSQ, among other things. Investments are to be made in accordance with the guidelines in the Investment Policy that will be reviewed at least annually, with oversight conducted by senior officers and the Investment Committee.

The overall goals of the Investment Policy are to provide sufficient liquidity to meet the day-to-day financial obligations of the Company, and to optimize investment returns within the guidelines of the Investment Policy. Permissible investment instruments include cash and cash equivalents (e.g. bank obligations, money market funds, and commercial paper), fixed income securities (e.g. obligations of the U.S. Treasury and U.S. Government, tax exempt obligations of states and municipalities, and corporate bonds/notes), equity securities (limited to those listed on the New York Stock Exchange ("NYSE"), NYSE American, NYSE Arca or the Nasdaq Stock Market and in compliance with the listing standards of the applicable exchange) and certain cryptocurrencies, including Bitcoin, Ethereum, HBAR (which are digital assets based on an open source cryptographic protocol existing on the Hedera Network), WECAN tokens (which are Ethereum-based native utility token compliant with the ERC-20 standard tokens issued by WeCan Group SA, a Swiss blockchain and data compliance company in which SEALSQ Corp has a 31.9% equity stake, as of December 31, 2025), and other tokens subject to approval by the Investment Committee. Individual exceptions to the Investment Policy may only be made by the unanimous agreement of the Investment Committee or, if the Investment Committee is unable to reach unanimous agreement on such exception, by the Board.

On September 3, 2025, as part of the establishment of the Investment Committee, the Board approved the addition of Bitcoin, Ethereum, HBAR, and WeCan Tokens (collectively, the "Approved Cryptocurrencies") as treasury reserve assets, so that up to $30 million of SEALSQ's cash, or proceeds from future debt and equity issuances, may be invested in the Approved Cryptocurrencies. As of December 31, 2025, SEALSQ was in the process of completing the necessary processes in order to create an account with a recognized, approved financial provider to hold its Approved Cryptocurrency assets. As of December 31, 2025, SEALSQ's investments held in Approved Cryptocurrencies remained immaterial.

The Investment Committee will direct the investment activity of SEALSQ in public and private markets pursuant to authority granted by the Board. Depending on certain market conditions and various risk factors, members of the Investment Committee, each in their personal capacity or through affiliated investment vehicles, may at times invest in the same securities, instruments or other assets (including cryptocurrencies) in which the Company invests. The Board anticipates that such investments will align the interests of the Company with the interests of related parties because it places the personal resources of such Investment Committee members at risk in substantially the same manner as resources of the Company in connection with investment decisions made by the Investment Committee on behalf of the Company.

In December 2023, the FASB issued ASU No. 2023-08, "Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets." This standard provides accounting and disclosure guidance for crypto assets that meet the definition of an intangible asset and certain other criteria. In-scope assets are subsequently measured at fair value with changes recorded in the income statement. The standard requires separate presentation of (1) in-scope crypto assets from other intangible assets and (2) changes in the fair value of those crypto assets. Disclosure of significant crypto asset holdings and an annual reconciliation of the beginning and ending balances of crypto assets are also required. This ASU becomes effective for annual periods beginning in 2025, including interim periods, with early adoption permitted. SEALSQ has adopted this policy and there was no impact of this standard on its historic consolidated financial statements. SEALSQ anticipates that this standard may have an impact on its consolidated financial statements in the future due to potential fluctuations in the value of its proposed investment in the Approved Cryptocurrencies.

[**Table of Contents**](#TOC)

*Consolidated cash flows*

The following table shows information about SEALSQ's cash flows during the financial years ended December 31, 2025, 2024 and 2023 respectively.

---

| | | | |
|:---|:---|:---|:---|
| <br>**USD'000** | **12 months**<br>**ended**<br>**December 31,**<br>**2025** | **12 months**<br>**ended**<br>**December 31,**<br>**2024** | **12 months**<br>**ended**<br>**December 31,**<br>**2023** |
| **Cash Flows from operating activities:** |  |  |  |
| **Net cash provided by (used in) operating activities** | (31257) | (10124) | (2745) |
| **Net cash provided by (used in) investing activities** | (35312) | (571) | (3021) |
| **Net cash provided by (used in) financing activities** | 399519 | 88400 | 8625 |
| **Effect of exchange rate changes on cash and cash equivalents** | 83 | 24 | (21) |
| **Cash and cash equivalents** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) during the period | 333033 | 77729 | 2838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | 84624 | 6895 | 4057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Balance, end of period** | **417657** | **84624** | **6895** |

---

SEALSQ has not experienced any legal or economic restrictions on the ability of its subsidiaries to transfer funds to the SEALSQ Group in the form of cash dividends, loans or advances.

*Level of borrowing*

As at December 31, 2025, SEALSQ held notes payable in an amount of $1,678,281. The section below gives the detail of the financial instruments used by the company.

**Financial instruments**

The following financial instruments are those that were in use and disclosed in SEALSQ's balance sheet and notes as at December 31, 2025.

*Equity Transactions*

See *Item 10.C. Material Contracts* and note 31 to the consolidated financial statements for a description of the agreements SEALSQ has entered into since March 2025 in connection with the sale of its Ordinary Shares and warrants.

*Loan Agreements*

As at December 31, 2025, SEALSQ's borrowings primarily relate to IC'Alps and consist of government-supported loans and repayable advances, mainly from Bpifrance and French banking institutions.

Total debt amounted to $1.7 million, of which $0.7 million is due within one year. These borrowings include state-guaranteed loans ("PGE"), innovation and research and development loans, and repayable advances, some of which include grant components. These arrangements generally bear fixed interest rates and have contractual maturities extending through 2030. SEALSQ uses these borrowings primarily to support its innovation, research and development activities and general working capital needs.

In addition, in November 2022, SEALSQ entered into a loan agreement with a third-party client in the amount of $2.0 million to support production capacity. The loan does not bear interest and there were no fees or costs associated with the loan. SEALSQ repaid the full balance of the loan during the year ended December 31, 2025.

SEALSQ did not have significant indebtedness at the parent company level as at December 31, 2025.

[**Table of Contents**](#TOC)

See note 27 to the consolidated financial statements for additional information on SEALSQ's outstanding borrowings as at December 31, 2025, including contractual maturities and detailed terms.

*Indebtedness to related parties*

See *Item 7.B. Related Party Transactions—Description of the Related Party Transactions* for a description of the nature of the related party transactions and balances as at and for the years ended December 31, 2025, 2024 and 2023.

**Material cash requirements from known contractual and other obligations**

The following table sets forth SEALSQ's known contractual and other cash payment obligations as at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** |
| **Contractual obligations**<br>**USD'000s** | <br>**Total** | **Less than 1**<br>**year** | <br>**1-3 years** | <br>**3-5 years** |
| Operating and short-term lease obligations | 7260 | 915 | 1767 | 1758 |
| Finance lease obligations | 135 | 60 | 74 | 1 |
| Debt and convertible note obligations | 1678 | 689 | 608 | 381 |
| **Total contractual obligations** | 9073 | 1664 | 2449 | 2140 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Research and Development, Patents and Licenses, Etc.** 

SEALSQ's R&D efforts focus on advancing secure microcontroller platforms and post-quantum cryptography (PQC) enablement across SEALSQ's portfolio. Over the last three years SEALSQ has prioritized:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· implementation of NIST-selected PQC algorithms and alignment with evolving cryptographic requirements across jurisdictions, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· development of SEALSQ's next hardware generation platform built on a proprietary RISC-V-based secure core and preparation for emerging certification regimes, including FIPS 140-3 side-channel assessment.

SEALSQ conducts R&D primarily from its Meyreuil, France site, which houses research and development, sales and marketing, and administrative functions. As part of SEALSQ's talent strategy, it has increased the number of employees dedicated to R&D over the last three years.

SEALSQ currently holds 88 individual patents protecting its technology. Research and development expenditures focus on advancing future technologies, which SEALSQ plans to register as additional patents to strengthen its portfolio and maintain competitive barriers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Trend Information** 

SEALSQ operates in the global semiconductor and digital security markets, which are characterized by rapid technological change, evolving industry standards, and increasing regulatory scrutiny. The following trends are expected to influence the SEALSQ's business, financial condition, and results of operations, although the extent and timing of their impact remain uncertain.

**Growth in Connected Devices and Expanding Attack Surface**

The continued proliferation of IoT devices, including those deployed in industrial, automotive, energy, and critical infrastructure applications, is contributing to a significant increase in the number of connected endpoints. This expansion has led to a broader attack surface for cybersecurity threats.

As a result, there is increasing demand for secure microcontrollers, hardware-based security solutions, and device authentication technologies. However, the pace of adoption of such solutions may vary across industries and geographies and may be affected by cost constraints, legacy system integration challenges, and evolving security requirements.

[**Table of Contents**](#TOC)

**Transition Toward Post-Quantum Cryptography**

Advancements in quantum computing technologies may, over time, compromise widely used public-key cryptographic algorithms. In response, industry stakeholders, including governmental bodies such as NIST (National Institute of Standards and Technology), are developing and promoting PQC standards.

The timing and scope of migration to PQC remain uncertain and may depend on regulatory mandates, industry adoption cycles, and the perceived urgency of quantum-related threats. This transition is expected to require significant upgrades to existing infrastructure, including hardware, firmware, and software systems, which may create both opportunities and challenges for industry participants.

**Increasing Reliance on Hardware-Based Security**

Cybersecurity strategies are increasingly incorporating hardware-based security mechanisms, including secure elements, hardware roots of trust, and tamper-resistant components. These solutions are designed to enhance system integrity and protect against both remote and physical attacks.

While demand for such technologies is expected to grow, adoption may be influenced by cost considerations, integration complexity, and the availability of alternative software-based solutions.

**Emergence of Edge Computing and Open Architectures**

The growth of edge computing and AI-enabled applications is driving demand for processing capabilities closer to data sources. This trend is contributing to increased interest in energy-efficient and flexible semiconductor architectures, including open instruction set architectures such as RISC-V.

However, the adoption of emerging architectures may be subject to ecosystem maturity, software compatibility, and competitive pressures from established semiconductor platforms.

**Supply Chain Constraints and Sovereignty Considerations**

Recent disruptions in global semiconductor supply chains, as well as geopolitical developments, have increased focus on supply chain resilience and technological sovereignty. Governments and industry participants are pursuing strategies to localize semiconductor design, manufacturing, and secure provisioning capabilities.

These efforts may result in increased investment and new market opportunities, but may also lead to fragmentation of global supply chains, increased regulatory complexity, and higher operational costs.

**Integration of Hardware and Trust Services**

The market is increasingly shifting toward integrated solutions that combine semiconductor components with digital trust services, including PKI, secure provisioning, and lifecycle management.

The adoption of such integrated solutions may depend on customer demand for end-to-end security, interoperability requirements, and the ability of vendors to provide scalable and cost-effective offerings.

**Evolving Regulatory Environment**

The regulatory landscape for cybersecurity, data protection, and product certification continues to evolve across multiple jurisdictions. Requirements related to security standards, such as FIPS and Common Criteria are becoming more stringent.

Compliance with these regulations may increase development costs and time-to-market, and failure to comply could result in reputational harm, financial penalties, or restrictions on market access.

[**Table of Contents**](#TOC)

**Conclusion**

SEALSQ believes that these industry trends may contribute to increased demand for secure and quantum-resistant semiconductor solutions over the long term. However, SEALSQ's ability to benefit from these trends will depend on multiple factors, including market adoption rates, competitive dynamics, technological developments, regulatory changes, and SEALSQ's ability to execute its strategy effectively.

Additional details regarding SEALSQ's growth strategy and industry trends are detailed in *Item 4.B. Business Overview*. Uncertainties and material commitments that may materially affect the company's financial condition are described in *Item 3.D. Risk Factors.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Critical Accounting Estimates** 

The preparation of SEALSQ's consolidated financial statements in conformity with US GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures.

SEALSQ considers an accounting estimate to be critical if it requires management to make judgments about matters that are inherently uncertain and if reasonably possible changes in those assumptions could materially impact the consolidated financial statements.

SEALSQ bases its estimates on historical experience and on various other assumptions it believes to be reasonable under the circumstances. Actual results may differ from those estimates. Management has discussed the development, selection and disclosure of these critical accounting estimates with the Audit Committee of the Board of Directors.

SEALSQ believes the following accounting estimates are the most critical to an understanding of its consolidated financial statements.

**Business combinations**

Accounting for business combinations requires SEALSQ to make significant estimates and assumptions in determining the fair value of assets acquired and liabilities assumed.

These estimates are based on fair value measurement techniques that incorporate significant unobservable inputs.

In connection with the acquisition of IC'Alps in 2025, SEALSQ recognized significant identifiable intangible assets and goodwill. The valuation of these assets is based on forward-looking assumptions, including forecasted revenues, expected margins, customer relationships, useful lives and discount rates.

These assumptions are inherently uncertain. Changes in these assumptions could materially affect the amounts assigned to acquired assets and liabilities, as well as future amortization expense and potential impairment.

**Inventory Valuation**

Due to the long manufacturing cycle in the semiconductor industry, SEALSQ must order components and build inventory in advance of customer demand.

SEALSQ records inventories at the lower of cost and net realizable value and records write-downs for inventories that are obsolete or in excess of anticipated demand. The inventory valuation allowance is based on an analysis of physical deterioration, obsolescence and expected demand, taking into consideration product maturity, marketability, historical trends and assumptions about future demand and market conditions.

[**Table of Contents**](#TOC)

These estimates require significant judgment and are inherently uncertain, particularly given the long production lead times and potential changes in technology and customer demand. Changes in these assumptions, including future demand and market conditions, could result in additional write-downs and materially affect the consolidated financial statements.

**Goodwill impairment**

Goodwill recognized in connection with business combinations is subject to impairment testing. Goodwill is not amortized and is tested for impairment at least annually or more frequently if indicators of impairment exist.

The impairment assessment requires SEALSQ to estimate the fair value of its reporting units, which involves significant judgment. Fair value is typically determined using valuation techniques that incorporate forward-looking assumptions, including projected revenues, operating margins, long-term growth rates and discount rates.

These assumptions are inherently uncertain and depend on future business performance and market conditions. Changes in these assumptions, particularly projected cash flows or discount rates, could result in a material impairment charge in future periods.

**Pension and other postretirement obligations**

The measurement of pension and other postretirement obligations requires the use of actuarial assumptions.

The most significant assumptions include discount rates and, where applicable, expected returns on plan assets. These assumptions affect the projected benefit obligation and related expense recognized in the consolidated financial statements.

These estimates require significant judgment and are sensitive to changes in market conditions, particularly interest rates. Changes in these assumptions could materially affect the recorded obligation and future expense.

**Recoverability of deferred tax assets**

SEALSQ operates in multiple jurisdictions and is subject to various tax laws and regulations. Deferred tax assets and liabilities arise from temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as from tax loss and tax credit carryforwards.

SEALSQ evaluates the recoverability of its deferred tax assets based on whether it is more likely than not that sufficient future taxable income will be generated. This assessment requires significant judgment and includes consideration of historical results, projections of future taxable income, the reversal of existing temporary differences and the impact of tax planning strategies.

These estimates are inherently uncertain because they depend on future profitability, which may be affected by market conditions, business performance and changes in tax laws or interpretations. As a result, SEALSQ has recorded a valuation allowance against its deferred tax assets where recovery is not considered more likely than not. If actual results differ from SEALSQ's estimates, or if assumptions change, SEALSQ may be required to adjust its valuation allowance, which could materially impact income tax expense in the period of change.

**Item 6.** **Directors, Senior Management and Employees**

**A.** **Directors and Senior Management**

The following table sets forth the name, age and functions of SEALSQ's non-executive and executive directors, and its senior management as of the date of this annual report. The business address for each director and member of senior management is the address of its principal executive office which is located at Avenue Louis Casaï 58, 1216 Cointrin, Switzerland.

[**Table of Contents**](#TOC)

SEALSQ's non-executive and executive directors are elected annually and individually by the shareholders at each Annual General Meeting of the shareholders for a term extending up until the following Annual General Meeting of the shareholders in accordance with the Articles. The board of directors also has the right to appoint new directors at any time for a term extending until the following Annual General Meeting. The last Annual General Meeting of the shareholders was on May 19, 2025.

---

| | | |
|:---|:---|:---|
| **Name** | **Date of birth** | **Functions in SEALSQ** |
| *Non-Executive Directors* |  |  |
| Ruma Bose<sup>(3)</sup> | December 9, 1972 | Independent non-executive Board Member |
| Cristina Dolan<sup>(1)</sup> | February 16, 1961 | Independent non-executive Board Member |
| David Fergusson<sup>(1)(2)</sup> | August 15, 1960 | Independent non-executive Board Member |
| Eric Pellaton<sup>(1)(2)</sup> | March 25, 1959 | Independent non-executive Board Member |
| Peter Ward<sup>(3)</sup> | January 5, 1952 | Non-executive Board Member |
| *Executive Directors* |  |  |
| Carlos Moreira<sup>(3)</sup> | September 1, 1958 | Chairman of the Board of Directors and Chief Executive Officer |
| John O'Hara<sup>(3)</sup> | April 15, 1977 | Board Member and Chief Financial Officer |
| *Senior Management* |  |  |
| Frank Buonanno | March 21, 1963 | Vice-President of Global Sales |
| Jean-Pierre Enguent<sup>(3)</sup> | May 8, 1962 | Vice-President of Research & Development Systems and Solutions |
| Loïc Hamon<sup>(3)</sup> | July 17, 1971 | Chief Operating Officer of SEALSQ USA |
| Andreas Moreira | August 11, 1993 | Chief Innovation Officer |
| Jean-Luc Triouleyre | September 12, 1970 | General Manager of IC'Alps SAS |
| Nathalie Verjus | February 19, 1975 | Company Secretary and Financial Planning & Reporting Manager |
| Bernard Vian<sup>(3)</sup> | March 22, 1967 | General Manager of SEALSQ France SAS |

---

(1)Member of the Audit Committee

(2)Member of the Nomination and Compensation Committee

(3)Member of the Strategy Committee

Dr. Hossein Rahnama resigned from SEALSQ's board of directors effective October 28, 2025.

**Biographies**

Directors

Carlos Moreira has been a member of the board of directors and Chief Executive Officer and Chairman of the board of directors of SEALSQ since its inception on April 1, 2022. He is the Founder, Chairman of the board of directors and Chief Executive Officer of WISeKey International Holding AG. Mr. Moreira is a recognized UN Expert on CyberSecurity and Trust Models for ILO, UN, UNCTAD, ITC/WTO, World Bank, UNDP, ESCAP (83-99). Author, Internet Pioneer, Founder. Founding Member of the "Comité de Pilotage Project E-Voting" of the Geneva Government, Member of the UN Global Compact, Member of the WEF Global Agenda Council. Founding Member WEF Global Growth Companies 2007. WEF New Champion 2007 to 2016, Vice Chair WEF Agenda Council on Illicit Trade 12/15, Member of the Selection Committee for the WEF Growth Companies. Founder of the Geneva Security Forum. Member the WEF Global Agenda Council on the Future of IT Software & Services 2014-16. Member of the New York Forum. Selected as one of the WEF, Trailblazers, Shapers and Innovators, Member of Blockchain Advisory Board of the Government of Mexico. Nominated by Bilan.CH among the 300 most influential persons in Switzerland 2011 and 2013, top 100 of Who's Who of the Net Economy, Most Exciting EU Company at Microsoft MERID 2005, Man of the Year AGEFI 2007, Selected by Bilanz among the 100 most important 2016 digital heads in Switzerland 2017. Award Holder CGI. Adjunct Professor of the Graduate School of Engineering RMIT Australia (95/99). Head of the Trade Efficiency Lab at the Graduate School of Engineering at RMIT. M&A Award 2017 Best EU acquisition. 2018 Blockchain Davos Award of Excellence by the Global Blockchain Business Council. Member of The Blockchain Research Institute. Founder Blockchain Center of Excellence 2019. Entrepreneur and investor in disruptive crypto-technology AI, Blockchain, IoT and Cybersecurity. Keynote speaker at the UN, WEF, CGI, ITU, Bloomberg, Oracle, SAP, Zermatt Summit, Microsoft, IMD, INSEAD, MIT Sloan, HEC, UBS, CEO Summit. Coauthor of "The transHuman Code: How to Program Your Future" (2019).

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John O'Hara has served as Chief Financial Officer since January 24, 2024, and was appointed to the board of directors on February 14, 2024. He is also the Chief Financial Officer of WISeKey International Holding AG. A qualified chartered accountant, Mr. O'Hara has many years of experience in Controllership, Financial Planning and Analysis and Finance Transformation. Mr. O'Hara previously served as the International Financial Controller of WISeKey International Holding AG. Prior to joining WISeKey in 2018, Mr. O'Hara worked for Jesuit Worldwide Learning, where he served as the Global Financial Controller. Prior to joining Jesuit Worldwide Learning, Mr. O'Hara spent three years with Deloitte LLP as the Finance Director for their tax service line. Prior to joining Deloitte, Mr. O'Hara served as the Financial Controller for Marsh and McLennan Companies for seven years. Prior to joining Marsh and McLennan Companies, Mr. O'Hara served as the Group Accountant for Chelsea FC plc for three years. Prior to joining Chelsea FC plc, Mr. O'Hara worked for Grant Thornton LLP in the audit department for six years. In addition to his chartered accountant qualification (FCA) with the Institute of Chartered Accountants in England and Wales (ICAEW), UK, Mr. O'Hara holds a BA (Hons) in Economics from Durham University, UK.

Ruma Bose was appointed to the board of directors on June 14, 2023. Ms. Bose was most recently Chief Growth Officer (CGO) at Clearco, a SoftBank-backed fintech unicorn and the world's largest e-commerce investor (in which she was previously a longtime advisor, venture partner and early investor). Previously, Ms. Bose was Managing Partner at Humanitarian Ventures, investing in high growth technology companies and leveraging their potential for the humanitarian sector. Ms. Bose was previously on the management council of Chobani, one of the world's largest yogurt companies, where she served as President of Chobani Ventures and the Chobani Foundation. In addition to her roles at Chobani, she was also Founding President of Tent Foundation, which she helped establish as one of the leading foundations in the humanitarian sector. Ms. Bose's earlier leadership roles include President and co-CEO at Sprayology, a pioneering homeopathic company; President at Vincent Longo, an iconic global cosmetics brand; Director at Roseworth Capital, a private equity investor focused on consumer/brand/retail and specialized business and financial services sectors; and Cofounder and VP Market Development at Finishline, a national chemical and products services company. Ms. Bose was part of the Bose Corporation startup team sent to launch and scale operations in India. She started her career as an analyst at Scotiabank in the International Banking Group. Ms. Bose co-authored the international bestselling book, "Mother Teresa, CEO", which has been translated into eight languages. The book describes the management and leadership principles of Mother Teresa, who Ms. Bose worked with in Calcutta, and explains how they can be applied to businesses and non-profits alike. Ms. Bose sits on the Governing Board of Directors of Calvert Impact Capital, one of the pioneers of impact investing, gender lens investing and climate impact, which in the last 25 years has deployed over $4bn in 100+ countries and on KAO Corporation's (Tokyo Stock Exchange: 4452) ESG External Advisory Board, the largest household and personal care product manufacturer in Japan. Ms. Bose is the 2021 recipient of the prestigious Scotiabank Ethical Leadership Award which, every year recognizes one ethical leader who, through their actions and decisions, have demonstrated character, courage, and adherence to ethical principles. In 2022, Ms. Bose was awarded an honorary Doctor of Laws from Dalhousie University, Halifax, Canada, her alma mater. She is a member of the Young Presidents' Organization (YPO); the Global Entrepreneurs' Council at the United Nations Foundation; and is active at the World Economic Forum as a member of its Expert Network. Ms. Bose is a frequent keynote speaker at conferences around the world, including the Forbes 100 Most Powerful Women's Summit, World Humanitarian Summit, World Economic Forum, Banff Forum and meetings of the United Nations. She has been featured in publications including The Economist, Wall Street Journal, Fast Company, NY Times, Financial Times, LA Times, Business Insider and Bloomberg.

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Cristina Dolan was appointed to the board of directors on March 10, 2023. Ms. Dolan served on the GRIID board of directors from January 2, 2024, until its acquisition by CleanSpark in October 2024. Ms. Dolan is an award-winning engineer, entrepreneur, and author who has spent her entire career in a variety of executive roles within the technology industry. In 2024, she joined the faculty of Columbia University's Technology Management Program and serves as an executive cybersecurity advisor to Crimson Vista. Prior to joining RSA in 2021, where she led Global Alliances, she advised several cybersecurity companies, including Crayonic and Cytegic (acquired by Mastercard). Recently, she co-authored a book, "Transparency in ESG and the Sustainable Economy: Capturing Opportunities through Data", and several articles, including the World Economic Forum article "Cybersecurity Should Be Treated as an ESG Issue" and the Forbes article "Cybersecurity Is a Global Threat to Democracy, Yet Not Well Understood." Honors include being named to lists of the most influential and impactful women in technology, along with numerous awards for service and entrepreneurship. The student coding competition, Dream it. Code it. Win it., which she founded and led from 2014 to 2016 as the Board Chair of the MIT Enterprise Forum of New York, won numerous awards, including the MIT Harold E. Lobdell Distinguished Service Award, the Trader Magazine Charitable Works Award, and four Stevie Awards for best organization and leadership. The competition sponsor, Fiverr, celebrated her as a "Do-er" in its global campaigns. As an advocate of computer science education, her TED talk, "Just Solve It," which addresses the value of being an engineer and solutionist in creating opportunities, has over 933K views. A blockchain pioneer since 2014, she founded several companies, including Additum, a value-based healthcare company based in Spain, and iXledger, which specialized in cyber insurance. Her talk at the MIT Center for International Studies' Starr Forum, "Bitcoin and the Global Economy," in April 2016, was one of the program's most popular presentations. From 2009 to 2016, Cristina held several roles at TradingScreen, an award-winning institutional multi-asset financial trading platform, including leading product management for content, data, chat, and communications products, as well as serving as Global Head of Corporate Marketing. In 2000, she was recruited as CEO by venture-backed Wordstream, an MIT-Harvard spinout focused on multilingual translations utilizing computational linguistics and machine learning, where she commercialized the software. OneMain, a company she co-founded in 1998, was acquired by Earthlink in 2000 after a highly successful IPO that outperformed Amazon's and eBay's respective IPOs. As OneMain's Geographic Communities Division President and Chief Strategic Alliances Officer, she launched and built the cornerstone Geographic Communities, which were profitable upon launch. Cristina also held executive roles at IBM and Oracle, leading consultative selling at strategic accounts within the communications and financial verticals. At Hearst and Disney, she led technology and software development for the launch of the first consumer websites, which were delivered on time and within budget. As an MIT alumna, she served as President of the MIT Club of New York, Chair of the MIT Enterprise Forum, a member of the MIT Enterprise Forum Global Board, the MIT Selection Committee, and the MIT Media Lab 30th Anniversary Committee. She was also invited as a keynote speaker at the MIT Women's Un-Conference in March 2018. Additionally, she served on the alumnae board at the Convent of the Sacred Heart and received the Global Leadership Alumna Award. She earned a Master of Media Arts and Science from the MIT Media Lab, as well as a Master of Computer Science Engineering and a Bachelor of Electrical Engineering. Cristina is bilingual and fluent in her native language, English, and Spanish.

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David Fergusson was appointed to the board of directors on March 10, 2023. Mr. Fergusson has also served as a member of the board of directors of WISeKey International Holding AG since 2017. Since 2018, he is the Executive Managing Director - M&A for Generational Group, the leading lower middle-market M&A investment banking advisory firm in North America. Based in New York, he also heads the company's Technology Practice and Cross Border M&A Practice. He has over 35 years of experience in the creation of businesses, the acceleration of corporate growth, and global mergers and acquisitions. Prior to joining Generational Equity, he was most recently the President and CEO of The M&A Advisor, where he led the global think tank for the firm's constituency of over 350,000 finance industry professionals, from their offices in New York and London. As a partner in cross border investment firm Paradigm Capital, Mr. Fergusson conducted over 25 acquisitions as an investor. As an M&A advisor, he has managed over 350 transactions. He is a member of the Association of Corporate Growth (ACG) and an advocate for the advancement of the finance industry for which he led the formation of the Emerging Leaders program which is celebrating its 12th anniversary in 2025. A pioneer in cross border mergers and acquisitions, between the United States and China, he was recognized with the 2017 M&A Leadership Award and the 2019 Lifetime Achievement Award from the China Mergers & Acquisitions Association, and is Co-Chairman of the Global Mergers, Acquisitions & Investment Council. In addition, Mr. Fergusson is the recipient of the Investment Banker of The Year for 2023, awarded by the Global M&A Network and winner of multiple US and Global M&A Transaction of the Year Awards. Mr. Fergusson is a respected speaker on the subjects of financial services, corporate transformation, and technological innovation at leading prominent educational institutions and leadership assemblies including the Vatican, World Economic Forum at Davos, World Bank and the International Monetary Fund; and a contributor to major media organizations including CBS, BBC, NPR, ABC, CNBC, Bloomberg, and Thomson Reuters. Mr. Fergusson is co-author of the bestselling technology book "*The TransHuman Code" and the forthcoming multi-media platform "Humanity at The Crossroads – AI, Quantum Computing and The TransHuman Code".* He is also the editor of 5 annual editions of the mergers and acquisitions handbook - "The Best Practices of The Best Dealmakers" series with a readership of more than 500,000 in over 60 countries. Recipient of the 2015 Albert Schweitzer Leadership Award for his work in global youth leadership development, Mr. Fergusson is the former President of Hugh O'Brien Youth Leadership (HOBY), the world's largest social leadership foundation for high school students. Mr. Fergusson is Canadian and a graduate of Kings Edgehill School and The University of Guelph.

Eric Pellaton was appointed to the board of directors on March 10, 2023. Mr. Pellaton is an investor in several startup companies involved in different fields: in Real Estate Holdings, Sofia Rental (Bulgaria), a company that buys, sells and manages apartments and a luxury hotel, where has been a partner and investor since 2000; in ZeroBoundary Inc (USA), from 2001 until 2018, a company involved in project management and leadership development products and services, in face-to-face and e-learning delivery formats which he co-founded; in Pelican Packaging (USA), a company involved in die packaging for the semiconductor industry, where he acted as partner and investor from 2002 until 2007; in ACN (Switzerland), a company that develops electronic chips that can transfer internet/video/audio information through the power line, and in Seyonics (Switzerland), a company specialized in Nano liter dispensing system (syringe), where, in both cases, he has been acting as investor and advisor since 2003; in Visage Pro USA, a company involved in skin care products with organic cream ranging from anti-aging to burn issues, where he was a partner and investor between 2005 and 2018; and in Solar Rain (USA), a company involved in salt water and dirty water purification systems for drinking water, where he has been a partner and investor since 2008. Prior to that, Mr. Pellaton held different positions from sales, service, management, CEO and Chairman in the field of automation and robotics at Ismeca Group from 1981 to 2000. Ismeca was producing equipment for the Electronic, Medical, Watches and Car Industries all over the world. Mr. Pellaton also owns a patent in RFID technology. Mr. Pellaton graduated as an Electronic/Electro technique Engineer from Ecole Technique Supérieure du Locle, Switzerland.

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Peter Ward has been a member of the board of directors of SEALSQ since its inception on April 1, 2022, and served as the Chief Financial Officer from April 1, 2022 until January 24, 2024. He has also served as a director of WISeKey International Holding AG since 2012 and was the Chief Financial Officer of WISeKey International Holding AG between 2012 and June 2024. Mr. Ward began his tenure with WISeKey in 2008 as Finance Director. From 2005 to 2008, Mr. Ward served as a director and International Finance Director at Isotis International Inc., a manufacturer and distributor of bone and skin transplants. From 1996 to 2004, Mr. Ward served as a director and International Finance Director, then Director Administration and Taxes of Iomega International, a manufacturer and distributor of external computer drives and disks. From 1986 to 1996, Mr. Ward served as Finance Director for Germany, Austria & Switzerland Finance for GE Information Services (GEISCO), based in Cologne, Germany, then Commercial Finance Manager for GE Plastics BV, based in Bergen op Zoom, The Netherlands and Finance Director for Germany, Austria & Switzerland for GE Medical Services AG, based in Frankfurt am Main, Germany at General Electric. From 1973 to 1985, Mr. Ward served as Cost Analyst at Standard Telephones & Cables Ltd, a manufacturer and installer of submarine telephone cables, based in Southampton, United Kingdom, then Finance Accountant for Payot Cosmetics Ltd and Mavala Cosmetics Ltd, manufacturers of cosmetics and nail products respectively, based in Ashford, Kent, United Kingdom, then Financial Controller for Rimmel Cosmetics Germany and ITT Photoproducts, Germany, distributors of cosmetics and photographic equipment respectively, based in Frankfurt am Main, Germany, then Financial Analyst for the Automotive and Sanitary Products Division, based in ITTE HQ in Brussels, Belgium, then Manager Financial Controls for the Telecommunications Division based in ITTE HQ Brussels, Belgium, at ITTE. He holds a B.A. with honors in Business Administration from Wolverhampton University, in Wolverhampton, U.K. and is a qualified Chartered Management Accountant.

Senior Management

*Franck Buonanno* serves as Vice President Global Sales of SEALSQ since January 2024. Prior to that, Mr. Buonanno was EMEA Sales Director for over 3 years for the SEALSQ Group. He has over 30 years of experience in International Business Development and Microelectronics. Mr. Buonanno worked for over 15 years at Atmel Corporation as both a Sales Manager and Sales Director covering India, Israel, the Middle East and South Africa, where he managed distribution & representatives' network as well as direct sales. He has strong experience on ASIC (Application-Specific Integrated Circuit) and Smartcard business and has been recognized for his contribution to record-setting sales figures while working at Atmel Corporation (from $10M revenue in 2000 to $85M revenue in 2008). Mr. Buonanno obtained a Master of Engineering from Polytech Montpellier in 1990. He also obtained a Master of Political Science from Sciences Po Aix in 2017.

*Jean-Pierre Enguent* serves as Vice President of Research and Development, and Operations. Mr. Enguent is a key technology leader with 30 years of experience in Microelectronics. He joined SEALSQ as Head of Development for Semiconductors Solutions, including R&D, Operations and Global Security. Prior to joining SEALSQ, Mr. Enguent spent 7 years at Inside Secure, 6 years at Atmel and 8 years at STMicroelectronics, leading teams of engineers, scientists and technicians. He worked towards the development of Secure Microcontroller product portfolio with more than 80 patents, publications and significant contributions to NFC and ISO standards. Mr. Enguent has been a founding member and strategic adviser of InSeal, a France based company providing operating systems for contactless applications to a variety of customers in the payments market. Mr. Enguent has an Engineering Degree in Microelectronics from the "Ecole Supérieure d'Ingénieurs (ESIEE Paris)" in France.

*Loïc Hamon* serves as the Chief Operating Officer of SEALSQ USA. Mr. Hamon focuses on forging strategic partnerships and driving adoption of SEALSQ's security technologies among government agencies and businesses that demand next-generation security solutions and leading SEALSQ's custom secure semiconductor solutions business, following SEALSQ's acquisition of IC'Alps. Before joining SEALSQ, Mr. Hamon was the Global Head of Silicon Engineering at Capgemini, where he led the development of a differentiated Silicon Engineering offering and drove business growth from specification to silicon and volume production, by leveraging strategic partnerships within the broader semiconductor and vertical industry ecosystem. Prior to joining Capgemini, Mr. Hamon was the Vice President of Corporate Development and Strategic Marketing at Kalray. Prior to this, Mr. Hamon served as the Vice President of Corporate Development and Communications of Inside Secure, where he also led the NFC business unit. Mr. Hamon began his career at Texas Instruments, where he held various positions. Mr. Hamon also acted as an independent member of the Board of Directors at Secure Silex Insight. He holds a Master's Degree in Marketing Intelligence from HEC Paris, France, a Master's Degree in Electrical Engineering from ESIGELEC in Rouen, France, and a Postgraduate Degree in Microelectronics from Paris XI University, France.

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*Andreas Moreira* serves as Chief Innovation Officer. Mr. Moreira is responsible for driving SEALSQ's innovation strategy and digital transformation initiatives, with a focus on cybersecurity, digital identity, and emerging technologies. He oversees initiatives related to the protection of digital identities, the security of connected devices, and the development of advanced technology solutions leveraging blockchain, artificial intelligence, and related technologies. In his role, he works closely with executive management and technology teams to support the evolution of SEALSQ and WISeKey's products and services and to align innovation efforts with business and security objectives. Mr. Moreira has more than 10 years of experience in technology and cybersecurity within the WISeKey group, during which time he has held roles of increasing responsibility. In these roles, he has contributed to the design and deployment of secure digital platforms and supported activities in complex and regulated environments. He is also involved in industry thought leadership through participation in conferences and professional forums focused on cybersecurity and innovation. Mr. Moreira holds a Bachelor's degree in Computer Science from Webster University in Geneva, Switzerland, and completed executive management training at IMD in Lausanne, Switzerland.

*Jean-Luc Triouleyre* serves as General Manager of IC'Alps, a company he co-founded in 2018 and has led since then. He brings more than 30 years of experience in the micro- and nano-electronics industry, delivering on-demand, state-of-the-art solutions for highly demanding markets. Throughout his career, he has held a wide range of technical, managerial, and executive roles including covering board and integrated circuit design including multi processors architectures (Canon Research Center, Compagnie des Signaux, T-Sqware/Globespan/Conexant), worldwide projects and team management (Conexant, MND, DxO), business management (Dolphin Integration, IC'Alps). Mr. Triouleyre is the founder of two technology companies: MND (2002–2007) and IC'Alps. He has contributed to numerous innovations deployed in a range of demanding markets, including telecommunications (early Wi-Fi, Frame Relay, ATM, and DSL systems), automotive (up to ASL certifications), mobile devices (video processing solutions), aerospace (DO-254 DAL-certified programs), defense, healthcare (e.g. pacemakers, ultrasound systems, and brain–computer interface technologies), IoT, industrial and security applications (e.g. secure elements and sovereign applications). Mr. Triouleyre holds an engineering degree in electronics and embedded systems from ESEO, Angers, France.

*Nathalie Verjus* serves as Company Secretary and Financial Planning & Reporting Manager for the SEALSQ Group and the WISeKey Group. A qualified chartered accountant, Ms. Verjus has a solid background in compliance and finance, combined with project management and operational experience. Prior to joining WISeKey in 2016, Ms. Verjus worked for Tyco International, later merged with Johnson Controls, where she served as EMEA Controllership Senior Manager, then Finance Transformation Senior Project Manager, before becoming Operational Excellence Lead and Head of a Business Unit. Prior to joining Tyco International, Ms. Verjus spent four years with PricewaterhouseCoopers UK in Audit and Risk Assurance. Prior to joining PricewaterhouseCoopers, Ms. Verjus served as Project Manager and Export Administration Manager for NACCO Industries, Inc. In addition to her chartered accountant qualification (ACA) with the Institute of Chartered Accountants in England and Wales (ICAEW), UK, Ms. Verjus holds an MA in International Business Administration for Bournemouth University, UK, and a Master's in International Business from the EDC Paris Business School in Paris, France.

*Bernard Vian* serves as General Manager of SEALSQ France SAS. Prior to joining the SEALSQ Group, Mr. Vian served as the Executive Vice President of the Secure Transaction Business Division, Vice President of Business Development and Executive Vice President for Secure Payments at INSIDE Secure SA. He came to INSIDE Secure from Gemplus where he served in several positions in Sales Support and Marketing, in Europe and lately in California where he opened the Gemplus North America headquarters and served as Technical Support Director for 5 years. Mr. Vian joined INSIDE Secure's team in 2002 as Business Development Vice President. He is a graduate of the University of Aix-Marseille, France, with an engineering degree in Electronic Systems.

**Conflicts of Interest**

Several of SEALSQ's directors and officers may have pre-existing fiduciary obligations to other businesses of which they are directors or officers. See "Item 7.B. *Related-Party Transactions*— *Related-Party Transactions Policy*".

**Family Relationship**

Carlos Moreira is the father of Andreas Moreira; there are no other family relationships among any of SEALSQ's executive and non-executive directors or members of senior management.

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**Potential arrangements**

There are no arrangements or understandings with major shareholders, customers, suppliers or others, pursuant to which any person referred to above was selected as a director or member of senior management. However, Carlos Moreira has a significant shareholding in WISeKey as disclosed in *Item 7.A. Major Shareholders.*

**B.** **Compensation**

**Compensation of Directors and Senior Management**

In the year ended December 31, 2025, the aggregate compensation paid and accrued by the SEALSQ Group to the members of its board of directors and SEALSQ's senior management for services in all capacities was approximately USD 16,300,000, excluding social charges. SEALSQ notes that the compensation of the board of directors included an equity component in the form of stock options but did not include stock options which are due in relation to the nine months ended December 31, 2025. The grant of these options will take place in 2026 for administrative reasons and were not accrued in the 2025 annual report in line with applicable US GAAP guidance.

Under BVI law, public disclosure of individual compensation—including cash compensation, equity awards (such as stock options), benefits in kind, and pension, retirement or similar benefits—is not required. Accordingly, SEALSQ does not provide individualized compensation disclosure. However, to the extent required by U.S. securities laws, SEALSQ's directors and senior management may be required to report their beneficial ownership of, and transactions in, SEALSQ's equity securities, which may include compensation in the form of equity awards, under Section 16(a) of the Exchange Act.

**Annual Incentive Plan**

Compensation for its executive directors and senior management includes a bonus. SEALSQ's annual incentive plan is designed to encourage management to achieve pre-established performance goals, both short-term and long-term.

The annual incentive plan for its executive directors is approved by its nomination and compensation committee which then submits it for approval by its board of directors.

**Share-based Compensation**

SEALSQ maintains an F Share Option Plan ("FSOP") and an Ordinary Share Option Plan ("OSOP") for the benefit of its directors, employees and consultants. Options issued under the FSOP to SEALSQ's directors for compensation entitle the participant to SEALSQ Class F Shares at the ratio of 1:1, at an exercise price equal to the nominal value of SEALSQ Class F Shares of USD 0.05 per share, with immediate vesting and expiring on the seventh anniversary of the grant date. Options issued under the OSOP to its directors for compensation entitle the participant to SEALSQ Ordinary Shares at the ratio of 1:1, at an exercise price equal to the nominal value of SEALSQ Ordinary Shares of USD 0.01 per share, with immediate vesting and expiring on the seventh anniversary of the grant date. Each grant is subject to the approval of the board of directors who may, in line with the terms and conditions of the FSOP and OSOP, amend the terms of the grant.

**C.** **Board Practices**

SEALSQ's Articles provide that its board of directors consists of a minimum of three (3) and a maximum of twelve (12) directors. SEALSQ currently has seven members on its board of directors. Each director shall be elected for a one-year term. All current directors, namely Carlos Moreira, John O'Hara, Ruma Bose, Cristina Dolan, David Fergusson, Eric Pellaton, and Peter Ward, were duly re-elected during the annual general shareholders meeting held on May 19, 2025. They will serve until the next annual general meeting in 2026, except in the event of their earlier death, resignation, or removal, and until their successors are elected at such next annual general meeting.

Other than with respect to its directors that are also executive officers, SEALSQ does not have written agreements with any director providing for benefits upon the termination of his or her engagement with SEALSQ.

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As a foreign private issuer, SEALSQ is permitted to follow certain home country corporate governance practices instead of those otherwise required under Nasdaq's Rules for domestic U.S. issuers, provided that SEALSQ discloses which requirements it is not following and describe the equivalent home country requirement.

**Board Independence**

Four of SEALSQ's seven directors, Ruma Bose, Cristina Dolan, David Fergusson, and Eric Pellaton, are considered "independent" under the Nasdaq rules, and therefore, SEALSQ currently follows Nasdaq Listing Rule 5605 (b)(1), which requires an issuer to maintain a majority of independent directors. SEALSQ notes that BVI law does not require an issuer to maintain a majority of independent directors, so it may not have a majority of independent directors in the future. SEALSQ is also not subject to Nasdaq Listing Rule 5605 (b)(2), which requires that independent directors must have regularly scheduled meetings at which only independent directors are present.

**Committees of the Board of Directors**

SEALSQ's board of directors has established an audit committee, a nomination and compensation committee, and a strategy committee.

***Audit Committee***

The Audit Committee consists of three members, being Cristina Dolan, David Fergusson and Eric Pellaton, who were appointed by the board of directors. The audit committee consists exclusively of members of SEALSQ's board of directors who are financially literate. SEALSQ's board of directors has determined that all members of the Audit Committee satisfy the "independence" requirements set forth in Rule 10A-3 under the Securities Exchange Act and under the Nasdaq Listing Rules. The members of the Audit Committee were appointed by SEALSQ's board of directors. The role of the Audit Committee complies with BVI law (as applicable) but may not fully comply with the requirements of Nasdaq Listing Rule 5605(c)(1).

BVI law does not impose any requirements to have an Audit Committee or on the charter of such Audit Committee. The audit committee is responsible for, among other things:

● overseeing SEALSQ's accounting and financial reporting processes and the audits of its financial statements;

● the compensation, retention and oversight of the work of SEALSQ's independent registered public accounting firm and auditors who are appointed by SEALSQ;

● SEALSQ's accounting policies, financial reporting and disclosure controls and procedures;

● the quality, adequacy and scope of external audit;

● SEALSQ's accounting compliance with financial reporting requirements; and

● the management's approach to internal controls with respect to the production and integrity of the financial statements and disclosure of SEALSQ's financial performance.

***Nomination and Compensation Committee***

SEALSQ's Nomination and Compensation Committee consists of two members, David Fergusson and Eric Pellaton. SEALSQ's board of directors has determined that each of the members of the Nomination and Compensation Committee is independent under Nasdaq's listing standards. SEALSQ follows its home country's standards with respect to the responsibilities of SEALSQ's Nomination and Compensation Committee. BVI law does not impose any requirements to have a Nomination and Compensation Committee or on the charter of such nomination and compensation committee.

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The primary purpose of SEALSQ's Nomination and Compensation Committee is to discharge its board of directors' responsibilities to oversee its compensation policies, plans and programs, and to review and determine the compensation to be paid to SEALSQ's executive officers, directors and other senior management, as appropriate.

The Nomination and Compensation Committee is responsible, among other things to:

● review and recommend to SEALSQ's board of directors the compensation of its directors;

● review and approve, or recommend that SEALSQ's board of directors approve, the terms of compensatory arrangements with its executive officers;

● review and approve, or recommend that its board of directors approve, incentive compensation and equity plans, and any other compensatory arrangements for its executive officers and other senior management, as appropriate;

● identify, evaluate and select, or recommend that SEALSQ's board of directors approve nominees for election to its board of directors and new members of the executive management and their terms of employment; and

● consider and make recommendations to SEALSQ's board of directors regarding the composition of the committees of the board of directors.

***Strategy Committee***

SEALSQ's Strategy Committee consists of four members of the board of directors: Carlos Moreira (Chairman), Peter Ward, John O'Hara and Ruma Bose in addition to three members of SEALSQ's management team, Bernard Vian, Jean-Pierre Enguent and Loïc Hamon. The Strategy Committee advises the board of directors on all strategic matters, including acquisitions, investments, product development and technological developments. The Strategy Committee continuously reviews SEALSQ's strategic direction and assesses the impact of changes in the environment on SEALSQ. The members of the Strategy Committee are appointed by its board of directors.

***Investment Committee***

SEALSQ's Investment Committee consists of Carlos Moreira, Cristina Dolan, David Fergusson and Eric Pellaton. Jonathan Llamas and Andreas Moreira have been appointed by the Board as operational leads with the delegated authority to implement and manage the execution of transactions. The Investment Committee oversees the implementation of SEALSQ's Investment Policy and manages SEALSQ's portfolio of securities and other investments. The Investment Committee regularly reviews risks related to SEALSQ's investment portfolio, including concentration risk. Investments are to be made in accordance with the guidelines in the Investment Policy that will be reviewed at least annually, with oversight conducted by senior officers and the Investment Committee.

**Quorum requirements**

Nasdaq Listing Rule 5620(c) generally requires that the by-laws of a Nasdaq listed company must provide a quorum for shareholder meetings of at least 33⅓% of the outstanding shares of a company's common voting stock. In this regard, SEALSQ will prescribe those quorum requirements for meetings as set forth in SEALSQ's Articles, as permitted under applicable British Virgin Islands law, which provides that a quorum may be that as specifically fixed by the memorandum and articles of association of the company in question. Currently, its Articles provide that a shareholders' meeting will be duly constituted if, at the commencement of the meeting, there are present in person or by proxy not less than 50% of the votes of the shares entitled to vote on resolutions of shareholders to be considered at the meeting.

**Solicitation of proxies**

SEALSQ must submit to shareholders notice of any shareholders' meeting not less than twenty calendar days prior to the meeting date, indicate in such notice the items on the agenda of the meeting and provide together therewith other relevant documents for the meeting, such as any documents to be considered, the meeting admission card (if any) and the proxy card (if any).

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However, BVI law does not have a regulatory regime for the solicitation of proxies, and thus, SEALSQ's practice varies from Nasdaq Listing Rule 5620(b), which sets forth certain requirements regarding the solicitation of proxies.

**Shareholder approval**

Under Nasdaq Listing Rule 5635, a company is required to obtain shareholder approval of equity award plans and issuances of equity securities in excess of certain amounts based on SEALSQ's outstanding ordinary shares when at less than the market price or book value. There are no such mandatory requirements under BVI law or under its Articles, and as such, SEALSQ's practice varies from Nasdaq Listing Rule 5635. SEALSQ does not plan to get shareholder approval for changes in or increases of shares in any of its equity award plans approved by the directors in the future or for issuances of equity securities that exceed 20% of the outstanding ordinary shares of the Company if they are sold at less than the market price or book value.

**Third party compensation**

Neither BVI law nor its Articles require that SEALSQ discloses information regarding third party compensation of its directors or director nominees. As a result, SEALSQ's practice varies from the third party compensation requirements of Nasdaq Listing Rule 5250(b)(3).

**Related party transactions**

SEALSQ's board of directors, or a committee of its board of directors composed of directors not subject to the potential conflict, is required to conduct an appropriate review and oversight of all related party transactions for potential conflict of interests on an ongoing basis.

**Code of Conduct**

SEALSQ has followed BVI law, which does not require a company to have a Code of Conduct applicable to all directors, officers and employees. As a result, its practice varies from Nasdaq Listing Rule 5610, which requires a publicly available Code of Conduct. SEALSQ does, however, expect ethical behavior from all of its directors, officers and employees and as a matter of BVI law, directors do have certain statutory and fiduciary duties. Please refer to "Certain British Virgin Islands Company Considerations —Directors' fiduciary duties" below for further details.

[**Table of Contents**](#TOC)

**D.** **Employees**

As at December 31, 2025, the SEALSQ Group had 185 employees, of which 160 were located in France. The following table shows the breakdown of its workforce of employees and contractors by category of activity as at the dates indicated:

---

| | | | |
|:---|:---|:---|:---|
| | **As at December 31,** | **As at December 31,** | **As at December 31,** |
| **Headcount breakdown**<br>**Area of Activity** | **2025** | **2024** | **2023** |
| Cost of sales | 13 | 5 | 5 |
| Research and development | 109 | 30 | 25 |
| Selling and marketing | 23 | 17 | 17 |
| General and administrative | 40 | 15 | 14 |
| &nbsp;&nbsp;**Total** | **185** | **67** | **61** |

---

With respect to French employees, French labor laws govern the length of the workday and workweek, minimum wages for employees, procedures for hiring and dismissing employees, determination of severance pay, annual leave, sick days, advance notice of termination of employment, equal opportunity and anti-discrimination laws and other conditions of employment. French labor laws also impose the creation of a worker's council for companies employing 50 people or more. There are no employees of SEALSQ France SAS or IC'Alps SAS representing labor unions at the workers' council.

SEALSQ has never experienced any labor-related work stoppages or strikes and believe its relationships with its employees and independent contractors are agreeable.

**E.** **Share Ownership**

See *Item 7.A. Major Shareholders* for a list of beneficial ownership of SEALSQ's shares by major shareholders as at March 27, 2026.

The table below shows the beneficial share ownership of the persons listed in above subsection 6.A, including any shareholding by their related parties.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As at March 27, 2026** | **As at March 27, 2026** | **As at March 27, 2026** | **As at March 27, 2026** | **As at March 27, 2026** | **As at March 27, 2026** |
| <br>**Name** | <br>**Number of**<br>**Class F**<br>**Shares held** | <br>**Percentage**<br>**of Class F**<br>**Shares**<sup>(1)</sup> | <br>**Number of**<br>**Ordinary** <br>**Shares held** | <br>**Percentage**<br>**of Ordinary**<br>**Shares**<sup>(1)</sup> | **Number of**<br>**options on**<br>**Class F**<br>**Shares** <br>**held**<sup>(2)</sup> | **Number of**<br>**options on**<br>**Ordinary** <br>**Shares**<br>**held**<sup>(2)</sup> |
| *Non-Executive Directors* |  |  |  |  |  |  |
| Ruma Bose |  |  |  |  |  | 72177 |
| Cristina Dolan |  |  | 85081 | 0.04% |  |  |
| David Fergusson (3) |  |  | 1581 | 0.00% |  |  |
| Eric Pellaton (4) |  |  | 3087 | 0.00% |  | 85081 |
| Peter Ward | 26 | 0.00% | 315 | 0.00% |  | 366746 |
| *Executive Directors* |  |  |  |  |  |  |
| Carlos Moreira (5) | 66 | 0.00% | 735215 | 0.33% |  |  |
| John O'Hara | 4 | 0.00% | 165595 | 0.07% |  |  |
| *Senior Management* |  |  |  |  |  |  |
| Frank Buonanno |  |  | 20000 | 0.01% |  | 20000 |
| Jean-Pierre Enguent |  |  |  | 0.00% |  | 30000 |
| Loïc Hamon |  |  |  |  |  |  |
| Andreas Moreira |  |  | 17466 | 0.01% |  | 10000 |
| Jean-Luc Triouleyre |  |  |  |  |  |  |
| Nathalie Verjus | 4 | 0.00% | 185000 | 0.08% |  |  |
| Bernard Vian |  |  |  | \* |  |  |

---

\* Shareholding less than one percent of the class of shares and that has not been disclosed to shareholders or otherwise made public.

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the total number of fully paid-in outstanding shares as at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each option giving right to one Class F Share or Ordinary Share upon exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Includes 581 Ordinary Shares held indirectly by a related party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Includes 2,987 Ordinary Shares held indirectly through NRJ SA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Includes 7,556 Ordinary Shares held indirectly through a related party.

The terms of the options fully granted and held by directors and senior management are described in the following table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Name** | **Number of** <br>**options on**<br>**Class F Shares**<br>**held**<sup>(1)</sup> | **Number of** <br>**options on** <br>**Ordinary Shares**<br>**held**<sup>(1)</sup> | <br>**Exercise price** <br>**of option** | <br>**Date of grant** <br>**per U.S. GAAP** | <br>**Expiration date of** <br>**options** |
| *Non-Executive Directors* |  |  |  |  |  |
| Ruma Bose |  | 14005 | USD 0.01 | 07/15/2024 | 05/29/2031 |
| Ruma Bose |  | 7819 | USD 0.01 | 07/15/2024 | 05/29/2031 |
| Ruma Bose |  | 16062 | USD 0.01 | 07/15/2024 | 07/03/2031 |
| Ruma Bose |  | 34291 | USD 0.01 | 05/08/2025 | 04/30/2032 |
| Eric Pellaton |  | 4667 | USD 0.01 | 05/31/2024 | 05/29/2031 |
| Eric Pellaton |  | 2606 | USD 0.01 | 05/31/2024 | 05/29/2031 |
| Eric Pellaton |  | 8923 | USD 0.01 | 07/09/2024 | 07/03/2031 |
| Eric Pellaton |  | 34594 | USD 0.01 | 10/29/2024 | 10/24/2031 |
| Eric Pellaton |  | 34291 | USD 0.01 | 05/01/2025 | 04/30/2032 |
| Peter Ward |  | 13649 | USD 0.01 | 10/28/2024 | 10/24/2031 |
| Peter Ward |  | 350000 | USD 0.01 | 05/01/2025 | 04/30/2032 |
| Peter Ward |  | 3097 | USD 0.01 | 05/01/2025 | 04/30/2032 |
| *Senior Management* |  |  |  |  |  |
| Frank Buonanno |  | 20000 | USD 0.01 | 02/20/2026 | 04/30/2032 |
| Jean-Pierre Enguent |  | 30000 | USD 0.01 | 02/10/2026 | 04/30/2032 |
| Andreas Moreira |  | 10000<br><sup>(2)</sup> | USD 0.01 | 06/18/2025 | 04/30/2032 |
| Bernard Vian |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Each option giving right to one Class F Share or Ordinary Share upon exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Held by a related party

Each Class F Share has a number of votes per share that would cause the total votes of all Class F Shares as a class to equal 49.99% of the voting power of all SEALSQ shares (or, if the applicable voting standard is "a majority of the shares present in person or represented by proxy and entitled to vote on such matter", 49.999999% of the voting power of shares present in person or represented by proxy and entitled to vote on such matter).

Each Ordinary Share confers upon the Shareholder the right to one vote per Ordinary Share on any Resolution of Shareholders as against each other Ordinary Share but, as a class, the Ordinary Shares shall retain 50.01% of the Company's voting power.

[**Table of Contents**](#TOC)

**Summary of Stock Plans**

*Share Option Plans*

SEALSQ has two employee stock option plans: the F Share Option Plan ("FSOP") and the Ordinary Share Option Plan ("OSOP"), which were approved respectively on January 19, 2023, and September 15, 2023 by the board of directors of SEALSQ.

*Administration*

SEALSQ's board of directors administers the FSOP and OSOP and has full power to construe and interpret the share option plans, establish and amend rules and regulations for the administration thereof, and perform all other actions relating thereto. Under the FSOP and OSOP, the members of the board of directors and executive management as well as other employees, advisors, consultants and other persons providing services to SEALSQ (the "Participants") may be granted options that entitle the respective Participant to receive a certain number of Class F Shares and Ordinary Shares, respectively.

Subject in particular to the ad-hoc terms which may be determined from time to time by the board of directors, options granted to Participants shall vest gradually on a straight-line basis over a period of three years from the grant date. SEALSQ's board of directors may set shorter vesting periods for any Participant. The exercise period shall be seven years. Subject to certain exceptions, upon termination of the employment or contractual relationship between SEALSQ or any of its subsidiaries and the Participant, all options held by the Participant that are not vested shall be immediately forfeited without value, while vested options may be exercised by the Participant pursuant to the FSOP or OSOP as applicable during a period of thirty days or less after the end of the employment or contractual relationship. The board of directors may grant options to employees, members of management and consultants, the terms and conditions of which deviate from the FSOP or OSOP.

*Plan Amendment or Termination*

SEALSQ's board of directors has the authority to amend, suspend, or terminate its FSOP and OSOP, provided that such action does not materially impair the existing rights of any Participant without such Participant's written consent.

For further information on the compensation of SEALSQ's directors and senior management, see *Item 6.B. Compensation* and for further information on its shareholders and related party transactions policy, see *Item 7. Major Shareholders and Related Party Transactions*.

**F.** **Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation**

Not applicable

**Item 7.** **Major Shareholders and Related Party Transactions**

**A.** **Major Shareholders**

The following table sets forth information with respect to the beneficial ownership of SEALSQ's Ordinary Shares for each beneficial owner of 5% or more of its Ordinary Shares.

[**Table of Contents**](#TOC)

Beneficial ownership is determined in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities and include shares issuable upon the exercise of options, warrants or other rights that are immediately exercisable or exercisable within 60 days of March 27, 2026. Percentage ownership calculations are based on 222,773,999 fully-paid and outstanding Ordinary Shares as of March 27, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Name of beneficial owner** | <br>**Total Ordinary**<br>**Shares** | **Total % of**<br>**Outstanding** <br>**Ordinary Shares** | <br>**Total F Shares** | <br>**% Total**<br>&nbsp;&nbsp; **Voting Power** |
| WISeKey International Holding AG<sup>(</sup><sup>1</sup><sup>)</sup> | 6001200 | 2.69%(2)  | 1499700 | 51.33% |
| CVI Investments, Inc. / Heights Capital Management, Inc.(3) | 22255122 | 9.99% | 0 | 5.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The largest single shareholder of WISeKey is Carlos Moreira, the Chief Executive Officer of SEALSQ. The table below sets forth information with respect to Mr. Moreira's ownership of the Class A and Class B Shares of WISeKey as of March 27, 2026.

---

| | | | |
|:---|:---|:---|:---|
| <br>**Name of beneficial owner** | **Total % of** <br>**Outstanding** <br>**WISeKey**<br>**Class A**<br>**Shares**<sup>(i)</sup> | **Total % of** <br>**Outstanding** <br>**WISeKey**<br>**Class B**<br>**Shares**<sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;<br>**% WISeKey** <br>**Voting** <br>**Power**<sup>(i)</sup> |
| Carlos Moreira<br> 1593461<sup>(i)</sup><br> 94031<sup>(i)</sup> | 99.5% | 2.3% | 29.7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Based on the total number of fully paid-in outstanding WISeKey Class A Shares and WISeKey Class B Shares as at March 27, 2026 as registered on the Commercial Register of the Canton of Zug as at March 27, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) WISeKey's percentage holding of SEALSQ's Ordinary Shares was 38.5% as of December 31, 2023, 12.55% as of December 31, 2024 and 3.13 as of December 31, 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Based on the Schedule 13G/A (Amendment No. 1) filed with the SEC on February 10, 2026, by CVI Investments, Inc. ("CVI") and Heights Capital Management, Inc. ("Heights") as investment manager of CVI, which reports beneficial ownership as of December 31, 2025 subject to the limitations and disclaimers therein, as adjusted by the Company based on its records to reflect changes in beneficial ownership known to the Company as of March 27, 2026. Heights as the investment manager to CVI may be deemed to be the beneficial owner of all shares owned by CVI. As stated in the Schedule 13G, each reporting person disclaims any beneficial ownership, except for their pecuniary interest therein.

SEALSQ is reserving up to 5% of its Class F Shares for issuance pursuant to an F Share Option Plan for certain directors and senior management of SEALSQ, its subsidiaries and its parent. As a result, WISeKey's ownership percentage of Class F Shares is subject to the grant and exercise of SEALSQ Class F Share Options from time to time. Mr. Moreira was granted options to purchase 66 Class F Shares, out of which 51 were granted on March 10, 2023 and 15 on November 25, 2024, pursuant to the F Share Option Plan described in "Management—Equity Compensation Plans". Mr. Ward was granted options to purchase 26 Class F Shares on March 10, 2023 pursuant to the F Share Option Plan described in "Management—Equity Compensation Plans". Mr. O'Hara was granted options to purchase 4 Class F Shares on November 25, 2024 pursuant to the F Share Option Plan described in "Management—Equity Compensation Plans". As described in *Item 10.B. Memorandum and Articles of Association,* each Class F Share has a number of votes per share that would cause the total votes of all Class F Shares as a class to equal 49.99% of the voting power of all SEALSQ shares (or, if the applicable voting standard is "a majority of the shares present in person or represented by proxy and entitled to vote on such matter", 49.999999% of the voting power of shares present in person or represented by proxy and entitled to vote on such matter).

[**Table of Contents**](#TOC)

**B.** **Related Party Transactions**

**WISeKey International Holding Ltd and its affiliates**

As of March 27, 2026, WISeKey owns 2.69% of SEALSQ's Ordinary Shares and 99.99% of its Class F Shares, thereby holding 51.33% of the voting power of all SEALSQ shares. SEALSQ is reserving up to 5% of its Class F Shares for issuance pursuant to an F Share Option Plan for the benefit of certain directors and senior management of SEALSQ, its subsidiaries and its parent, as a result of which WISeKey's percentage ownership of SEALSQ Class F Shares is subject to the grant and exercise of Class F Share Options. SEALSQ's Articles provide that, in the event of a change of control (being the acquisition by any person or entity, alone or jointly, of more than 50% of the voting rights of any Class F Shareholder which is a corporate entity), as determined by SEALSQ's board of directors, the Class F Shares owned by such Class F Shareholder will be subject to a mandatory redemption by SEALSQ in exchange for the issuance of new Ordinary Shares at a ratio of five (5) Ordinary Shares for each one (1) Class F Share redeemed. A change in the control of WISeKey would trigger this provision as it is a corporate entity holding Class F Shares.

Upon completion of a mandatory redemption, the remaining Class F Shareholders, who are likely to be members of SEALSQ's board of directors and senior management, would hold shares with 49.99% of the Company's voting power. The mandatory redemption of such Class F Shares, and the issuance of five (5) Ordinary Shares for each one (1) Class F Share redeemed (in accordance with above) would result in a dilution of the per share voting power of the holders of SEALSQ's Ordinary Shares. See *Item 10.B "Memorandum and Articles of Association"* for more information.

*Description of the Related Party Transactions with WISeKey*

The following provides a description of the nature of the related party transactions and balances as at and for the years ended December 31, 2025, 2024 and 2023. SEALSQ is majority owned, in voting power, by WISeKey, which provides administrative support services, including office management, accounting and IT support. The expenses in relation to WISeKey in the years ended December 31, 2025, 2024 and 2023 all relate to interest on the outstanding loans and the recharge of management services.

On April 1, 2019, the SEALSQ Group entered into a loan agreement with WISeCoin AG, an affiliate of WISeKey, pursuant to which WISeCoin AG commits to loan EUR 250,000 to the SEALSQ Group, at an interest rate of 3% per annum, amended to 2.5% on November 3, 2022 (the "WISeCoin Euro Loan"). The loan has no maturity date.

On October 1, 2019, the SEALSQ Group entered into a loan agreement with WISeCoin AG pursuant to which WISeCoin AG commits to loan USD 2,750,000 to the SEALSQ Group, at an interest rate of 3% per annum, amended to 2.5% on November 3, 2022 (the "WISeCoin USD Loan"). The loan has no maturity date.

On April 1, 2021, the SEALSQ Group entered into a Debt Remission Agreement (the "Debt Remission") with WISeKey pursuant to which an outstanding amount of EUR 5 million (USD 5,871,714 at historical rate) owed to WISeKey was remitted without any compensation from the SEALSQ Group. Per the terms of the Debt Remission, WISeKey will have the right to reinstate the debt and ask for repayment in fiscal years when SEALSQ France SAS achieves a positive income before income tax expense, in an amount calculated based on the income before income tax expense and as agreed by the parties. As such, because of the repayment clause, the loan amount covered by the Debt Remission continues to be shown as noncurrent liabilities included in the line Indebtedness to related parties, noncurrent. The outstanding amount under the Debt Remission is revalued at each period end at the applicable closing rate.

On January 1, 2023, the SEALSQ Group entered into a loan agreement with WISeKey (the "New Loan") which replaced all outstanding loan agreements with WISeKey. Per the terms of the New Loan, WISeKey extended a loan to the SEALSQ Group of up to USD 5 million, with an interest rate of 2.5% per annum, repayable on or around December 31, 2024. A first tranche loan of USD 1,407,497 was drawn on January 1, 2023, which was made up of the balance of USD 1,198,746 outstanding from previous loan agreements as at December 31, 2022 and an additional loan amount of USD 208,751.

All entities in the SEALSQ Group are subject to management fees from WISeKey and WISeKey's affiliates. Where the payment terms have been defined, the classification between current and noncurrent follows the payment terms, however, where there is no set payment date for these fees, they have been classified as noncurrent.

[**Table of Contents**](#TOC)

On December 20, 2023, the SEALSQ Group and WISeKey entered into an agreement to write off EUR 2 million (USD 2,191,282 at historical rate) of the outstanding Debt Remission amount. Therefore, as at December 31, 2023, an amount of EUR 3 million (USD 3,105,300) remained outstanding under the Debt Remission.

As at December 31, 2023, the SEALSQ Group owed WISeKey and WISeKey's affiliates noncurrent debts in an aggregate amount of USD 9,695,576, made up of loans and unpaid management fees, and current debts in an aggregate amount of USD 1,407,497 under the New Loan. The unamortized effective interest balance of the current debts was USD 129,691, hence a carrying value of the current debts of USD 1,277,806 as at December 31, 2023. In the year 2023, an aggregate effective interest expense of USD 114,400 was recorded in the income statement.

As at December 31, 2023, the SEALSQ Group also held an accounts payable balance of USD 1,377,871 with WISeKey in relation to interest on outstanding loans and the recharge of management services, classified as accounts payable to shareholders.

In 2024, SEALSQ repaid the current debt owed to WISeKey in full for a total amount of USD 1,449,911, made up of the outstanding balance of the New Loan of USD 1,407,497 and interest thereon. The SEALSQ Group also repaid some of the noncurrent debts owed to WISeKey and WISeKey's affiliates.

As at December 31, 2024, the SEALSQ Group owed WISeKey a noncurrent debt in an amount of USD 3,105,300 made up of the remaining loan under the Debt Remission, and a current loans in an aggregate amount of USD 3,008,775. In the year ended December 31, 2024, an aggregate effective interest expense of USD 82,493 was recorded in the income statement.

As at December 31, 2024, the SEALSQ Group also held an accounts payable balance of USD 2,388,441 with WISeKey and WISeKey's affiliates in relation to interest on outstanding loans and the recharge of management services.

In 2025, the SEALSQ Group repaid in full the outstanding EUR 3 million Debt Remission as well as the WISeCoin USD Loan principal in an amount of USD 2,750,000 and interest thereon of USD 403,420. The WISeCoin Euro Loan and interest thereon remain outstanding and classified as current, for a total amount of USD 305,700 as at December 31, 2025.

As at December 31, 2025, the SEALSQ Group owed WISeKey a total of USD 2,180,054 in current payables corresponding to the WISeCoin Euro Loan, unpaid interest and management fees, and had a current receivable of USD 8,656,171 with WISeKey and its affiliates corresponding to management fees and advances.

**WISeSat. Space Corp.**

On November 6, 2025, the SEALSQ Group invested USD 10.0 million in WISeSat and acquired 870 shares, representing an 8.08% ownership interest, while the rest of the ownership interest is held by WISeKey. See also *Item 4.B. Business Overview-- WISeSat. Space Investment & Partnership* for a description of the WISeSat investment.

For the period from November 6, 2025, through December 31, 2025, the SEALSQ Group recognized equity method loss of USD 41,917. The carrying amount of the investment as of December 31, 2025, was USD 9,958,083. No impairment was identified as of December 31, 2025.

**WeCan Group AG**

On June 27, 2025, SEALSQ acquired a 31.9% equity interest (28.33% on a fully diluted basis) in WeCan Group AG ("WeCan"), a privately held Swiss company operating a blockchain-based digital infrastructure platform, specializing in secure, decentralized data infrastructure, particularly for financial compliance purposes. WeCan's mission is to enable both financial and non-financial institutions to securely manage and exchange sensitive data. In 2023, WeCan launched its own blockchain and WECAN token, which is traded as a cryptocurrency and listed on the Bitstamp exchange since December 20, 2023, as well as on CoinMarketCap and Coinbase. In addition to the equity investment, the SEALSQ Group holds WECAN tokens associated with the WeCan ecosystem.

[**Table of Contents**](#TOC)

**Quantix Edge Security**

On September 11, 2025, SEALSQ made a EUR 0.75 million capital contribution to Quantix Edge Security, a Spanish joint venture, and acquired a 5.0% ownership interest.

Quantix Edge Security was in a pre-operational stage as of December 31, 2025.

**Major Shareholders**

See *Item 7.A. Major Shareholders*

**Indemnification Agreements**

SEALSQ has entered into indemnification agreements with its directors and executive officers. The indemnification agreements require, and the Articles require, SEALSQ to indemnify its directors and executive officers to the fullest extent permitted by law.

**Related-Party Transactions Policy**

BVI law does not have a specific provision regarding conflicts of interest. However, the BVI Act imposes a duty on directors of a British Virgin Islands company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) to act honestly and in good faith and in what the director believes to be in the best interests of the company when exercising their powers as a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) to exercise the reasonable care, diligence, and skill that a reasonable director would exercise in the same circumstances taking into account, but without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the nature of 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;&nbsp;&nbsp;&nbsp;&nbsp;ii. the nature of the decision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the position of the director and the nature of their responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) to exercise their duties for proper purpose and in accordance with the BVI Act and the memorandum and association of the company; and to disclose any interest which they have in a transaction entered into or to be entered into by the company.

SEALSQ's directors may be personally liable to it for loss suffered as a consequence of a breach of their statutory duties.

BVI law permits a director to attend and vote at a meeting on a matter in which they have an interest. However, it would generally be considered that a director should exclude themselves from any decision in which the nature of their conflict is such that they could not reasonably be expected to exercise objective judgement or comply with their statutory duties. This rule is generally understood to disqualify directors from participation in decisions that directly affect them. Failure by a director to disclose an interest may result in a transaction being set aside.

Accordingly, as a result of multiple business affiliations, the directors of SEALSQ may have similar legal obligations relating to presenting business opportunities meeting the above-listed criteria to multiple entities. In addition, conflicts of interest may arise when the board of SEALSQ evaluates a particular business opportunity with respect to the above-listed criteria. SEALSQ cannot assure you that any of the above mentioned conflicts will be resolved in their favor. Furthermore, each of the directors of SEALSQ may have pre-existing fiduciary obligations to other businesses of which they are officers or directors.

Below is a table summarizing the entities to which SEALSQ's executive officers and directors currently have fiduciary duties or contractual obligations:

[**Table of Contents**](#TOC)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Entity** | **Entity's Business** | **Position** |
| Carlos Moreira | WISeSat.Space Corp. | Secure satellite solutions for D2D communications | CEO and Director |
| Carlos Moreira | WISeKey International Holding S.A. | Cybersecurity, blockchain, and IoT company | Founder, CEO and Chairman of the Board |
| John O'Hara | WISeSat.Space Corp. | Secure satellite solutions for D2D communications | Director |
| John O'Hara | WISeKey International Holding S.A. | Cybersecurity, blockchain, and IoT company | CFO, Director |
| David Fergusson | WISeSat.Space Corp. | Secure satellite solutions for D2D communications | Director |
| David Fergusson | WISeKey International Holding S.A. | Cybersecurity, blockchain, and IoT company | Director |
| Peter Ward | WISeKey International Holding S.A. | Cybersecurity, blockchain, and IoT company | Director |

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In addition, SEALSQ's officers, and members of senior management, and the other individuals providing services to SEALSQ or its subsidiaries may face a conflict regarding the allocation of their time between SEALSQ's business, on the one hand, and the business interests of WISeKey or its affiliates, on the other hand. The amount of time officers and such other individuals providing services to SEALSQ will allocate between SEALSQ's business and the business of WISeKey and its affiliates will vary from time to time depending on various circumstances and needs of the businesses, such as the level of strategic activity of each business. While there will be no formal requirements or guidelines for the allocation of time spent between SEALSQ's business and the other businesses they are involved in, the performance of their duties will be subject to the ongoing oversight of the board of directors.

**C.** **Interests of experts and counsel**

Not applicable.

**Item 8.** **Financial Information**

**A.** **Consolidated Financial Statements and Other Financial Information**

SEALSQ has appended as part of this annual report its consolidated financial statements as at December 31, 2025 starting at page F-1.

For information on dividend policy, see *Item 10.B. Memorandum and Articles of Association*.

**Legal Proceedings**

There is currently no ongoing legal proceeding against the Company.

**B.** **Significant Changes**

Except as disclosed elsewhere in this annual report, SEALSQ has not experienced any significant changes since the date of its audited consolidated financial statements included in this annual report

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**Item 9.** **The Listing**

**A.** **Listing Details**

A discussion of the listing details can be found under "Markets" below.

**B.** **Plan of Distribution**

Not applicable.

**C.** **Markets**

SEALSQ's Ordinary Shares have been trading under the symbol "LAES" on the Nasdaq since May 2023.

On March 27, 2026, the closing price of SEALSQ's Ordinary Shares on the Nasdaq was $2.45 per Ordinary Share.

**D.** **Selling Shareholders**

Not applicable.

**E.** **Dilution**

Not applicable.

**F.** **Expenses of the Issue**

Not applicable.

**Item 10.** **Additional Information**

**A.** **Share Capital**

Not applicable.

**B.** **Memorandum and Articles of Association**

SEALSQ's objects and purposes are described in Clause 4 of its Articles and are generally to engage in any act or activity that is not prohibited under the laws of the BVI.

SEALSQ's Articles provide that the Company is authorized to issue two classes of shares, up to 500,000,000 Ordinary Shares with a par value of USD 0.01, and up to 10,000,000 Class F Shares with a par value of USD 0.05, which shall be issued as registered Shares only.

**Ordinary Shares**

Each Ordinary Share confers upon the shareholder the following rights: the right to attend any meeting of shareholders; the right to one vote per Ordinary Share on any Resolution of Shareholders as against each other Ordinary Share but, as a class, the Ordinary Shares shall retain 50.01% of the Company's voting power; the right to an equal share in any dividend paid by the Company against each other Ordinary Share, which shall be one fifth of any amount paid by the Company against each Class F Share but shall not rank in preference or be subordinate to any other Share; the right to an equal share in the distribution of the surplus assets of the Company against each other Ordinary Share, which shall be one fifth of any amount paid by the Company against each Class F Share but shall not rank in preference to any other Share; and such other rights and entitlements as may be specified in the Articles.

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**Class F Shares**

Each Class F Share confers upon the shareholder the following rights: the right to attend any meeting of shareholders; a number of votes per Class F Share, on any matter that is submitted to a vote of shareholders, that would cause the total votes of all Class F Shares to equal 49.99% of the voting power of all Shares (or, if the applicable voting standard is "a majority of the Shares present in person or represented by proxy and entitled to vote on such matter", 49.999999% of the voting power of Shares present in person or represented by proxy and entitled to vote on such matter); the right to an equal share in any dividend paid by the Company against each other Class F Share, which shall be five times greater than any amount paid by the Company against each Ordinary Share but which shall not rank in preference to any other Share; and the right to an equal share in the distribution of the surplus assets of the Company against each other Class F Share, which shall be five times greater than any amount paid by the Company against each Ordinary Share but which shall not rank in preference to any other Share.

The Class F Shares are subject to mandatory and automatic redemption, in the event of a change of control (being the acquisition by any person or entity, alone or jointly, of more than 50% of the voting rights of any Class F Shareholder which is a corporate entity), as determined by SEALSQ's board of directors, in exchange for the issuance of new Ordinary Shares at a ratio of five (5) Ordinary Shares for each one (1) Class F Share redeemed.

The Class F Shares are non-transferable.

**Authorized Shares**

The Company is authorized to issue a maximum of 510,000,000 Shares in two classes as follows: up to 500,000,000 Ordinary Shares with a par value of USD 0.01 (Ordinary Shares); and up to 10,000,000 Class F Shares with a par value of USD 0.05 (Class F Shares).

**Share Register**

SEALSQ's share register is maintained by its transfer agent Computershare Inc. SEALSQ's registered number is 2095496. A share is deemed to be issued when the name of the shareholder is entered in the register of members.

**Directors**

The Directors are to be elected by Resolution of Shareholders at the Annual General Meeting and hold office until the earlier of the next Annual General Meeting, except in the event of the earlier of their death, resignation or removal. Each director then in office shall resign at each Annual General Meeting with effect from the end of such meeting. Directors that have previously served on the Board may be re-elected. The Directors may at any time appoint any person to be a Director either to fill a vacancy or as an addition to the existing Directors. Where the Directors appoint a person as Director to fill a vacancy, the term shall not exceed the term that remained when the person who has ceased to be a Director ceased to hold office. SEALSQ's Articles provide that its board of directors consists of a minimum of three (3) and a maximum of twelve (12) directors. SEALSQ currently has seven (7) members on its board of directors.

The business and affairs of the Company shall be managed by, or under the direction or supervision of, the Directors. The Directors have all the necessary powers for managing, directing, and supervising the business and affairs of SEALSQ. Each Director shall exercise their powers for a proper purpose and shall not act or agree to the SEALSQ Group acting in a manner that contravenes the Articles or the BVI Act. Each Director, in exercising their powers or performing their duties, shall act honestly and in good faith in what the Director believes to be the best interests of the SEALSQ Group.

A Director shall, forthwith after becoming aware of the fact that they are interested in a transaction entered into or to be entered into by SEALSQ, disclose the interest to all other Directors.

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**Committees**

The Directors shall establish and maintain an audit committee (the "Audit Committee") as a committee of the Directors. The Audit Committee shall be responsible for the appointment, compensation, retention, and oversight of the Company's auditors.

The Directors may, by Resolution of Directors, designate one or more other committees, each consisting of one or more Directors, and delegate one or more of their powers.

**Notice**

Any notice, information or written statement to be given by the Company to Shareholders shall be in writing and may be given by personal service, mail, courier, email, or fax to such Shareholder's address as shown in the register of members or to such Shareholder's email address or fax number as notified by the Shareholder to the Company in writing from time to time.

**Dividends and Other Distributions**

SEALSQ has never declared or paid cash dividends to its shareholders and it does not intend to pay cash dividends in the foreseeable future.

The Directors may, by Resolution of Directors, authorize a distribution by way of dividend at a time and of an amount they think fit if they are satisfied, on reasonable grounds, that, immediately after the distribution, the value of the Company's assets will exceed its liabilities and the Company will be able to pay its debts as they fall due. Dividends may be paid in money, shares, or other property.

**Comparison of Shareholder Rights**

British Virgin Islands companies are governed by the BVI Act. The BVI Act is modeled on the laws of England and Wales but does not follow recent statutory enactments, and differs from laws applicable to United States corporations and their shareholders.

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Set forth below is a comparison of select provisions of the corporate laws of Delaware and the British Virgin Islands showing the default positions in each jurisdiction that govern shareholder rights.

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| | |
|:---|:---|
| **DELAWARE CORPORATE LAW**<br><BORDER_TOP> | **BVI CORPORATE LAW**<br><BORDER_TOP> |
| &nbsp;&nbsp;Class actions and derivative actions generally are available to shareholders of a Delaware corporation for, among other things, breach of fiduciary duty, corporate waste and actions not taken in accordance with applicable law. In such actions, the court has discretion to permit the winning party to recover attorneys' fees incurred in connection with such action.  | &nbsp;&nbsp;Class actions and derivative actions are generally not available to shareholders under British Virgin Islands law.<br>The British Virgin Islands courts, however, would ordinarily be expected to permit a shareholder to commence an action in the name of a company to remedy a wrong to the company where the act complained of is alleged to be beyond the corporate power of the company or illegal, or would result in the violation of the company's memorandum and articles of association. Furthermore, consideration would be given by a British Virgin Islands court to acts that are alleged to constitute a fraud against the minority shareholders or, for instance, where an act requires the approval of a greater percentage of the company's shareholders than that which actually approved it.<br>When the affairs of a company are being conducted in a manner which is oppressive or prejudicial to the interests of some part of the shareholders, one or more shareholders may apply to the High Court of the British Virgin Islands, which may make such order as it sees fit, including an order regulating the conduct of the company's affairs in the future or ordering the purchase of the shares of any shareholders by other shareholders or by the company. |
| &nbsp;&nbsp;Under the Delaware General Corporation Law, the board of directors has the authority to fix the compensation of directors, unless otherwise restricted by the certificate of incorporation or bylaws. | &nbsp;&nbsp;The Articles contain a provision that the board of directors has the power to determine the remuneration, if any, of the directors. |
| &nbsp;&nbsp;Unless directors are elected by written consent in lieu of an annual meeting, directors are elected in an annual meeting of stockholders on a date and at a time designated by or in the manner provided in the bylaws. Re-election is possible.<br>Classified boards are permitted. | &nbsp;&nbsp;The Articles provide that the directors shall be appointed at the Company's annual general meeting and will hold office until the next annual general meeting or until their earlier death, resignation or removal. Directors who have previously served on the board of directors may be re-elected. The directors of the Company may appoint directors where there is a vacancy. |
| &nbsp;&nbsp;The Delaware General Corporation Law provides that a certificate of incorporation may contain a provision eliminating or limiting the personal liability of directors (but not other controlling persons) of the corporation for monetary damages for breach of a fiduciary duty as a director, except no provision in the certificate of incorporation may eliminate or limit the liability of a director for:<br>· any breach of a director's duty of loyalty to the corporation or its shareholders;<br>· acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;<br>· statutory liability for unlawful payment of dividends or unlawful stock purchase or redemption; or<br>| &nbsp;&nbsp;Section 132 of the BVI Act, and the Articles, provide that, subject to certain limitations, SEALSQ may indemnify its directors and officers against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings. Such indemnity only applies if the person acted honestly and in good faith with a view to the best interests of the company and, in the case of criminal proceedings, the person had no reasonable cause to believe that their conduct was unlawful.<br>Section 133 of the BVI Act permits a company to purchase and maintain insurance for the benefit of any officer or director in respect of any loss or liability attaching to them in respect of any negligence, default, breach of duty or breach of trust, whether or not SEALSQ may otherwise indemnify such officer or director. |

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| | |
|:---|:---|
| **DELAWARE CORPORATE LAW**<br><BORDER_TOP> | **BVI CORPORATE LAW**<br><BORDER_TOP> |
| &nbsp;&nbsp;<br>· any transaction from which the director derived an improper personal benefit.<br>A Delaware corporation may indemnify any person who was or is a party or is threatened to be made a party to any proceeding, other than an action by or on behalf of the corporation, because the person is or was a director or officer, against liability incurred in connection with the proceeding if the director or officer acted in good faith and in a manner reasonably believed to be in, or not opposed to, the best interests of the corporation; and the director or officer, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.<br>Unless ordered by a court, any foregoing indemnification is subject to a determination that the director or officer has met the applicable standard of conduct:<br>· by a majority vote of the directors who are not parties to the proceeding, even though less than a quorum;<br>· by a committee of directors designated by a majority vote of the eligible directors, even though less than a quorum;<br>· by independent legal counsel in a written opinion if there are no eligible directors, or if the eligible directors so direct; or<br>· by the shareholders.<br>Moreover, a Delaware corporation may not indemnify a director or officer in connection with any proceeding in which the director or officer has been adjudged to be liable to the corporation unless and only to the extent that the court determines that, despite the adjudication of liability but in view of all the circumstances of the case, the director or officer is fairly and reasonably entitled to indemnity for those expenses which the court deems proper. | |
| &nbsp;&nbsp;A director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components:<br>· the duty of care; and<br>· the duty of loyalty.<br>| &nbsp;&nbsp;The BVI Act imposes a duty on directors of a British Virgin Islands company:<br>(a)<br>to act honestly and in good faith and in what the director believes to be in the best interests of the company when exercising their powers as a director;<br>(b)<br>to exercise the reasonable care, diligence, and skill that a reasonable director would exercise in the same circumstances taking into account, but without limitation: i. the nature of the company; ii. the nature of the decision; and iii. the position of the director and the nature of their responsibilities;<br>|

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| | |
|:---|:---|
| **DELAWARE CORPORATE LAW**<br><BORDER_TOP> | **BVI CORPORATE LAW**<br><BORDER_TOP> |
| | &nbsp;&nbsp;<br>(c)<br>to exercise their duties for proper purpose and in accordance with the BVI Act and the memorandum and association of the company; and<br>(d)<br>to disclose any interest which they have in a transaction entered into or to be entered into by the company.<br>The statutory duties imposed on directors, by the BVI Act, are further supplemented by common law duties established (over centuries) of case law. There is considerable overlap between the common law and the BVI Act and in most circumstances it is not necessary to consider the two separately.<br>In addition, the BVI Act imposes various duties on directors of a company with respect to certain matters of management and administration of the company. Officers' duties arise under the company's constitutional documents or their terms of appointment. |
| &nbsp;&nbsp;The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence a breach of one of the fiduciary duties.<br>Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation. | &nbsp;&nbsp;The BVI Act also imposes a duty on directors of a British Virgin Islands company to:<br>(a)<br>act honestly and in good faith with a view to the best interests of the company; and<br>(b)<br>exercise the care, diligence, and skill that a reasonable director or officer would exercise in the same circumstances.<br>In addition, the BVI Act imposes various duties on directors of a company with respect to certain matters of management and administration of the company. |
| &nbsp;&nbsp;A Delaware corporation may, in its certificate of incorporation, eliminate the right of shareholders to act by written consent. | &nbsp;&nbsp;The BVI Act provides that shareholders may take action by written consent. Under the Articles a resolution in writing is passed when it is signed by the shareholders of SEALSQ who at the date of the notice of the resolution represent such majority of votes of shares as would be entitled to vote on such resolution. |
| &nbsp;&nbsp;A shareholder of a Delaware corporation has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings. | &nbsp;&nbsp;Under the Articles, shareholders entitled to exercise 30% or more of the voting rights, in respect of the matter for which the meeting is requested, can require the directors to convene a meeting of shareholders. |

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| | |
|:---|:---|
| **DELAWARE CORPORATE LAW**<br><BORDER_TOP> | **BVI CORPORATE LAW**<br><BORDER_TOP> |
| &nbsp;&nbsp;Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation provides for it. | &nbsp;&nbsp;Under British Virgin Islands law, the voting rights of shareholders are regulated by the company's memorandum and articles of association and, in certain circumstances, by the BVI Act.<br>The Articles do not provide for cumulative voting. |
| &nbsp;&nbsp; A director may resign at any time by notice. Stockholders may remove directors with or without cause, except: (i) if the board is classified, removal is only for cause unless the charter provides otherwise; and (ii) if directors are elected by a class/series or cumulative voting, special rules apply. Qualifications may be set in the charter/bylaws. | &nbsp;&nbsp;Under the Articles, a director may be removed:<br>1.<br>with or without cause, by resolution of shareholders passed at a meeting of shareholders called for the purpose of removing the director or for purposes including the removal of the director or by a written resolution passed by at least 75% of the votes of the shares entitled to vote; or<br>2.<br>with cause, by resolution of directors passed by all directors other than the director being removed at a meeting of directors called for the purpose of removing the director or for purposes including the removal of the director.<br>|
| &nbsp;&nbsp;The Delaware General Corporation Law generally prohibits a Delaware corporation from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or group who or which owns or owned 15.0% or more of the corporation's outstanding voting stock within the past three years. | &nbsp;&nbsp;There is no similar law in the British Virgin Islands. |
| &nbsp;&nbsp;Unless the board of directors of a Delaware corporation approves the proposal to dissolve, dissolution must be approved by shareholders holding 100.0% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board. | &nbsp;&nbsp;As permitted by the BVI Act and its Articles, SEALSQ may be voluntarily liquidated under Part XII of the BVI Act by resolution of directors or resolution of shareholders if it has no liabilities or it is able to pay its debts as they fall due and the value of its assets equals or exceeds its liabilities.<br>A company may also be wound up where a court deems it just and equitable to do so and in circumstances where they are insolvent in accordance with the terms of the BVI Insolvency Act. |
| &nbsp;&nbsp;Changes to stock terms generally require a charter amendment approved by the board and stockholders. A separate class vote is required if an amendment would adversely affect the powers, preferences, or special rights of a class (and, if applicable, of a series, if so provided). | &nbsp;&nbsp;Under the Articles, the rights conferred upon the holders of SEALSQ's shares of any class may only be varied with the consent in writing of the holders of a majority of the issued shares of that class or by a resolution approved at a meeting of the shares of that class by the affirmative vote of a majority of the votes of the shares of that class which were present at the meeting and were voted. |
| &nbsp;&nbsp;A Delaware corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. | &nbsp;&nbsp;A British Virgin Islands company's memorandum and articles of association may be amended by resolutions of the board of directors and the shareholders, subject to the BVI Act and the memorandum and articles of association. |

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| | |
|:---|:---|
| **DELAWARE CORPORATE LAW**<br><BORDER_TOP> | **BVI CORPORATE LAW**<br><BORDER_TOP> |
| &nbsp;&nbsp;Shareholders of a Delaware corporation, upon written demand under oath stating the purpose thereof, have the right during the usual hours for business to inspect for any proper purpose, and to obtain copies of list(s) of shareholders and other books and records of the corporation and its subsidiaries, if any, to the extent the books and records of such subsidiaries are available to the corporation. | &nbsp;&nbsp;Under the BVI Act, members of the general public, on payment of a nominal fee, can obtain copies of the public records of a company available at the office of the BVI Registrar which will include the company's certificate of incorporation, its memorandum and articles of association (with any amendments), a list of the current directors and records of license fees paid to date and will also disclose any articles of dissolution, articles of merger and a register of charges if the company has elected to file such a register.<br>A shareholder of a company is entitled, on giving written notice to the company, to inspect:<br>(a)<br>the memorandum and articles;<br>(b)<br>the register of members;<br>(c)<br>the register of directors; and<br>(d)<br>the minutes of meetings and resolutions of members and of those classes of members of which they are a member; and to make copies of or take extracts from the documents and records referred to in above.<br>Subject to the memorandum and articles of association, the directors may, if they are satisfied that it would be contrary to the company's interests to allow a member to inspect any document, or part of a document, specified above, refuse to permit the member to inspect the document or limit the inspection of the document, including limiting the making of copies or the taking of extracts from the records.<br>Where a company fails or refuses to permit a member to inspect a document or permits a member to inspect a document subject to limitations, that member may apply to a British Virgin Islands Court for an order that they should be permitted to inspect the document or to inspect the document without limitation. |
| &nbsp;&nbsp;The board of directors may approve a dividend without shareholder approval. Subject to any restrictions contained in its certificate of incorporation, the board may declare and pay dividends upon the shares of its capital stock either:<br>· out of its surplus, or<br>· in case there is no such surplus, out of its net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year.<br>Stockholder approval is required to authorize capital stock in excess of that provided in the charter. Directors may issue authorized shares without stockholder approval. | &nbsp;&nbsp;Under British Virgin Islands law, the board of directors may declare a dividend without shareholder approval, but a company may not declare or pay dividends if there are reasonable grounds for believing that:<br>(a)<br>the company is, or would after the payment be, unable to pay its debts as they fall due; or<br>(b)<br>that the value of the company's assets would be less than its liabilities.<br>|

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| | |
|:---|:---|
| **DELAWARE CORPORATE LAW**<br><BORDER_TOP> | **BVI CORPORATE LAW**<br><BORDER_TOP> |
| &nbsp;&nbsp;All creation of shares require the board of directors to adopt a resolution or resolutions, pursuant to authority expressly vested in the board of directors by the provisions of the company's certificate of incorporation. | &nbsp;&nbsp;The number of shares that a British Virgin Islands company is authorized to issue is set out in the memorandum and articles of association.<br>The Articles provide that the company is authorized to issue 510,000,000 shares in two classes as follows:<br>(a)<br>500,000,000 Ordinary Shares; and<br>(b)<br>10,000,000 Class F Shares.<br>|
| &nbsp;&nbsp;Under the Delaware General Corporation Law, with certain exceptions, a merger, consolidation, sale, lease or transfer of all or substantially all of the assets of a corporation must be approved by the board of directors and a majority of the outstanding shares entitled to vote thereon. A shareholder of a Delaware corporation participating in certain major corporate transactions may, under certain circumstances, be entitled to appraisal rights pursuant to which such shareholder may receive cash in the amount of the fair value of the shares held by such shareholder (as determined by a court) in lieu of the consideration such shareholder would otherwise receive in the transaction. The Delaware General Corporation Law also provides that a parent corporation, by resolution of its board of directors, may merge with any subsidiary, of which it owns at least 90.0% of each class of capital stock without a vote by the shareholders of such subsidiary. Upon any such merger, dissenting shareholders of the subsidiary would have appraisal rights. | &nbsp;&nbsp;The consolidation or merger of a British Virgin Islands company with another company or corporation (other than certain affiliated companies) requires the consolidation or merger to be approved by the company's board of directors and by its shareholders. Unless the company's memorandum and articles of association provide otherwise, the approval of a majority of the shareholders voting at a meeting of shareholders is required to approve the consolidation or merger agreement.<br>Under British Virgin Islands law, in the event of a consolidation or merger of a British Virgin Islands company with another company or corporation, a shareholder of the British Virgin Islands company who did not vote in favor of the amalgamation or merger and who is not satisfied that fair value has been offered for such shareholder's shares may seek fair value for those shares in accordance with Section 179 of the BVI Act. |

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**C.** **Material Contracts**

**First Registered Direct Offering**

*Securities Purchase Agreement*

On December 12, 2024, SEALSQ entered into a Securities Purchase Agreement (the "First Purchase Agreement") with certain investors, pursuant to which the Company agreed to sell and issue 7,692,308 Ordinary Shares to the investors at a purchase price of US$1.30 per Ordinary Share, in a registered direct offering (the "First RDO"). The closing of the First RDO occurred on December 16, 2024 (the "First RDO Closing Date"), subject to customary closing conditions.

The gross proceeds to the Company from the First RDO were approximately $10,000,000.00, before deducting the placement agent's fees and other estimated offering expenses payable by the Company.

The First RDO was made pursuant to the Company's existing shelf registration statement on Form F-3 (File No. 333-283358), which was declared effective on November 27, 2024 by the SEC (the "Shelf Registration Statement"). A prospectus supplement to the Shelf Registration Statement was filed with the Commission on December 16, 2024.

Pursuant to the First Purchase Agreement, the Company agreed not to issue, enter into any agreement to issue or announce the issuance or proposed issuance of, any Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares or file any registration statement or prospectus, or any amendment or supplement thereto until the earlier of (i) 90 days after the Note Tranche Closing (as defined below) or (ii) March 31, 2025, subject to certain exceptions, without the prior consent of the investors.

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In addition, the Company agreed not to effect or enter into an agreement to effect any issuance of Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares involving a Variable Rate Transaction (as defined in the First Purchase Agreement) until 180 days after the Note Tranche Closing (as defined below), subject to certain exceptions.

Further, the Company agreed that the terms of the warrants issued by the Company to the investors prior to the date hereof (each a "Prior Warrant" and collectively the "Prior Warrants") will be modified, as of the First RDO Closing Date, as follows: (a) lowering of the exercise price of each Prior Warrant to $2.00 per Ordinary Share, and (b) increase in the quantity of each Prior Warrant such that the aggregate exercise price of the Prior Warrant equals the aggregate exercise price on the issuance date. Further, the Company agreed that if the Company and the investors do not close an additional convertible note tranche in an aggregate principle amount of $10.0 million pursuant to that certain securities purchase agreement, dated July 11, 2023, as amended, by January 16, 2025 (the "Note Tranche Closing"), then the reset above shall be based on the lowering of the exercise price to $1.00 per Ordinary Share (and also a corresponding increase in quantity of warrants as per (b) above).

*Placement Agency Agreement*

On December 12, 2024, the Company entered into a placement agency agreement (the "First RDO Placement Agency Agreement") with Maxim Group LLC (the "Placement Agent"), pursuant to which the Company agreed to pay the Placement Agent an aggregate fee equal to 7.0% of the aggregate gross proceeds received by the Company from the sale of the Ordinary Shares in the First RDO. The Company also agreed to reimburse the Placement Agent for up to $40,000.00 in accountable expenses, including the Placement Agent's legal counsel's fees.

**Second Registered Direct Offering**

*Securities Purchase Agreement*

On December 16, 2024, SEALSQ entered into a Second Securities Purchase Agreement (the "Second Purchase Agreement") with certain investors, pursuant to which the Company agreed to sell and issue 13,157,896 Ordinary Shares to the investors at a purchase price of US$1.90 per Ordinary Share, in a registered direct offering (the "Second RDO"). The closing of the Second RDO occurred on December 17, 2024, subject to customary closing conditions.

The gross proceeds to the Company from the Offering were approximately $25,000,000.00, before deducting the placement agent's fees and other estimated offering expenses payable by the Company.

The Second RDO was made pursuant to the Company's Shelf Registration Statement. A prospectus supplement to the Shelf Registration Statement was filed with the Commission on or around December 17, 2024.

Pursuant to the Second Purchase Agreement, the Company agreed not to issue, enter into any agreement to issue or announce the issuance or proposed issuance of, any Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares or file any registration statement or prospectus, or any amendment or supplement thereto until the earlier of (i) the Note Tranche Closing, or (ii) March 31, 2025, subject to certain exceptions, without the prior consent of the investors. The investors agreed that the aforementioned standstill provision, which is also set forth in the First Purchase Agreement would not apply to the transactions contemplated by the Second Purchase Agreement.

In addition, the Company agreed not to effect or enter into an agreement to effect any issuance of Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares involving a Variable Rate Transaction (as defined in the Second Purchase Agreement) until 180 days after the Note Tranche Closing, subject to certain exceptions.

Further, the Company agreed that the offering and sale of the Ordinary Shares to the investors pursuant the Second Purchase Agreement shall not result in the lowering of the exercise price of the warrants issued by the Company to the investors prior to the date hereof below US$2.00 per share.

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*Placement Agency Agreement*

On December 16, 2024, the Company entered into a second placement agency agreement (the "Second Placement Agency Agreement") with the Placement Agent, pursuant to which the Company agreed to pay the Placement Agent an aggregate fee equal to 7.0% of the aggregate gross proceeds received by the Company from the sale of the Ordinary Shares in the Second RDO. The Company also agreed to reimburse the Placement Agent for up to $40,000.00 in accountable expenses, including the Placement Agent's legal counsel's fees.

**Third Registered Direct Offering**

*Securities Purchase Agreement*

On December 17, 2024, SEALSQ entered into a Third Securities Purchase Agreement (the "Third Purchase Agreement") with certain investors, pursuant to which the Company agreed to sell and issue 13,157,896 Ordinary Shares to the investors at a purchase price of US$1.90 per Ordinary Share, in a registered direct offering (the "Third RDO"). The closing of the Third RDO occurred on December 19, 2024 (the "Third RDO Closing Date"), subject to customary closing conditions.

The gross proceeds to the Company from the Third RDO were approximately $25,000,000.00, before deducting the placement agent's fees and other estimated offering expenses payable by the Company.

The Third RDO was made pursuant to the Company's Shelf Registration Statement. A prospectus supplement to the Shelf Registration Statement was filed with the Commission on December 19, 2024.

Pursuant to the Third Purchase Agreement, the Company agreed not to issue, enter into any agreement to issue or announce the issuance or proposed issuance of, any Ordinary Shares of the Company or any securities convertible into or exercisable or exchangeable for Ordinary Shares or file any registration statement or prospectus, or any amendment or supplement thereto until the earlier of (i) the Note Tranche Closing, or (ii) March 31, 2025, subject to certain exceptions, without the prior consent of the investors. The investors agreed that the aforementioned standstill provisions, which are also set forth in the First and Second Purchase Agreements would not apply to the transactions contemplated by the Third Purchase Agreement.

In addition, the Company agreed not to effect or enter into an agreement to effect any issuance of Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares involving a Variable Rate Transaction (as defined in the Third Purchase Agreement) until 180 days after the Note Tranche Closing, subject to certain exceptions.

Further, the Company agreed that the offering and sale of the Ordinary Shares to the investors pursuant the Third Purchase Agreement shall not result in the lowering of the exercise price of the warrants issued by the Company to the investors prior to the date hereof below $2.00 per share.

*Placement Agency Agreement*

On December 17, 2024, the Company entered into a third placement agency agreement (the "Third Placement Agency Agreement") with the Placement Agent, pursuant to which the Company agreed to pay the Placement Agent an aggregate fee equal to 7.0% of the aggregate gross proceeds received by the Company from the sale of the Ordinary Shares in the Third RDO. The Company also agreed to reimburse the Placement Agent for up to $40,000.00 in accountable expenses, including the Placement Agent's legal counsel's fees.

**Warrant Inducement Agreement**

On December 30, 2024, SEALSQ entered into a letter agreement (the "Warrant Inducement Agreement") with the holders of all of its outstanding warrants in order to provide the holders with an opportunity to exercise such warrants to purchase Ordinary Shares, at a reduced exercise price and to receive additional Ordinary Shares upon exercise of such warrants, in each case prior to the Exercise Date (as defined below).

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Under the Warrant Inducement Agreement, the Company agreed to reduce the exercise price per Ordinary Share issuable upon exercise of the Prior Warrants to purchase warrant shares ("Prior Warrant Shares"), in each case from $2.00 to $1.65 per Prior Warrant Share payable in cash provided that the holders exercise the Prior Warrants on or prior to 5:00 p.m. (New York Time) January 3, 2025 (the "Exercise Date"). In addition, because the Warrants were exercised by the Exercise0Da te, the number of Prior Warrant Shares issuable upon the exercise of the Prior Warrants was increased such that the aggregate exercise price payable upon the exercise of such Prior Warrants after taking into account the decrease in exercise price of such Prior Warrants was equal to the aggregate exercise price of such Prior Warrants prior to such adjustment. As a result, the first tranche warrants issued on July 11, 2023 were exercised by the Exercise Date and 4,469,382 Prior Warrant Shares were issued; the second tranche warrants issued on January 9, 2024 were exercised by the Exercise Date and 3,033,159 Prior Warrant Shares were issued; the third tranche warrants issued on March 1, 2024 were exercised by the Exercise Date and 2,821,498 Prior Warrant Shares were issued.

Under the Warrant Inducement Agreement, the Company and the holders agreed to waive the obligations of the Company and the holders as set forth in (i) Section 4.19 of the First Purchase Agreement, by and among the Company and the Investors, to close an additional convertible note tranche in an aggregate principal amount of $10.0 million pursuant to that certain securities purchase agreement, dated July 11, 2023, as amended, by January 16, 2025, and (ii) Section 4.15 in each of the securities purchase agreements, dated as of December 12, 2024, December 16, 2024 and December 17, 2024, by and among the Company and the Investors.

The offering of Ordinary Shares to be issued to the holders upon exercise of the Prior Warrants was made pursuant to the Company's Shelf Registration Statement. A prospectus supplement to the Registration Statement was filed with the Commission on January 2, 2025.

**Fourth Registered Direct Offering**

*Securities Purchase Agreement*

On May 5, 2025, SEALSQ entered into a Securities Purchase Agreement (the "Fourth Purchase Agreement") with several institutional investors named therein (the "4<sup>th</sup> RDO Investors"), pursuant to which the Company agreed to sell and issue 10,000,000 Ordinary Shares to the 4<sup>th</sup> RDO Investors at a purchase price of US$2.00 per Ordinary Share, in a registered direct offering (the "4<sup>th</sup> RDO Offering"). The closing of the registered direct offering is expected to occur on May 6, 2025 (the "4<sup>th</sup> RDO Closing Date"), subject to customary closing conditions.

The gross proceeds to the Company from the 4<sup>th</sup> RDO Offering were approximately $20,000,000.00, before deducting the placement agent's fees and other estimated offering expenses payable by the Company.

The Offering was made pursuant to the Company's existing shelf registration statement on Form F-3 (File No. 333-286098), which was declared effective on April 2, 2025 by the SEC (the "2025 Shelf Registration Statement"). A prospectus supplement to the 2025 Shelf Registration Statement was filed with the SEC on or around the 4<sup>th</sup> RDO Closing Date.

Pursuant to the terms of the Fourth Purchase Agreement, until sixty (60) days after the 4<sup>th</sup> RDO Closing Date, SEALSQ may not issue, enter into any agreement to issue or announce the issuance or proposed issuance of any Ordinary Shares or Ordinary Share equivalents, effect or enter into an agreement to effect any issuance of Ordinary Shares or Ordinary Share equivalents, or, file any registration statement or any amendment or supplement thereto, in each case, subject to certain exceptions, without the prior consent of the 4<sup>th</sup> RDO Investors. The preceding sentence shall not apply to the issuance of, or registration statements with respect to (a) Ordinary Shares or options issued pursuant to any stock option plan, and (b) following the date which is ten (10) days after the 4<sup>th</sup> RDO Closing Date, the entering into an agreement and the making of applicable filings with respect to an at-the-market offering facility (the "ATM Facility") provided, however, that (x) during the period beginning on date which is ten (10) days after the date of the initial launch date of date of the ATM Facility and ending on the date which is forty five (45) days after the initial launch date of the ATM Facility, the Company may sell Ordinary Shares pursuant to the ATM Facility for a purchase price that is equal to or greater than $2.52 per Ordinary Share, and (y) during the period beginning on date which is forty six (46) days after the date of the initial launch date of date of ATM Facility and ending on the date which is sixty (60) days after the initial launch date of the ATM Facility, the Company may sell Ordinary Shares pursuant to the ATM Facility for a purchase price that is equal to or greater than $2.31 per Ordinary Share.

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In addition, SEALSQ agreed not to issue, or enter into any agreement to issue, any Ordinary Shares of the Company or "Ordinary Share Equivalents" involving a "Variable Rate Transaction" (each as defined in the Fourth Purchase Agreement), provided, however, that notwithstanding the foregoing, the Company may enter into the ATM Facility at any time following the date which is ten (10) days after the 4<sup>th</sup> RDO Closing Date and, subject to the restrictions set forth in the paragraph above, may sell Ordinary Shares pursuant to the ATM Facility.

Further, the Company has agreed that until the date that is the twenty four (24) month anniversary of the execution date of the Fourth Purchase Agreement, upon any issuance by the Company or any of its subsidiaries of Ordinary Shares or securities exercisable for or convertible into Ordinary Shares for cash consideration, indebtedness or a combination of units thereof (a "Subsequent Financing"), the investors have the right to participate (on a pro rata basis based upon the number of Ordinary Shares purchased by each Purchaser pursuant to the Fourth Purchase Agreement) in up to an amount of the Subsequent Financing equal to 30% of the Subsequent Financing (the "Participation Maximum") on the same terms, conditions and price provided for in the Subsequent Financing. This participation right shall not apply in respect of certain issuances pursuant to the Company's stock option plan, any business acquisition (excluding any such transaction entered into primarily to raise capital), or the ATM Facility.

*Placement Agency Agreement*

On May 5, 2025, the Company entered into an agency agreement (the "Fourth Placement Agency Agreement") with the Placement Agent, pursuant to which the Company agreed to pay the Placement Agent an aggregate fee equal to 7.0% of the aggregate gross proceeds received by the Company from the sale of the Ordinary Shares in the 4<sup>th</sup> RDO Offering. The Company also agreed to reimburse the Placement Agent for up to $40,000.00 in accountable expenses, including the Placement Agent's legal counsel's fees.

**ATM Sales Agreement**

On May 19, 2025, SEALSQ entered into a Controlled Equity Offering<sup>SM</sup> Sales Agreement (the "Sales Agreement") with Cantor Fitzgerald & Co. ("Cantor") and Maxim (each, a "Sales Agent" and together, the "Sales Agents"), pursuant to which the Company may elect to sell, from time to time through Cantor, acting as the sole designated sales agent and/or principal, Ordinary Shares, having an aggregate offering amount of up to $100,000,000.00 (collectively, the "ATM Offered Shares").

Any potential sale of the Offered Shares will be made pursuant to the Company's effective 2025 Shelf Registration Statement, as supplemented by a prospectus supplement dated May 19, 2025 and filed with the SEC pursuant to Rule 424(b) under the Securities Act.

If the Company elects from time to time to sell Ordinary Shares, such sales may be made in transactions that are deemed to be "at-the-market" offerings as defined in Rule 415 under the Securities Act, including sales made directly on or through the Nasdaq Capital Market, the existing trading market for the Ordinary Shares, or any other existing trading market in the United States for the Ordinary Shares, sales made to or through a market maker other than on an exchange or otherwise, directly to a Sales Agent as principal, in negotiated transactions, or in any other method permitted by law, which may include block trades. The Sales Agents have agreed to use commercially reasonable efforts consistent with their normal trading and sales practices to sell the Offered Shares pursuant to the Sales Agreement from time to time, based upon instructions from the Company, including any price or size limits or other customary parameters or conditions the Company may impose.

The Company is not obligated to sell any ATM Offered Shares under the Sales Agreement. The Sales Agreement will terminate upon the earliest of (a) the sale of all of the ATM Offered Shares and (b) the termination of the Sales Agreement by the Sales Agents or the Company, as permitted therein.

The Company has agreed to pay the Sales Agents an aggregate commission of 3.0% of the gross sales price from each sale of ATM Offered Shares pursuant to the Sales Agreement and has agreed to customary indemnification and contribution rights in favor of the Sales Agents.

Additionally, the Company has agreed to reimburse the Sales Agents for certain specified expenses in connection with entering into the Sales Agreement and ongoing sales thereunder. The Sales Agreement contains customary representations and warranties and conditions to the sale of the ATM Offered Shares thereunder.

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As of March 31, 2026, we sold an aggregate of 15,450,000 Ordinary Shares under the ATM Facility.

**Purchase of IC'Alps**

On May 26, 2025, SEALSQ, entered into a Share Sale and Purchase Agreement (the "IC'Alps Agreement") with Doliam SAS, Mr. Jean-Luc Triouleyre and Mrs. Lucille Engels (together, the "Sellers"), pursuant to which the Sellers agreed to sell, and the SEALSQ agreed to purchase, all of the Sellers' 530,000 ordinary shares of IC'Alps representing 100% of the share capital and voting rights of IC'Alps (the "IC'Alps Shares").

The aggregate purchase price payable by SEALSQ to the Sellers for the IC'Alps Shares was EUR 12,500,000.00 (the "Purchase Price"), subject to adjustment for leakage and the potential earn-out described below. On the closing date, and subject to the terms and conditions of the IC'Alps Agreement, SEALSQ paid the Sellers (i) EUR 10,000,000.00 in cash and (ii) EUR 2,500,000.00 to Doliam SAS in the form of fully paid and non-assessable Ordinary Shares. The aggregate number of Ordinary Shares to be issued at closing in respect of this EUR 2,500,000.00 equity portion will be determined by dividing EUR 2,500,000.00 by the volume weighted average price of a Ordinary Shares on The Nasdaq Stock Market for the 90 trading days ending on the trading day immediately prior to the closing date. The Ordinary Shares to be issued at closing will be delivered free of encumbrances (other than contractual transfer restrictions) and will be subject to a mandatory 180-day lock-up period during which Doliam SAS may not sell, transfer or otherwise dispose of such Ordinary Shares.

The IC'Alps Agreement contains a "no leakage" undertaking pursuant to which each Seller represents that no leakage (as defined in the IC'Alps Agreement, including, among other things, certain dividends, fees, guarantees, related-party payments and similar value transfers to the Sellers or their affiliates) has occurred between January 1, 2025 and the date of the IC'Alps Agreement, and undertakes that no leakage (other than "permitted leakage" as defined in the IC'Alps Agreement) will occur between the date of the IC'Alps Agreement and the closing date. In the event of a breach of this undertaking benefiting a Seller or certain related persons, the benefiting Seller must pay to the Buyer an amount equal to the value received plus interest at a 5% per annum rate accruing from the closing date until repayment. Disputes regarding the existence or amount of leakage are subject to an expert determination procedure.

The IC'Alps Agreement also provides for an earn-out payment in Ordinary Shares to the Sellers, on a pro rata basis, contingent upon the revenue generated by IC'Alps for the financial year ending December 31, 2025 of up to EUR 4 million in value based on IC'Alps achieving revenue in excess of EUR 11 million in the twelve months ending on December 31, 2025. Based upon the unaudited results of IC'Alps for the financial year ending December 31, 2025, no earn-out payment is expected to be due.

**Master Supply Agreement**

On July 1, 2025, SEALSQ France SAS entered into a Master Supply Agreement ("MSA") with Presto Engineering France SAS, governing the provision of semiconductor-related manufacturing, testing, and supply chain management services. The agreement replaced a prior service-level arrangement and ensures continuity of production and engineering services for SEALSQ's integrated circuit products. Under the MSA, Presto Engineering provides production services (including supply chain management) and engineering services (including new product introduction and sustaining activities) pursuant to statements of work and product descriptions incorporated into the agreement. The agreement establishes a framework arrangement, under which services are ordered through purchase orders subject to defined minimum annual volumes (minimum order quantities, or "MOQ"). The agreement includes minimum purchase commitments, with annual reconciliation mechanisms requiring SEALSQ to pay any shortfall relative to agreed MOQ levels. SEALSQ is required to provide rolling forecasts, while Presto Engineering undertakes to use commercially reasonable efforts to maintain sufficient capacity to meet forecasted demand and MOQ levels.

The agreement contains detailed intellectual property provisions, including: (i) SEALSQ retains ownership of products, customer-specific tooling, technical data, and deliverables developed and paid for under the agreement; (ii) Presto Engineering retains ownership of its background technology and know-how; (iii) SEALSQ receives broad, royalty-free rights and protections to use and commercialize its products, including a covenant not to sue from Presto Engineering with respect to embedded technologies. The agreement includes: (i) mutual indemnification for third-party claims, including intellectual property infringement; (ii) warranty obligations aligned with industry standards; and (iii) a limitation of liability, excluding certain customary carve-outs (e.g., IP infringement, gross negligence).

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**Fifth Registered Direct Offering**

*Securities Purchase Agreement*

On July 14, 2025, SEALSQ entered into a securities purchase agreement (the "Fifth Purchase Agreement") with several institutional investors named therein (the "5<sup>th</sup> RDO Investors"), pursuant to which the Company agreed to sell and issue (i) 15,000,000 Ordinary Shares, (ii) Class A warrants to purchase up to 15,000,000 Ordinary Shares on or prior to the date that is seven years after the date such warrants are issued (the "Class A Warrants"), (iii) up to 15,000,000 Ordinary Shares issuable upon the exercise of the Class A Warrants, (iv) Class B warrants to purchase up to 15,000,000 Ordinary Shares on or prior to the date that is seven years after the date such warrants are issued (the "Class B Warrants", and together with the "Class A Warrants", the "5<sup>th</sup> RDO Warrants"), and (v) up to 15,000,000 Ordinary Shares issuable upon the exercise of the Class B Warrants, in a registered direct offering (the "5<sup>th</sup> RDO Offering"). Each Ordinary Share sold in the 5<sup>th</sup> RDO Offering will be accompanied by one Class A Warrant and one Class B Warrant at a combined offering price of $4.00. Each 5<sup>th</sup> RDO Warrant is exercisable for one Ordinary Share at an exercise price of $4.60 per Ordinary Share. The closing of the 5<sup>th</sup> RDO Offering occurred on July 15, 2025, subject to customary closing conditions.

The gross proceeds to the Company from the 5<sup>th</sup> RDO Offering were approximately $60,000,000.00, before deducting the placement agent's fees and other estimated offering expenses payable by the Company.

The 5<sup>th</sup> RDO Offering was made pursuant to the Company's existing 2025 Shelf Registration Statement. A prospectus supplement to the 2025 Registration Statement is expected to be filed with the Commission on or around July 15, 2025 (the "5th RDO Closing Date").

*Placement Agency Agreement*

On July 14, 2025, the Company entered into a placement agency agreement (the "Fifth Placement Agency Agreement") with the Placement Agent, pursuant to which the Company agreed to pay the Placement Agent an aggregate fee equal to 7% of the aggregate gross proceeds received by the Company from the sale of the Ordinary Shares and 4<sup>th</sup> RDO Warrants in the 5<sup>th</sup> RDO Offering. The Company also agreed to reimburse the Placement Agent for up to $40,000 in accountable expenses, including the Placement Agent's legal counsel's fees.

*Warrants*

The Class A Warrants and Class B Warrants will each be issued as individual warrant instruments to the investors. The Class A Warrants and the Class B Warrants are identical in terms of 5<sup>th</sup> RDO Warrant holders' rights and SEALSQ's obligations thereunder except for the put right granted to holders of Class A Warrants described below under "Fundamental transactions".

**Exercisability and duration**

Each of the 5<sup>th</sup> RDO Warrants is exercisable immediately on or after the issuance date and at any time prior to 5:00 p.m., New York City time, on July 15, 2032 (the "5<sup>th</sup> RDO Expiration Date") for the purchase of Ordinary Shares (the "5<sup>th</sup> RDO Warrant Shares"). The 5<sup>th</sup> RDO Warrants are exercisable via "cashless" exercise in the absence of an effective registration statement registering the issuance of the 5<sup>th</sup> RDO Warrant Shares to the 5<sup>th</sup> RDO Warrant holders.

**Exercise Price**

The exercise price per Ordinary Share purchasable upon the exercise of the 5<sup>th</sup> RDO Warrants is $4.60 per Ordinary Share. The exercise price of the 5<sup>th</sup> RDO Warrants and the number of Ordinary Shares issuable upon exercise are subject to applicable adjustment in the event of certain share dividends and distributions, share splits, share combinations, reclassifications or similar events affecting SEALSQ's Ordinary Shares.

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**Fractional shares**

No fractional Ordinary Shares are to be issued upon the exercise of 5<sup>th</sup> RDO Warrants. In lieu of a fractional Ordinary Share, SEALSQ will, upon exercise, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the exercise price or round up to the nearest whole number the number of Ordinary Shares to be issued upon such exercise.

**Exercise limitations**

A holder will not have the right to exercise any portion of the 5<sup>th</sup> RDO Warrants if the holder (together with its affiliates) would beneficially own in excess of 4.99% of the total number of issued and outstanding Ordinary Shares immediately after giving effect to such exercise except that upon at least 61 days' prior notice from the holder to SEALSQ, the holder may increase the amount of ownership of outstanding stock after exercising the holder's 5<sup>th</sup> RDO Warrants up to 9.99% of the number of Ordinary Shares outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the 5<sup>th</sup> RDO Warrants

**Transferability.**

Subject to applicable laws, 5<sup>th</sup> RDO Warrants may be offered for sale, sold, transferred or assigned without SEALSQ's consent.

**Antidilution and other adjustments**

The exercise price of the 5<sup>th</sup> RDO Warrants and the number of shares of Ordinary Shares issuable upon exercise of the 5<sup>th</sup> RDO Warrants is subject to appropriate adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting SEALSQ's Ordinary Shares. The holders of 5<sup>th</sup> RDO Warrants have the right to participate on an as-exercised basis in certain distributions to holders of SEALSQ's Ordinary Shares.

**Fundamental transactions**

Under the 5<sup>th</sup> RDO Warrants, SEALSQ has agreed that upon consummation of a Fundamental Transaction (as defined below), then, upon any subsequent exercise of the 5<sup>th</sup> RDO Warrants, the holder shall have the right to receive, for each 5<sup>th</sup> RDO Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the holder, the number of shares of common equity of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration receivable as a result of such Fundamental Transaction by a holder of the number of Ordinary Shares for which such 5<sup>th</sup> RDO Warrant is exercisable immediately prior to such Fundamental Transaction.

Notwithstanding the foregoing, SEALSQ or any successor entity shall, at the option of a holder of a Class A Warrant exercisable at any time concurrently with, or within thirty (30) days after, the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable Fundamental Transaction), purchase the Class A Warrant from the Class A Warrant holder by paying to such holder an amount of cash equal to the Black Scholes Value (as hereinafter defined) of the remaining unexercised portion of the Class A Warrant on the date of the consummation of such Fundamental Transaction.

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For the purposes of the foregoing description:

"Fundamental Transaction" means a transaction in which (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company or any Subsidiary, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of greater than 50% of the outstanding Ordinary Shares or greater than 50% of the voting power of the common equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares are effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires greater than 50% of the outstanding Ordinary Shares or greater than 50% of the voting power of the common equity of the Company. Notwithstanding the foregoing, a Fundamental Transaction shall not include (i) any merger of the Company, parent of the Company or any of their, direct or indirect, consolidated subsidiaries with or into any of the foregoing Persons, (ii) any reorganization, recapitalization or reclassification of the Ordinary Shares in which holders of the Company's voting power immediately prior to such reorganization, recapitalization or reclassification continue after such reorganization, recapitalization or reclassification to hold publicly traded securities and, directly or indirectly, are, in all material respects, the holders of the voting power of the surviving entity (or entities with the authority or voting power to elect the members of the board of directors (or their equivalent if other than a corporation) of such entity or entities) after such reorganization, recapitalization or reclassification, or (iii) pursuant to a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company or any of its Subsidiaries.

"Black Scholes Value" means the value of the Class A Warrant based on the Black-Scholes Option Pricing Model obtained from the "OV" function on Bloomberg determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable contemplated Fundamental Transaction and the Expiration Date, (B) an expected volatility equal to the greater of (1) the 30 day volatility, (2) the 100 day volatility or (3) the 365 day volatility, each of clauses (1)-(3) as obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day immediately following the public announcement of the applicable contemplated Fundamental Transaction, and (4) 100%, (C) the underlying price per share used in such calculation shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (ii) the highest VWAP during the period beginning in the Trading Day immediately preceding the public announcement of the applicable contemplated Fundamental Transaction and ending on the close of business on the date that the Fundamental Transaction is consummated (provided that if the consummation of the applicable Fundamental Transaction occurs prior to the public announcement of the Fundamental Transaction, (ii) shall be equal to the highest VWAP during the period beginning on the Trading Day immediately prior the consummation of the applicable Fundamental Transaction and ending on the close of business on the date that the Fundamental Transaction is announced), (D) a remaining option time equal to the time between the date of the public announcement of the applicable contemplated Fundamental Transaction and the Termination Date and (E) a zero cost of borrow.

**No rights as a shareholder**

Except as provided in the 5<sup>th</sup> RDO Warrant, the holder of a 5<sup>th</sup> RDO Warrant, solely in its capacity as holder of a 5<sup>th</sup> RDO, does not have the rights of a holder of Ordinary Shares including any voting rights, prior to the issuance to the holder of the Ordinary Shares it is then entitled to receive upon the due exercise of a 5<sup>th</sup> RDO Warrant.

**Exchange listing**

SEALSQ does not plan on applying to list the 5<sup>th</sup> RDO Warrants on The Nasdaq Capital Market, any other national securities exchange, or any other nationally recognized trading system.

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**Warrant Inducement Agreement**

On October 5, 2025, SEALSQ entered into a letter agreement (the "Second Warrant Inducement Agreement") with the holders (the "Class A Investors") of Class A Warrants, whereby in consideration for exercising in full all of the existing Class A Warrants held by such Class A Investors at the exercise price per Class A Warrant share as set forth in Class A Warrants of $4.60 (the "Class A Warrant Exercise"), the Company agreed to (i) amend the Class A Warrants to provide for the issuance of Ordinary Shares, or Pre-funded Warrants (the "Pre-funded Warrants"), at the option of the holder, if, as a result of the exercise of the Class A Warrants, the holder's beneficial ownership of the Ordinary Shares would exceed such holder's beneficial ownership blocker election as set forth in its Class A Warrant immediately following such exercise, and (ii) issue registered Class C Warrants to the Class A Investors (the "Class C Warrants" and together with the Pre-funded Warrants, the "Inducement Warrants") to purchase up to 26,250,000 Ordinary Shares (175% of the number of Ordinary Shares or Pre-funded Warrants issued pursuant to the Warrant Exercise) (the "Inducement Transaction").

The Inducement Transaction was made pursuant to the Company's existing 2025 Shelf Registration Statement. A prospectus supplement to the Registration Statement was filed with the SEC on or around October 7, 2025.

The purchase price of each Pre-funded Warrant is equal to the exercise price of $4.60 per Ordinary Share, minus $0.0001. Each Pre-funded Warrant is exercisable for one Ordinary Share at $0.0001 per Ordinary Share (subject to applicable adjustment in the event of certain share dividends and distributions, share splits, share combinations, reclassifications or similar events affecting SEALSQ's Ordinary Shares) and the Pre-funded Warrants are immediately exercisable and may be exercised at any time until all of the Pre-funded Warrants are exercised in full.

The Class C Warrants entitle the holders to purchase up to a number of Ordinary Shares equal to 175% of the number of Ordinary Shares or Pre-funded Warrants issued pursuant to the Class A Warrant Exercise, or 26,250,000 Ordinary Shares (subject to applicable adjustment in the event of certain share dividends and distributions, share splits, share combinations, reclassifications or similar events affecting SEALSQ's Ordinary Shares). Each Class C Warrant is exercisable immediately on or after October 7, 2025 and at any time prior to 5:00 p.m., New York City time, on October 7, 2032, and has an exercise price per Ordinary Share equal to $5.10.

The following is a brief summary of certain terms and conditions of the Inducement Warrants.

**Fractional shares**

No fractional Ordinary Shares are to be issued upon the exercise of the Inducement Warrants. In lieu of a fractional Ordinary Share, SEALSQ will, upon exercise, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the exercise price or round up to the nearest whole number the number of Ordinary Shares to be issued upon such exercise.

**Exercise limitations**

A holder will not have the right to exercise any portion of the Inducement Warrants if the holder (together with its affiliates) would beneficially own in excess of 4.99% (or 9.99%, at the election of the holder) of the total number of issued and outstanding Ordinary Shares immediately after giving effect to such exercise, except that upon at least 61 days' prior notice from the holder to SEALSQ, the holder may increase the amount of ownership of outstanding stock after exercising the holder's Inducement Warrants up to 9.99% of the number of Ordinary Shares outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the Inducement Warrants.

**Transferability**

Subject to applicable laws, the Inducement Warrants may be offered for sale, sold, transferred or assigned without SEALSQ's consent.

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**Fundamental transactions**

Under the Inducement Warrants, SEALSQ has agreed that upon consummation of a *Fundamental Transaction* (as defined above), then, upon any subsequent exercise of the Inducement Warrants, the holder shall have the right to receive, for each Ordinary Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the holder, the number of shares of common equity of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration receivable as a result of such Fundamental Transaction by a holder of the number of Ordinary Shares for which such Inducement Warrant is exercisable immediately prior to such Fundamental Transaction.

**No rights as a shareholder**

Except as provided in the Inducement Warrants, the holder of a Inducement Warrant, solely in its capacity as holder of a Inducement Warrant, does not have the rights of a holder of Ordinary Shares including any voting rights, prior to the issuance to the holder of the Ordinary Shares which it is then entitled to receive upon the due exercise of a Inducement Warrant.

**Exchange listing**

SEALSQ does not plan on applying to list the Inducement Warrants on The Nasdaq Capital Market, any other national securities exchange, or any other nationally recognized trading system.

*Warrant Inducement Agent*

Maxim Group LLC acted as warrant inducement agent and as a financial advisor in connection with the transaction (the "Warrant Inducement Agent"). SEALSQ agreed to pay the Warrant Inducement Agent a fee equal to 5.0% of the total proceeds received from the exercise of any and all of the Class A Warrants and the Inducement Warrants until November 5, 2025 (the "Fee"). The Fee was not payable with respect to Class A Warrants or Inducement Warrants exercised at their original exercise price and with respect to which the Company did not offer the holders of the Class A Warrants or Inducement Warrants any additional consideration for such exercise. SEALSQ also agreed to reimburse the Warrant Inducement Agent up to $10,000.00 for the reasonable expenses incurred in connection with its engagement.

**Sixth Registered Direct Offering and Concurrent Private Placement**

*Securities Purchase Agreement*

On October 15, 2025, SEALSQ entered into a securities purchase agreement (the "Sixth Purchase Agreement") with several institutional investors named therein (the "6<sup>th</sup> RDO Investors") pursuant to which the Company agreed to sell and issue in a registered direct offering (the "6<sup>th</sup> RDO") to the 6<sup>th</sup> RDO Investors 12,640,000 Ordinary Shares at an offering price of $7.50 per share.

The Registered Offering was made pursuant to the Company's existing 2025 Shelf Registration Statement and the Registration Statement on Form F-3 MEF (File No. 333-290874), filed by the Company with the SEC under the Securities Act pursuant to Rule 462(b) thereunder on October 15, 2025 (the "Supplemental Registration Statement," and together with the Initial Registration Statement, the "MEF Registration Statement"). A prospectus supplement to the MEF Registration Statement was filed with the Commission on or around October 16, 2025.

In a concurrent private placement pursuant to the Sixth Purchase Agreement (the "Concurrent Private Placement," and together with the 6<sup>th</sup> RDO, the "6<sup>th</sup> RDO Offering"), the Company agreed to sell to the 6<sup>th</sup> RDO Investors (i) unregistered Pre-funded Warrants to purchase up to 14,026,666 Ordinary Shares (the "Unregistered Pre-funded Warrants") and (ii) unregistered Class D Warrants to purchase up to 53,333,332 Ordinary Shares (the "Class D Warrants," and together with the Unregistered Pre-funded Warrants, the "Private Warrants") at a combined offering price of $7.50 per Unregistered Pre-funded Warrant and accompanying Class D Warrants.

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The Class D Warrants will be exercisable immediately upon issuance, and have a term of exercise of seven (7) years from the issuance date and an exercise price per share equal to $9.25. Each Unregistered Pre-funded Warrant is exercisable for one Ordinary Share at $0.0001 per Ordinary Share. The Unregistered Pre-funded Warrants are immediately exercisable and may be exercised at any time until all of the Unregistered Pre-funded Warrants are exercised in full. The exercise price of the Private Warrants and the number of Ordinary Shares issuable upon exercise of the Private Warrants are subject to applicable adjustment in the event of certain share dividends and distributions, share splits, share combinations, reclassifications or similar events affecting SEALSQ's Ordinary Shares.

The Private Warrants and the Ordinary Shares issuable upon the exercise of the Private Warrants were offered in the Concurrent Private Placement pursuant to the exemption under Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder and have not been registered under the Securities Act, or applicable state securities laws. Accordingly, the Private Warrants and the Ordinary Shares issuable upon the exercise of the Private Warrants may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. Pursuant to the Purchase Agreement, the Company has agreed to file one or more registration statements with the SEC covering the resale of the Ordinary Shares issuable upon exercise of the Private Warrants.

The gross proceeds to the Company from the 6<sup>th</sup> RDO Offering were approximately $200,000,000.00, before deducting the placement agent's fees and other estimated offering expenses payable by the Company.

The closing of the 6<sup>th</sup> RDO Offering occurred around October 16, 2025, subject to customary closing conditions.

The following is a brief summary of certain terms and conditions of the Private Warrants.

**Fractional shares**

No fractional Ordinary Shares are to be issued upon the exercise of the Private Warrants. In lieu of a fractional Ordinary Share, SEALSQ will, upon exercise, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the exercise price or round up to the nearest whole number the number of Ordinary Shares to be issued upon such exercise.

**Exercise limitations**

A holder will not have the right to exercise any portion of the Private Warrants if the holder (together with its affiliates) would beneficially own in excess of 4.99% (or 9.99%, at the election of the holder) of the total number of issued and outstanding Ordinary Shares immediately after giving effect to such exercise, except that upon at least 61 days' prior notice from the holder to SEALSQ, the holder may increase the amount of ownership of outstanding stock after exercising the holder's Private Warrants up to 9.99% of the number of Ordinary Shares outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the Private Warrants.

**Transferability**

Subject to applicable laws, the Private Warrants may be offered for sale, sold, transferred or assigned without SEALSQ's consent.

**Fundamental transactions**

Under the Private Warrants, SEALSQ has agreed that upon consummation of a *Fundamental Transaction* (as defined above), then, upon any subsequent exercise of the Private Warrants, the holder shall have the right to receive, for each Ordinary Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the holder, the number of shares of common equity of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration receivable as a result of such Fundamental Transaction by a holder of the number of Ordinary Shares for which such Warrant is exercisable immediately prior to such Fundamental Transaction.

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**No rights as a shareholder**

Except as provided in the Private Warrants, the holder of a Private Warrant, solely in its capacity as holder of a Private Warrant, does not have the rights of a holder of Ordinary Shares including any voting rights, prior to the issuance to the holder of the Ordinary Shares which it is then entitled to receive upon the due exercise of a Private Warrant.

**Exchange listing**

SEALSQ does not plan on applying to list the Private Warrants on The Nasdaq Capital Market, any other national securities exchange, or any other nationally recognized trading system.

*Sixth Placement Agency Agreement*

On October 15, 2025, the Company entered into a placement agency agreement (the "Sixth Placement Agency Agreement") with the Placement Agent, pursuant to which the Company agreed to pay the Placement Agent an aggregate fee equal to 6.0% of the aggregate gross proceeds received by the Company from the sale of the Ordinary Shares and Private Warrants in the 6<sup>th</sup> RDO Offering. The Company also agreed to reimburse the Placement Agent for up to $100,000.00 in accountable expenses, including the Placement Agent's legal counsel's fees.

**Lease of New Headquarters**

On January 29, 2026, SEALSQ and WISeKey SA (collectively, the "Tenants"), acting jointly and severally, entered into a commercial lease agreement (the "Lease") with Swiss Life AG (the "Landlord") for approximately 1,545 square meters of office space located at Esplanade de Pont-Rouge 4-6, 1212 Grand-Lancy, Geneva, Switzerland. The Lease is to facilitate the relocation of SEAL's and WISeKey's Geneva headquarters to Pont-Rouge in August 2026.

The Lease has a ten-year term commencing August 1, 2026 and expiring July 31, 2036, with a five-year renewal option exercisable upon notice by July 31, 2035. Total annual gross rent (including ancillary costs and VAT) is approximately CHF 1,015,383.30. Rent is subject to 100% indexation to the Swiss Consumer Price Index. The Landlord has granted the Tenants a six-month rent-free period and a one-time tenant improvement contribution of CHF 386,250.00.

**Seventh Registered Direct Offering and Concurrent Private Placement**

*Securities Purchase Agreement*

On March 15, 2026, SEALSQ entered into a securities purchase agreement (the "Purchase Agreement") with several institutional investors named therein (the "7<sup>th</sup> RDO Investors"), pursuant to which the Company agreed to sell and issue (i) 22,913,630 Ordinary Shares, (ii) Pre-Funded Warrants to purchase up to 7,500,000 Ordinary Shares (the "March 2026 Pre-Funded Warrants"), (iii) 7,500,000 Ordinary Shares issuable upon the exercise of the March 2026 Pre-Funded Warrants, (iv) Class E Warrants to purchase up to 60,827,260 Ordinary Shares (the "Class E Warrants", and together with the March 2026 Pre-Funded Warrants, the "7<sup>th</sup> RDO Warrants"), and (v) 60,827,260 Ordinary Shares issuable upon the exercise of the Class E Warrants, in a registered direct offering (the "7<sup>th</sup> RDO"). The closing of the 7<sup>th</sup> RDO occurred on or about March 17, 2026, subject to customary closing conditions.

The 7<sup>th</sup> RDO was made pursuant to the Company's existing shelf registration statement on Form F-3ASR (File No. 333-290963), which was filed with the Commission (the "F-3ASR Registration Statement"), and became effective, on October 20, 2025. A prospectus supplement to the F-3 ASR Registration Statement was filed with the Commission pursuant to Rule 424(b)(5) on March 17, 2026.

The gross proceeds to SEALSQ from the 7<sup>th</sup> RDO were approximately US$125 million before deducting the placement agent's fees and other estimated offering expenses payable by the Company.

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The following is a brief summary of certain terms and conditions of the 7<sup>th</sup> RDO Warrants.

**Exercisability and duration**

Each of the Class E Warrants is exercisable immediately on or after the issuance date and at any time prior to 5:00 p.m., New York City time, on March 17, 2033 for the purchase of Ordinary Shares (the "Class E Warrant Shares"). The Class E Warrants are exercisable via "cashless" exercise in the absence of an effective registration statement registering the issuance of the Class E Warrant Shares to the Class E Warrant holders.

The March 2026 Pre-Funded Warrants are immediately exercisable and may be exercised at any time until all of the Pre-Funded Warrants are exercised in full.

**Exercise Price**

The exercise price per Ordinary Share purchasable upon the exercise of the Class E Warrants is $5.50 per Ordinary Share.

The exercise price per Ordinary Share upon the exercise of the March 2026 Pre-Funded Warrants is $0.0001 per Ordinary Share. The aggregate exercise price of the March 2026 Pre-Funded Warrants of $4.1099 per Ordinary Share, except for the nominal exercise price of $0.0001 per March 2026 Pre-Funded Warrant Share, will be pre-funded to the Company at the closing of the 7<sup>th</sup> RDO.

The exercise price of the 7<sup>th</sup> RDO Warrants and the number of Ordinary Shares issuable upon exercise are subject to applicable adjustment in the event of certain share dividends and distributions, share splits, share combinations, reclassifications or similar events affecting SEALSQ's Ordinary Shares.

**Fractional shares**

No fractional Ordinary Shares are to be issued upon the exercise of 7<sup>th</sup> RDO Warrants. In lieu of a fractional Ordinary Share, the Company will, upon exercise, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the exercise price or round up to the nearest whole number the number of Ordinary Shares to be issued upon such exercise.

**Exercise limitations**

A holder will not have the right to exercise any portion of the 7<sup>th</sup> RDO Warrants if the holder (together with its affiliates) would beneficially own in excess of 4.99% (or 9.99% at the election of the holder; one holder has already elected the 9.99%) of the total number of issued and outstanding Ordinary Shares immediately after giving effect to such exercise, except that upon at least 61 days' prior notice from the holder to us, the holder may increase the amount of ownership of outstanding stock after exercising the holder's 7<sup>th</sup> RDO Warrants up to 9.99% of the number of Ordinary Shares outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the 7<sup>th</sup> RDO Warrants.

**Transferability**

Subject to applicable laws, 7<sup>th</sup> RDO Warrants may be offered for sale, sold, transferred or assigned without SEALSQ's consent.

**Antidilution and other adjustments**

The exercise price of the 7<sup>th</sup> RDO Warrants and the number of shares of Ordinary Shares issuable upon exercise of the 7<sup>th</sup> RDO Warrants is subject to appropriate adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting SEALSQ's Ordinary Shares. The holders of 7<sup>th</sup> RDO Warrants have the right to participate on an as-exercised basis in certain distributions to holders of SEALSQ's Ordinary Shares.

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**Fundamental transactions**

Under the 7<sup>th</sup> RDO Warrants, SEALSQ has agreed that upon consummation of a Fundamental Transaction (as defined above), then, upon any subsequent exercise of the 7<sup>th</sup> RDO Warrants, the holder shall have the right to receive, for each Ordinary Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the holder, the number of shares of common equity of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration receivable as a result of such Fundamental Transaction by a holder of the number of Ordinary Shares for which such 7<sup>th</sup> RDO Warrant is exercisable immediately prior to such Fundamental Transaction.

**No rights as a shareholder**

Except as provided in the 7<sup>th</sup> RDO Warrants, the holder of a Warrant, solely in its capacity as holder of a 7<sup>th</sup> RDO Warrant, does not have the rights of a holder of Ordinary Shares including any voting rights, prior to the issuance to the holder of the Ordinary Shares which it is then entitled to receive upon the due exercise of a 7<sup>th</sup> RDO Warrant.

**Exchange listing**

We do not plan on applying to list the 7<sup>th</sup> RDO Warrants on The Nasdaq Global Select Market, any other national securities exchange, or any other nationally recognized trading system.

*Seventh Placement Agency Agreement*

On March 15, 2026, the Company entered into a placement agency agreement (the "Seventh Placement Agency Agreement") with the Placement Agent pursuant to which SEALSQ agreed to pay the Placement Agent a placement agent fee equal to 6.0% of the aggregate purchase price of the Ordinary Shares and March 2026 Pre-funded Warrants sold in the 7<sup>th</sup> RDO. SEALSQ also agreed to reimburse the Placement Agent for up to $100,000.00 for the reasonable and accounted fees and expenses of legal counsel.

Intracompany Agreements

See agreements listed under *Item 7.B. Related Party Transactions.*

**Class F Shareholders' Agreement**

The Company and the holders of the Class F Shares have entered into a Class F Shareholders' Agreement that provides, among other things, that the holders of Class F Shares:

● will vote the Class F Shares held by them as one and in accordance with the majority (by the number of shares held) view of the holders of the Class F Shares; and

● are bound by the redemption provisions set out in the Articles and that they will take all necessary action to comply with them.

**D.** **Exchange Controls**

There are no exchange control restrictions on payments of dividends on SEALSQ's Ordinary Shares or on the conduct of the Company's operations either in Switzerland, where the Company's principal executive offices are located, or the BVI, where the Company is incorporated.

**E.** **Taxation**

The following is a discussion of the material British Virgin Islands, Swiss and United States federal income tax considerations applicable to SEALSQ and U.S. Holders and Non-U.S. Holders, each as discussed below, of SEALSQ Ordinary Shares.

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**Swiss Tax Considerations**

The following is a description of certain Swiss income tax consequences to "Swiss Holders", as defined below, of acquiring, owning and disposing of SEALSQ Ordinary Shares. The following discussion is intended only as a summary and does not purport to be a complete description of all the potential tax effects of the acquisition, ownership and disposition of SEALSQ Ordinary Shares. This discussion is based on the Direct Federal Tax Act of 1990, the Federal Harmonization of Cantonal and Communal Direct Taxes Act of 1990, the Federal Withholding Tax Act of 1965, the Federal Stamp Tax Act of 1973, as amended (the "Swiss Tax Laws"), administrative pronouncements, judicial decisions, all as of the date hereof, any of which are subject to change or differing interpretations, possibly with retroactive effect. The tax treatment of the transactions discussed herein to holders will vary depending upon their particular situations. A "Swiss Holder" is a holder who, for Swiss tax purposes, is a beneficial owner of SEALSQ Ordinary Shares who is:

● an individual resident of Switzerland or otherwise subject to Swiss taxation under article 3, 4 or 5 of the Direct Federal Tax Act of 1990, as amended, or article 3 or 4 of the Federal Harmonization of Cantonal and Communal Direct Taxes Act of 1990, as amended; or

● a corporation or other entity taxable as a corporation organized under the laws of Switzerland or otherwise subject to Swiss taxation under article 50 or 51 of the Direct Federal Tax Act of 1990, as amended, or article 20 or 21 of the Federal Harmonization of Cantonal and Communal Direct Taxes Act of 1990, as amended.

Holders who are not resident in Switzerland for tax purposes and who do not engage in a trade or business carried on through a permanent establishment or fixed place of business situated in Switzerland for tax purposes, and who are not subject to corporate or individual income taxation in Switzerland for any other reason, will not be subject to any Swiss federal, cantonal or communal income tax in connection with acquiring, owning and disposing of SEALSQ Ordinary Shares.

**Ownership of SEALSQ Ordinary Shares**

Taxation of Distributions

Dividend distributions to individual Swiss Holders who hold their SEALSQ Ordinary Shares as private assets will be subject to Swiss federal, cantonal and communal income tax, unless these dividends are distributed out of qualifying capital contribution reserves (*Reserven aus Kapitaleinlagen*) recognized by the Swiss Federal Tax Administration, and excluding distributions of the nominal value upon a capital reduction.

Corporate and individual Swiss Holders who hold their SEALSQ Ordinary Shares as part of a trade or business carried out in Switzerland (including Swiss-resident private individuals who, for income tax purposes, are classified as "professional securities dealers" for reasons of, inter alia, frequent dealing, or leveraged transactions, in shares and other securities), as the case may be, through a permanent establishment or fixed place of business situated in Switzerland for tax purposes (the "Commercial Swiss Holders") are required to recognize dividend distributions of SEALSQ in their income statement for the respective taxation period and are subject to Swiss federal, cantonal and communal individual or corporate income tax, as the case may be, on any net taxable earnings for such taxation period. Corporate Swiss Holders may be eligible for the participation relief in respect of such dividend distributions if the SEALSQ Ordinary Shares held by them as part of a Swiss business have an aggregate market value of at least CHF 1 million.

Holding of SEALSQ Ordinary Shares

Individual Swiss Holders who hold their SEALSQ Ordinary Shares as private assets are required to report their SEALSQ Ordinary Shares as part of their private assets and are subject to cantonal and communal wealth tax.

Commercial Swiss Holders are required to report their SEALSQ Ordinary Shares as part of their business assets or taxable capital, as the case may be, and are subject to cantonal and communal wealth or annual capital tax.

Sale or other Disposal of SEALSQ Ordinary Shares

Individual Swiss Holders who hold their SEALSQ Ordinary Shares as private assets will realize a tax-free capital gain or a non-deductible loss upon a sale or other disposal of the SEALSQ Ordinary Shares.

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Commercial Swiss Holders are required to recognize the gain, if any, from a sale or other disposal of the SEALSQ Ordinary Shares in their income statement for the respective taxation period and are subject to Swiss federal, cantonal and communal individual or corporate income tax, as the case may be, on any net taxable earnings for such taxation period. A loss, if any, is deductible for Swiss individual or corporate income tax purposes.

Swiss Federal Securities Transfer Tax

Any transactions in SEALSQ Ordinary Shares in the secondary markets are subject to Swiss securities transfer tax at an aggregate rate of 0.3% of the consideration paid for such SEALSQ Ordinary Shares, however, only if a Swiss or Liechtensteinian bank or other securities dealer in Switzerland, as defined in the Swiss Federal Stamp Tax Act, is a party or an intermediary to the transaction and no exemption applies.

**Taxation of SEALSQ**

Corporate Income Tax

SEALSQ has its place of effective management in Switzerland and as such is a Swiss resident for tax purposes. A Swiss resident company is subject to corporate income tax at federal, cantonal and communal levels on its worldwide income. However, qualifying net dividend income and net capital gains on the sale of qualifying investments in subsidiaries are effectively exempt from federal, cantonal and communal corporate income tax. Consequently, SEALSQ expects dividends from its subsidiaries and capital gains from sales of investments in its subsidiaries to be exempt from Swiss corporate income tax.

Issuance Stamp Duty

The Swiss issuance stamp duty of 1% is levied on the issuance of shares and increases in or contributions to the equity of Swiss tax resident corporations. Exemptions are available in tax neutral restructuring transactions. As a result, the issuance of shares by SEALSQ or any other increase in its equity may be subject to the issuance stamp duty unless the equity is increased in the context of a qualifying restructuring transaction. Such issuance stamp duty will be borne by SEALSQ.

Swiss Federal Withholding Tax

Dividend distributions of Swiss tax resident corporations are subject to 35% dividend withholding tax unless such dividends are distributed out of qualifying capital contribution reserves (*Reserven aus Kapitaleinlagen*) recognized by the Swiss Federal Tax Administration, and excluding distributions of the nominal value upon a capital reduction. Since SEALSQ is a Swiss resident for tax purposes, its dividend distributions are generally subject to 35% withholding tax.

Upon request, the Swiss withholding tax, if any, will generally be refunded to shareholders of SEALSQ who have their tax residence in Switzerland, provided that such shareholders duly declare the distribution in the tax return or, in the case of legal entities, in the profit and loss statement. SEALSQ shareholders who are not tax residents of Switzerland may be entitled to a full or partial refund of the Swiss withholding tax if the country of residence for tax purposes has entered into a bilateral treaty for the avoidance of double taxation with Switzerland and the conditions of such treaty are met. Such shareholders should be aware that the procedures for claiming tax treaty benefits (and the time required for obtaining a refund) might be different from country to country.

Automatic Exchange of Information in Tax Matters

On November 19, 2014, Switzerland signed the Multilateral Competent Authority Agreement. The Multilateral Competent Authority Agreement is based on Article 6 of the OECD/Council of Europe administrative assistance convention and is intended to ensure the uniform implementation of Automatic Exchange of Information (the "AEOI"). The Federal Act on the International Automatic Exchange of Information in Tax Matters (the "AEOI Act") entered into force on January 1, 2017. The AEOI Act is the legal basis for the implementation of the AEOI standard in Switzerland.

The AEOI has been introduced in Switzerland through bilateral agreements or multilateral agreements. The agreements have been, and will be, concluded on the basis of guaranteed reciprocity, compliance with the principle of specialty (i.e., the information exchanged may only be used to assess and levy taxes (and for criminal tax proceedings) and adequate data protection).

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Based on such multilateral or bilateral agreements and the implementation of Swiss law, Switzerland collects and exchanges data in respect of financial assets, including SEALSQ Ordinary Shares, held in, and income derived thereon and credited to, accounts or deposits with a paying agent in Switzerland for the benefit of individuals resident in a European Union member state or in a treaty state (such as the United Kingdom).

Swiss Facilitation of the Implementation of the U.S. Foreign Account Tax Compliance Act

Switzerland has concluded an intergovernmental agreement with the United States to facilitate the implementation of U.S. Foreign Account Tax Compliance Act. The agreement ensures that the accounts held by U.S. persons with Swiss financial institutions are disclosed to the U.S. tax authorities either with the consent of the account holder or by means of group requests within the scope of administrative assistance. Information will not be transferred automatically in the absence of consent, and instead will be exchanged only within the scope of administrative assistance on the basis of the double taxation agreement between the United States and Switzerland. In September 2019, the protocol of amendment to the double taxation treaty between Switzerland and the U.S. entered into force, allowing U.S. competent authorities request all reported information on U.S. accounts in aggregate form without a declaration of consent, as well as on non-consenting non-participating financial institutions. On June 27, 2024, Switzerland and the U.S. signed a new FATCA agreement. The new agreement provides for a different model for the exchange of financial account data. If the agreement is implemented, the current direct-notification-based regime will be replaced by a regime where the relevant information is sent to the Swiss Federal Tax Administration, which in turn provides the information to the U.S. tax authorities. The exchange of information will also be mutual and automatic. Implementation of the new FATCA agreement requires national law to be amended. According to the current schedule, Switzerland's change of model should come into force on January 1, 2028 at the earliest.

**British Virgin Islands Tax Considerations**

The Government of the British Virgin Islands does not, under existing legislation, impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax upon SEALSQ's or its security holders who are not tax resident in the British Virgin Islands.

SEALSQ's Company and all distributions, interest and other amounts paid by the SEALSQ Group to persons who are not tax resident in the British Virgin Islands will not be subject to any income, withholding or capital gains taxes in the British Virgin Islands, with respect to the SEALSQ shares owned by them and dividends received on such shares.

No estate, inheritance, succession or gift tax, rate, duty, levy, or other charge is payable by persons who are not tax resident in the British Virgin Islands with respect to any shares, debt obligations or other securities of SEALSQ.

Except to the extent that SEALSQ has any direct or indirect interest in real property in the British Virgin Islands, all instruments relating to transactions in respect of the shares, debt obligations or other securities of the SEALSQ Group and all instruments relating to other transactions relating to the business are exempt from the payment of stamp duty in the British Virgin Islands.

There are currently no withholding taxes or exchange control regulations in the British Virgin Islands applicable to SEALSQ or its security holders.

**U.S. Federal Income Tax Considerations**

The following is a description of certain U.S. federal income tax consequences to U.S. Holders, as defined below, of acquiring, owning and disposing of SEALSQ Ordinary Shares. The following discussion is intended only as a summary and does not purport to be a complete description of all the potential tax effects of the acquisition, ownership and disposition of SEALSQ Ordinary Shares. This discussion is based on the Code, administrative pronouncements, judicial decisions, final, temporary and proposed Treasury regulations, and the income tax treaty between Switzerland and the United States (the "US-CH Treaty"), all as of the date hereof, any of which is subject to change or differing interpretations, possibly with retroactive effect. The tax treatment of the transactions discussed herein to holders will vary depending upon their particular situations.

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A "U.S. Holder" is a holder who, for U.S. federal income tax purposes, is a beneficial owner of SEALSQ Ordinary Shares, as applicable, who is eligible for the benefits of the US-CH Treaty and who is:

● a citizen or individual resident of the United States;

● a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state therein or the District of Columbia; or

● an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.

This discussion applies only to a U.S. Holder that will hold SEALSQ Ordinary Shares as capital assets for U.S. federal income tax purposes. The discussion below does not address any state, local or foreign or estate and gift tax laws, the Medicare contribution tax on net investment income, or the alternative minimum tax. Furthermore, it does not address classes of U.S. Holders that may be subject to special rules, such as:

● banks, insurance companies, and certain other financial institutions;

● dealers or traders in securities who use a mark-to-market method of tax accounting;

● persons holding Ordinary Shares as part of a hedging transaction, straddle, wash sale, conversion transaction or other integrated transaction or persons entering into a constructive sale with respect to the Ordinary Shares, as applicable;

● regulated investment companies or real estate investment trusts;

● U.S. expatriates and certain former citizens or long-term residents of the United States;

● U.S. Holders whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;

● entities or arrangements classified as partnerships (or partners therein) or S corporations for U.S. federal income tax purposes;

● tax-exempt entities, including an "individual retirement account" or "Roth IRA";

● persons that own or are deemed to own ten percent or more of SEALSQ shares by vote or value; or

● persons holding Ordinary Shares in connection with a trade or business conducted outside of the United States.

If an entity or arrangement that is classified as a partnership for U.S. federal income tax purposes holds SEALSQ Ordinary Shares, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. Partnerships holding SEALSQ Ordinary Shares, as applicable, and partners in such partnerships should consult their tax advisers as to the particular U.S. federal income tax consequences of acquiring, owning and disposing of SEALSQ Ordinary Shares, as applicable.

U.S. Holders are urged to consult with their own tax advisers concerning the U.S. federal, state, local, and other tax consequences of acquiring, owning and disposing of SEALSQ Ordinary Shares in their particular circumstances.

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*Ownership of SEALSQ Ordinary Shares*

***Taxation of Distributions***

Distributions of cash or property with respect to SEALSQ Ordinary Shares will generally be treated as dividends to the extent paid out of SEALSQ's current or accumulated earnings and profits (as determined under U.S. federal income tax principles), subject to the "passive foreign investment company" ("PFIC") rules, as described below. Because SEALSQ does not maintain calculations of its earnings and profits under U.S. federal income tax principles, SEALSQ expects that distributions generally will be reported to U.S. Holders as dividends. For so long as SEALSQ Ordinary Shares are listed on Nasdaq or SEALSQ is eligible for benefits under the US-CH Treaty, and provided that SEALSQ was not, in the year prior to the year in which the dividend was paid, and is not, in the year in which the dividend is paid, a PFIC, dividends paid to certain non-corporate U.S. Holders will be eligible for taxation as "qualified dividend income" and therefore, subject to applicable limitations, will be taxable at rates not in excess of the long-term capital gain rate applicable to such U.S. Holder. U.S. Holders should consult their tax advisers regarding the availability of the reduced tax rate on dividends in their particular circumstances.

The amount of a dividend will include any amounts withheld by SEALSQ in respect of Swiss income taxes. The amount of the dividend will be treated as foreign-source dividend income to U.S. Holders and will not be eligible for the dividends-received deduction generally available to U.S. corporations under the Code. Dividends will be included in a U.S. Holder's income on the date of such holder's receipt of the dividend. The amount of any dividend income paid in foreign currency will be the U.S. dollar amount calculated by reference to the exchange rate in effect on the date of actual or constructive receipt, regardless of whether the payment is in fact converted into U.S. dollars at that time. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder should not be required to recognize foreign currency gain or loss in respect of the dividend income. A U.S. Holder may have foreign currency gain or loss if the dividend is converted into U.S. dollars after the date of receipt.

Subject to applicable limitations, some of which vary depending upon the U.S. Holder's particular circumstances, Swiss income taxes withheld from dividends on SEALSQ Ordinary Shares (if any) at a rate not exceeding the rate provided by the US-CH Treaty will be creditable against the U.S. Holder's U.S. federal income tax liability. The rules governing foreign tax credits are complex and U.S. Treasury regulations issued in 2022 further restrict U.S. Holders' ability to claim foreign tax credits (although the application of the regulations has been deferred pending further guidance). Dividend distributions will constitute foreign-source income and will generally constitute "passive category" income for foreign tax credit purposes. U.S. Holders should consult their tax advisers regarding the creditability of foreign taxes in their particular circumstances. In lieu of claiming a foreign tax credit, U.S. Holders may, at their election, deduct foreign taxes, including any Swiss income tax, in computing their taxable income, subject to generally applicable limitations under U.S. law. An election to deduct foreign taxes instead of claiming foreign tax credits applies to all foreign taxes paid or accrued in the taxable year.

***Sale or Other Disposition of SEALSQ Ordinary Shares***

Subject to the PFIC rules, as described below, gain or loss realized on the sale or other disposition of SEALSQ Ordinary Shares will be capital gain or loss, and will be long-term capital gain or loss if the U.S. Holder held the SEALSQ Ordinary Shares for more than one year. The amount of the gain or loss will equal the difference between the U.S. Holder's tax basis in the SEALSQ Ordinary Shares disposed of and the amount realized on the disposition, in each case as determined in U.S. dollars. This gain or loss will generally be U.S.-source gain or loss for foreign tax credit purposes. The deductibility of capital losses is subject to various limitations.

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**Passive Foreign Investment Company Rules**

SEALSQ will be classified as a "passive foreign investment company," or "PFIC," for any taxable year in which, after the application of certain "look-through" rules with respect to subsidiaries, either (i) 75% or more of its gross income for the taxable year is "passive income," or (ii) 50% or more of the average quarterly value of its assets consist of assets that produce, or are held for the production of, "passive income." For purposes of the above calculations, SEALSQ will be treated as if it holds a proportionate share of the assets, and receives directly a proportionate share of the income, of any other corporation in which it directly or indirectly owns at least 25% by value of the shares of such corporation. Passive income generally includes interest, dividends, rents, certain non-active royalties and capital gains. Cash and cash-equivalents generally are passive assets for these purposes, and digital assets are likely to be passive assets for these purposes as well. Goodwill and other unbooked intangible assets (the value of which may be determined by reference to the excess of the sum of a corporation's market capitalization and liabilities over the value of its book assets) are active to the extent attributable to activities that produce or are intended to produce active income.

There is substantial uncertainty regarding SEALSQ's PFIC status for 2025. SEALSQ held, and continues to hold, a substantial amount of passive assets, including cash. Therefore, SEALSQ's PFIC status for 2025, and likely for the current and future taxable years, depends on the value of its goodwill and other intangible assets. SEALSQ has not obtained, and do not intend to obtain, valuations of SEALSQ's goodwill and other intangible assets. However, the average value of SEALSQ's assets (including goodwill and other intangible assets) for 2025 is determined, in large part, by reference to the market value of SEALSQ's Ordinary Shares, which has fluctuated substantially over time. Moreover, the determination of whether SEALSQ is a PFIC for any taxable year requires the application of principles and methodologies that in some circumstances are unclear. In particular, PFIC's status for 2025 is uncertain because, among other things, the law applicable to determining whether SEALSQ's goodwill is categorized as an asset that produces active or passive income is subject to varying interpretation.

There is also a significant risk that SEALSQ could be a PFIC in 2026 and possibly future taxable years. Whether SEALSQ is a PFIC for the current or any future year is a fact-intensive determination that can only be determined after the close of the taxable year and will depend on the composition of its income and assets and the value of its assets from time to time during the year. However, SEALSQ currently holds a significant amount of cash and other liquid assets, and so the composition of SEALSQ's income and assets will be affected by how, and how quickly, SEALSQ uses its liquid assets. If SEALSQ deploys significant amounts of cash and investments for active purposes, SEALSQ may be less likely to be classified as a PFIC for the current or future taxable years. SEALSQ's PFIC status for any taxable year may also be largely driven by the market value of SEALSQ's Ordinary Shares, which could continue to be volatile. Accordingly, is a significant risk that SEALSQ could be a PFIC for 2026 and possibly for future taxable year.

If SEALSQ is a PFIC for any taxable year and any corporate non-U.S. entity in which it owns or is deemed to own equity interests is also a PFIC (a "Lower-tier PFIC"), a U.S. Holder will be deemed to own a proportionate amount (by value) of the shares of each Lower-tier PFIC and will be subject to U.S. federal income tax according to the rules described in the next paragraph on (i) certain distributions by the Lower-tier PFIC and (ii) dispositions of shares of the Lower-tier PFIC, in each case as if the U.S. Holder held such shares directly, even though such U.S. Holder will not receive any proceeds of those distributions or dispositions.

If a U.S. Holder holds SEALSQ Ordinary Shares in any year in which SEALSQ is treated as a PFIC, SEALSQ generally will continue to be treated as a PFIC with respect to that U.S. Holder for all succeeding years during which the U.S. Holder holds SEALSQ Ordinary Shares, even if SEALSQ ceases to meet the threshold requirements for PFIC status. However, if SEALSQ ceases to be a PFIC, a U.S. Holder can avoid the continuing impact of the PFIC rules by making a special election to recognize gain as if such U.S. Holder's Ordinary Shares had been sold on the last day of the last taxable year during which SEALSQ was a PFIC. U.S. Holders should consult their own tax advisor about the advisability of making this election.

If SEALSQ is classified as a PFIC, and a U.S. Holder has not made a timely mark-to-market election, as described below, the U.S. Holder will generally be subject to a special tax at ordinary income tax rates on "excess distributions" (generally, any distributions that are received in a taxable year that are greater than 125 percent of the average annual distributions that the holder has received in the preceding three taxable years, or its holding period, if shorter), including any gain that a U.S. Holder recognizes on the sale of its Ordinary Shares, which gain will be allocated ratably over the U.S. Holder's holding period for its Ordinary Shares, as applicable. The amount of gain from a disposition of Ordinary Shares that is allocated to the taxable year of the disposition and to any year before SEALSQ becomes a PFIC will be taxed as ordinary income. The amount allocated to any other tax year will be subject to U.S. federal income tax at the highest tax rate applicable to ordinary income in each such year, and an interest charge will be imposed on the tax liability for each such year to compensate for tax deferral, calculated as if such tax liability had been due in each such year.

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If SEALSQ is classified as a PFIC, a U.S. Holder can avoid certain of the adverse rules described above by making a mark-to-market election with respect to its SEALSQ Ordinary Shares provided that the Ordinary Shares are "marketable." SEALSQ Ordinary Shares will be considered marketable if they are "regularly traded" on a "qualified exchange" or other market within the meaning of applicable regulations. SEALSQ's Ordinary Shares are listed on NASDAQ, which is a "qualified exchange" for these purposes. Consequently, if SEALSQ's Ordinary Shares remain listed on NASDAQ and are regularly traded, and you are a U.S. Holder of Ordinary Shares, SEALSQ expects the mark-to-market election would be available to you if SEALSQ is a PFIC. U.S. Holders should consult their own tax advisers as to the whether a mark-to-market election is available or advisable with respect to the Ordinary Shares. Once made, the election will remain in effect for all taxable years in which SEALSQ is a PFIC, unless it is revoked with the consent of the U.S. Internal Revenue Service (the "IRS"), or the Ordinary Shares cease to be regularly traded on a qualified exchange.

If a U.S. Holder makes the mark-to-market election, generally the U.S. Holder will recognize as ordinary income any excess of the fair market value of the SEALSQ Ordinary Shares at the end of each taxable year over their adjusted tax basis, and will recognize an ordinary loss in respect of any excess of the adjusted tax basis of the SEALSQ Ordinary Shares over their fair market value at the end of the taxable year (but only to the extent of the net amount of income previously included as a result of the mark-to-market election). If a U.S. Holder makes the election, the holder's tax basis in the SEALSQ Ordinary Shares will be adjusted to reflect the income or loss amounts recognized. If a U.S. Holder makes a mark-to-market election with respect to its SEALSQ Ordinary Shares in a year other than the first year in which the U.S. Holder holds such Ordinary Shares (and no QEF election was in effect for the prior years), then special coordination rules will apply to the first taxable year in which the mark-to-market election is effective.

There is no provision of law or official guidance that provides for the ability to make a mark-to-market election with respect to any Lower-tier PFIC. Accordingly, a U.S. Holder may continue to be subject to tax under the PFIC excess distribution regime with respect to any Lower-tier PFICs notwithstanding a mark-to-market election for the Ordinary Shares. U.S. Holders should consult their own tax adviser regarding the availability and advisability of making a mark-to-market election in their particular circumstances if SEALSQ is a PFIC for any taxable year.

Although a U.S. Holder of SEALSQ Ordinary Shares could also avoid the unfavorable PFIC rules described above by electing to treat its Ordinary Shares as interests in a qualified electing fund ("QEF"), SEALSQ does not intend to provide the information that would allow a U.S. Holder to make such an election. Accordingly, if SEALSQ is treated as a PFIC, a U.S. holder will not be able to make a "QEF election."

A U.S. Holder that owns an equity interest in a PFIC must annually file IRS Form 8621, and may be required to file other IRS forms. A failure to file one or more of these forms as required may toll the running of the statute of limitations in respect of each of the U.S. Holder's taxable years for which such form is required to be filed. As a result, the taxable years with respect to which the U.S. holder fails to file the form may remain open to assessment by the IRS indefinitely, until the form is filed.

U.S. Holders should consult their tax advisers concerning SEALSQ's potential PFIC status and the potential application of the PFIC rules.

*U.S. Information Reporting*

***Information Reporting and Backup Withholding***

Payments of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries generally are subject to information reporting, and may be subject to backup withholding, unless (i) the U.S. Holder is a corporation or other exempt recipient or (ii) in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding. The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against the holder's U.S. federal income tax liability and may entitle it to a refund, provided that the required information is timely furnished to the IRS.

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***Information With Respect to Foreign Financial Assets***

A U.S. Holder who is an individual and, in certain cases, an entity, and who holds certain specified foreign financial assets (which may include SEALSQ Ordinary Shares) with an aggregate value in excess of certain thresholds, is generally required to report information related to such interests by attaching a completed IRS Form 8938 (Statement of Specified Foreign Financial Assets) with such U.S. Holder's tax return for each year in which such U.S. Holder held an interest in the specified foreign financial assets, subject to certain exceptions (including an exception for SEALSQ Ordinary Shares held in accounts maintained by U.S. financial institutions). Persons who are required to report foreign financial assets and fail to do so may be subject to substantial penalties. U.S. Holders should consult their tax advisors regarding these information reporting requirements.

**F.** **Dividends and Paying Agents**

Not applicable.

**G.** **Statement by Experts**

Not applicable.

**H.** **Documents on Display**

SEALSQ is subject to the information requirements of the Securities Exchange Act, and, in accordance with the Securities Exchange Act, SEALSQ files annual reports on Form 20-F within 120 days of each fiscal year, and submits other reports and information under cover of Form 6-K with the SEC. You may read and copy this information at the SEC's public reference room at 100 F Street, NE, Washington DC, 20549. Recent filings and reports are also available free of charge though the EDGAR electronic filing system at http://www.sec.gov. You can also request copies of the documents, upon payment of a duplicating fee, by writing to the public reference section of the SEC. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference room or accessing documents through EDGAR.

SEALSQ's financial statements have been prepared in accordance with U.S. GAAP.

SEALSQ will make available to its shareholders annual reports, which will include a review of operations and annual audited consolidated financial statements prepared in conformity with U.S. GAAP. SEALSQ's documents may be available at its principal executive offices and effective place of management at Avenue Louis-Casaï 58, 1216 Cointrin, Switzerland.

**I.** **Subsidiary Information**

Not applicable.

**J.** **Annual report to security holders**

SEALSQ intends to submit any annual report provided to security holders in electronic format as an exhibit to a Current Report on Form 6-K.

**Item 11.** **Quantitative and Qualitative Disclosures about Market Risk**

SEALSQ is exposed to market risks primarily related to foreign currency exchange rates and commodity prices. SEALSQ is not exposed to interest rate risks because all its financial instruments have fixed interest rate terms. As at December 31, 2025, all of SEALSQ's market risk sensitive instruments are held by entities with U.S. Dollar as the functional currency so the level of risk is currently considered as fully mitigated.

**Foreign currency exchange rate risk**

For information about the foreign currency exchange rate risk see *Item 5.A. Operating Results*.

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**Commodity price risk**

SEALSQ has only a very limited exposure to price risk related to anticipated purchases of certain commodities used as raw material. Its raw material inventory was USD 670,467 as at December 31, 2025. A change in those prices may affect SEALSQ's gross margin. However, because the inventory balance is relatively small in comparison with its total assets, SEALSQ does not enter into commodity futures, forwards or any other hedge instrument to manage fluctuations in prices of anticipated purchases.

**Item 12.** **Description of Securities Other than Equity Securities**

**A.** **Debt Securities**

Not applicable.

**B.** **Warrants and Rights**

Not applicable.

**C.** **Other Securities**

Not applicable.

**D.** **American Depositary Shares**

Not applicable.

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PART II

**Item 13.** **Defaults, Dividend Arrearages and Delinquencies**

None.

**Item 14.** **Material Modifications to The Rights of Security Holders and Use of Proceeds**

None.

**Item 15.** **Controls and Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)SEALSQ's Chief Executive Officer and Chief Financial Officer, after evaluating the effectiveness of its disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) as of the end of the period covered by this annual report, have concluded that, as of such date, SEALSQ's disclosure controls and procedures were effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Management's annual report on internal control over financial reporting: SEALSQ's board of directors and management are responsible for establishing and maintaining adequate internal control over financial reporting. SEALSQ's internal control over financial reporting was designed to provide reasonable assurance to its management and board of directors regarding the reliability of financial reporting and the preparation and fair presentation of its published consolidated financial statements.

Internal controls over financial reporting, no matter how well designed, have inherent limitations. Therefore, even those internal controls over financial reporting determined to be effective may not prevent or detect misstatements and can provide only reasonable assurance with respect to financial statement preparation and presentation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of SEALSQ's internal control over financial reporting as of December 31, 2025. In making this assessment, it used the criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Management's evaluation of and conclusion on the effectiveness of SEALSQ's internal control over financial reporting did not include an evaluation of the internal control over financial reporting of IC'Alps, which SEALSQ acquired on August 4, 2025. These exclusions are consistent with the SEC Staff guidance that an assessment of a recently acquired business may be omitted from the scope of SEALSQ's assessment of the effectiveness of disclosure controls and procedures that are also part of internal control over financial reporting in the twelve months following the acquisition. The contribution of IC'Alps operations to SEALSQ's consolidated financial statements for the year ended December 31, 2025 was approximately 19.7% of consolidated revenues and 4.7% of consolidated net earnings before income tax. Additionally, at December 31, 2025, the current assets and current liabilities of IC'Alps represented approximately 1.1% and 12.3% of SEALSQ's consolidated current assets and current liabilities, respectively, and the non-current assets and non-current liabilities of IC'Alps represented approximately 0.0% and 22.8% of SEALSQ's consolidated non-current assets and non-current liabilities, respectively.

Based on SEALSQ's assessment, which excluded the internal control over financial reporting of IC'Alps, management concluded that, as of December 31, 2025, internal control over financial reporting is effective based on those criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)There were no changes to SEALSQ's internal control over financial reporting that occurred during the period covered by this annual report that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

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**Item 16.** **[RESERVED]**

**Item 16A. Audit Committee Financial Expert**

SEALSQ's board of directors has determined that Ms. Cristina Dolan possesses specific accounting and financial management expertise and that she is an Audit Committee Financial Expert as defined by the SEC. Ms. Dolan is also "independent" in accordance with Nasdaq rule and the applicable requirements of Rule 10A-3 of the Exchange Act.

**Item 16B. Code of Ethics**

SEALSQ has followed BVI law which does not require a company to have a code of ethics applicable to all directors, officers and employees. SEALSQ does, however, expect ethical behavior from all its directors, officers and employees.

**Item 16C. Principal Accounting Fees and Services**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Audit Fees:* The aggregate fees billed for professional services rendered by the principal accountant for the audit of SEALSQ's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements amounted to USD 921,866 and USD 441,380 respectively for the years ended December 31, 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Audit-Related Fees: None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*Tax Fees:* None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)All Other Fees: None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)*Audit committee's pre-approval policies and procedures:* SEALSQ's audit committee is responsible for overseeing the activities of BDO, its principal accountant. The audit committee regularly evaluates the performance of BDO and, based on this, once a year, determines whether BDO should be proposed to the shareholders for election. To assess the performance of BDO, the audit committee holds meetings with the CFO. Criteria applied for the performance assessment of BDO include an evaluation of its technical and operational competence; its independence and objectivity; the sufficiency of the resources it has employed; its focus on areas of significant risk; its willingness to probe and challenge; its ability to provide effective, practical recommendations; and the openness and effectiveness of its communications and coordination with the audit committee.

In the years ended December 31, 2025 and 2024, BDO has not provided services other than those rendered for the audit of SEALSQ's annual financial statements or in connection with statutory and regulatory filings or engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

**Item 16D. Exemptions from the Listing Standards for Audit Committees**

None.

**Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers**

None.

**Item 16F. Change in Registrant's Certifying Accountant**

Not applicable

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**Item 16G. Corporate Governance**

See *Item 6.C. Board Practices* for significant ways in which SEALSQ's corporate governance practices differ from NASDAQ's standards.

**Item 16H. Mine Safety Disclosure**

Not applicable.

**Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

Not applicable.

**Item 16J. Insider trading policies**

SEALSQ's board of directors has adopted the Company's Insider Trading Policy that governs all transactions involving its securities by directors, officers, employees, consultants, and contractors and is reasonably designed to promote compliance with any insider trading laws, rules and regulations, and listing standards applicable to the Company. A copy of the Company's Insider Trading Policy is filed as Exhibit 11.1 to this Annual Report. Effective March 18, 2026, SEALSQ's directors and officers are subject to the reporting requirements of Section 16(a) of the Exchange Act. SEALSQ's has updated its insider trading policy to address related reporting procedures and a copy of the Company's Section 16 Supplement to its Insider Trading Policy is filed as Exhibit 11.2 to this Annual Report.

**Item 16K. Cybersecurity**

SEALSQ is dedicated to maintaining the highest standards of cybersecurity to safeguard its operations, assets, and stakeholder interests. In an era where digital threats continue to evolve, SEALSQ recognizes the paramount importance of cybersecurity in preserving the integrity, confidentiality, and availability of its critical information and systems.

SEALSQ's commitment to cybersecurity is rooted in a proactive and strategic approach that aligns with the Semiconductor industry's best practices and regulatory standards. SEALSQ views cybersecurity not only as a compliance requirement but as an integral component of its corporate responsibility to protect the trust of its shareholders, customers, and partners place in SEALSQ.

Below is an overview of SEALSQ's cybersecurity governance, policies, and practices. SEALSQ aims to demonstrate its resilience against cyber threats, articulate the measures it has in place to mitigate risks, and emphasize its ongoing investments in cybersecurity to adapt to the evolving threat landscape.

By integrating cybersecurity into SEALSQ's corporate culture, SEALSQ strives to maintain a secure and resilient environment, fostering trust and confidence among stakeholders. SEALSQ believes that transparency in its cybersecurity practices enhances its overall risk management strategy, and it remains committed to continuously improving its defenses against cyber threats.

**Overview**

SEALSQ recognizes the critical importance of cybersecurity in today's digital landscape. As an integral aspect of its risk management strategy, SEALSQ maintains a comprehensive approach to cybersecurity to protect its operations, data, and stakeholder trust.

**Cybersecurity Governance**

SEALSQ's board of directors and management are actively involved in overseeing cybersecurity matters. The board of directors is responsible for reviewing on a regular basis and assessing cybersecurity risks and ensuring the adequacy of its cybersecurity measures.

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SEALSQ's security processes are piloted by a Global Security Director, under the supervision of a Security Board, which includes the top management of SEALSQ. Once a year, the Global Security Director reassesses SEALSQ's cybersecurity risks and proposes to the Security Board a plan of action and budget for the year to come.

The executive board members of SEALSQ hold a weekly meeting with the general manager to discuss all matters including operational matters and risk management, as well as holding regular, wider meetings with the senior management of SEALSQ. During these meetings, the risks faced by the business and any new matters arising or potential threats identified are discussed. The SEALSQ management team provide updates on their ongoing projects designed to manage these risks, as well as presenting the results of any audits that are being carried out. The board of directors is also kept apprised on the results of all audits carried out during the year and is required to decide on strategic decisions such as whether to attain accreditations for the business. The board and audit committee are responsible also for overseeing the annual audit of SEALSQ which, while primarily focused on the financials of SEALSQ, does also cover certain risks associated with the business.

**Policies and Procedures:**

Under its global security policy, SEALSQ has implemented robust cybersecurity policies and procedures that address the identification, protection, detection, response, and recovery from potential cyber threats. SEALSQ's EDM-QMS (Quality Management System) contains over 60 policies and procedures for IT and security. Its policies and procedures are reviewed once a year, at minimum, and updated to align with the semiconductor industry's best practices and current threats. These policies and procedures are systematically asked for on each ISO or customer audit.

**Incident Response Plan:**

SEALSQ has a well-defined incident response plan to effectively manage and mitigate the impact of cybersecurity incidents. With SEALSQ's partner InQuest, a leader in cyber-defense, it has defined a main policy called Cybersecurity Response Plan to define all actions and plans to perform in case of cyberattack. It is a skeleton plan that refers to more specific procedures to help SEALSQ to take the right actions in a timely manner and address all fields, including detection, containment, investigation, rebuild and communication.

**Cybersecurity Investments**

SEALSQ continually invest in cybersecurity technologies, infrastructure, and training programs to enhance its ability to defend against evolving cyber threats. These investments are designed to fortify its cyber defenses and ensure the resilience of SEALSQ's information systems. In 2025, SEALSQ spent approximately 32% of the IT budget for cybersecurity. This is expected to increase to over 38% for cybersecurity investment in its budget plan for 2026 loss.

**Compliance and Regulations**

SEALSQ complies with all applicable cybersecurity laws and regulations. With over 17 years of history, SEALSQ has been ISO/IEC 27001 certified, and its products have been certified under Common Criteria at EAL5+ level since 2003.

SEALSQ continuously monitors changes in regulatory requirements and promptly adapts its cybersecurity best practices to remain aligned with evolving semiconductor and security standards, including ISO/IEC 27001 (versions 2005, 2013, and the latest 2022 revision).

In addition, SEALSQ follows the recommendations and regulatory developments of Eurosmart and actively contributes to industry working groups. SEALSQ is a member of several key committees, including:

● ISCI (Integrated Secure Circuit Initiative): a working group focused on the security and certification of secure integrated circuits.

● ITSC (Information Technology Security Committee): a committee addressing cybersecurity standards, evaluation methodologies, and compliance frameworks.

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● EUCC (European Union Common Criteria): the European cybersecurity certification scheme for ICT products under the EU Cybersecurity Act, aimed at harmonizing Common Criteria certification across Europe.

Through these engagements, SEALSQ actively contributes to the development of cybersecurity standards and ensures alignment with emerging European certification frameworks.

**Third-Party Relationships**

SEALSQ manages cybersecurity risks associated with third-party vendors and partners through due diligence, contractual obligations, and periodic assessments. Each year external audits are performed to SEALSQ's main suppliers. This includes requirements for third-parties to adhere to its cybersecurity standards.

***Training and Awareness***

To foster a cybersecurity-aware culture, SEALSQ conducts at least yearly training programs for all employees and subcontractors to enhance their understanding of cybersecurity risks and best practices. Security induction sessions are also provided for all new employees or contractors. This ensures that SEALSQ's workforce is a critical line of defense against potential threats.

Additionally, SEALSQ enhances its training efforts by conducting phishing campaigns through KnowBe4, a leading European provider for cybersecurity awareness training. This approach simulates real-world scenarios, helping employees identify and respond to phishing attempts effectively, while reinforcing the importance of vigilance in everyday interactions.

**Cybersecurity Performance Metrics**

SEALSQ monitors key performance metrics related to cybersecurity, including, but not limited to, firewalls, IPS probes (to track the number and nature of attacks), web and application usage by end users, and activity monitoring for VPN access. These metrics are reviewed weekly by the IT Director to drive continuous improvement. Additionally, general and file access control, account management, and power-user activities are monitored using the Log360 add-on from ManageEngine. In 2025, SEALSQ enhanced its infrastructure monitoring capabilities by increasing Zabbix probes by 30%, providing a more comprehensive view of its IT infrastructure. Furthermore, critical vulnerabilities are now consistently reduced to near-zero levels through weekly reviews conducted by the IT Director. All these metrics, along with other insights, are consolidated and presented during the SEALSQ Security Board meetings.

***Future Outlook***

SEALSQ is committed to staying ahead of emerging cyber threats and technologies. Leveraging its seat on the Eurosmart committees, it remains informed of the latest incidents, attacks, and technological advancements. SEALSQ's future outlook involves ongoing investments in cybersecurity, proactive risk assessments, and collaboration with the semiconductor industry and cybersecurity experts, such as Inquest, to address new and evolving challenges. It is also focused on enhancing network performance by upgrading its core switches from 10Gbit to 25Gbit technology, significantly improving speed and reliability. In addition, storage capacity and performance will be improved with the implementation of a new NETAPP storage bay for hot data. Finally, SEALSQ aims to track and reduce high vulnerabilities by 70%, further strengthening its security posture.

**Item 17.** **Financial Statements**

The SEALSQ Group has elected to furnish the financial statements and related information specified in *Item 18*.

**Item 18.** **Financial Statements**

The consolidated financial statements and related notes required by this *Item 18* are included in this annual report beginning on page F-1.

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**Item 19.** **Exhibits**

**Index to Exhibits**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1\* | [Amended and Restated Memorandum and Articles of Association of SEALSQ Corp adopted on 15 March 2023 (incorporated by reference to Exhibit 3.1 to the Company's Pre-Effective Amendment No. 2 to Registration Statement on Form F-1 (File No. 333- 269710) filed with the SEC on March 23, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000384/e618371_ex3-1.htm) |
| 1.2\* | [Amendment to the Amended and Restated Memorandum and Articles of Association of SEALSQ, adopted on 21 December 2023 (incorporated by reference to Exhibit 3.2 to the Company's Registration Statement on Form F-1 (File No. 333-276877) filed with the SEC on February 5, 2024)](https://www.sec.gov/Archives/edgar/data/1951222/000119380524000131/e619212_ex3-2.htm) |
| 1.3 | [Amended and Restated Memorandum and Articles of Association of SEALSQ Corp adopted on 6 October 2025](laes-20251231xex1d3.htm) |
| 2.1\* | [Specimen Certificate evidencing Ordinary Shares (incorporated by reference to Exhibit 4.1 to the Company's Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex4-1.htm) |
| 2.2\* | [Subscription Agreement between SEALSQ Corp and WISeKey International Holding AG (incorporated by reference to Exhibit 4.2 to the Company's Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex4-2.htm) |
| 2.3 \* | [English translation of Subscription Form between WISeKey International Holding AG and WISeKey Semiconductors SAS (incorporated by reference to Exhibit 4.3. to the Company's Registration Statement on Form F-1 (File No. 333- 269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex4-3.htm) |
| 2.4 | [Description of Securities registered under Section 12 of the Exchange Act](laes-20251231xex2d4.htm) |
| 4.1\* | [Service agreement dated October 1, 2022 between WISeKey Semiconductors SAS and WISeKey International Holding AG (incorporated by reference to Exhibit 10.1 to the Company's Registration Statement on Form F-1 (File No. 333- 269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex10-1.htm) |
| 4.2\* | [Service agreement dated October 1, 2022 between WISeKey Semiconductors SAS and WISeKey SA (incorporated by reference to Exhibit 10.2 to the Company's Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex10-2.htm) |
| 4.3\* | [Service agreement dated October 1, 2022 between WISeKey Semiconductors SAS and WISeKey USA Inc. (incorporated by reference to Exhibit 10.3. to the Company's Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex10-3.htm) |
| 4.4\* | [Service agreement dated October 1, 2022 between WISeKey Semiconductors SAS and WISeKey Semiconductors GmbH (incorporated by reference to Exhibit 10.4. to the Company's Registration Statement on Form F-1 (File No. 333- 269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex10-4.htm) |
| 4.5\* | [Revolving Credit Line dated February 1, 2016 between WISeKey Semiconductors SAS (previously Vault-IC SAS) and WISeKey International Holding AG (incorporated by reference to Exhibit 10.5 to the Company's Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex10-5.htm) |
| 4.6\* | [First amendment dated November 1, 2017 to Revolving Credit Line (incorporated by reference to Exhibit 10.6 to the Company's Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex10-6.htm) |
| 4.7\* | [Second amendment dated March 16, 2021 to Revolving Credit Line (incorporated by reference to Exhibit 10.7 to the Company's Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex10-7.htm) |

---

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| 4.8\* | [Third amendment dated November 3, 2022 to Revolving Credit Line (incorporated by reference to Exhibit 10.8 to the Company's Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex10-8.htm) |
| 4.9\* | [Fourth amendment dated November 3, 2022 to Revolving Credit Line (incorporated by reference to Exhibit 10.9 to the Company's Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex10-9.htm) |
| 4.10\* | [Debt transfer agreement dated June 28, 2021 between WISeKey Semiconductors SAS, WISeKey SA and WISeKey International Holding AG (incorporated by reference to Exhibit 10.10 to the Company's Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex10-10.htm) |
| 4.11\* | [Debt transfer agreement dated December 31, 2021 between WISeKey Semiconductors SAS and WISeKey International Holding AG (incorporated by reference to Exhibit 10.11 to the Company's Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex10-11.htm) |
| 4.12\* | [Debt transfer agreement dated June 30, 2022 between WISeKey Semiconductors SAS and WISeKey International Holding AG (incorporated by reference to Exhibit 10.12 to the Company's Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex10-12.htm) |
| 4.13\* | [Debt transfer agreement dated August 31, 2022 between WISeKey Semiconductors SAS, WISeKey SA and WISeKey International Holding AG (incorporated by reference to Exhibit 10.13 to the Company's Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex10-13.htm) |
| 4.14\* | [Debt transfer agreement dated November 1, 2022 between WISeKey Semiconductors SAS, WISeKey USA, WISeKey SA and WISeKey International Holding AG (incorporated by reference to Exhibit 10.14 to the Company's Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex10-14.htm) |
| 4.15\* | [First amendment dated November 1, 2022 to the Debt Transfer Agreements (incorporated by reference to Exhibit 10.15 to the Company's Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex10-15.htm) |
| 4.16\* | [Loan agreement dated April 1, 2019 between WISeCoin AG and WISeKey Semiconductors SAS (previously WISeCoin R&D Lab France SAS) (incorporated by reference to Exhibit 10.16 to the Company's Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex10-16.htm) |
| 4.17\* | [First amendment dated November 3, 2022 to the Loan Agreement (incorporated by reference to Exhibit 10.17 to the Company's Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex10-17.htm) |
| 4.18\* | [Second loan agreement dated October 1, 2019 between WISeCoin AG and WISeKey Semiconductors SAS (previously WISeCoin R&D Lab France SAS) (incorporated by reference to Exhibit 10.18 to the Company's Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex10-18.htm) |
| 4.19\* | [First amendment dated November 3, 2022 to the Second Loan Agreement (incorporated by reference to Exhibit 10.19 to the Company's Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex10-19.htm) |
| 4.20\* | [Form of F Share Option Agreement (included in Exhibit 4.29)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex10-29.htm) |
| 4.21\* | [Class F Shareholders' Agreement dated January 1, 2023 (incorporated by reference to Exhibit 10.21 to the Company's Pre-Effective Amendment No. 1 to Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on March 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000304/e618308_ex10-21.htm) |
| 4.22\* | [Debt Remission Agreement, dated as of April 1, 2021, between WISeKey International Holding AG and Wisekey Semiconductors SAS (incorporated by reference to Exhibit 10.22 to the Company's Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex10-22.htm) |

---

[**Table of Contents**](#TOC)

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| | |
|:---|:---|
| 4.23 | [Novation Agreement, dated as of September 29, 2025 between and among WISeKey International Holding AG, SEALSQ France and SEALSQ Corp.](laes-20251231xex4d23.htm) |
| 4.24\* | [Service Agreement, dated as of January 1, 2023, by and between WISeKey International Holding AG and SEALSQ Corp (incorporated by reference to Exhibit 10.23 to the Company's Registration Statement on Form F-1 (File No. 333- 269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex10-23.htm) |
| 4.25\* | [Master Purchase Agreement by and between Cisco Systems International B.V. and INSIDE Secure, dated as of August 25, 2014 (incorporated by reference to Exhibit 10.27 to the Company's Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex10-27.htm) |
| 4.26\* | [Loan Agreement between WISeKey International Holdings SA and WISeKey Semiconductors SAS, dated as of January 1, 2023 (incorporated by reference to Exhibit 10.28 to the Company's Pre-Effective Amendment No. 2 to Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on March 23, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000384/e618371_ex10-28.htm) |
| 4.27\* | [Form of F Share Option Plan (incorporated by reference to Exhibit 10.29 to the Company's Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex10-29.htm) |
| 4.28\* | [Debt transfer agreement dated December 31, 2022 between WISeKey International Holding AG and WISeKey Semiconductors SAS (incorporated by reference to Exhibit 10.30 to the Company's Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on February 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000183/e618181_ex10-30.htm) |
| 4.29\* | [F Share Option Agreement, dated March 10, 2023, by and between SEALSQ and Carlos Moreira (incorporated by reference to Exhibit 10.31 to the Company's Pre-Effective Amendment No. 1 to Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on March 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000304/e618308_ex10-31.htm) |
| 4.30\* | [F Share Option Agreement, dated March 10, 2023, by and between SEALSQ and Peter Ward (incorporated by reference to Exhibit 10.32 to the Company's Pre-Effective Amendment No. 1 to Registration Statement on Form F-1 (File No. 333-269710) filed with the SEC on March 10, 2023)](https://www.sec.gov/Archives/edgar/data/1951222/000119380523000304/e618308_ex10-32.htm) |
| 4.31\* | [Memorandum of Understanding dated July 27, 2022, between Cisco Systems, Inc. and WISeKey Semiconductors SAS (incorporated by reference to Exhibit 4.44 to the Company's Annual Report on Form 20-F filed with the SEC on March 21, 2024)](https://www.sec.gov/Archives/edgar/data/1951222/000119380524000423/e619360_ex4-44.htm) |
| 4.32\* | [Amendment No.1 dated December 20, 2022, between Cisco Systems, Inc. and WISeKey Semiconductors SAS, of the Memorandum of Understanding dated July 27, 2023, between Cisco Systems, Inc. and WISeKey Semiconductors SAS (incorporated by reference to Exhibit 4.45 to the Company's Annual Report on Form 20-F filed with the SEC on March 21, 2024)](https://www.sec.gov/Archives/edgar/data/1951222/000119380524000423/e619360_ex4-45.htm) |
| 4.33\* | [Securities Purchase Agreement, dated December 12, 2024, by and among SEALSQ Corp and L1 Capital Global Opportunities Master Fund Ltd. and Anson Investments Master Fund LP (incorporated by reference to Exhibit 4.35 to the Company's Annual Report on Form 20-F filed with the SEC on March 20, 2025)](https://www.sec.gov/Archives/edgar/data/1951222/000119380525000334/e664249_ex4-35.htm) |
| 4.34\* | [Placement Agency Agreement, dated December 12, 2024, by and between SEALSQ Corp and Maxim Group LLC (incorporated by reference to Exhibit 10.2 to the Company's Form 6-K furnished with the SEC on December 16, 2024)](https://www.sec.gov/Archives/edgar/data/1951222/000119380524001462/e664073_ex10-2.htm) |
| 4.35\* | [Second Securities Purchase Agreement, dated December 16, 2024, by and among SEALSQ Corp and L1 Capital Global Opportunities Master Fund Ltd. and Anson Investments Master Fund LP (incorporated by reference to Exhibit 4.37 to the Company's Annual Report on Form 20-F filed with the SEC on March 20, 2025)](https://www.sec.gov/Archives/edgar/data/1951222/000119380525000334/e664249_ex4-37.htm) |

---

[**Table of Contents**](#TOC)

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| | |
|:---|:---|
| 4.36\* | [Second Agency Agreement, dated December 16, 2024, by and between SEALSQ Corp and Maxim Group LLC (incorporated by reference to Exhibit 10.2 to the Company's Form 6-K furnished with the SEC on December 17, 2024)](https://www.sec.gov/Archives/edgar/data/1951222/000119380524001472/e664078_ex10-2.htm) |
| 4.37\* | [Third Securities Purchase Agreement, dated December 17, 2024, by and among SEALSQ Corp and L1 Capital Global Opportunities Master Fund Ltd. and Anson Investments Master Fund LP (incorporated by reference to Exhibit 4.39 to the Company's Annual Report on Form 20-F filed with the SEC on March 20, 2025)](https://www.sec.gov/Archives/edgar/data/1951222/000119380525000334/e664249_ex4-39.htm) |
| 4.38\* | [Third Agency Agreement, dated December 17, 2024, by and between SEALSQ Corp and Maxim Group LLC (incorporated by reference to Exhibit 10.2 to the Company's Form 6-K furnished with the SEC on December 19, 2024)](https://www.sec.gov/Archives/edgar/data/1951222/000119380524001501/e664090_ex10-2.htm) |
| 4.39\* | [Warrant Inducement Agreement, dated December 30, 2024, by and among SEALSQ Corp and by and among SEALSQ Corp and L1 Capital Global Opportunities Master Fund Ltd. and Anson Investments Master Fund LP (incorporated by reference to Exhibit 4.41 to the Company's Annual Report on Form 20-F filed with the SEC on March 20, 2025)](https://www.sec.gov/Archives/edgar/data/1951222/000119380525000334/e664249_ex4-41.htm) |
| 4.40\* | [Form of Ordinary Share Option Plan (incorporated by reference to Exhibit 4.42 to the Company's Annual Report on Form 20-F filed with the SEC on March 20, 2025)](https://www.sec.gov/Archives/edgar/data/1951222/000119380525000334/e664249_ex4-42.htm) |
| 4.41† | [Fourth Securities Purchase Agreement, dated May 5, 2025, by and between SEALSQ Corp and certain institutional investors](laes-20251231xex4d41.htm) |
| 4.42\* | [Fourth Placement Agency Agreement, dated May 5, 2025, by and between SEALSQ Corp and Maxim Group LLC (incorporated by reference to Exhibit 10.2 to the Company's Form 6-K furnished with the SEC on May 6, 2025).](https://www.sec.gov/Archives/edgar/data/1951222/000119380525000610/e664475_ex10-2.htm) |
| 4.43\* | [ATM Sales Agreement, dated May 19, 2025, by and between SEALSQ Corp and Cantor Fitzgerald & Co. (as sales agent) and Maxim Group LLC (as agent) (incorporated by reference to Exhibit 10.1 to the Company's Form 6-K furnished with the SEC on May 19, 2025).](https://www.sec.gov/Archives/edgar/data/1951222/000119380525000692/e664523_ex10-1.htm) |
| 4.44\* | [Share Sale and Purchase Agreement (IC'Alps SAS Acquisition), dated May 26, 2025, by and between SEALSQ Corp and Doliam SAS, Jean-Luc Triouleyré, and Lucille Engels (incorporated by reference to Exhibit 10.1 to the Company's Form 6-K furnished with the SEC on May 27, 2025)](https://www.sec.gov/Archives/edgar/data/1951222/000119380525000721/e664554_ex10-1.htm) |
| 4.45† | [Master Supply Agreement, dated July 1, 2025, by and between SEALSQ France SAS between PRESTO ENGINEERING France SAS.](laes-20251231xex4d45.htm) |
| 4.46† | [Fifth Securities Purchase Agreement, dated July 14, 2025, by and between SEALSQ Corp and certain institutional investors](laes-20251231xex4d46.htm) |
| 4.47\* | [Fifth Placement Agency Agreement, dated July 14, 2025, by and between SEALSQ Corp and Maxim Group LLC (incorporated by reference to Exhibit 10.2 to the Company's Form 6-K furnished with the SEC on July 15, 2025).](https://www.sec.gov/Archives/edgar/data/1951222/000119380525001017/e664694_ex10-2.htm) |
| 4.48† | [Second Warrant Inducement Agreement, dated October 5, 2025, by and between SEALSQ Corp and the holders of the Company's Class A Warrants issued on July 15, 2025](laes-20251231xex4d48.htm) |
| 4.49† | [Sixth Securities Purchase Agreement, dated October 15, 2025, by and between SEALSQ Corp and certain institutional investors](laes-20251231xex4d49.htm) |
| 4.50\* | [Sixth Placement Agency Agreement, dated October 15, 2025, by and between SEALSQ Corp and Maxim Group LLC (incorporated by reference to Exhibit 10.2 to the Company's Form 6-K furnished with the SEC on October 16, 2025).](https://www.sec.gov/Archives/edgar/data/1951222/000119380525001463/e664908_ex10-2.htm) |
| 4.51† | [First Amendment to Master Supply Agreement, dated 26 November, 2025 by and between SEALSQ France SAS between Presto Engineering France SAS.](laes-20251231xex4d51.htm) |

---

[**Table of Contents**](#TOC)

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| | |
|:---|:---|
| 4.52\* | [Lease Agreement, dated 14 January 2026, by and among SEALSQ Corp, WISeKey SA and Swiss Life AG (incorporated by reference to Exhibit 99.1 to the Company's Form 6-K furnished with the SEC on March 2, 2026).](https://www.sec.gov/Archives/edgar/data/1951222/000119380526000195/e665194_ex99-1.htm) |
| 4.53† | [Seventh Securities Purchase Agreement, dated March 15, 2026, by and between SEALSQ Corp and certain institutional investors](laes-20251231xex4d53.htm) |
| 4.54\* | [Seventh Placement Agency Agreement, dated March 15, 2026, by and between SEALSQ Corp and Maxim Group LLC (incorporated by reference to Exhibit 10.2 to the Company's Form 6-K furnished with the SEC on March 17, 2026).](https://www.sec.gov/Archives/edgar/data/1951222/000110465926029211/tm268871d2_ex10-2.htm) |
| 8.1 | [Subsidiaries of SEALSQ Corp](laes-20251231xex8d1.htm) |
| 11.1\* | [SEALSQ Insider Trading Policy (incorporated by reference to Exhibit 11.1 to the Company's Annual Report on Form 20-F filed with the SEC on March 20, 2025)](https://www.sec.gov/Archives/edgar/data/1951222/000119380525000334/e664249_ex11-1.htm) |
| 11.2 | [Section 16 Supplement to Insider Trading Policy](laes-20251231xex11d2.htm) |
| 12.1 | [Certification of Carlos Moreira, Chief Executive Officer of SEALSQ Corp, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](laes-20251231xex12d1.htm) |
| 12.2 | [Certification of John O'Hara, Chief Financial Officer of SEALSQ Corp, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](laes-20251231xex12d2.htm) |
| 13.1 | [Certification of Carlos Moreira, Chief Executive Officer of SEALSQ Corp, pursuant to Section 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](laes-20251231xex13d1.htm) |
| 13.2 | [Certification of John O'Hara, Chief Financial Officer of SEALSQ Corp, pursuant to Section 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](laes-20251231xex13d2.htm) |
| 15.1 | [Consent of BDO Ltd, an independent public accounting firm](laes-20251231xex15d1.htm) |
| 97.1\* | [SEALSQ Clawback Policy (incorporated by reference to Exhibit 97.1 to the Company's Annual Report on Form 20-F filed with the SEC on March 21, 2024)](https://www.sec.gov/Archives/edgar/data/1951222/000119380524000423/e619360_ex97-1.htm) |
| 101.INS | XBRL Instance Document |
| 101.SCH | XBRL Taxonomy Extension Schema Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |

---

\* Previously filed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**†** Certain portions of this exhibit have been omitted pursuant to Item 19 of Form 20-F because the omitted information is (i) not material and (ii) the type of information that the Company customarily and actually treats as private or confidential. The Company has marked the omitted portions in the filed exhibit with brackets and asterisks ("[\*\*\*]").

[**Table of Contents**](#TOC)

**SIGNATURES**

The registrant hereby certifies that it meets all of the requirements for filing of Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

---

| | | |
|:---|:---|:---|
| **SEALSQ CORP** | **SEALSQ CORP** | **SEALSQ CORP** |
| By: | /s/ Carlos Moreira | /s/ John O'Hara |
|  | Carlos Moreira | John O'Hara |
|  | CEO | CFO |
| Date:  | March 31, 2026 |  |

---

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

**SEALSQ Corp**

**Annual Report**

**January – December 2025**

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

**Consolidated Financial Statements**

**of SEALSQ Corp**

**As at December 31, 2025**

---

| | | |
|:---|:---|:---|
| [1.](#ReportoftheIndependentRegisteredPublicAc) | [Report of the Independent Registered Public Accounting Firm](#ReportoftheIndependentRegisteredPublicAc)(BDO Ltd; Zurich, Switzerland; PCAOB ID# 5988) | F-2 |
| [2.](#ConsolidatedStatementsofComprehensiveInc) | [Consolidated Statements of Comprehensive Income / (Loss)](#ConsolidatedStatementsofComprehensiveInc)  | F-3 |
| [3.](#ConsolidatedBalanceSheets_955162) | [Consolidated Balance Sheets](#ConsolidatedBalanceSheets_955162)  | F-4 |
| [4.](#ConsolidatedStatementsofChangesinShareho) | [Consolidated Statements of Changes in Shareholders' Equity](#ConsolidatedStatementsofChangesinShareho)  | F-6 |
| [5.](#ConsolidatedStatementsofCashFlows_337235) | [Consolidated Statements of Cash Flows](#ConsolidatedStatementsofCashFlows_337235)  | F-7 |
| [6.](#NotestotheConsolidatedFinancialStatement) | [Notes to the Consolidated Financial Statements](#NotestotheConsolidatedFinancialStatement)  | F-9 |

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[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

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| | | |
|:---|:---|:---|
| ![Graphic](laes-20251231x20f026.jpg) | Phone +41 44 444 35 55<br>www.bdo.ch | BDO Ltd<br>Schiffbaustrasse 2<br>8031 Zurich |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Report of Independent Registered Public Accounting Firm** 

Shareholders and Board of Directors

SEALSQ Corp

Craigmuir Chambers

Road Town

Tortola VG 1110

British Virgin Islands

#### Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of SEALSQ Corp (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of comprehensive income/(loss), shareholders' equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Zurich, Switzerland, March 31, 2026

BDO Ltd

/s/ Nigel Le Masurier /s/ Thomas Richard de Ferrars

We have served as the Company's auditor since 2023.

BDO Ltd, a limited company under Swiss law, incorporated in Zurich, forms part of the international BDO Network of independent member firms.

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**Consolidated Statements of Comprehensive Income / (Loss)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **12 months ended December 31,** | **12 months ended December 31,** | **12 months ended December 31,** |  | ***Note***  |
| **USD'000, except earnings per share** |  | **2025** | **2024** | **2023** |  | ***ref.*** |
| Net sales |  | 18252 | 10981 | 30058 |  | *33* |
| Cost of sales |  | (9116) | (6775) | (15589) |  |  |
| Depreciation of production assets |  | (506) | (478) | (420) |  |  |
| **Gross profit** |  | **8630** | **3728** | **14049** |  |  |
| Other operating income |  | 2607 | 359 | 48 |  | *34* |
| Research & development expenses |  | (12477) | (4985) | (3946) |  |  |
| Selling & marketing expenses |  | (12768) | (5453) | (5648) |  |  |
| General & administrative expenses |  | (25791) | (10840) | (8644) |  |  |
| **Total operating expenses** |  | **(48429)** | **(20919)** | **(18190)** |  |  |
| **Operating loss** |  | **(39799)** | **(17191)** | **(4141)** |  |  |
| Non-operating income |  | 8897 | 1061 | 2442 |  | *36* |
| Loss on debt extinguishment |  |  | (100) |  |  |  |
| Interest and amortization of debt discount |  | (223) | (1003) | (689) |  | *27* |
| Non-operating expenses |  | (3083) | (883) | (655) |  | *37* |
| **Loss before income tax expense** |  | **(34208)** | **(18116)** | **(3043)** |  |  |
| Income tax (expense) / income |  | 162 | (3085) | (225) |  | *38* |
| Equity in earnings of unconsolidated affiliates |  | (148) |  |  |  | *20/21* |
| **Net loss** |  | **(34194)** | **(21201)** | **(3268)** |  |  |
| **Earnings per ordinary share (USD)** |  |  |  |  |  |  |
| Basic |  | (0.24) | (0.60) | (0.21) |  | *40* |
| Diluted |  | (0.24) | (0.60) | (0.21) |  | *40* |
| **Earnings per F share (USD)** |  |  |  |  |  |  |
| Basic |  | (1.20) | (3.01) | (1.07) |  | *40* |
| Diluted |  | (1.20) | (3.01) | (1.07) |  | *40* |
| **Other comprehensive income / (loss), net of tax:** |  |  |  |  |  |  |
| Foreign currency translation adjustments |  | (39) |  | (2) |  |  |
| Unrealized gain on available-for-sale debt securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;Unrealized holding gain arising during period |  | 25 |  |  |  |  |
| Defined benefit pension plans: |  |  |  |  |  | *29* |
| &nbsp;&nbsp;Net gain / (loss) arising during period |  | 108 | (27) | 11 |  |  |
| **Other comprehensive income / (loss)** |  | **94** | **(27)** | **9** |  |  |
| **Comprehensive loss** |  | **(34100)** | **(21228)** | **(3259)** |  |  |

---

The accompanying notes are an integral part of these consolidated financial statements.

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**Consolidated Balance Sheets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at December 31,** | **As at December 31,** |  | ***Note*** |
| **USD'000, except par value** | **2025** | **2024** |  |  ***ref.*** |
| **ASSETS** |  |  |  |  |
| **Current assets** |  |  |  |  |
| Cash and cash equivalents | 417657 | 84624 |  | *8* |
| Accounts receivable, net of allowance for doubtful accounts | 12944 | 3825 |  | *9* |
| Inventories | 2012 | 1418 |  | *10* |
| Prepaid expenses | 880 | 355 |  |  |
| Investment, current | 10032 |  |  | *11* |
| Government assistance | 4579 | 2247 |  | *12* |
| Other current assets | 1534 | 593 |  | *13* |
| **Total current assets** | **449638** | **93062** |  |  |
| **Noncurrent assets** |  |  |  |  |
| Loans receivable, noncurrent | 31 |  |  |  |
| Deferred tax credits | 2295 | 190 |  | *14* |
| Property, plant and equipment, net of accumulated depreciation | 3770 | 3201 |  | *15* |
| Intangible assets, net of accumulated amortization | 20953 |  |  | *16* |
| Operating lease right-of-use assets | 6113 | 1031 |  | *17* |
| Finance lease right-of-use assets | 126 |  |  | *17* |
| Goodwill | 5656 |  |  | *18* |
| Available-for-sale debt securities, noncurrent | 129 |  |  | *19* |
| Investments in unconsolidated affiliates | 4259 |  |  | *20* |
| Investments in unconsolidated related party affiliates | 9958 |  |  | *21* |
| Investment in SAFE | 1000 |  |  | *22* |
| Other noncurrent assets | 251 | 82 |  | *23* |
| **Total noncurrent assets** | **54541** | **4504** |  |  |
| **TOTAL ASSETS** | **504179** | **97566** |  |  |
| **LIABILITIES** |  |  |  |  |
| **Current Liabilities** |  |  |  |  |
| Accounts payable | 16818 | 10073 |  | *24* |
| Notes payable | 689 | 4828 |  | *25* |
| Deferred revenue, current | 25 | 5 |  | *33* |
| Current portion of obligations under operating lease liabilities | 668 | 327 |  | *17* |
| Current portion of obligations under finance lease liabilities | 57 |  |  | *17* |
| Income tax payable | 3 | 1 |  |  |
| Other current liabilities | 9988 | 1659 |  | *26* |
| **Total current liabilities** | **28248** | **16893** |  |  |
| **Noncurrent liabilities** |  |  |  |  |
| Bonds, mortgages and other long-term debt | 989 |  |  | *27* |
| Indebtedness to related parties, noncurrent |  | 3105 |  | *28* |
| Operating lease liabilities, noncurrent | 5523 | 616 |  | *17* |
| Finance lease liabilities, noncurrent | 72 |  |  | *17* |
| Deferred tax liability | 4367 |  |  | *38* |
| Employee benefit plan obligation | 2162 | 464 |  | *29* |
| Other noncurrent liabilities | 1310 |  |  | *16* |
| **Total noncurrent liabilities** | **14423** | **4185** |  |  |
| **TOTAL LIABILITIES** | **42671** | **21078** |  |  |

---

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **As at December 31,** | **As at December 31,** |  | ***Note*** |
| **USD'000, except par value** |  | **2025** | **2024** |  |  ***ref.*** |
| **Commitments and contingent liabilities** |  |  |  |  | *30* |
| **SHAREHOLDERS' EQUITY** |  |  |  |  |  |
| Common stock - Ordinary shares |  | 1915 | 1000 |  | *31* |
| &nbsp;&nbsp;Par value - USD 0.01 |  |  |  |  |  |
| &nbsp;&nbsp;Authorized - 500,000,000 and 200,000,000 |  |  |  |  |  |
| &nbsp;&nbsp;Issued and outstanding – 191,525,129 and 100,039,519 |  |  |  |  |  |
| Common stock - F shares |  | 75 | 75 |  | *31* |
| &nbsp;&nbsp;Par value - USD 0.05 |  |  |  |  |  |
| &nbsp;&nbsp;Authorized - 10,000,000 and 10,000,000 |  |  |  |  |  |
| &nbsp;&nbsp;Issued and outstanding - 1,499,800 and 1,499,700 |  |  |  |  |  |
| Additional paid-in capital |  | 534773 | 116568 |  |  |
| Accumulated other comprehensive income |  | 852 | 758 |  | *32* |
| Accumulated deficit |  | (76107) | (41913) |  |  |
| **Total shareholders' equity** |  | **461508** | **76488** |  |  |
| **TOTAL LIABILITIES AND EQUITY** |  | **504179** | **97566** |  |  |

---

The accompanying notes are an integral part of these consolidated financial statements.

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**Consolidated Statements of Changes in Shareholders' Equity

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**USD'000 except share numbers** | <br>**Number of**<br>**ordinary** <br>**shares** | <br>**Number** <br>**of** <br>**F shares** | <br>**Share**<br>**Capital** | <br>**Additional**<br>**paid-in**<br>**capital** | <br>**Accumulated**<br>**deficit** | **Accumulated**<br>**other**<br>**comprehensive** <br>**income / (loss)** | <br>**Total** <br>**equity**<br>**(deficit)** | <br>***Note***<br> ***ref.*** |
| **As at December 31, 2023** | **15446807** | **1499700** | **229** | **24435** | **(20712)** | **784** | **4736** |  |
| Stock-based compensation |  |  |  | 148 |  |  | **148** |  |
| Securities Purchase Agreements | 74763055 |  | 748 | 74674 |  |  | **75422** |  |
| Warrant exercises | 9829657 |  | 98 | 17311 |  |  | **17409** |  |
| Comprehensive income / (loss) |  |  |  |  | (21201) | (27) | **(21228)** |  |
| **As at December 31, 2024** | **100039519** | **1499700** | **1075** | **116568** | **(41913)** | **758**<br> **(a)** | **76488** |  |
| Options exercised and acquisition of common stock for tax withholding obligations | 1594464 | 100 | 16 | (3126) |  |  | **(3110)** |  |
| Stock-based compensation |  |  |  | 9723 |  |  | **9723** | 35 |
| Securities Purchase Agreements | 37640000 |  | 377 | 258693 |  |  | **259070** | 31 |
| Warrant exercises | 35496048 |  | 354 | 80837 |  |  | **81191** | 31 |
| ATM | 15450000 |  | 155 | 67725 |  |  | **67880** | 31 |
| Investment in WeCan Group | 481110 |  | 5 | 1922 |  |  | **1927** | 20 |
| Acquisition of IC'Alps | 823988 |  | 8 | 2431 |  |  | **2439** | 6 |
| Comprehensive income / (loss) |  |  |  |  | (34194) | 94 | **(34100)** |  |
| **As at December 31, 2025** | **191525129** | **1499800** | **1990** | **534773** | **(76107)** | **852** | **461508** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Adjusted for rounding

The accompanying notes are an integral part of these consolidated financial statements.

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.**Consolidated Statements of Cash Flows

---

| | | | |
|:---|:---|:---|:---|
| | **12 months ended December 31,** | **12 months ended December 31,** | **12 months ended December 31,** |
| <br>**USD'000** | **2025** | **2024** | **2023** |
| **Cash Flows from operating activities:** |  |  |  |
| Net loss | (34194) | (21201) | (3268) |
| Adjustments to reconcile net loss to net cash provided by / (used in) operating activities: |  |  |  |
| &nbsp;&nbsp;Depreciation of property, plant & equipment | 703 | 630 | 569 |
| &nbsp;&nbsp;Depreciation of lease building & assets, net of cash paid | (2035) |  |  |
| &nbsp;&nbsp;Amortization of intangible assets | 1523 |  | 1 |
| &nbsp;&nbsp;Write-off gain |  |  | (2240) |
| &nbsp;&nbsp;Impairment charge  | 472 |  |  |
| &nbsp;&nbsp;Interest and amortization of debt discount | 223 | 1003 | 689 |
| &nbsp;&nbsp;Loss on debt extinguishment |  | 100 |  |
| &nbsp;&nbsp;Stock-based compensation | 11261 | 148 |  |
| &nbsp;&nbsp;Inventory valuation allowance | 34 | (524) | 594 |
| &nbsp;&nbsp;Income from equity-method investments, net of dividends received | 148 |  |  |
| &nbsp;&nbsp;Deferred tax asset write-off |  | 3077 |  |
| &nbsp;&nbsp;Income tax expense / (recovery) net of cash paid | (168) | 4 | 225 |
| &nbsp;&nbsp;Other non cash expenses /(income) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses settled in equity |  | 441 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized and non cash foreign currency transactions | (365) | (478) | 112 |
| &nbsp;&nbsp;Reclassification to financial activities |  | 255 |  |
| Changes in operating assets and liabilities, net of effects of businesses acquired / divested |  |  |  |
| &nbsp;&nbsp;Decrease / (increase) in accounts receivables | 688 | 1451 | (2834) |
| &nbsp;&nbsp;Decrease / (increase) in inventories | (1101) | 4337 | 2319 |
| &nbsp;&nbsp;Decrease / (increase) in other current assets and prepaids, net | (950) | 423 | 275 |
| &nbsp;&nbsp;Decrease / (increase) in government assistance, net | (1039) | (528) | (1026) |
| &nbsp;&nbsp;Decrease / (increase) in other noncurrent assets, net | (2150) | (189) | (6) |
| &nbsp;&nbsp;Increase / (decrease) in accounts payable | 4558 | 2100 | 39 |
| &nbsp;&nbsp;Increase / (decrease) in deferred revenue, current | 20 | 5 |  |
| &nbsp;&nbsp;Increase / (decrease) in income tax payable | 2 |  | (45) |
| &nbsp;&nbsp;Increase / (decrease) in other current liabilities, excluding stock-based compensation liability | 4720 | 1226 | 285 |
| &nbsp;&nbsp;Increase / (decrease) in deferred revenue, noncurrent | (7) |  |  |
| &nbsp;&nbsp;Increase / (decrease) in defined benefit pension liability | 1521 | 37 | 31 |
| &nbsp;&nbsp;Increase / (decrease) in interest on debt owed to related parties | (319) | 167 | 35 |
| &nbsp;&nbsp;Increase / (decrease) in net balance owed to related parties, excluding debt and interest on debt | (11724) | (2608) | 1347 |
| &nbsp;&nbsp;Increase / (decrease) in other noncurrent liabilities | (3078) |  |  |
| **Net cash provided by / (used in) operating activities** | **(31257)** | **(10124)** | **(2745)** |
| **Cash Flows from investing activities:** |  |  |  |
| &nbsp;&nbsp;Sale / (acquisition) of property, plant and equipment | (743) | (571) | (3021) |
| &nbsp;&nbsp;Sale / (acquisition) of cryptocurrencies | (500) |  |  |
| &nbsp;&nbsp;Sale / (acquisition) of investment in SAFE | (1000) |  |  |
| &nbsp;&nbsp;Sale / (acquisition) of available-for-sale debt securities | (104) |  |  |
| &nbsp;&nbsp;Sale / (acquisition) of investment, current | (10000) |  |  |
| &nbsp;&nbsp;Acquisition of a business, net of cash and cash equivalents acquired | (10549) |  |  |
| &nbsp;&nbsp;Acquisition of unconsolidated affiliates and unconsolidated related party affiliates | (12416) |  |  |
| **Net cash provided by / (used in) investing activities** | **(35312)** | **(571)** | **(3021)** |

---

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **12 months ended December 31,** | **12 months ended December 31,** | **12 months ended December 31,** |
| <br>**USD'000** | **2025** | **2024** | **2023** |
| **Cash Flows from financing activities:** |  |  |  |
| &nbsp;&nbsp;Proceeds from options and warrants exercises | 7401 | 17610 |  |
| &nbsp;&nbsp;Proceeds from issuance of Common Stock | 429266 | 60000 |  |
| &nbsp;&nbsp;Common Stock issuance costs | (28996) | (5936) | (295) |
| &nbsp;&nbsp;Repayment of indebtedness to related parties | (2750) | (1407) |  |
| &nbsp;&nbsp;Repayments of debt | (2377) |  |  |
| &nbsp;&nbsp;Payments of debt issue costs |  | (1867) | (680) |
| &nbsp;&nbsp;Proceeds from convertible loan issuance |  | 20000 | 9600 |
| &nbsp;&nbsp;Acquisition of common stock for tax withholding obligations | (3025) |  |  |
| **Net cash provided by / (used in) financing activities** | **399519** | **88400** | **8625** |
| **Effect of exchange rate changes on cash and cash equivalents** | 83 | 24 | (21) |
| **Cash and cash equivalents** |  |  |  |
| &nbsp;&nbsp;Net increase / (decrease) during the period | 333033 | 77729 | 2838 |
| &nbsp;&nbsp;Balance, beginning of period | 84624 | 6895 | 4057 |
| **Cash and cash equivalents balance, end of period** | **417657** | **84624** | **6895** |
| **Supplemental cash flow information for financing and investing activities** |  |  |  |
| &nbsp;&nbsp;Cash paid for interest, net of amounts capitalized | 29 |  |  |
| &nbsp;&nbsp;Cash paid for income tax | 6 | 4 |  |
| &nbsp;&nbsp;Noncash conversion of convertible loans into common stock |  | 21825 | 8175 |
| &nbsp;&nbsp;Issuance of shares in relation to the acquisition of IC'Alps | 2464 |  |  |
| &nbsp;&nbsp;Issuance of shares in relation to investments in unconsolidated affiliates | 1948 |  |  |
| &nbsp;&nbsp;Shares withheld to satisfy tax obligations | 3136 |  |  |
| &nbsp;&nbsp;ROU assets obtained from operating lease | 6312 | 62 | 65 |
| &nbsp;&nbsp;ROU assets obtained from finance lease | 157 |  |  |

---

The accompanying notes are an integral part of these consolidated financial statements.

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.**Notes to the Consolidated Financial Statements

#### Note 1. Organization and nature of operations
SEALSQ Corp, together with its consolidated subsidiaries ("SEALSQ" or the "Group" or the "SEALSQ Group"), was incorporated in April 2022 under the laws of the British Virgin Islands ("BVI"). The SEALSQ Group's registered office is located in Tortola, BVI. The Group's ordinary shares are listed on the Nasdaq Global Select Market under the ticker symbol "LAES" since May 23, 2023.

On January 1, 2023, the Group acquired 100% of the outstanding shares of SEALSQ France SAS (formerly WISeKey Semiconductors SAS) and its subsidiaries. Prior to this acquisition, the Group did not have any operations. On August 4, 2025, SEALSQ acquired 100% of IC'Alps SAS, thereby broadening its services to Application-Specific Integrated Circuit ("ASIC") design.

The Group operates in the semiconductor and cybersecurity industry and designs and markets secure microcontrollers and related cybersecurity solutions primarily for Internet of Things ("IoT") applications.

#### Note 2. Future operations and going concern
The Group recorded a loss from operations in this reporting period and the accompanying consolidated financial statements have been prepared assuming that the Group will continue as a going concern.

The Group incurred a net operating loss of USD 39.8 million in the year 2025 and had positive working capital of USD 421.4 million as at December 31, 2025. Based on the Group's cash projections up to March 31, 2027, SEALSQ has sufficient liquidity to fund operations.

We note that, historically, the Group has been dependent on financing from its parent, WISeKey International Holding Ltd, or other investors to augment the operating cash flow to cover its cash requirements.

Based on the foregoing, management believe it is correct to present these figures on a going concern basis.

#### Note 3. Basis of presentation
The consolidated financial statements are prepared in accordance with the Generally Accepted Accounting Principles in the United States of America ("**US GAAP**") as set forth in the Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC). All amounts are in United States dollars ("**USD**") unless otherwise stated.

#### Acquisition of IC'Alps
On August 4, 2025, SEALSQ acquired 100% of the issued and outstanding shares of IC'Alps SAS ("IC'Alps"), a French société par actions simplifiée, pursuant to a Share Purchase Agreement dated May 26, 2025. IC'Alps is a France-based ASIC and system-on-chip design company serving the medical, automotive, industrial and security markets.

The acquisition was accounted for as a business combination in accordance with ASC 805, Business Combinations, with SEALSQ identified as the accounting acquirer. The assets, liabilities and results of IC'Alps have been included in the Group's consolidated financial statements from August 4, 2025 (see Note 6).

The acquisition enhances SEALSQ's semiconductor design capabilities and expands its engineering workforce and customer relationships.

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

#### Additional paid-in capital
During our 2025 financial reporting process, we ascertained that, although SEALSQ is a BVI company with a direct listing on a U.S. stock exchange, its tax residency status means that it is liable for stamp duties in Switzerland for its share issues. This resulted in the Group not accruing for stamp duties on its share issues since inception, which affected SEALSQ's equity presentation of capital increases in the financial statements ended December 31, 2024 and 2023. The error resulted in an overstatement of the capital increase impacts in additional paid-in capital and an understatement of other current liabilities. We assessed that there was not a substantial likelihood that the error would have been viewed by the reasonable investor as having significantly altered the "total mix" of information made available, and as such concluded that a "little r" restatement was required. In application of ASC 250, we corrected the error in the current year comparative financial statements by adjusting the prior period information.

The tables below show the effect of the adjustment of the prior period information on the Consolidated Balance Sheets, Consolidated Statements of Changes in Shareholders' Equity and Consolidated Statements of Cash Flows. The related interest accrual in relation to the late payment in prior years was deemed immaterial and was not adjusted in retained earnings, instead, a total cumulated interest expense of $86,474 was recorded in the income statement in the year ended December 31, 2025 ($4,884 arising in 2023, $14,563 in 2024 and $67,028 in 2025).

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| | **As at December 31, 2024** | **As at December 31, 2024** |
| <br>**USD'000, except par value** | **As reported in the financial statements**<br>**ended December 31, 2024** | **As adjusted in the financial statements** <br>**ended December 31, 2025** |
| Other current liabilities | 283 | 1659 |
| **Total current liabilities** | **15517** | **16893** |
| **TOTAL LIABILITIES** | **19702** | **21078** |
| **SHAREHOLDERS' EQUITY** |  |  |
| Additional paid-in capital | 117944 | 116568 |
| **Total shareholders' equity** | **77864** | **76488** |
| **TOTAL LIABILITIES AND EQUITY** | **97566** | **97566** |

---

**Consolidated Statements of Changes in Shareholders' Equity**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As reported in the financial statements** | **As reported in the financial statements** | **As adjusted in the financial statements** | **As adjusted in the financial statements** |
| | **ended December 31, 2024** | **ended December 31, 2024** | **ended December 31, 2025** | **ended December 31, 2025** |
| <br>**USD'000**  | **Additional**<br>**paid-in capital** | <br>**Total equity** | **Additional**<br>**paid-in capital** | <br>**Total equity** |
| **As at December 31, 2023** | **24730** | **5031** | **24435** | **4736** |
| Share Purchase Agreements | 75554 | **76302** | 74674 | **75422** |
| Warrant exercises | 17512 | **17610** | 17311 | **17409** |
| **As at December 31, 2024** | **117944** | **77864** | **116568** | **76488** |

---

**Consolidated Statements of Cash Flows**

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As reported in the financial**  | **As reported in the financial**  | **As adjusted in the financial**  | **As adjusted in the financial**  |
| | **statements ended December 31, 2024** | **statements ended December 31, 2024** | **statements ended December 31, 2025** | **statements ended December 31, 2025** |
| | **12 months ended December 31,** | **12 months ended December 31,** | **12 months ended December 31,** | **12 months ended December 31,** |
| <br>**USD'000** | **2024** | **2023** | **2024** | **2023** |
| **Cash Flows from operating activities:** |  |  |  |  |
| Increase / (decrease) in other current liabilities, excluding stock-based compensation liability | 145 | (10) | 1226 | 285 |
| **Net cash provided by / (used in) operating activities** | **(11205)** | **(3040)** | **(10124)** | **(2745)** |
| **Cash Flows from financing activities:** |  |  |  |  |
| Common Stock issuance costs | (4855) |  | (5936) | (295) |
| **Net cash provided by / (used in) financing activities** | **89481** | **8920** | **88400** | **8625** |

---

#### Note 4. Summary of significant accounting policies

#### Accounts Receivable
Receivables represent rights to consideration that are unconditional and consist of amounts billed and currently due from customers. The Group extends credit to customers in the normal course of business and in line with industry practices.

#### Advertising Costs
All advertising costs are expensed as incurred.

#### Allowance for Credit losses
We recognize an allowance for credit losses to present the net amount of receivables expected to be collected as of the balance sheet date. The allowance is based on the credit losses expected to arise over the asset's contractual term taking into account historical loss experience, customer-specific data as well as forward-looking estimates. Expected credit losses are estimated individually.

Accounts receivables are written off when deemed uncollectible and are recognized as a deduction from the allowance for credit losses. Expected recoveries, which are not to exceed the amount previously written off, are considered in determining the allowance balance at the balance sheet date.

#### Available-For-Sale Debt Securities
Available-for-sale debt securities are reported at fair value. Unrealized gains and losses, net of tax, are included in accumulated other comprehensive income (AOCI) until realized or determined to be credit impaired. The Group evaluates available-for-sale debt securities for expected credit losses under ASC 326. A credit loss allowance is recorded when a security's fair value is less than its amortized cost and the Group does not expect to recover the full amortized cost.

#### Cash and Cash Equivalents
Cash consists of deposits held at major banks that are readily available. Cash equivalents consist of highly liquid investments that are readily convertible to cash and with original maturity dates of three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities of these instruments. Managed investment accounts held for investment purposes are excluded from cash and cash equivalents.

#### Comprehensive Income / (Loss)
Comprehensive income includes net income and other comprehensive income ("OCI"). Other comprehensive income consists of revenues, expenses, gains, and losses to be included in comprehensive income but excluded from net income as listed in ASC 220-10-45-10A.

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

In line with ASC 220 (Income Statement - Reporting Comprehensive Income), we have elected to report comprehensive income in a single continuous financial statement with two sections: net income and other comprehensive income.

We present each of the components of other comprehensive income separately, based on their nature, in the statement of comprehensive income.

#### Contract Assets
Contract assets consist of accrued revenue where the Group has fulfilled its performance obligation towards the customer, but the right to payment is conditional on something other than the passage of time, and therefore the corresponding invoice has not yet been issued. Upon invoicing, contract assets are reclassified to trade accounts receivable until payment is received.

#### Contract Liability
Contract liability consists of either:

amounts that have been invoiced and not yet paid, nor recognized as revenue. Upon payment, the liability is reclassified to deferred revenue if the amounts still have not been recognized as revenue. Contract liability that will be realized during the succeeding 12-month period is recorded as current and the remaining contract liability recorded as noncurrent. This would relate to multi-year certificates or licenses.<br>

- advances from customers not supported by invoices.

#### Cost of Sales and Depreciation of Production Assets
Our cost of sales consists primarily of expenses associated with the design, development, production, delivery and distribution of products. These include expenses related to the preparation of our secure elements and the technical support provided on the Group's ongoing production and on ramp-up phases, including materials, labor, test and assembly suppliers and subcontractors, quality insurance, logistics and freights costs, as well as the amortization of probes, wafers and other items that are used in the production process. This amortization is disclosed separately under depreciation of production assets on the face of the income statement.

#### Crypto Assets
The Group's cryptocurrency holding is classified as crypto assets with indefinite useful lives in accordance with ASC 350-30 and presented separately in the notes (see Note 16). All in-scope crypto assets shall be remeasured to fair value at each reporting date in accordance with ASC 820 (Fair Value Measurement). All changes in fair value (whether unrealized gains or losses) shall be recognized in net income for the period in which the change occurs.

Cryptocurrencies created or issued by the Group's related parties are explicitly outside the ASU 2023-08 scope. They are accounted for under the cost-less-impairment model and subject to periodic impairment testing and are not amortized. The Group evaluates these assets for impairment at least annually, or more frequently when indicators of impairment exist.

#### Deferred Revenue
Deferred revenue consists of amounts that have been invoiced and paid but have not been recognized as revenue. Deferred revenue that will be realized during the succeeding 12-month period is recorded as current and the remaining deferred revenue recorded as noncurrent. This would relate to multi-year certificates or licenses.

#### Earnings per Share
Basic earnings per share are calculated using the two-class method required for companies with multiple classes of common stock. The two-class method determines net earnings per common share for each class of common stock according to dividends declared or accumulated and participation rights in distributed and undistributed earnings or losses. The two-class method requires income available to common stockholders for the period to be allocated between each class of common stock based upon their respective rights to receive dividends as if all income for the period had been distributed.

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

For SEALSQ, the dividend rights of the holders of ordinary shares and F shares (collectively, the "**common stock**") differ. The dividend rights of an F share are five times greater than the dividend rights of an ordinary share. Undistributed earnings are allocated to the classes of common stock proportionately to their dividend rights and the resulting net results per share will, therefore, vary for each class of common stock. In line with ASC 260-10-45, the Group has presented the net earnings attributed to its common stock for each class of common stock. The earnings per share calculation is based on the weighted average number of shares in issue of each class.

When the effects are not antidilutive, diluted earnings per share is calculated using the weighted-average outstanding common shares and the dilutive effect of stock options as determined under the treasury stock method.

#### Fair Value of Financial Instruments
The Group's financial instruments are primarily composed of cash and cash equivalents, accounts receivable, managed investment accounts, accounts payable and other current liabilities, and debt obligations.

Fair value is the price that would be received to sell an asset or the amount paid to transfer a liability, also referred to as the "exit price," in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, as described in Note 6, fair value measurement classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Management's assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability.

Fair values of financial instruments are estimated using public market prices, quotes from financial institutions and other available information. Due to their short-term maturity, the carrying amounts of cash and cash equivalents, accounts receivable and contract assets, accounts payable and other current liabilities approximate their fair values, and management also believes that the carrying values of notes and other receivables and outstanding balances on the Group's credit and term loan facilities approximate their fair values, based on their specific asset and/or liability characteristics, including having terms consistent with current market conditions. The fair value of convertible note payable is calculated based on the present value of the future cash flows as of the reporting date.

#### Fiscal Year
The Group's fiscal year ends on December 31.

#### Foreign Currency
The functional currency of SEALSQ Corp is the U.S. dollar, USD.

In general, the functional currency of a foreign operation is the local currency. Assets and liabilities recorded in foreign currencies are translated at the exchange rate on the balance sheet date. Revenue and expenses are translated at average rates of exchange prevailing during the year. The effects of foreign currency translation adjustments are included in stockholders' equity as a component of accumulated other comprehensive income / (loss). The Group's reporting currency is USD.

#### General Principles of Business Combinations
The Group uses the acquisition method to account for business combination, in line with ASC 805-10. Subsidiaries acquired or divested in the course of the year are included in the consolidated financial statements respectively as of the date of purchase, and up to the date of sale. The consideration for the acquisition is measured as the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group.

Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling interests over the net identifiable assets acquired and liabilities assumed.

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

#### Goodwill
Goodwill is not amortized but is subject to impairment analysis at least annually or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable.

Goodwill is allocated to the reporting unit in which the business that created the goodwill resides. A reporting unit is an operating segment, or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by segment management. The Group performs its annual goodwill impairment test as of October 1<sup>st</sup>. The impairment test requires significant estimates of fair value, including projected cash flows and discount rates. Adverse changes in market conditions, operating performance, or other factors could result in a material impairment charge in future periods.

In accordance with ASC 830, the goodwill balance is recorded in the functional currency of the acquired business and translated at each reporting date. The resulting foreign currency translation adjustments are recorded in other comprehensive income.

#### Government Assistance - Research Tax Credits
Research tax credits are provided by the French government to give incentives for companies to perform technical and scientific research. SEALSQ France SAS and IC'Alps SAS are eligible to receive such tax credits.

These research tax credits are presented as a reduction of research & development expenses in the income statement when companies that have qualifying expenses can receive such grants in the form of a tax credit irrespective of taxes ever paid or ever to be paid, the corresponding research and development efforts have been completed and the supporting documentation is available. The credit is deductible from the entity's income tax charge for the year or payable in cash the following year, whichever event occurs first. The tax credit is therefore considered to be a refundable R&D tax credit which is not within the scope of the income tax standard (ASC 740). It is included in current assets under government assistance in the balance sheet in line with ASC 832.

Government assistance in the form of interest-free loans is accounted for by recognizing a deferred revenue component, measured as the difference between the fair value of the loan on initial recognition and the proceeds received. This deferred income is amortized over the term of the loan. The Group classifies the portion of deferred income expected to be recognized within the next 12 months as current, with the remainder classified as noncurrent.

Other government incentives received as compensation for expenses already incurred for specific projects involving technical and scientific research are recognized as other operating income in the income statement when it becomes receivable.

#### Income Taxes
Taxes on income are accrued in the same period as the income and expenses to which they relate.

Deferred taxes are calculated on the temporary differences that arise between the tax base of an asset or liability and its carrying value in the balance sheet of our companies prepared for consolidation purposes, with the exception of temporary differences arising on investments in foreign subsidiaries where the Group has plans to permanently reinvest profits into the foreign subsidiaries.

Deferred tax assets on tax loss carry-forwards are only recognized to the extent that it is "more likely than not" that future profits will be available and the tax loss carry-forward can be utilized. The Group records a valuation allowance when it is more likely than not that some portion of the deferred tax asset will not be realized. This assessment involves significant judgment regarding future taxable income. It is reasonably possible that changes in projections of future taxable income could result in a material adjustment to the valuation allowance within the next year.

Changes to tax laws or tax rates enacted at the balance sheet date are taken into account in the determination of the applicable tax rate provided that they are likely to be applicable in the period when the deferred tax assets or tax liabilities are realized.

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

The Group is required to pay income taxes in a number of countries. The Group recognizes the benefit of uncertain tax positions in the financial statements when it is more likely than not that the position will be sustained on examination by the tax authorities. The benefit recognized is the largest amount of tax benefit that is greater than fifty percent likely of being realized on settlement with the tax authority, assuming full knowledge of the position and all relevant facts. The Group adjusts its recognition of these uncertain tax benefits in the period in which new information is available impacting either the recognition or measurement of its uncertain tax positions.

#### Intangible Assets
Intangible assets that are determined to have finite useful lives are amortized over their estimated useful lives, which generally range from 1 to 19 years. The Group review these assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Recoverability is assessed in accordance with ASC 360 based on the expected undiscounted future cash flows generated by the asset or asset group. If the carrying amount exceeds the undiscounted cash flows, an impairment loss is recognized for the excess of carrying value over fair value.

The Group's cryptocurrency holding is classified as intangible assets with indefinite useful lives in accordance with ASC 350-30. Cryptocurrencies created or issued by the Group's related parties are explicitly outside the ASU 2023-08 scope. They are accounted for under the cost-less-impairment model and subject to periodic impairment testing and are not amortized. The Group evaluates these assets for impairment at least annually, or more frequently when indicators of impairment exist.

#### Inventories
Inventories are stated at the lower of cost or net realizable value. Costs are calculated using standard costs, approximating average costs. Finished goods and work-in-progress inventories include material, labor and manufacturing overhead costs. The Group records an inventory valuation allowance based on an analysis of physical deterioration, obsolescence or a comparison to the anticipated demand or market value based on a consideration of marketability and product maturity, demand forecasts, historical trends and assumptions about future demand and market conditions. Should actual demand differ from forecasted demand, additional write-downs may be required. It is reasonably possible that estimates of net realizable value could change in the near term and such changes could be material to the consolidated financial statements.

#### Investment in SAFE
The Group's investments in Simple Agreements for Future Equity ("SAFEs"), which represent contractual rights to receive equity interests in privately held companies upon the occurrence of specified future events, are accounted for as freestanding financial instruments. Because SAFEs do not convey a present ownership interest and do not meet the definition of an equity security, they are excluded from the scope of ASC 321 prior to conversion.

SAFEs are initially recognized at cost and classified as noncurrent assets. The Group assesses SAFEs for impairment based on qualitative factors, including the financial condition and prospects of the issuer, subsequent financing activity, and other company-specific developments. If an impairment is identified, the carrying amount is written down to its estimated recoverable amount with a corresponding charge to earnings. Upon conversion of a SAFE into equity securities, the Group derecognizes the SAFE and records the equity securities received at the carrying amount of the SAFE on the conversion date. The equity securities are subsequently accounted for in accordance with ASC 321.

#### Investments in Unconsolidated Affiliates and Unconsolidated Related Party Affiliates
In line with ASC 323, SEALSQ accounts for investments in entities over which it has significant influence, but not control, using the equity method of accounting.

The Group evaluates the need for the equity method where influence exists despite lower ownership levels. Under the equity method, investments are initially recorded at cost and subsequently adjusted for the Group's proportionate share of the investee's net income or loss and dividends received. SEALSQ's share of the income or loss of these companies is reported in the consolidated income statement under equity in earnings of unconsolidated affiliates. The investment in these companies is reported in the consolidated balance sheet under investments in unconsolidated affiliates or related party affiliates.

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

The Group assesses equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

#### Leases
In line with ASC 842, the Group, as a lessee, recognizes right-of-use assets and related lease liabilities on its balance sheet for all arrangements with terms longer than twelve months, and reviews its leases for classification between operating and finance leases. Obligations recorded under operating and finance leases are identified separately on the balance sheet. Lease assets and lease liabilities are measured initially at an amount equal to the present value of minimum lease payments during the lease term, as at the beginning of the lease term.

The Group has elected the short-term lease practical expedient whereby we do not present short-term leases on the consolidated balance sheet as these leases have a lease term of 12 months or less at lease inception and do not contain purchase options or renewal terms that we are reasonably certain to exercise.

We have also elected the practical expedients related to lease classification of leases that commenced before the effective date of ASC 842.

#### Litigation and Contingencies
Should legal proceedings and tax matters arise, due to their nature, such legal proceedings and tax matters involve inherent uncertainties including, but not limited to, court rulings, negotiations between affected parties and governmental actions. Management assesses the probability of loss for such contingencies and accrues liability and/or discloses the relevant circumstances, as appropriate.

#### Managed Investment Accounts
Managed investment accounts maintained for investment purposes are classified as investments and measured at fair value at each reporting date, with changes in fair value recognized in earnings. Cash balances and call deposits held within such accounts are not classified as cash or cash equivalents, as they are not segregated or designated for operating use.

#### Pension Plan
In the year 2025, the Group maintained three defined benefit post-retirement plans: one maintained by SEALSQ Corp covering its employees in Switzerland, and one maintained by SEALSQ France SAS and one maintained by IC'Alps SAS, both covering their employees in France.

In accordance with ASC 715-30, *Defined Benefit Plans – Pension,* the Group recognizes the funded status of the plan in the balance sheet. Actuarial gains and losses are recorded in accumulated other comprehensive income / (loss).

The measurement of defined benefit obligations requires significant assumptions, including discount rates and expected returns on plan assets. A change in discount rates of 100 basis points would materially affect the projected benefit obligation. It is reasonably possible that changes in actuarial assumptions could materially impact the recorded obligation in the next fiscal year.

#### Principles of Consolidation
The consolidated financial statements include the accounts of SEALSQ Corp and its wholly owned subsidiaries over which the Group has control.

Intercompany income and expenses, including unrealized gross profits from internal group transactions and intercompany receivables, payables and loans, have been eliminated.

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

#### Property, Plant and Equipment
Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method based on estimated useful lives which range from 1 to 10 years. Leasehold improvements are amortized over the lesser of the estimated useful lives of the improvements or the lease terms, as appropriate. Property, plant and equipment are periodically reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

#### Research and Development and Software Development Costs
All research and development costs and software development costs are expensed as incurred.

#### Revenue Recognition
The Group's policy is to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, the group applies the following steps:

- Step 1: Identify the contract(s) with a customer.

- Step 2: Identify the performance obligations in the contract.

- Step 3: Determine the transaction price.

- Step 4: Allocate the transaction price to the performance obligations in the contract.

- Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation

Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. We typically allocate the transaction price to each performance obligation on the basis of the relative standalone selling prices of each distinct good or service promised in the contract. If a standalone price is not observable, we use estimates.

The Group recognizes revenue when it satisfies a performance obligation by transferring control over goods or services to a customer. The transfer may be done at a point in time (typically for goods) or over time (typically for services). The amount of revenue recognized is the amount allocated to the satisfied performance obligation. For performance obligations satisfied over time, the revenue is recognized over time, most frequently on a *prorata temporis* basis as most of the services provided by the Group relate to a set performance period.

If the Group determines that the performance obligation is not satisfied, it will defer recognition of revenue until it is satisfied.

We present revenue net of sales taxes and any similar assessments.

The Group delivers products and records revenue pursuant to commercial agreements with its customers, generally in the form of an approved purchase order or sales contract.

Where products are sold under warranty, the customer is granted a right of return which, when exercised, may result in either a full or partial refund of any consideration received, or a credit that can be applied against amounts owed, or that will be owed, to the Group. For any amount received or receivable for which we do not expect to be entitled to because the customer has exercised its right of return, we recognize those amounts as a refund liability.

#### Sales Commissions
Sales commission expenses where revenue is recognized are recorded in the period of revenue recognition.

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

#### Segment Reporting
In 2025, following the acquisition of IC'Alps on August 4, 2025, our chief operating decision maker, who is also our Chief Executive Officer, requested changes in the information that he regularly reviews for purposes of allocating resources and assessing budgets and performance. As a result, beginning in fiscal year 2025, we report our financial performance based on a new segment structure described in Note 39. All prior periods were restated as a result of the change in reported segments.

#### Stock-Based Compensation
Stock-based compensation costs are recognized in earnings using the fair-value based method for all awards granted. Fair values of options and awards granted are estimated using a Black-Scholes option pricing model. The model's input assumptions are determined based on available internal and external data sources. The risk-free rate used in the model is based on the Swiss treasury rate for the expected contractual term. Expected volatility is based on historical volatility of SEALSQ shares.

Where SEALSQ permits the withholding of shares as a means of meeting the grantee's tax obligation in relation to their option exercise, the awards are accounted for as liabilities under ASC 718 for jurisdictions that do not have any withholding requirement. These awards are measured at fair value on the grant date and remeasured at each reporting period until settlement. Upon exercise, the fair value of the shares withheld is recorded in equity in line with ASC 718-10-25-18.

Compensation costs for unvested stock options and awards are recognized in earnings over the requisite service period based on the fair value of those options and awards at the grant date. The Group accounts for forfeitures as they occur.

Nonemployee share-based payment transactions are measured by estimating the fair value of the equity instruments that an entity is obligated to issue and the measurement date will be consistent with the measurement date for employee share-based payment awards (i.e., grant date for equity-classified awards).

#### Use of Estimates
The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Management bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements. In many cases, the accounting treatment of a particular transaction is specifically dictated by US GAAP and does not require management's judgment in its application. There are also areas in which management's judgment in selecting from available alternatives would not produce a materially different result. However, certain estimates involve a higher degree of judgment and complexity and may materially affect the consolidated financial statements.

Significant estimates used in the preparation of the consolidated financial statements include:

- Valuation of assets acquired and liabilities assumed in business combinations (see Note 6)

- Inventory valuation (see Note 10)

- Goodwill impairment assessments (see Note 18)

- Pension and other postretirement obligations (see Note 29)

- Recoverability of deferred tax assets (see Note 38)

#### Recent Accounting Pronouncements
Adoption of new FASB Accounting Standard in the current year – Prior-Year Financial Statements not restated:

As of January 1, 2025, the Group adopted Accounting Standards Update (ASU) 2023-08 Intangibles – Goodwill and Other – Crypto Assets (subtopic 350-60): Accounting for and Disclosure of Crypto Assets, which establishes guidance for the recognition measurement, presentation and disclosure of certain crypto assets.

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

ASU 2023-08 requires in-scope crypto assets to be measured at fair value, with changes in fair value recognized in net income. It also requires separate presentation of crypto assets on the balance sheet and enhanced disclosures regarding nature, fair value measurement, and risks associated with crypto holdings. There was no impact on the Group's results upon adoption of the standard.

As of January 1, 2025, the Group also adopted Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which establishes new income tax disclosure and modifies or eliminates certain existing requirements.

ASU 2023-09 requires entities to disclose the amount of income taxes paid (net of refunds) disaggregated by federal, state, and foreign taxes. They will also disclose the amount of income taxes paid (net of refunds) disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid. The standard also outlines additional disclosure requirements.

There was no impact on the Group's results upon adoption of the standard.

New FASB Accounting Standard to be adopted in the future:

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which updates mandates that public business entities provide more detailed disclosures about specific expense categories in their financial statement notes, enhancing transparency for investors.

Summary: Entities are required to disaggregate certain expense captions presented on the income statement into the following natural expense categories, such as purchases of Inventory, Employee compensation, Depreciation and Intangible Asset Amortization. These disaggregated expenses must be presented in a tabular format within the notes to the financial statements for both annual and interim reporting periods. Additionally, entities are required to disclose the total amount of selling expenses and provide their definition.

Effective Date: ASU 2024-03 is effective for annual reporting periods for public business entities for fiscal years beginning after December 15, 2026, and for interim reporting periods within fiscal years beginning after December 15, 2027. Early adoption is permitted.

The Group expects to adopt all the aforementioned guidance when effective. Management is assessing the impact of the aforementioned guidance on its consolidated financial statements but does not expect it to have a material impact.

In November 2024, the FASB issued ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. This update clarifies the accounting treatment for certain settlements of convertible debt instruments that do not occur under the instruments' preexisting terms.

Summary: The update introduces a "preexisting contract approach" to determine whether an inducement offer should be accounted for as an induced conversion. Under this approach, an inducement offer is considered to preserve the form and amount of consideration if it provides the debt holder with at least the same consideration as the original conversion terms of the instrument. The assessment is based on the terms as they existed one year before the offer acceptance date, especially if the instrument was modified within that period. Additionally, the ASU clarifies that induced conversion accounting applies to convertible debt instruments within the scope of Subtopic 470-20 that are not currently convertible, provided the instrument contained a substantive conversion feature at both its issuance date and the inducement offer acceptance date.

Effective Date: ASU 2024-04 is effective for public business entities for fiscal years beginning after December 15, 2025. Early adoption is permitted.

The Group expects to adopt all the aforementioned guidance when effective. Management is assessing the impact of the aforementioned guidance on its consolidated financial statements but does not expect it to have a material impact.

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This update provides targeted simplifications to the current expected credit loss (CECL) model for certain short-term financial assets arising from revenue transactions.

Summary: The update introduces a practical expedient that allows entities to assume that current economic conditions as of the balance-sheet date remain unchanged for the remaining life of certain current accounts receivable and current contract assets when estimating expected credit losses. This eliminates the need to develop forward-looking macroeconomic forecasts for these short-term assets, reducing complexity and documentation burden. The update also includes related disclosure requirements for entities electing the practical expedient or subsequent collection approach.

Effective Date: ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, including interim periods within those fiscal years. Early adoption is permitted.

The Group expects to adopt the guidance when effective. Management is assessing the impact of the aforementioned guidance on its consolidated financial statements but does not expect it to have a material impact.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This ASU makes targeted improvements to Subtopic 350-40 to increase the operability of the recognition guidance considering different methods of software development.

Summary: This update amends Subtopic 350-40 by removing references to prescriptive software development stages and introducing a principles-based approach for capitalizing costs. Under this approach, capitalization begins when management has authorized and committed to funding and it is probable that the project will be completed and used as intended. Additionally, the ASU introduces a framework for assessing significant development uncertainty, clarifies that specific asset disclosures apply to all capitalized internal-use software costs, and consolidates guidance for website development costs into Subtopic 350-40.

Effective Date: ASU 2025-06 is effective for all entities for fiscal years beginning after December 15, 2027. Early adoption is permitted.

The Group expects to adopt all the aforementioned guidance when effective. Management is assessing the impact of the aforementioned guidance on its consolidated financial statements but does not expect it to have a material impact.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. This update clarifies and refines the guidance in ASC 270 to improve how entities prepare and disclose interim financial statements and notes in accordance with U.S. GAAP.

Summary: The update specifies that ASC 270 applies to all entities that provide a complete set of interim financial statements with notes. It clarifies the form and content of interim financial statements and accompanying disclosures, including a consolidated list of disclosure requirements relevant for interim periods. The ASU also codifies a disclosure principle requiring entities to report material events or changes that occur after the most recent annual reporting period, such as significant changes in estimates, accounting policies, or contingencies. These amendments improve clarity, consistency, and ease of application but do not change the fundamental nature of interim reporting.

Effective Date: ASU 2025-11 is effective for public business entities for interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted. The Group expects to adopt the guidance when effective. Management is assessing the impact of the aforementioned guidance on its interim financial statements but does not expect it to have a material impact.

#### Note 5. Concentration of credit risks
Financial instruments that are potentially subject to credit risk consist primarily of cash and cash equivalents and trade accounts receivable. Our cash and cash equivalents is mostly held with one large financial institution. Management believes that the financial institution that holds most of our cash and cash equivalents is financially sound and, accordingly, is subject to minimal credit risk. However, to the extent that such deposits exceed the maximum insurance levels, they are uninsured.

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

The Group sells to large, international customers and, as a result, may maintain individually significant trade accounts receivable balances with such customers during the year. We generally do not require collateral on trade accounts receivable. Summarized below are the clients whose revenue was 10% or higher than the respective total consolidated net sales for the years ended December 31, 2025, 2024 or 2023, and the clients whose net trade accounts receivable balances (excluding related party receivables) represented 10% or more of total consolidated net trade accounts receivable balances as of December 31, 2025 and December 31, 2024. In addition, we note that some of our clients are contract manufacturers for the same companies; should these companies reduce their operations or change contract manufacturers, this would cause a decrease in our customer orders which would adversely affect our operating results.

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| | | | |
|:---|:---|:---|:---|
| | **12 months ended December 31,** | **12 months ended December 31,** | **12 months ended December 31,** |
| **Revenue concentration**<br>**(% of total net sales)** | **2025** | **2024** | **2023** |
| Multinational electronics contract manufacturing company | 2% | 4% | 15% |
| International digital security company | 0% | 0% | 12% |
| International computer and hardware manufacturer  | 12% | 36% | 5% |
| International distributor of semiconductors, electronics | 13%  | 5%  | 2% |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As at December 31, 2025** | **As at December 31, 2025** | **As at December 31, 2024** | **As at December 31, 2024** |
| **Receivables concentration**<br>**(% of total accounts receivable and maximum amount of loss due to credit risk)** | **%** | **USD'000** | **%** | **USD'000** |
| International computer and hardware manufacturer | 28% | 1196 | 47% | 1804 |
| International electronic security systems manufacturer |  |  | 10% | 400 |
| International cables designer and manufacturer | 11%  | 460 | 1%  | 34 |

---

#### Note 6. Business combination
On August 4, 2025 (the "Acquisition Date"), SEALSQ acquired 100% of the issued and outstanding shares of IC'Alps, a French société par actions simplifiée, pursuant to a Share Purchase Agreement dated May 26, 2025. IC'Alps is a France-based ASIC and system-on-chip design company serving the medical, automotive, industrial, and security markets. The acquisition enhances SEALSQ's semiconductor design capabilities and expands its engineering workforce and customer relationships.

The acquisition was accounted for as a business combination in accordance with ASC 805, Business Combinations, with SEALSQ identified as the accounting acquirer. The assets, liabilities, and results of IC'Alps have been included in the Group's consolidated financial statements from August 4, 2025.

The total consideration transferred for the acquisition of IC'Alps was USD 13,892,574 and consisted of the following components:

---

| | |
|:---|:---|
|  | **USD'000** |
| Cash consideration (EUR 10,000,000) | 11429 |
| Equity consideration (823,988 SEALSQ ordinary shares at USD 2.99) | 2464 |
| **Total consideration transferred** | **13893** |

---

The equity consideration was measured at the quoted closing price of SEALSQ's common stock on the Acquisition Date. Acquisition-related costs of USD 306,064 were expensed as incurred and are included within general and administrative expenses in the consolidated income statement.

The Share Purchase Agreement included an earn-out arrangement payable in SEALSQ shares if IC'Alps achieved specified revenue targets for the year ended December 31, 2025. Because settlement would occur through a variable number of shares, the earn-out was classified as a liability under ASC 480 and ASC 815-40. At the Acquisition Date, the fair value of the contingent consideration was determined to be zero based on probability-weighted revenue scenarios. As of December 31, 2025, the revenue targets were not met, and no contingent consideration liability was recognized. No remeasurement gains or losses were recorded during the year ended December 31, 2025.

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

The following table summarizes the final allocation of the purchase price as of August 4, 2025:

---

| | |
|:---|:---|
|  | **USD'000** |
| Cash and cash equivalents | 879 |
| Current assets | 3182 |
| Property, plant and equipment, net of accumulated depreciation | 237 |
| Intangible assets (pre-existing), net of accumulated amortization | 3526 |
| Right-of-use assets | 3465 |
| Other noncurrent assets | 124 |
| Identifiable intangible assets | 17665 |
| **Total assets acquired** | **29078** |
| Total current liabilities | (4467) |
| Long-term liabilities (excluding deferred tax liabilities) | (11806) |
| Deferred income tax liability | (4416) |
| **Total liabilities assumed** | **(20689)** |
| **Net identifiable assets acquired** | **8389** |

---

The purchase price allocation was finalized during the year ended December 31, 2025.

Deferred tax liabilities of USD 4,416,375 were recognized primarily as a result of differences between the fair value and tax basis of acquired identifiable intangible assets. The deferred tax liabilities will reverse over the amortization period of the related intangible assets.

The following table reconciles the total consideration transferred to the net identifiable assets acquired and the resulting goodwill recognized as of the Acquisition Date (in USD):

---

| | |
|:---|:---|
|  | **USD'000** |
| Total consideration transferred | 13893 |
| Less: net identifiable assets acquired | (8389) |
| **Goodwill recognized at Acquisition Date** | **5504** |

---

Goodwill represents the excess of the consideration transferred over the fair value of identifiable assets acquired and liabilities assumed. The goodwill recognized is primarily attributable to expected operational and revenue synergies, the expansion of the Group's ASIC and system-on-chip design capabilities, access to IC'Alps' skilled engineering workforce, and cross-selling opportunities within the Group's existing customer base. These benefits do not qualify for separate recognition as identifiable intangible assets under ASC 805.

Goodwill is recorded in the functional currency of IC'Alps (EUR) and is translated into USD at the applicable closing exchange rate at each reporting date in accordance with ASC 830.

Goodwill has been allocated to the Group's ASIC reporting unit. Goodwill is not amortized and is tested for impairment at least annually, or more frequently if events or changes in circumstances indicate that it may be impaired, in accordance with ASC 350.

No impairment indicators were identified as of December 31, 2025. The goodwill recognized is not expected to be deductible for income tax purposes.

The identifiable intangible assets recognized in connection with the acquisition and their estimated useful lives are presented below. Intangible assets are amortized on a straight-line basis over their estimated useful lives. The weighted-average useful life of the acquired identifiable intangible assets is approximately 15.3 years.

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

---

| | | |
|:---|:---|:---|
| <br>**Intangible asset** | **Fair value**<br>**USD'000** | **Useful life**<br>**Years** |
| Customer relationships | 12772 | 19 |
| Accreditations | 1284 | 3 |
| Corp trade name | 657 | 9 |
| Technology | 1526 | 9 |
| Software | 163 | 9 |
| Backlog | 1263 | 2 |
| **Acquired identifiable intangible assets** | **17665** | **15.3** |

---

For the period from August 4, 2025, through December 31, 2025, IC'Alps contributed revenue of USD 3,600,625 and net loss of USD 1,405,384 to the Group's consolidated results.

#### Supplemental Pro Forma Information (Unaudited)
The following unaudited pro forma consolidated financial information presents the combined results of SEALSQ and IC'Alps as if the acquisition had occurred on January 1, 2024.

---

| | | |
|:---|:---|:---|
| | **12 months ended December 31,** | **12 months ended December 31,** |
| <br>**USD'000** | **2025** | **2024** |
| Revenue | 25198 | 21130 |
| Net income (loss) | (39611) | (24882) |

---

The unaudited pro forma financial information includes adjustments to reflect incremental amortization of acquired identifiable intangible assets, related income tax effects, elimination of acquisition-related transaction costs, and elimination of intercompany transactions. The pro forma financial information does not reflect potential synergies or integration costs.

#### Note 7. Fair value measurements
ASC 820 establishes a three-tier fair value hierarchy for measuring financial instruments, which prioritizes the inputs used in measuring fair value. These tiers include:

● Level 1, defined as observable inputs such as quoted prices in active markets;

● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As at December 31, 2025** | **As at December 31, 2025** | **As at December 31, 2024** | **As at December 31, 2024** | | |
| | **Carrying** |  | **Carrying**  |  | | |
| <br>**USD'000** | **amount** | **Fair value** | **amount** | **Fair value** | **Fair** <br>**value**<br>**level** | <br>**Note** <br>**ref.** |
| *Recurring fair value measurements* |  |  |  |  |  |  |
| &nbsp;&nbsp;Available-for-sale debt securities, noncurrent | 129 | 129 |  |  | 3 | 19 |
| &nbsp;&nbsp;Investment, current | 10032 | 10032 |  |  | 2 | 11 |
| *Nonrecurring fair value measurements* |  |  |  |  |  |  |
| &nbsp;&nbsp;Accounts receivable | 12944 | 12944 | 3825 | 3825 | 3 | 9 |
| &nbsp;&nbsp;Accounts payable | 14467 | 14467 | 10073 | 10073 | 3 | 24 |
| &nbsp;&nbsp;Notes payable | 689 | 689 | 4828 | 4828 | 3 | 25 |
| &nbsp;&nbsp;Indebtedness to related parties, noncurrent |  |  | 3105 | 3105 | 3 | 28 |
| &nbsp;&nbsp;Bonds, mortgages and other long-term debt | 989 | 989 |  |  | 3 | 27 |

---

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

In addition to the methods and assumptions we use to record the fair value of financial instruments as discussed in the Fair Value Measurements section above, we used the following methods and assumptions to estimate the fair value of our financial instruments:

- Available-for-sale debt securities, noncurrent - fair value remeasured as at reporting period, based on information available.

Investment, current – consists of a managed investment account held with UBS Switzerland AG. Although the account is made up of a diversified, actively managed portfolio, including publicly traded equity securities, investment funds and exchange-traded funds, fixed-income instruments, structured products, and fiduciary call deposits and short-term cash balances, with fair value levels ranging from Level 1 to Level 3, fair value is remeasured as at reporting period, based on the statement of assets made available by UBS at the reporting date, which falls under Level 2.<br>

- Accounts receivable – carrying amount approximated fair value due to their short-term nature.

- Accounts payable – carrying amount approximated fair value due to their short-term nature.

- Notes payable – carrying amount approximated fair value due to their short-term nature.

- Indebtedness to related parties, noncurrent - carrying amount approximated fair value.

- Bonds, mortgages and other long-term debt – carrying amount approximated fair value.

#### Note 8. Cash and cash equivalents
Cash consists of deposits held at major banks.

#### Note 9. Accounts receivable
The breakdown of the accounts receivable balance is detailed below:

---

| | | |
|:---|:---|:---|
| <br>**USD'000** | **As at December 31,**<br>**2025** | **As at December 31,**<br>**2024** |
| Trade accounts receivable | 4649 | 3645 |
| Allowance for credit losses | (380) | (50) |
| Accounts receivable from shareholders | 8107 |  |
| Accounts receivable from other related parties | 549 | 223 |
| Accounts receivable from underwriters, promoters, and employees | 7 |  |
| Other accounts receivable | 12 | 7 |
| **Total accounts receivable, net of allowance for credit losses** | **12944** | **3825** |

---

As at December 31, 2025, accounts receivable from shareholders consisted of a receivable from WISeKey International Holding Ltd ("**WISeKey**"), which controls a majority of the Group's voting rights as at December 31, 2025, in relation to services provided by SEALSQ and pension liabilities due by WISeKey following a transfer of employees from WISeKey to SEALSQ. Accounts receivable from other related parties consisted of receivables from WISeKey SA and SEALCOIN AG all subsidiaries of WISeKey, in relation to services provided by SEALSQ and pension liabilities due by WISeKey SA following a transfer of employees from WISeKey SA to SEALSQ. See Note 42 for details on related parties.

#### Note 10. Inventories
Inventories consisted of the following:

---

| | | |
|:---|:---|:---|
| <br>**USD'000** | **As at December 31,**<br>**2025** | **As at December 31,**<br>**2024** |
| Raw materials | 670 | 764 |
| Work in progress | 192 | 482 |
| Finished goods | 1150 | 172 |
| **Total inventories** | **2012** | **1418** |

---

In the years ended December 31, 2025, 2024 and 2023, the Group recorded an inventory valuation allowance in the income statement in an amount of, respectively, a credit of USD 13,525, and debits of USD 92,284 and USD 220,289 in relation to raw materials, and a

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

debit of USD 47,326, a credit of USD 615,608 and a debit of USD 373,469 in relation to work in progress. The credit balances results from the release of provisions.

#### Note 11. Investment, current

#### Managed Investment Account
In November 2025, the Group entered into a discretionary asset management arrangement with UBS Switzerland AG ("UBS") and opened an investment account under the UBS "Manage Premium" mandate (the "UBS Investment Account"). In connection with this arrangement, the Group funded the UBS Investment Account with USD 10.0 million on November 28, 2025.

Under the terms of the arrangement, UBS is authorized to manage the assets held in the UBS Investment Account on a discretionary basis within agreed investment parameters. The UBS Investment Account is maintained for investment purposes and not for day-to-day operating cash needs.

As of December 31, 2025, the UBS Investment Account consisted of a diversified, actively managed portfolio, including publicly traded equity securities, investment funds and exchange-traded funds, fixed-income instruments, structured products, and fiduciary call deposits and short-term cash balances held to facilitate portfolio management.

The UBS Investment Account is classified as investments and is measured at fair value at each reporting date. Changes in fair value, including unrealized gains and losses, are recognized in earnings. Fair value is determined based on UBS account statements reflecting observable market prices for the underlying investments.

Cash balances and call deposits held within the UBS Investment Account are not segregated or designated for operating use and are maintained as part of the overall investment strategy. Accordingly, such balances are not classified as cash or cash equivalents.

#### Note 12. Government assistance
SEALSQ France SAS and IC'Alps SAS are eligible for research tax credits provided by the French government (see Note 4 Summary of significant accounting policies). As at December 31, 2025 and December 31, 2024, the receivable balances in respect of these research tax credits owed to the Group were respectively USD 4,578,813, made up of USD 3,044,419 attributable to IC'Alps SAS and USD 1,534,394 attributable to SEALSQ France SAS, and USD 2,246,680, each translated at the period-end exchange rate.

The credit is deductible from the entity's income tax charge for the year or payable in cash the following year, whichever event occurs first. Refundable R&D tax credits are accounted for as government assistance in accordance with ASC 832, and are recognized in the consolidated financial statements consistent with the accounting policy described in Note 4.

In addition, the Companies are also entitled to receive other grants, including interest subvention—a government incentive that subsidizes or reduces the interest cost on eligible borrowings (see Note 27 for further details)—as well as reimbursements for certain expenses.

#### Note 13. Other current assets
Other current assets consisted of the following:

---

| | | |
|:---|:---|:---|
| <br>**USD'000** | **As at December 31,**<br>**2025** | **As at December 31,**<br>**2024** |
| Value-Added Tax receivable | 733 | 501 |
| Advanced payment to suppliers | 303 | 61 |
| Deposits, current | 5 | 5 |
| Customer contract assets, current | 451 |  |
| Other current assets | 42 | 26 |
| **Total other current assets** | **1534** | **593** |

---

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

#### Note 14. Deferred tax credits
Our deferred tax credits balance relates to Swiss withholding tax deducted on interest income, which is recoverable after the end of each tax year.

#### Note 15. Property, plant and equipment
Property, plant and equipment, net consisted of the following:

---

| | | |
|:---|:---|:---|
| <br>**USD'000** | **As at December 31,**<br>**2025** | **As at December 31,**<br>**2024** |
| Machinery and equipment | 14554 | 13769 |
| Buildings and leasehold improvements | 224 |  |
| Office equipment and furniture | 2421 | 2321 |
| Computer equipment and licences | 698 | 817 |
| Total property, plant and equipment, gross | 17897 | 16907 |
| *Accumulated depreciation for:* |  |  |
| Machinery and equipment | (11284) | (10733) |
| Buildings and leasehold improvements | (13) |  |
| Office equipment and furniture | (2334) | (2320) |
| Computer equipment and licences | (496) | (653) |
| Total accumulated depreciation | (14127) | (13706) |
| **Total property, plant and equipment, net** | **3770** | **3201** |
| Depreciation charge for the year | 703 | 630 |

---

During the year ended December 31, 2025, the Group recognized an impairment loss of USD 472,318 related to certain mask sets classified as assets under development within property, plant and equipment over 2024 and 2025. The assets under development consisted of production masks related to the QUASAR project, which aims to develop next-generation secure semiconductors embedding NIST-standardized post-quantum cryptography algorithms and integrating Trusted Platform Module 2.0 (TPM 2.0) technology. As development advances, semiconductor designs are revised, and production masks associated with earlier versions become obsolete. The impairment charge represents the excess of the carrying amount of the assets over their estimated fair value and was recorded within operating expenses (research and development). No impairment losses were recognized during the year ended December 31, 2024.

The useful economic life of property plant and equipment is as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  | Production tools | 8 to 10 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  | Office equipment and furniture: | 2 to 5 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  | Production masks | 5 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  | Probe cards | 5 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  | Licenses | 3 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  | Software | 1 year |

---

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

#### Note 16. Intangible assets and Crypto assets
Intangible assets, crypto assets consisted of the following:

---

| | | |
|:---|:---|:---|
| <br>**USD'000** | **As at December 31,**<br>**2025** | **As at December 31,**<br>**2024** |
| *Intangible assets under the cost-less-impairment model:* |  |  |
| *Cryptocurrencies* | 500 | **—** |
| **Total crypto assets, net** | **500** | **—** |
| *Intangible assets subject to amortization:* |  |  |
| Trademarks | 676 |  |
| Patents | 2281 | 2281 |
| License agreements | 5449 | 1699 |
| Customer relationships | 13127 |  |
| Other intangibles | 5277 | 923 |
| Total intangible assets, gross | 27310 | 4903 |
| *Accumulated amortization for:* |  |  |
| Trademarks | (31) |  |
| Patents | (2281) | (2281) |
| License agreements | (2463) | (1699) |
| Customer relationships | (288) |  |
| Other intangibles | (1294) | (923) |
| Total accumulated amortization | (6357) | (4903) |
| **Total intangible assets subject to amortization, net** | **20453** | **—** |
| **Total intangible assets, net** | **20953** | **—** |
| Amortization charge for the year | 1523 |  |

---

Intangible assets under the cost-less-impairment model consist of a balance of 195,788,312 WECAN tokens acquired from the Group's unconsolidated affiliate, WeCan Group AG ("WeCan"), for USD 500,000. The tokens are held as part of the Group's strategic relationship with WeCan and to support participation in its blockchain ecosystem. Management evaluated the applicability of ASC 350-60 (Crypto Assets) and concluded that these tokens are not within the scope of ASC 350-60.

Accordingly, the tokens are accounted for as indefinite-lived intangible assets under ASC 350-30 and are measured at cost less impairment. These tokens do not represent cash or cash equivalents under ASC 305 and are not accounted for as financial instruments. Indefinite-lived intangible assets are not amortized but are subject to impairment testing at least annually and more frequently if events or changes in circumstances indicate that the asset may be impaired. For the year ended December 31, 2025, the Group did not identify any events or changes in circumstances indicating that the carrying amount of its cryptocurrency assets may not be recoverable. Accordingly, no impairment charge was recognized, and the carrying amount remains USD 500,000 as of December 31, 2025.

As at December 31, 2025, a balance of USD 3,661,131 of license fees was outstanding in line with agreed payment terms, made up of USD 2,351,152 payable in 2026 recorded in accounts payable and USD 1,309,979 payable in 2027 recorded in other noncurrent liabilities on the consolidated balance sheet.

The useful economic life of intangible assets is as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  | Trademarks | 9 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  | Patents | 5 to 10 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  | License agreements | 1 to 3 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  | Customer relationships | 19 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  | Other intangibles | 2 to 9 years |

---

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

Future amortization charges are detailed below:

---

| | |
|:---|:---|
| **Future estimated aggregate amortization expense**<br>**Year** | <br>**USD'000** |
| 2026 | 3625 |
| 2027 | 2670 |
| 2028 | 1476 |
| 2029 | 1223 |
| 2030 and beyond | 11459 |
| **Total intangible assets subject to amortization, net** | **20453** |

---

#### Note 17. Leases
The Group has historically entered into a number of lease arrangements under which it is the lessee. As at December 31, 2025, the SEALSQ Group holds six operating leases which relate to premises.

We do not sublease. All our operating leases include multiple optional renewal periods which are not reasonably certain to be exercised.

During the year ended December 31, 2025, the Group completed few sale and leaseback transactions involving IT equipment. Each transaction met the criteria for a sale under ASC 606, and accordingly, the Group derecognized the assets sold and recognized a right- of-use asset and lease liability in accordance with ASC 842. The leaseback arrangement is classified as a finance lease. The Company holds five such finance leases which relate to IT equipment.

During the years 2025, 2024 and 2023 we recognized rent expenses associated with our leases as follows:

---

| | | | |
|:---|:---|:---|:---|
| <br>**USD'000** | **12 months ended**<br>**December 31,**<br>**2025** | **12 months ended**<br>**December 31,**<br>**2024** | **12 months ended**<br>**December 31,**<br>**2023** |
| *Finance lease cost:* |  |  |  |
| Amortization of right-of-use assets | 37 |  |  |
| Interest on lease liabilities | 2 |  |  |
| *Operating lease cost:* |  |  |  |
| Fixed rent expense | 540 | 356 | 329 |
| Variable lease cost | 72 |  |  |
| Short-term lease cost |  |  |  |
| **Net lease cost** | **651** | **356** | **329** |
| Lease cost - Cost of sales |  |  |  |
| Lease cost - General & administrative expenses | 651 | 356 | 329 |
| **Net lease cost** | **651** | **356** | **329** |

---

In the years 2025 and 2024, we had the following cash and non-cash activities associated with our leases:

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

---

| | | |
|:---|:---|:---|
| <br>**USD'000** | **As at December 31,**<br>**2025** | **As at December 31,**<br>**2024** |
| ***Cash paid for amounts included in the measurement of lease liabilities:*** |  |  |
| Operating cash flows from operating leases | 589 | 351 |
| Financing cash flows from finance leases | 39 |  |
| ***Non-cash investing and financing activities:*** |  |  |
| Net lease cost | 651 | 356 |
| *Additions to ROU assets obtained from:* |  |  |
| New operating lease liabilities | 6312 | 62 |
| New finance lease liabilities | 157 |  |

---

The following table provides the details of right-of-use assets and lease liabilities as of December 31, 2025:

---

| | | |
|:---|:---|:---|
| <br>**USD'000** | **As at December 31,** <br>**2025** | **As at December 31,** <br>**2024** |
| **Right-of-use assets:** |  |  |
| Operating leases | 6113 | 1031 |
| Finance leases | 126 |  |
| **Total right-of-use assets** | **6239** | **1031** |
| **Lease liabilities:** |  |  |
| Operating leases | 6191 | 943 |
| Finance leases | 129 |  |
| **Total lease liabilities** | **6320** | **943** |

---

As at December 31, 2025, future minimum annual lease payments were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Year (USD'000)** | **Operating** | **Finance** | **Total** |
| 2026 | 915 | 60 | **975** |
| 2027 | 887 | 45 | **932** |
| 2028 | 880 | 29 | **909** |
| 2029 | 879 | 1 | **880** |
| 2030 and beyond | 3699 |  | **3699** |
| **Total future minimum operating and finance lease payments** | **7260** | **135** | **7395** |
| Less effects of discounting | (1069) | (6) | (1075) |
| **Lease liabilities recognized** | **6191** | **129** | **6320** |

---

As of December 31, 2025 the weighted-average remaining lease term was 8.16 years for operating leases and 2.47 years for finance leases.

As leases do not provide an implicit rate, we calculated an estimate rate based upon the estimated incremental borrowing rate of the Group. The weighted average discount rate associated with operating lease as of December 31, 2025 was 3.78%. The weighted average discount rate associated with finance lease as of December 31, 2025 was 3.37%.

#### Note 18. Goodwill
The Group performs its annual goodwill impairment test on October 1 of each year, or more frequently if events or changes in circumstances indicate that goodwill may be impaired. Under the quantitative test, the fair value of each reporting unit is compared with its carrying amount, including goodwill. If the carrying amount exceeds the reporting unit's fair value, an impairment charge is recognized in an amount equal to the excess, limited to the total amount of goodwill allocated to that reporting unit.

On August 4, 2025, the Group acquired 100% of IC'Alps SAS. In connection with the acquisition, goodwill of EUR 4,815,338 (USD 5,656,395 at December 31, 2025, exchange rates) was recognized as part of the purchase price allocation under ASC 805.

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

The goodwill recognized in connection with the acquisition relates to IC'Alps, which represents the reporting unit for purposes of goodwill impairment testing and operates within the Group's ASIC operating segment. Given the proximity of the acquisition date to the annual testing date and the absence of any events or circumstances indicating potential impairment, management performed a qualitative assessment in accordance with ASC 350 and concluded that it was not more likely than not that the fair value of the reporting unit was less than its carrying amount. After October 1, 2025, there were no impairment indicators identified triggering a new impairment test. Therefore, no impairment loss was recognized in 2025. Management also evaluated whether any indicators of impairment existed for the acquired identifiable intangible assets and other long-lived assets in accordance with ASC 360 and concluded that no triggering events requiring a recoverability test were identified.

IC'Alps' functional currency is the Euro (EUR). Accordingly, goodwill recognized in connection with the acquisition of IC'Alps was recorded in euros and is translated into the Group's reporting currency (USD) at each reporting date in accordance with ASC 830. Translation adjustments are recorded in accumulated other comprehensive income and do not impact net income.

---

| | | |
|:---|:---|:---|
| <br>**USD'000** | **ASIC**<br>**Segment** | <br>**Total** |
| **Goodwill balance as at December 31, 2023** |  |  |
| Goodwill acquired during the year |  |  |
| Impairment losses |  |  |
| As at December 31, 2024 |  |  |
| &nbsp;&nbsp;Goodwill |  |  |
| **Goodwill balance as at December 31, 2024** | **—** | **—** |
| Goodwill acquired during the year | 5504 | 5504 |
| Currency translation adjustment | 152 | 152 |
| Impairment losses |  |  |
| As at December 31, 2025 |  |  |
| &nbsp;&nbsp;Goodwill | 5656 | 5656 |
| &nbsp;&nbsp;Accumulated currency translation adjustment | 152 | 152 |
| **Goodwill balance as at December 31, 2025** | **5656** | **5656** |

---

The assessment of goodwill impairment requires judgment, including the evaluation of qualitative factors such as operating performance, projected cash flows, industry and market conditions, and other relevant events and circumstances. Changes in these factors could result in future impairment charges.

#### Note 19. Available-for-sale debt securities, noncurrent
The following table summarizes the amortized cost, gross unrealized gains and losses, and fair value of our available-for-sale debt securities. Unrealized gains and losses are recorded in other comprehensive income under unrealized gain on available-for-sale debt securities.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Type of security** | **Amortized cost**<br>**USD'000** | **Unrealized gains**<br>**USD'000** | **Unrealized losses**<br>**USD'000** | **Fair value**<br>**USD'000** | <br>**Maturity** |
| Convertible corporate bonds | 128 | 1 |  | 129 | 1 to 5 years |
| **Total** | **128** | **1** | **—** | **129** |  |

---

As at December 31, 2025, we held one convertible bonds agreement with ColibriTD, a French Quantum-as-a-Service (QaaS) company.

#### Note 20. Investments in unconsolidated affiliates

#### WeCan Group AG
On June 27, 2025, SEALSQ acquired a 31.87% equity interest (28.33% on a fully diluted basis) in WeCan Group AG ("WeCan"), a privately held Swiss company operating a blockchain-based digital infrastructure platform, specializing in secure, decentralized data infrastructure, particularly for financial compliance purposes. WeCan's mission is to enable both financial and non-financial institutions

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

to securely manage and exchange sensitive data. In 2023, WeCan launched its own blockchain and WECAN token, which is traded as a cryptocurrency and listed on the Bitstamp exchange since December 20, 2023, as well as on CoinMarketCap and Coinbase. In addition to the equity investment, the Group holds WECAN tokens associated with the WeCan ecosystem, which are accounted for separately as intangible assets and disclosed in Note 16 – Intangible assets and crypto assets.

The Group evaluated the investment under ASC 323 and concluded that it has significant influence over WeCan but does not control it. Accordingly, the investment is accounted for under the equity method of accounting. The Group's maximum exposure to loss is limited to the carrying amount of the investment. The investment was initially recorded at cost. The total consideration transferred was USD 3,486,557, consisting of a cash consideration of USD 1,424,704, the transfer of 481,110 SEALSQ ordinary shares issued, with a fair value of USD 1,948,495, and transaction costs of USD 113,358.

For the year ended December 31, 2025, the Group recognized its proportionate share of WeCan's net loss of USD 105,778, which is presented in Equity in earnings of unconsolidated affiliates in the consolidated income statement. The net loss primarily reflects continued investment in platform development, operating costs associated with scaling the business, and limited revenue generation consistent with WeCan's development-stage profile.

The Group translated WeCan's results into U.S. dollars using average exchange rates for the respective reporting periods. Prior to applying the equity method, WeCan's financial information prepared under Swiss Code of Obligations was adjusted to conform to U.S. GAAP in accordance with ASC 323-10-35-6. As of December 31, 2025, the carrying amount of the investment was USD 3,380,779.

In accordance with ASC 323-10-35-13, the Group evaluated the difference between the cost of the investment and its proportionate share of WeCan's net assets as of the acquisition date. The Group identified an excess of the cost of the investment over its proportionate share of WeCan's net identifiable assets at the acquisition date. Based on the information available, no material identifiable amortizable basis differences were identified. As of December 31, 2025, this excess is included in the carrying amount of the investment. Any portion of the excess attributable to identifiable assets or liabilities would be recognized as part of the basis difference and accounted for in accordance with ASC 323. Any remaining excess represents equity method goodwill, which is not amortized but is subject to impairment evaluation.

The Group evaluates its equity method investment for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. As of December 31, 2025, the Group concluded that no impairment was required, as no indicators of an other-than-temporary decline in value were identified.

Management evaluated the significance of WeCan under Rule 1-02(w) of Regulation S-X as of and for the year ended December 31, 2025. None of the applicable significance thresholds exceeded 10%. Accordingly, summarized financial information is not required.

#### Quantix Edge Security S.L.
On September 11, 2025, SEALSQ made a EUR 0.75 million capital contribution to Quantix Edge Security, S.L. ("Quantix"), a Spanish joint venture, and acquired a 5.0% ownership interest. SEALSQ determined that it does not control Quantix but has the ability to exercise significant influence. Accordingly, the investment is accounted for under the equity method of accounting. The investment was initially recorded at cost. No material basis differences requiring amortization were identified at the acquisition date.

Quantix was in a pre-operational stage as of December 31, 2025. No equity method income or loss was recognized for the year ended December 31, 2025. The carrying amount of the investment as of December 31, 2025, was USD 877,736. No impairment was identified as of December 31, 2025.

Management evaluated the significance of Quantix under Rule 1-02(w) of Regulation S-X as of and for the year ended December 31, 2025. None of the applicable thresholds exceeded 10%. Accordingly, summarized financial information is not required.

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

#### Note 21. Investments in unconsolidated related party affiliates

#### WISeSat.Space Corp
On November 6, 2025, the Group invested USD 10.0 million in WISeSat.Space Corp ("WISeSat Corp") and acquired 870 shares, representing an 8.08% ownership interest, while the rest of the ownership interest is held by WISeKey. SEALSQ determined that it does not control WISeSat Corp but has the ability to exercise significant influence. Accordingly, the investment is accounted for under the equity method of accounting. Also, both companies being under common control of WISeKey the investment is disclosed under investments in unconsolidated related party affiliates The investment was initially recorded at cost. No material basis differences requiring amortization were identified.

For the period from November 6, 2025, through December 31, 2025, the Group recognized equity method loss of USD 41,917. The carrying amount of the investment as of December 31, 2025, was USD 9,958,083. No impairment was identified as of December 31, 2025.

Management evaluated the significance of WISeSat Corp under Rule 1-02(w) of Regulation S-X as of and for the year ended December 31, 2025. None of the applicable thresholds exceeded 10%. Accordingly, summarized financial information is not required.

#### Note 22. Investment in SAFE
On December 4, 2025, the Group entered into a Simple Agreement for Future Equity ("SAFE") with EeroQ Corporation, a privately held company, for a total investment of USD 1 million. The investment does not convey equity ownership, voting rights, or significant influence at inception.

The investment is measured at cost, less impairment, as it does not have a readily determinable fair value. The Group evaluates the investment for impairment and observable price changes in orderly transactions for identical or similar investments at each reporting date.

#### Note 23. Other noncurrent assets
Other noncurrent assets consisted of noncurrent deposits. Deposits are primarily made up of rental deposits on the premises rented by the Group.

#### Note 24. Accounts payable
The accounts payable balance consisted of the following:

---

| | | |
|:---|:---|:---|
| <br>**USD'000** | **As at December 31,**<br>**2025** | **As at December 31,**<br>**2024** |
| Trade creditors | 4893 | 3443 |
| Accounts payable to shareholders | 1563 | 1716 |
| Accounts payable to Board Members | 632 | 1387 |
| Accounts payable to other related parties | 617 | 673 |
| Accounts payable to underwriters, promoters, and employees | 2856 | 901 |
| Other accounts payable | 6257 | 1953 |
| **Total accounts payable** | **16818** | **10073** |

---

As at December 31, 2025, accounts payable to Board Members are made up of:

- a balance of USD 614,335 payable to Carlos Moreira in relation to accrued bonus and social charges thereon (see Note 42 for detail),

- a balance of USD 3,848 payable to John O'Hara in relation to a tax refund.

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

- a balance of USD 14,062 payable to David Fergusson for the refund of social charges that were erroneously deducted from his director's fee.

Accounts payable to other related parties are made up of:

- a balance of USD 347,396 payable to WISeCoin AG in relation to interest and an outstanding loan (see Notes 28 and 42 for detail), and

- a balance of USD 269,371 payable to WISeKey SA in relation to recharge of insurance and employee costs (see Note 42 for detail).

Accounts payable to shareholders consist of short-term payables due to WISeKey in relation to the recharge of management services (see Notes 28 and 42 for detail).

Accounts payable to underwriters, promoters and employees consist primarily of payable balances to employees in relation to holidays, bonus and 13th month accruals across the Group.

Other accounts payable are mostly accruals of social charges in relation to the accrued liability to employees, accruals in relation to non-trade creditors such as various professional fees, and amounts due to suppliers of licenses in line with agreed payment terms.

#### Note 25. Notes payable
Notes payable consisted of the following:

---

| | | |
|:---|:---|:---|
| <br>**USD'000** | **As at December 31,**<br>**2025** | **As at December 31,**<br>**2024** |
| Short-term loan | 689 | 1819 |
| Short-term loan from shareholders |  |  |
| Short-term loan from other related parties |  | 3009 |
| **Total notes payable** | **689** | **4828** |

---

As at December 31, 2025, the short-term loan consisted of the current portion of long-term borrowings. For further information regarding repayment terms and interest rates, refer to Note 27.

In November 2022, SEALSQ entered into a loan agreement with a third-party client to borrow funds for the purpose of increasing their production capacity. Under the terms of the Agreement, the client lent to SEALSQ a total of USD 2 million. The loan did not bear any interest and there were no fees or costs attributed to the loan. At inception in November 2022, a debt discount totaling USD 511,128 was booked to additional paid-in capital. The Group repaid the full balance of the loan and recorded a debt discount amortization expense of USD 181,057 in the year 2025.

#### Note 26. Other current liabilities
Other current liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
| <br>**USD'000** | **As at December 31,**<br>**2025** | **As at December 31,**<br>**2024** |
| Customer contract liability, current | 1600 | 83 |
| Stamp duty liability | 5659 | 1376 |
| Other tax payable | 1191 | 200 |
| Stock-based compensation liability, current | 1538 |  |
| **Total other current liabilities** | **9988** | **1659** |

---

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

#### Note 27. Bonds, mortgages and other long-term debt
All borrowings as at December 31, 2025, relate to IC'Alps. Debt is classified as current or noncurrent based on contractual maturities as of December 31, 2025. Interest expense is recognized using the effective interest method in accordance with ASC 835-30.

Debt consisted of the following (in EUR and USD):

---

| | | |
|:---|:---|:---|
|  | **EUR'000** | **USD'000** |
| Recoverable advances – Bpifrance (Innovation and BELICIM) | 325 | 382 |
| PGE loans (CIC, Bpifrance, BNP) | 335 | 394 |
| Bpifrance Innovation Loan | 343 | 403 |
| Bpifrance Innovation R&D Loan | 425 | 499 |
| **Total debt** | **1429** | **1678** |
| **Less: current portion** | **(586)** | **(689)** |
| **Noncurrent portion** | **842** | **989** |

---

The aggregate contractual principal maturities of debt as of December 31, 2025, are presented below. Amounts represent contractual principal repayments and exclude interest.

---

| | |
|:---|:---|
| **Contractual maturities of debt**<br>**Year** | <br>**USD'000** |
| 2026 | 689 |
| 2027 | 405 |
| 2028 | 360 |
| 2029 | 204 |
| 2030 and thereafter | 20 |
| **Total debt** | **1678** |

---

#### PGE loan – CIC Lyonnaise de Banque
On May 12, 2020, CIC Lyonnaise de Banque granted IC'Alps a state-guaranteed cash-flow loan ("PGE") in the amount of EUR 600,000 as part of the French government's COVID-19 economic support measures. Following an amendment effective May 15, 2021, IC'Alps rescheduled repayment over a 60-month period and became liable for interest at a fixed rate of 0.70% per annum on the outstanding principal (together with guarantee fees).

As the loan was granted at market terms and transaction costs were immaterial, interest expense is recognized at the stated contractual rate. As at December 31, 2025, IC'Alps owed CIC Lyonnaise de Banque current debt in an aggregate amount of EUR 63,287 (USD 74,340). From August 4, 2025 through December 31, 2025, IC'Alps recorded interest expense of EUR 295 (USD 344).

#### Recoverable advance from Bpifrance ("Avance Innovation")
On July 3, 2018, Bpifrance Financement granted IC'Alps an interest-free repayable advance ("Avance Innovation") in the amount of EUR 652,000 to support the development of analog and digital components for ultrasonic solutions. The advance was disbursed in three installments (subject to conditions) and is repayable in 20 equal quarterly installments beginning December 31, 2021, and ending September 30, 2026.

As the advance is interest-free, it was initially measured at fair value. Interest expense is recognized subsequently using the effective interest method at an effective interest rate of 4.18% per annum. The difference between the fair value at initial recognition and the cash proceeds received was recognized as deferred income (grant component) and is recognized in income over the related period.

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

As at December 31, 2025, IC'Alps owed Bpifrance Financement current debt in an aggregate amount of EUR 94,466 (USD 110,966). The current portion of deferred grant income was EUR 3,334 (USD 3,916); accordingly, the carrying value of the current debt was EUR 91,132 (USD 107,050). From August 4, 2025, through December 31, 2025, IC'Alps recorded effective interest expense of EUR 2,960 (USD 3,451).

#### BELICIM project – Bpifrance grant and recoverable advance agreement
On February 28, 2020, IC'Alps entered into a multi-party aid agreement with Bpifrance Financement under the PSPC-Régions Call for Projects (BELICIM). The aid available to IC'Alps under the program was structured as (i) a recoverable advance and (ii) a grant component.

The recoverable advance is repayable in four annual installments starting December 31, 2024, unless the project is declared a technico-economic failure. The recoverable advance was initially measured at fair value and interest expense is recognized subsequently over the repayment period using the effective interest method at an effective interest rate of 0.94% per annum.

As at December 31, 2025, IC'Alps owed Bpifrance Financement noncurrent debt in an aggregate amount of EUR 167,222 (USD 196,430) and current debt in an aggregate amount of EUR 61,253 (USD 71,952). From August 4, 2025, through December 31, 2025, IC'Alps recorded effective interest expense of EUR 1,296 (USD 1,511).

#### PGE Soutien Innovation loan – Bpifrance
On June 15, 2020, Bpifrance Financement granted IC'Alps a state-guaranteed cash-flow loan (PGE Soutien Innovation) in the amount of EUR 600,000 as part of the French government's COVID-19 economic support measures. Following an amendment effective June 15, 2021, the repayment of principal and interest was rescheduled over 20 quarterly installments. Under the amended terms, interest accrues at a fixed rate of 3.35% per annum on the outstanding principal.

As the loan was granted at market terms and no transaction costs were incurred, interest expense is recognized at the stated contractual rate. As at December 31, 2025, IC'Alps owed Bpifrance Financement current debt in an aggregate amount of EUR 75,000 (USD 88,100). From August 4, 2025 through December 31, 2025, IC'Alps recorded interest expense of EUR 2,827 (USD 3,296).

#### PGE loan – BNP Paribas
On June 14, 2022, BNP Paribas granted IC'Alps a state-guaranteed business loan in the amount of EUR 300,000 as part of the French government's COVID-19 economic support measures. Following an amendment effective June 13, 2023, repayment of principal, interest and guarantee fees was rescheduled over a 60-month period. Under the amended terms, interest accrues at a fixed rate of 3.75% per annum on the outstanding principal.

As the loan was granted at market terms and transaction costs were immaterial, interest expense is recognized at the stated contractual rate. As at December 31, 2025, IC'Alps owed BNP Paribas noncurrent debt in an aggregate amount of EUR 76,542 (USD 89,911) and current debt in an aggregate amount of EUR 120,333 (USD 141,339). From August 4, 2025, through December 31, 2025, IC'Alps recorded interest expense of EUR 3,368 (USD 3,927).

#### Bpifrance Innovation Loan
On June 30, 2022, Bpifrance Financement granted IC'Alps a business loan in the amount of EUR 500,000 to support the financing of intangible expenses related to the industrial and commercial launch of an innovation. The loan is repayable over a seven-year period ending June 30, 2029, and bears a fixed interest rate of 4.29% per annum. A processing fee was withheld from the proceeds at issuance.

The loan was initially measured at fair value, and interest expense is recognized subsequently using the effective interest method at an effective interest rate of 5.25% per annum.

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

As at December 31, 2025, IC'Alps owed Bpifrance Financement noncurrent debt in an aggregate amount of EUR 271,255 (USD 318,633) and current debt in an aggregate amount of EUR 72,050 (USD 84,635). From August 4, 2025, through December 31, 2025, IC'Alps recorded effective interest expense of EUR 10,618 (USD 12,381).

#### Bpifrance Innovation – Research & Development Loan Agreement
On June 30, 2022, Bpifrance Financement granted IC'Alps an Innovation – Research & Development Loan in the amount of EUR 500,000 to support an R&D program focused on optimizing the energy consumption of integrated circuits. The loan is repayable over 31 quarters with the final installment scheduled for March 31, 2030, and bears a fixed interest rate of 2.06% per annum. A processing fee was withheld from the proceeds at issuance.

As the loan was granted at market terms and transaction costs were immaterial, interest expense is recognized at the stated contractual rate.

As at December 31, 2025, IC'Alps owed Bpifrance Financement noncurrent debt in an aggregate amount of EUR 325,000 (USD 381,765) and current debt in an aggregate amount of EUR 100,000 (USD 117,466). From August 4, 2025, through December 31, 2025, IC'Alps recorded interest expense of EUR 4,764 (USD 5,555).

#### Note 28. Indebtedness to related parties
On April 1, 2019, the SEALSQ Group entered into a loan agreement with WISeCoin AG an affiliate of WISeKey, pursuant to which WISeCoin AG commits to loan EUR 250,000 to the SEALSQ Group, at an interest rate of 3% per annum, amended to 2.5% on November 3, 2022. (the "WISeCoin Euro Loan") The loan has no maturity date.

On October 1, 2019, the SEALSQ Group entered into a loan agreement with WISeCoin AG pursuant to which WISeCoin AG commits to loan USD 2,750,000 to the SEALSQ Group, at an interest rate of 3% per annum, amended to 2.5% on November 3, 2022 (the "WISeCoin USD Loan"). The loan has no maturity date.

On April 1, 2021, the Group entered into a Debt Remission Agreement (the "**Debt Remission"**) with WISeKey pursuant to which an outstanding amount of EUR 5 million (USD 5,871,714 at historical rate) owed to WISeKey was remitted without any compensation from the Group. Per the terms of the Debt Remission, WISeKey had the right to reinstate the debt and ask for repayment in fiscal years when SEALSQ France SAS achieved a positive income before income tax expense. As such, because of the repayment clause, the loan amount covered by the Debt Remission was shown as noncurrent liabilities included in the line Indebtedness to related parties, noncurrent. On December 20, 2023, the Group and WISeKey entered into an agreement to write off EUR 2 million (USD 2,191,282 at historical rate) of the outstanding Debt Remission amount and in the year 2025 the remaining debt of EUR 3 million (USD 3,519,346 at historical rate) was repaid by SEALSQ.

All entities in the SEALSQ Group are subject to management fees from and to WISeKey and WISeKey's affiliates. Where the payment terms have been defined, the classification between current and noncurrent follows the payment terms, however, where there is no set payment date for these fees, they have been classified as current.

As at December 31, 2024, the Group owed WISeKey a noncurrent debt in an amount of USD 3,105,300 corresponding to the remaining loan under the Debt Remission, and current loans of USD 3,008,775 made up of the WISeCoin USD Loan, the WISeCoin Euro Loan, and the interest thereof. In the year ended December 31, 2024, an aggregate effective interest expense of USD 82,493 was recorded in the income statement.

As at December 31, 2024, the Group also held an accounts payable balance of USD 2,388,441 with WISeKey and WISeKey's affiliates in relation to interest on outstanding loans and the recharge of management services.

In 2025, the Group repaid in full the outstanding EUR 3 million Debt Remission as well as the WISeCoin USD Loan principal in an amount of USD 2,750,000 and interest thereon of USD 403,420. The WISeCoin Euro Loan and interest thereon remain outstanding and classified as current, for a total amount of USD 305,700 as at December 31, 2025.

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

As at December 31, 2025, the Group owed WISeKey a total of USD 2,180,054 in current payables corresponding to the WISeCoin Euro Loan, unpaid interest and management fees, and had a current receivable of USD 8,656,171 with WISeKey and its affiliates corresponding to management fees and advances.

#### Note 29. Employee benefit plans

#### Defined benefit post-retirement plan
The Group maintains three pension plans: one maintained by SEALSQ Corp covering its employees in Switzerland, one maintained by SEALSQ France SAS and one maintained by IC'Alps SAS, both covering their employees in France.

All plans are considered defined benefit plans and accounted for in accordance with ASC 715 Compensation – Retirement Benefits. This model allocates pension costs over the service period of employees in the plan. The underlying principle is that employees render services ratably over this period, and therefore, the income statement effects of pensions should follow a similar pattern. ASC 715 requires recognition of the funded status or difference between the fair value of plan assets and the projected benefit obligations of the pension plan on the balance sheet, with a corresponding adjustment recorded in the net loss. If the projected benefit obligation exceeds the fair value of the plan assets, then that difference or unfunded status represents the pension liability.

The Group records net service cost as an operating expense and other components of defined benefit plans as a non-operating expense in the statement of comprehensive loss.

The liabilities and annual income or expense of the pension plan are determined using methodologies that involve several actuarial assumptions, the most significant of which are the discount rate and the long-term rate of asset return (based on the market-related value of assets). The fair value of plan assets is determined based on prevailing market prices.

The defined benefit pension plan maintained by SEALSQ France SAS and IC'Alps SAS, and their obligations to employees in terms of retirement benefits, is limited to a lump sum payment based on remuneration and length of service, determined for each employee. The plan is not funded, which means that there are no plan assets.

The liabilities and annual income or expense of the pension plan are determined using methodologies that involve several actuarial assumptions, the most significant of which is the discount rate.

---

| | | | |
|:---|:---|:---|:---|
| **Personnel Costs**<br>**USD'000** | **As at December 31,**<br>**2025** | **As at December 31,**<br>**2024** | **As at December 31,**<br>**2023** |
| Wages and Salaries | 18609 | 5830 | 6214 |
| Social security contributions | 6343 | 2612 | 2319 |
| Net service costs | 665 | 33 | 38 |
| **Total** | **25617** | **8475** | **8571** |

---

The pension liability calculated as at December 31, 2025, is based on annual personnel costs and assumptions as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Assumptions** | **As at December 31,**<br>**2025** | **As at December 31,**<br>**2025** | **As at December 31,**<br>**2024** | **As at December 31,**<br>**2023** |
|  | **France** | **Switzerland** | **France** | **France** |
| Discount rate | 3.40% | 1.16% | 3.10% | 3.05% |
| Expected rate of return on plan assets | n/a | 3.33% | n/a | n/a |
| Salary increases | 3%  | 2.50%  | 3%  | 3% |

---

For SEALSQ Corp's funded plan, the expected long-term rate of return on assets is based on the pension fund's asset allocation.

All of the assets are held under the collective contract by the plan's re-insurer company and are invested in a mix of Swiss and International bond and equity securities. In line with ASC 820's three-tier fair value hierarchy, pension assets belong to the fair value level 2.

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

As at December 31, 2025 and 2024, the Group's accumulated benefit obligation amounted to, respectively, USD 2,162,000 and USD 463,381.

---

| | | | |
|:---|:---|:---|:---|
| **Reconciliation to Balance Sheet start of year**<br>**USD'000** |  |  |  |
| **Fiscal year** | **2025** | **2024** | **2023** |
| Projected benefit obligation | 463 | 426 | 396 |
| **Surplus / deficit** | **463** | **426** | **396** |
| **Opening balance sheet asset / provision (funded status)** | **463** | **426** | **396** |
| **Reconciliation of benefit obligation during the year** |  |  |  |
| Projected benefit obligation at start of year | 463 | 426 | 396 |
| Net service cost | 250 | 34 | 38 |
| Interest expense | 95 | 13 | 14 |
| Plan participant contributions | 84 |  |  |
| Net benefits paid to participants | 244 | (7) | (22) |
| Actuarial losses / (gains) | (133) | 26 | (11) |
| Acquisitions | 6994 |  |  |
| Currency translation adjustment | 1107 | (29) | 11 |
| **Projected benefit obligation at end of year** | **9104** | **463** | **426** |
| **Reconciliation of plan assets during the year** |  |  |  |
| Fair value of plan assets at start of year |  |  |  |
| Employer contributions paid over the year | (153) |  |  |
| Plan participant contributions | (84) |  |  |
| Net benefits paid to participants | (244) |  |  |
| Expected return on plan assets | (186) |  |  |
| Actuarial losses / (gains) | 14 |  |  |
| Acquisitions | (5465) |  |  |
| Currency translation adjustment | (824) |  |  |
| **Fair value of plan assets at end of year** | **(6942)** | **—** | **—** |
| **Reconciliation to balance sheet end of year** |  |  |  |
| Fair value of plan assets | (6942) |  |  |
| Defined benefit obligation - funded plans | 9104 | 463 | 426 |
| **Surplus/deficit** | **2162** | **463** | **426** |
| **Closing balance sheet asset / provision (funded status)** | **2162** | **463** | **426** |
| **Amounts recognized in accumulated other comprehensive income / (loss)** |  |  |  |
| Net loss / (gain) | 1434 | (335) | (385) |
| **Deficit** | **1434** | **(335)** | **(385)** |
| **Estimated amount to be amortized from accumulated other comprehensive income / (loss) into NPBC over next fiscal year** |  |  |  |
| Net loss / (gain) | 384 | 52 | 47 |

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Movement in Funded Status**<br>**USD'000** |  |  |  |
| **Fiscal year** | **2025** | **2024** | **2023** |
| **Opening balance sheet liability / (funded status)** | **463** | **426** | **396** |
| Net service cost | 250 | 34 | 38 |
| Interest cost / (credit) | 95 | 13 | 14 |
| Expected return on plan assets | (186) |  |  |
| Amortization of net (gain) / loss | 70 |  |  |
| Amortization of prior service cost / (credit) | (72) |  |  |
| Settlement / curtailment cost / (credit) |  |  |  |
| Currency translation adjustment | (1) |  |  |
| **Total net periodic benefit cost / (credit)** | **156** | **47** | **52** |
| Actuarial (gain) / loss on liabilities | (133) | 26 | (11) |
| Actuarial (gain) / loss on assets | 15 |  |  |
| Amortization of net (gain) / loss | (70) |  |  |
| Amortization of prior service cost / (credit) | 72 |  |  |
| Currency translation adjustment | 1 |  |  |
| Total (gain) / loss recognized via OCI | **(115)** | **26** | **(11)** |
| Employer contributions paid in the year & Cashflow required to pay benefit payments | (153) | (7) | (22) |
| **Total cashflow** | **(153)** | **(7)** | **(22)** |
| Acquisitions | 1530 |  |  |
| Currency translation adjustment | 281 | (29) | 11 |
| **Closing balance sheet liability / (funded status)** | **2162** | **463** | **426** |
| **Reconciliation of Net gain / loss** |  |  |  |
| Amount at beginning of year | (335) | (385) | (364) |
| Liability (gain) / loss | (118) | 26 | (11) |
| Amortization of net (gain) / loss | (70) |  |  |
| Acquisitions | 1754 |  |  |
| Currency translation adjustment | 203 | 24 | (10) |
| **Amount as at December 31,** | **1434** | **(335)** | **(385)** |

---

The table below shows the breakdown of expected future contributions payable to the Plan:

---

| | | |
|:---|:---|:---|
| **Period**<br>**USD'000** | <br>**Switzerland** | <br>**France** |
| 2026 | 2,229 | 94 |
| 2027 | 288 | 59 |
| 2028 | 268 | 59 |
| 2029 | 258 | 14 |
| 2030 | 239 | 196 |
| 2031 to 2035 | 1,244 | 862 |

---

There are no plan assets expected to be returned to the employer during the 12-month period following December 31, 2025.

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

#### Note 30. Commitments and contingencies

#### Lease commitments
The future payments due under leases are shown in Note 17.

#### Guarantees
Our software and hardware product sales agreements generally include certain provisions for indemnifying customers against liabilities if our products infringe a third party's intellectual property rights. Certain of our product sales agreements also include provisions indemnifying customers against liabilities in the event we breach confidentiality or service level requirements. It is not possible to determine the maximum potential amount under these indemnification agreements due to our lack of history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. To date, we have not incurred any costs as a result of such indemnifications and have not accrued any liabilities related to such obligations in our consolidated financial statements.

#### Warranties
*ASIC Design*

The Company provides a standard three to six-month assurance-type warranty from the date of delivery for all contracts to provide prototypes during the development phase or pre-series chips during the industrialization phase. During this six-month period, the customer has the right to request the Group to initiate a diagnostic process in the event the circuit does not function in line with its specification. The cost of the diagnostic process is borne by the customer if the circuit is found to be faultless (excluding all the IPs / sub-blocks coming from third parties, and except if the customer made any modification) or if the customer cancels the diagnostic process midway. The warranty is considered an assurance-type warranty as it only covers the circuit's compliance with agreed-upon specifications. As such, no liability has been recognized for potential warranty claims, as the Group cannot reasonably estimate the likelihood or amount of future payments under this warranty.

*ASIC Production:*

For ASICs sold as processed, unpackaged semiconductor chips, or processed wafers, the Group provides a standard assurance-type warranty valid for 24 months from the date of delivery. Under the warranty terms, the Group may replace the product or issue a credit note or provide a rebate on the purchase price, for any ASICs that do not conform to the agreed specifications. The warranty excludes damage not attributable to the Group, such as that resulting from improper storage or usage by the customer. During the warranty period, customers may request the Group to initiate a diagnostic defects process to assess potential defects. If the circuit is found to be faultless or if the diagnostic process is cancelled midway, the customer bears the cost of the diagnostic process. The cost of any redesign outside the warranty scope, or support provided outside the warranty period, is chargeable to the customer at cost or based on agreed rates. In accordance with ASC 460, this warranty is classified as an assurance-type warranty, as it solely covers compliance of the delivered ASICs with contractual specifications. No liability has been recognized for potential warranty claims, as the Group cannot reasonably estimate the likelihood or amount of future payments under this warranty.

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

#### Note 31. Stockholders' equity
Stockholders' equity consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at December 31, 2025** | **As at December 31, 2025** | **As at December 31, 2024** | **As at December 31, 2024** |
| **Share Capital** | *Ordinary shares* | *F shares* | *Ordinary shares* | *F shares* |
| Par value per share | USD 0.01 | USD 0.05 | USD 0.01 | USD 0.05 |
| Share capital (in USD) | 1915251 | 74990 | 1000395 | 74985 |
| Total number of authorized shares | 500000000 | 10000000 | 200000000 | 10000000 |
| Total number of fully paid-in issued shares | 191525129 | 1499800 | 100039519 | 1499700 |
| Total number of fully paid-in outstanding shares | 191525129 | 1499800 | 100039519 | 1499700 |
| **Total share capital (in USD)** | **1990241** | **1990241** | **1075380** | **1075380** |

---

***Ordinary Shares***

Each ordinary share confers upon the shareholder the following rights: the right to attend any meeting of shareholders; the right to one vote per ordinary share on any resolution of shareholders as against each other ordinary share but, as a class, the ordinary shares shall retain 50.01% of SEALSQ's voting power; the right to an equal share in any dividend paid by the Company against each other ordinary share, which shall be one fifth of any amount paid by SEALSQ against each F share but shall not rank in preference or be subordinate to any other share; the right to an equal share in the distribution of the surplus assets of SEALSQ against each other ordinary share, which shall be one fifth of any amount paid by SEALSQ against each F share but shall not rank in preference to any other share; and such other rights and entitlements as may be specified in the articles of association.

***F Shares***

Each F share confers upon the shareholder the following rights: the right to attend any meeting of shareholders; a number of votes per F share, on any matter that is submitted to a vote of shareholders, that would cause the total votes of all F shares to equal 49.99% of the voting power of all shares (or, if the applicable voting standard is "a majority of the shares present in person or represented by proxy and entitled to vote on such matter", 49.999999% of the voting power of shares present in person or represented by proxy and entitled to vote on such matter); the right to an equal share in any dividend paid by SEALSQ against each other F share, which shall be five times greater than any amount paid by SEALSQ against each ordinary share but which shall not rank in preference to any other share; and the right to an equal share in the distribution of the surplus assets of SEALSQ against each other F share, which shall be five times greater than any amount paid by SEALSQ against each ordinary share but which shall not rank in preference to any other share.

The F shares are subject to mandatory and automatic redemption, in the event of a change of control (being the acquisition by any person or entity, alone or jointly, of more than 50% of the voting rights of any F shareholder which is a corporate entity), as determined by SEALSQ's board of directors, in exchange for the issuance of new ordinary shares at a ratio of five (5) ordinary shares for each one (1) F share redeemed. The F shares are non-transferable.

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

***Equity transactions***

#### Share Purchase Agreements with Several Institutional Investors signed in May 2025
On May 5, 2025, the Group entered into a Securities Purchase Agreement (the **"May 2025 SPA**") with several institutional investors in connection with a registered direct offering. Pursuant to the May 2025 SPA, the Group agreed to sell and issue 10 million ordinary shares of SEALSQ for a total subscription price of USD 20 million. The May 2025 SPA was assessed as a stock instrument and the proceeds, net of stock issuance costs of USD 1,574,982, were credited to the Common stock - Ordinary shares account in the amount of the aggregate par value with the excess credited to additional paid-in capital ("**APIC**").

#### At-the-Market Facility
On May 19, 2025, SEALSQ entered into an at-the-market ("**ATM**") equity offering program pursuant to which it may offer and sell ordinary shares having an aggregate offering price of up to USD 100 million from time to time through a designated sales agent.

In the year ended December 31, 2025, the Group sold 15,450,000 ordinary shares under the ATM program at an average price of USD 4.60 per share, generating gross proceeds of USD 71,066,307. The Group paid commissions and offering expenses of USD 2,475,077, resulting in net proceeds of USD 68,591,229. As at December 31, 2025, approximately USD 28.9 million of the ATM facility remained available for future sales.

#### Share Purchase Agreement with Several Institutional Investors signed in July 2025
On July 14, 2025, the Group entered into a Securities Purchase Agreement (the **"July 2025 SPA"**) with several institutional investors in connection with a registered direct offering led by Heights Capital Management, Inc. Pursuant to the July 2025 SPA, the Group agreed to sell and issue 15 million ordinary shares together with Class A ordinary share purchase warrants to purchase up to 15 million ordinary shares (the **"Class A Warrants"**) and Class B ordinary share purchase warrants to purchase up to 15 million ordinary shares (the **"Class B Warrants"** and, together with the Class A Warrants, the **"Warrants"**), for a subscription price of USD 60.0 million, with each ordinary share sold in the offering accompanied by one Class A Warrant and one Class B Warrant.

The Class A Warrants and Class B Warrants are immediately exercisable, have an exercise price of USD 4.60 per ordinary share, and expire seven years from the date of issuance. Each Warrant is exercisable for one ordinary share.

The ordinary shares and warrants issued in connection with the July 2025 SPA were assessed as equity instruments and recorded within stockholders' equity in accordance with ASC 480 and ASC 815. The gross proceeds from the transaction were allocated between the ordinary shares issued and the Warrants based on their relative fair values at the issuance date, with the amounts allocated to ordinary shares recorded in the Common stock - Ordinary shares at par value and the excess credited to APIC, and the amounts allocated to the Warrants recorded in APIC. The fair value of the ordinary shares issued was determined based on the quoted market price on the issuance date and the fair value of the Warrants was estimated using a Black-Scholes option pricing model.

Issuance costs directly attributable to the transaction of USD 4,424,679 were recorded as a reduction of stockholders' equity and allocated to the ordinary shares and the Warrants on the same relative fair value basis.

#### Share Purchase Agreement with Several Institutional Investors signed in October 2025
On October 15, 2025, the Group entered into a Securities Purchase Agreement (the "**October 2025 SPA**") with several institutional investors in connection with a registered direct offering and a concurrent private placement led by Heights Capital Management, Inc. Pursuant to the October 2025 SPA, the Group agreed to sell and issue (i) 12,640,000 ordinary shares in the registered direct offering and (ii) in the concurrent private placement, pre-funded ordinary share purchase warrants to purchase up to 14,026,666 ordinary shares (the "**Pre-funded Warrants**") together with Class D ordinary share purchase warrants to purchase up to 53,333,332 ordinary shares (the "**Class D Warrants**" and, together with the Pre-funded Warrants, the "**Private Warrants**"), for aggregate gross proceeds of USD 200 million.

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

Each Pre-funded Warrant is exercisable for one ordinary share at an exercise price of USD 0.0001 per share and is immediately exercisable until exercised in full. The Class D Warrants are immediately exercisable, have an exercise price of USD 9.25 per ordinary share, and expire seven years from the date of issuance. Each Class D Warrant is exercisable for one ordinary share.

The ordinary shares, Pre-funded Warrants, and Class D Warrants issued in connection with the October 2025 SPA were assessed as equity instruments and recorded within stockholders' equity in accordance with ASC 480 and ASC 815. The gross proceeds from the transaction were allocated among the ordinary shares and Private Warrants based on their relative fair values at the issuance date, with the amounts allocated to ordinary shares recorded in the Common stock - Ordinary shares at par value and the excess credited to APIC, and the amounts allocated to the Private Warrants recorded in APIC. The fair value of the ordinary shares was determined based on the quoted market price on the issuance date and the fair value of the Private Warrants was estimated using a Black-Scholes option pricing model.

Issuance costs directly attributable to the transaction of USD 12,291,832 were recorded as a reduction of stockholders' equity and allocated to the ordinary shares and the Private Warrants on the same relative fair value basis.

#### Inducement Offer to Exercise Existing Ordinary Share Purchase Warrants
On October 5, 2025, the Group entered into a Warrant Inducement Agreement with certain institutional investors under which all outstanding Class A Warrants issued in connection with the July 2025 SPA were exercised or exchanged in full at an exercise price of USD 4.60 per ordinary share, resulting in gross proceeds of USD 69.0 million. In limited circumstances, certain investors elected to receive pre-funded warrants in lieu of ordinary shares upon exercise to comply with applicable beneficial ownership limitations.

In consideration for the early exercise of the Class A Warrants, the Group issued Class C ordinary share purchase warrants to purchase up to an aggregate of 26,250,000 ordinary shares (the "**Class C Warrants**"). The Class C Warrants are immediately exercisable, have an exercise price of USD 5.10 per ordinary share, and expire seven years from the date of issuance.

In line with ASC 815, the transaction was evaluated as a modification of the terms of freestanding equity-classified written call options that remained equity classified after the modification. The additional consideration provided in the form of Class C Warrants was determined to represent an inducement to accelerate the exercise of the Class A Warrants. Accordingly, the incremental fair value of the Class C Warrants, measured as of the inducement date, was recognized as an equity issuance cost and recorded as a reduction of APIC. The newly issued Class C Warrants were assessed as equity instruments and recorded within stockholders' equity in accordance with ASC 480 and ASC 815. The issuance of pre-funded warrants in lieu of ordinary shares did not affect the accounting treatment or measurement of the inducement transaction.

Transaction costs of USD 3,583,183 incurred in connection with the Class A warrant exercise and related inducement transaction were recorded as equity issuance costs and recognized as a reduction of stockholders' equity.

#### Warrant exercise
During the year ended December 31, 2025, SEALSQ issued a total of 35,496,048 ordinary shares to certain institutional investors upon the exercise of warrants and pre-funded warrants, resulting in gross proceeds of USD 56,839,132. The warrants and pre-funded warrants were issued in connection with a financing facility executed in 2023 and the above-mentioned agreements. We note that the issuance includes the exercise of 2 million Class B Warrants resulting in gross proceeds of USD 9.2 million. The exercised warrants were equity-classified and settled in shares, and accordingly, the proceeds were credited to the Common stock - Ordinary shares account in the amount of the aggregate par value with the excess credited to APIC.

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

#### Note 32. Accumulated other comprehensive income, net of tax

---

| | | |
|:---|:---|:---|
| **USD'000** |  |  |
| **Accumulated other comprehensive income as at December 31, 2023** |  | **784** |
| &nbsp;&nbsp;Total net foreign currency translation adjustments |  |  |
| &nbsp;&nbsp;Total defined benefit pension adjustment | (27) |  |
| Total other comprehensive income / (loss), net |  | (27) |
| **Accumulated other comprehensive income as at December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;<br> **(a)** | **758** |
| &nbsp;&nbsp;Total net foreign currency translation adjustments | (39) |  |
| &nbsp;&nbsp;Total unrealized gain on available-for-sale debt securities | 25 |  |
| &nbsp;&nbsp;Total defined benefit pension adjustment | 108 |  |
| Total other comprehensive income / (loss), net |  | 94 |
| **Accumulated other comprehensive income as at December 31, 2025** |  | **852** |

---

(a) rounded

There is no income tax expense or benefit allocated to other comprehensive income.

#### Note 33. Revenue

#### Nature of goods and services
The Group generates revenues from the sale of semiconductors secure chips and from Digital Certificates, Software as a Service, Software license and Post-Contract Customer Support (PCS) for cybersecurity applications. Products and services are sold principally separately but may also be sold in bundled packages.

The group also generates revenues by delivering custom ASIC (Application-Specific Integrated Circuit) design and development services during the pre-production phase, and by supplying manufactured ASIC chips during the production phase. These services and products are typically contracted separately but may also be bundled across multiple phases of the ASIC lifecycle.

For bundled packages, the Group accounts for individual products and services separately if they are distinct – i.e. if a product or service is separately identified from other items in the bundled package and if a customer can benefit from it. The consideration is allocated between separate products and services in a bundle based on their stand-alone selling prices. The stand-alone selling prices are determined based on the list prices when available or estimated based on the Adjusted Market Assessment approach (e.g. licenses), or the Expected Cost-Plus Margin approach (e.g., PCS).

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

The following is a description of the principal activities from which the Group generates its revenue across all reportable segments.

---

| | |
|:---|:---|
| ('<br>', '**Product and services**<br><BORDER_TOP>') | ('<br>', '**Nature, timing of satisfaction of performance obligations and significant payment terms**<br><BORDER_TOP>') |
| Semiconductors secure chips | Although they may be sold in connection with other services of the Group, they always represent distinct performance obligations.<br>The Group recognizes revenue when a customer takes possession of the chips, which usually occurs when the goods are delivered. Customers typically pay once goods are delivered. |
| SaaS | The Group's SaaS arrangements cover the provision of cloud-based certificates for authentication purposes such as Device Attestation Certificates (DACs) for MATTER Protocol, IoT Device-to-Cloud Authentication, or Device-to-Device Authentication. The Group recognizes revenue on a straight-line basis over the service period which is usually yearly renewable.<br>Where lifelong certificates are issued, the Group recognizes revenue when the certificate is delivered and usable by the customer.<br>Customers usually pay ahead of the service period; the paid amounts which have not yet been recognized as revenue are shown as deferred revenue on the balance sheet. |
| Software and INeS Certificate Management Platform | The Group provides software for certificates life-cycle management and signing and authentication solutions through its INeS Certificate Management Platform. The Group recognizes revenue when the software has been delivered or the platform has been set up, and PCS revenue over the service period which is usually one-year renewable.<br>Customers pay upon delivery of the software or over the PCS. |
| Implementation, integration and other services | The Group provides services to implement and integrate multi-element cybersecurity solutions. Most of the time the solution elements are off-the-shelve non-customized components which represent distinct performance obligations. Implementation and integration services are payable when rendered, while other revenue elements are payable and recognized as per their specific description in this section. |
| ASIC Design | The services provided are structured into Work Packages (WPs), each representing a separate performance obligation. These could include services associated with the specification/ pre-study, design, prototyping or industrialization. Revenue is recognized over time using the cost-incurred method, as customers control the asset during development and the Group has a right to payment for performance to date. Payments are made progressively based on milestones and deliverables. |
| ASIC Production | Each purchase order for ASIC chips represents a distinct performance obligation to provide the specified quantity and type of chips. Revenue is recognized at a point in time, specifically, when control of the chip transfers to the customer upon delivery. The Company acts as principal, managing the full production process including subcontractor coordination, quality assurance, and logistics. Customers typically pay upon delivery. |

---

#### Disaggregation of revenue
The following table shows the Group's revenues disaggregated by product or service type:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **At one point in time** | **At one point in time** | **At one point in time** | **Over time** | **Over time** | **Over time** | **Total** | **Total** | **Total** |
| **Disaggregation of revenue**<br>**USD'000** | **Typical**<br>**payment** | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| **Semiconductors Segment** |  |  |  |  |  |  |  |  |  |  |
| Secure chips | Upon delivery | 14329 | 10937 | 30044 |  |  |  | 14329 | 10937 | 30044 |
| Certificates | Upon issuance | 298 | 39 | 14 | 24 | 5 |  | 322 | 44 | 14 |
| **Total Semiconductors Segment** |  | **14627** | **10976** | **30058** | **24** | **5** | **—** | **14651** | **10981** | **30058** |
| **ASIC Segment** |  |  |  |  |  |  |  |  |  |  |
| ASIC Design | Milestone based |  |  |  | 3522 |  |  | 3522 |  |  |
| ASIC Production | Upon delivery | 79 |  |  |  |  |  | 79 |  |  |
| **Total ASIC Segment** |  | **79** |  |  | **3522** |  |  | **3601** |  |  |
| **Total Revenue** |  | **14706** | **10976** | **30058** | **3546** | **5** | **—** | **18252** | **10981** | **30058** |

---

For the years ended December 31, 2025 and 2024, the Group recorded no revenues related to performance obligations satisfied in prior periods.

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

The following table shows the Group's revenues disaggregated by geography, based on our customers' billing addresses:

---

| | | | |
|:---|:---|:---|:---|
| | **12 months ended December 31,** | **12 months ended December 31,** | **12 months ended December 31,** |
| **Net sales by region**<br>**USD'000** | **2025** | **2024** | **2023** |
| **Semiconductors Segment** |  |  |  |
| Europe, Middle East and Africa | 2230 | 1839 | 9985 |
| North America | 9147 | 7500 | 16531 |
| Asia Pacific | 3180 | 1642 | 3466 |
| Latin America | 94 |  | 76 |
| **Total Semiconductors Segment revenue** | **14651** | **10981** | **30058** |
| **ASIC Segment** |  |  |  |
| Europe, Middle East and Africa | 2214 |  |  |
| North America | 1340 |  |  |
| Asia Pacific | 47 |  |  |
| **Total ASIC Segment revenue** | **3601** |  |  |
| **Total net sales**  | **18252** | **10981** | **30058** |

---

#### Contract assets, deferred revenue and contract liability
Our contract assets, deferred revenue and contract liability consist of:

---

| | | |
|:---|:---|:---|
| <br>**USD'000** | **As at December 31,**<br>**2025** | **As at December 31,**<br>**2024** |
| **Trade accounts receivable** |  |  |
| Trade accounts receivable – Semiconductors Segment | 3283 | 3645 |
| Trade accounts receivable – ASIC Segment | 986 |  |
| **Total trade accounts receivable, net of allowance for credit losses** | **4269** | **3645** |
| Contract assets – ASIC Segment | 451 |  |
| **Total contract assets** | **451** |  |
| Customer contract liabilities – Semiconductors Segment | 4 | 83 |
| Customer contract liabilities – ASIC Segment | 1596 |  |
| **Total customer contract liabilities - current** | **1600** | **83** |
| **Deferred revenue** |  |  |
| Deferred revenue – Semiconductors Segment | 21 | 5 |
| Deferred revenue – ASIC Segment | 4 |  |
| **Total deferred revenue** | **25** | **5** |
| Revenue recognized in the period from amounts included in the deferred revenue at the beginning of the period | 5 |  |

---

Increases or decreases in trade accounts receivable, contract assets, deferred revenue and contract liabilities are primarily due to normal timing differences between our performance and customer payments.

#### Remaining performance obligations
As of December 31, 2025, approximately USD 399,000 is expected to be recognized from remaining performance obligations for contracts. We expect to recognize revenue for these remaining performance obligations in 2026.

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

#### Note 34. Other operating income
The other operating income relates to:

- services provided to WISeKey in an amount of USD 2,331,957 (see Note 42 for detail) and,

- services provided to SEALCOIN AG in an amount of USD 208,890 (see Note 42 for detail),

- the release of unused provisions in an aggregate amount of USD 65,793.

#### Note 35. Stock-based compensation

#### Employee stock option plans
The F Share Option Plan ("**FSOP**") and the Ordinary Share Option Plan ("**OSOP**") were approved respectively on January 19, 2023, and September 15, 2023, by the Board of directors of SEALSQ.

#### Grants
In the 12 months to December 31, 2023, the Group granted a total of 77 options exercisable in F shares to employees, with immediate vesting, all of which had been exercised as of December 31, 2024. The new shares resulting from the exercise were only created in 2025, therefore, the share capital increase from this exercise was not recorded in the year ended December 31, 2024. The options granted were valued at grant date using the Black-Scholes model.

There was no grant of options on ordinary shares under the ESOP in the year ended December 31, 2023.

In the 12 months to December 31, 2024, the Group granted a total of 23 options exercisable in F shares to employees, with immediate vesting, all of which had been exercised as of December 31, 2024. The new shares resulting from the exercise were only created in 2025, therefore, the share capital increase from this exercise was not recorded in the year ended December 31, 2024.

The Group also granted a total of 245,165 options exercisable in ordinary shares to Board members, with immediate vesting granted, none of which had been exercised as of December 31, 2024.

The options granted were valued at grant date using the Black-Scholes model.

In the 12 months to December 31, 2025, the Group granted a total of 3,042,652 options exercisable in ordinary shares to employees, board members and advisors.

The options granted consisted of:

- 3,041,452 options with immediate vesting granted to employees, Board members and advisors, 2,569,953 of which had been exercised as of December 31, 2025; and

- 1,200 options exercisable in ordinary shares to an employee, not yet vested as of December 31, 2025.

The options granted were valued at grant date using the Black-Scholes model.

There was no grant of options on F shares under the ESOP in the year ended December 31, 2025.

#### Stock option charge to the income statement
The Group calculates the fair value of options granted by applying the Black-Scholes option pricing model. Expected volatility was based on historical volatility of SEALSQ's ordinary shares in 2025 and 2024, and on historical share price volatility of other companies in the same industry and of a similar size for prior periods.

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SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

In the year ended December 31, 2025, a total charge of USD 11,260,701 for options granted to Board members, employees and advisors was recognized in the consolidated income statement calculated by applying the Black-Scholes model at grant, in relation to options.

The following assumptions were used to calculate the compensation expense and the calculated fair value of stock options granted:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Assumption** | **December 31,**<br>**2025** | **December 31,**<br>**2024** | **December 31,**<br>**2023** |
| Dividend yield |  |  |  |
| Risk-free interest rate used (average) | 1.00% | 1.00% | 1.00% |
| Expected market price volatility | 175.40 - 183.25% | 65.31 - 140.47% | 73.19% |
| Average remaining expected life of stock options on F shares (years) |  |  | 6.19 |
| Average remaining expected life of stock options on ordinary shares (years) | 5.33 | 6.53 | n/a |

---

The following tables illustrates the development of the Group's non-vested options for the years ended December 31, 2025 and 2024.

---

| | | |
|:---|:---|:---|
| | **Options on ordinary shares** | **Options on ordinary shares** |
| <br>**Non-vested options** | **Number of shares**<br>**under options** | **Weighted-average grant**<br>**date fair value (USD)** |
| **Non-vested options as at December 31, 2023** | **—** | **—** |
| Granted | 245165 | 0.61 |
| Vested | 245165 | 0.61 |
| Non-vested forfeited or cancelled |  |  |
| **Non-vested options as at December 31, 2024** | **—** | **—** |
| Granted | 3042652 | 2.94 |
| Vested | 3041452 | 2.93 |
| Non-vested forfeited or cancelled |  |  |
| **Non-vested options as at December 31, 2025** | **1200** | **4.29** |

---

---

| | | |
|:---|:---|:---|
| | **Options on F shares** | **Options on F shares** |
| <br>**Non-vested options** | **Number of shares**<br>**under options** | **Weighted-average grant**<br>**date fair value (USD)** |
| **Non-vested options as at December 31, 2023** | **—** | **—** |
| Granted | 23 | 2.35 |
| Vested | 23 | 2.35 |
| Non-vested forfeited or cancelled |  |  |
| **Non-vested options as at December 31, 2024** | **—** | **—** |
| Granted |  |  |
| Vested |  |  |
| Non-vested forfeited or cancelled |  |  |
| **Non-vested options as at December 31, 2025** | **—** | **—** |

---

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

The following tables summarize the Group's stock option activity for the years ended December 31, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Options on ordinary shares** | <br>**Ordinary shares**<br>**under options** | <br>**Weighted-average**<br>**exercise price**<br>**(USD)** | **Weighted average**<br>**remaining**<br>**contractual term**<br>**(in years)** | <br>**Aggregate**<br>**intrinsic value**<br>**(USD)** |
| **Outstanding as at December 31, 2023** | **—** | **—** | **—** | **—** |
| Of which vested |  |  |  |  |
| Granted | 245165 | 0.01 | **—** | **—** |
| **Outstanding as at December 31, 2024** | **245165** | **0.01** | **6.65** | **1505313** |
| Of which vested | 245165 | 0.01 | **6.65** | 1505313 |
| Granted | 3042652 | 0.01 | **—** | **—** |
| Exercised or converted | (2647019) | 0.01 | **—** | **9471366** |
| Forfeited or cancelled | (65774) | 0.01 | **—** |  |
| **Outstanding as at December 31, 2025** | **575024** | **0.04** | **6.14** | **2152900** |
| Of which vested | 573824 | 0.04 | **6.14** | 2148376 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Options on F shares** | <br>**F shares under**<br>**options** | <br>**Weighted-average**<br>**exercise price**<br>**(USD)** | **Weighted average**<br>**remaining**<br>**contractual term**<br>**(in years)** | <br>**Aggregate**<br>**intrinsic value**<br>**(USD)** |
| **Outstanding as at December 31, 2023** | **77** | **0.05** | **6.19** | **19** |
| Of which vested | 77 | 0.05 | **6.19** | 19 |
| Granted | 23 | 0.05 | **—** | **—** |
| Exercised or converted | (100) | 0.05 | **—** | **118** |
| **Outstanding as at December 31, 2024** |  |  | **—** |  |
| Of which vested |  |  | **—** | **—** |
| Granted |  |  | **—** | **—** |
| Exercised or converted |  |  | **—** | **—** |
| **Outstanding as at December 31, 2025** | **—** | **—** | **—** | **—** |
| Of which vested |  |  |  |  |

---

#### Summary of stock-based compensation expenses

---

| | | | |
|:---|:---|:---|:---|
| | **12 months ended December 31,** | **12 months ended December 31,** | **12 months ended December 31,** |
| **Stock-based compensation expenses** <br>**USD'000** | **2025** | **2024** | **2023** |
| In relation to the Ordinary Share Option Plan | 11261 | 148 |  |
| In relation to the F Share Option Plan |  |  |  |
| **Total** | **11261** | **148** | **—** |

---

Stock-based compensation expenses are recorded under the following expense categories in the income statement.

---

| | | | |
|:---|:---|:---|:---|
| | **12 months ended December 31,** | **12 months ended December 31,** | **12 months ended December 31,** |
| **Stock-based compensation expenses** <br>**USD'000** | **2025** | **2024** | **2023** |
| Research & development expenses  | 2376 |  |  |
| Selling & marketing expenses | 3694 |  |  |
| General & administrative expenses | 5191 | 148 |  |
| **Total** | **11261** | **148** | **—** |

---

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

The following table reconciles the total stock-based compensation expense to the amounts recognized in stockholders' equity:

---

| | | | |
|:---|:---|:---|:---|
| | **12 months ended December 31,** | **12 months ended December 31,** | **12 months ended December 31,** |
| **Stock-based compensation expenses**<br>**USD'000** | **2025** | **2024** | **2023** |
| Total stock-based compensation for the period | 11261 | 148 |  |
| Less: stock-based compensation classified as liability | (1538) |  |  |
| **Stock-based compensation recognized in APIC** | **9723** | **148** |  |

---

#### Note 36. Non-operating income
Non-operating income consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| | **12 months ended December 31,** | **12 months ended December 31,** | **12 months ended December 31,** |
| <br>**USD'000** | **2025** | **2024** | **2023** |
| Foreign exchange gain | 2702 | 358 | 163 |
| Unrealized gains on investment | 32 |  |  |
| Financial income | 44 |  |  |
| Interest income | 6095 | 703 | 88 |
| Write-off of indebtedness to related parties |  |  | 2191 |
| Other | 24 |  |  |
| **Total non-operating income** | **8897** | **1061** | **2442** |

---

#### Note 37. Non-operating expenses
Non-operating expenses consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| | **12 months ended December 31,** | **12 months ended December 31,** | **12 months ended December 31,** |
| <br>**USD'000** | **2025** | **2024** | **2023** |
| Foreign exchange losses | 2753 | 44 | 339 |
| Financial charges | 325 | 273 | 4 |
| Interest expense | (8) | 553 | 298 |
| Other components of defined benefit plans, net | 5 |  |  |
| Other | 8 | 13 | 14 |
| **Total non-operating expenses** | **3083** | **883** | **655** |

---

The credit to interest expense during the year ended December 31, 2025 primarily relates to the reversal of a previously recorded interest accrual of USD 66,500 in SEALSQ Corp.

#### Note 38. Income taxes
SEALSQ Corp is incorporated in the British Virgin Islands but is a Swiss tax resident, filing taxes in the canton of Geneva. It operates in various countries with differing tax laws and rates.

The components of income before income taxes are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **12 months ended December 31,** | **12 months ended December 31,** | **12 months ended December 31,** |
| **Income / (Loss)**<br>**USD'000** | **2025** | **2024** | **2023** |
| Switzerland | (21152) | (10907) | (6524) |
| Foreign | (13056) | (7209) | 3481 |
| **Loss before income tax** | **(34208)** | **(18116)** | **(3043)** |

---

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

The components of income taxes relating to the Group are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **12 months ended December 31,** | **12 months ended December 31,** | **12 months ended December 31,** |
| **Income taxes**<br>**USD'000** | **2025** | **2024** | **2023** |
| *Current* |  |  |  |
| &nbsp;&nbsp;Switzerland |  |  |  |
| &nbsp;&nbsp;Foreign | (162) | 3085 | 225 |
| *Deferred* |  |  |  |
| &nbsp;&nbsp;Switzerland |  |  |  |
| &nbsp;&nbsp;Foreign |  |  |  |
| **Income tax expense / (income)** | **(162)** | **3085** | **225** |

---

The difference between the income tax recovery / (expense) at the Swiss Federal statutory income tax rate of 8.5% compared to the Group's income tax recovery / (expense) as reported is reconciled below. In line with ASU 2023-09, the Group has elected not to restate prior periods.

---

| | |
|:---|:---|
| <br>**USD'000** | **12 months ended**<br>**December 31,**<br>**2025** |
| Net loss before income tax | (34208) |
| Swiss Federal statutory tax rate | 2908 |
| State and local income taxes (Geneva), net of federal income tax effect |  |
| Foreign tax effects |  |
| &nbsp;&nbsp;France |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State income taxes, net of federal income tax effect | (856) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in tax loss carryfowards from acquisition | 3531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in loss carryforwards in relation to the debt remission | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in tax loss carryfowards | 4161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permanent Difference in relation to stock-based compensation | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in valuation allowances | (8005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred tax liabilities from acquisition | 171 |
| &nbsp;&nbsp;Other | 13 |
| Effect of changes in tax laws or rates enacted in the current period |  |
| Effect of cross-border tax laws |  |
| Tax credits |  |
| &nbsp;&nbsp;Changes in tax loss carryfowards | 2311 |
| &nbsp;&nbsp;State income taxes, net of federal income tax effect | (1798) |
| Changes in valuation allowances | (2513) |
| Nontaxable or nondeductible items |  |
| &nbsp;&nbsp;Permanent Difference in relation to stock-based compensation | 15 |
| Changes in unrecognized tax benefits |  |
| Other | 117 |
| **Income tax (expense) / recovery** | **162** |

---

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **12 months ended December 31,** | **12 months ended December 31,** |
| **USD'000** | **2024** | **2023** |
| Net loss before income tax | (18116) | (3043) |
| Statutory tax rate | 14% | 14% |
| Expected income tax (expense)/recovery | 2536 | 426 |
| Change in tax loss carryforwards | 3912 | 869 |
| Change in loss carryforwards in relation to the debt remission | (52) | (514) |
| Change in valuation allowance | (6932) | (600) |
| Foreign tax effects | (1047) | (75) |
| Nontaxable or nondeductible items | (1491) | (22) |
| Effect of exchange rate changes |  |  |
| Amortization of PPA |  |  |
| Other | (11) | (309) |
| **Income tax (expense) / recovery** | **(3085)** | **(225)** |

---

The Group assesses the recoverability of its deferred tax assets and, to the extent recoverability does not satisfy the "more likely than not" recognition criterion under ASC 740, records a valuation allowance against its deferred tax assets. The Group considered its recent operating results and anticipated future taxable income in assessing the need for its valuation allowance.

In view of the Group's continued loss before income tax in the year ended December 31, 2025, and of the anticipated future taxable income per management's forecast, the Group assessed that the recoverability of its deferred tax assets remains below the "more likely than not" recognition criterion under ASC 740 as at December 31, 2025. Consequently, the Group maintained a full valuation allowance against its gross deferred tax assets.

The Group's deferred tax assets and liabilities consist of the following:

---

| | | |
|:---|:---|:---|
| **Deferred income tax assets/(liabilities)**<br>**USD'000** | **As at December 31,**<br>**2025** | **As at December 31,**<br>**2024** |
| Foreign | (4367) |  |
| **Deferred income tax assets / (liabilities)** | **(4367)** | **—** |

---

---

| | | |
|:---|:---|:---|
| **Deferred tax assets and liabilities**<br>**USD'000** | **As at December 31,**<br>**2025** | **As at December 31,**<br>**2024** |
| Defined benefit accrual | 401 | (9) |
| Tax loss carryforwards | 18388 | 8380 |
| Add back loss carryforwards used for the debt remission | 881 | 776 |
| Valuation allowance | (19670) | (9147) |
| Deferred tax liability from acquisition | (4367) |  |
| **Deferred tax assets / (liabilities)** | **(4367)** | **—** |

---

In connection with the acquisition of IC'Alps, the Group recognized a net deferred tax liability of USD 4,366,726 as at December 31, 2025, related to intangible assets identified during the Purchase Price Allocation (PPA).

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

As of December 31, 2025, the Group's operating cumulated loss carry-forwards of all jurisdictions are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Operating loss-carryforward as of December 31, 2025** | **Operating loss-carryforward as of December 31, 2025** | **Operating loss-carryforward as of December 31, 2025** | **Operating loss-carryforward as of December 31, 2025** | **Operating loss-carryforward as of December 31, 2025** | **Operating loss-carryforward as of December 31, 2025** |
| **Total operating loss carry-forwards / Year of expiration if applicable to jurisdiction** | **Total operating loss carry-forwards / Year of expiration if applicable to jurisdiction** | **Total operating loss carry-forwards / Year of expiration if applicable to jurisdiction** | **Total operating loss carry-forwards / Year of expiration if applicable to jurisdiction** | **Total operating loss carry-forwards / Year of expiration if applicable to jurisdiction** | **Total operating loss carry-forwards / Year of expiration if applicable to jurisdiction** |
| **USD'000** | **Switzerland** | **France** | **Japan** | **USA** | **Total** |
| 2026 |  |  |  |  |  |
| 2027 |  |  |  |  |  |
| 2028 |  |  |  |  |  |
| 2029 | 188 |  |  |  | 188 |
| 2030 | 7189 |  |  |  | 7189 |
| 2031 | 10027 |  |  |  | 10027 |
| 2032 | 14928 |  |  |  | 14928 |
| 2045 |  |  |  | 59 | 59 |
| No expiration |  | 54521 | 9 |  | 54530 |
| **Totals** | **32332** | **54521** | **9** | **59** | **86921** |

---

In France, operating losses may be carried forward indefinitely but may be offset against the taxable profits of a given fiscal year only up to an amount of €1 million, plus 50% of the taxable result in excess of that threshold.

The following tax years remain subject to examination:

---

| | |
|:---|:---|
| **Significant jurisdictions** | **Open years** |
| Switzerland | 2025 |
| France | 2022 – 2025 |
| Japan | 2025 |
| Taiwan | 2025 |
| USA | 2025 |

---

The Group has no unrecognized tax benefits.

#### Note 39. Segment reporting
The Group has two operating and reportable segments that meet the criteria set forth in ASC 280-10-50: Semiconductors and ASIC.

During the year ended December 31, 2025, following the acquisition of IC'Alps on August 4, 2025, the Group updated its reportable segments to reflect changes in its internal management reporting structure. Prior to the acquisition of IC'Alps, the Group's operations were primarily composed of the Semiconductors business and corporate activities. Corporate activities are now included within "Other profit or loss." Prior period segment information has been recast to conform to the current year presentation.

The Group's Chief Executive Officer, who is the Chief Operating Decision Maker, evaluates segment performance and allocates resources based on net sales, gross profit (where applicable), and operating income or loss. In making these decisions, the Chief Operating Decision Maker considers budgets, budget-to-actual variances, and key operating metrics, and allocates resources, including employees, property, plant and equipment, and financial resources, across the reportable segments.

Both the Semiconductors and ASIC reportable segments are strategic business units that offer distinct products and services and are managed separately because they require dedicated resources and targeted marketing strategies. The Semiconductors segment encompasses the design, manufacturing, sales and distribution of high-end, Common Criteria EAL5+ & FIPS 140-3-certified secure microprocessors. The ASIC segment's operations include a complete offering for Application Specific Integrated Circuits (ASIC) and Systems on Chip (SoC) development from circuit specification, mastering design in-house, up to qualification and the management of the entire production supply chain. The ASIC reportable segment did not exist prior to August 4, 2025, when SEALSQ acquired IC'Alps.

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

The accounting policies of the segments are consistent with those described in the summary of significant accounting policies. Segment operating income includes directly attributable revenues and expenses. "Other segment items" include corporate expenses and other non-operating items that are not allocated to the reportable segments.

The Group accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **12 months ended December 31,** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| **USD'000** | **Semiconductors** | **ASIC** | **Total** | **Semiconductors** | **ASIC** | **Total** |
| Revenues from external customers | 14651 | 3601 | 18252 | 10981 |  | 10981 |
| Intersegment revenues |  | 483 | 483 |  |  |  |
|  | 14651 | 4084 | 18735 | 10981 |  | 10981 |
| *Reconciliation of revenue* |  |  |  |  |  |  |
| Elimination of intersegment revenue |  | (483) | (483) |  |  |  |
| Total consolidated revenue |  |  | 18252 |  |  | 10981 |
| Less:<sup>1</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;Cost of revenue | 9203 | 419 | 9622 | 7253 |  | 7253 |
| Segment gross profit | 5448 | 3182 | 8630 | 3728 |  | 3728 |
| Less:<sup>1</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;Total operating expenses | 17737 | 5022 | 22759 | 12845 |  | 12845 |
| &nbsp;&nbsp;Other segment items | 1269 | (240) | 1029 | (109) |  | (109) |
| Segment profit /(loss) before income taxes | (13558) | (1600) | (15158) | (9008) |  | (9008) |
| *Reconciliation of profit or loss (segment profit/(loss))* |  |  |  |  |  |  |
| Other profit or loss<sup>2</sup> |  |  | (19029) |  |  | (9108) |
| Elimination of intersegment profits |  |  | (21) |  |  |  |
| Loss before income taxes |  |  | (34208) |  |  | (18116) |
| **Other segment disclosures** |  |  |  |  |  |  |
| Interest revenue | 7 |  | 7 | 160 |  | 160 |
| Interest expense | 370 | 51 | 421 | 95 |  | 95 |
| Depreciation and amortization | 678 | 1525 | 2203 | 628 |  | 628 |
| Profit / (loss) from intersegment sales |  | 21 | 21 |  |  |  |
| Income tax recovery / (expense) |  | (171) | (171) | (3077) |  | (3077) |
| Segment assets | 17171 | 30721 | 47892 | 13564 |  | 13564 |

---

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **12 months ended December 31,** | **2023** | **2023** | **2023** |
| **USD'000** | **Semiconductors** | **ASIC** | **Total** |
| Revenues from external customers | 30058 |  | 30058 |
| Intersegment revenues |  |  |  |
|  | 30058 |  | 30058 |
| *Reconciliation of revenue* |  |  |  |
| Elimination of intersegment revenue |  |  |  |
| Total consolidated revenue |  |  | 30058 |
| Less:<sup>1</sup> |  |  |  |
| &nbsp;&nbsp;Cost of revenue | 16009 |  | 16009 |
| Segment gross profit | 14049 |  | 14049 |
| Less:<sup>1</sup> |  |  |  |
| &nbsp;&nbsp;Total operating expenses | 12300 |  | 12300 |
| &nbsp;&nbsp;Other segment items | (1706) |  | (1706) |
| Segment profit /(loss) before income taxes | 3455 |  | 3455 |
| *Reconciliation of profit or loss (segment profit/(loss))* |  |  |  |
| Other profit or loss<sup>2</sup> |  |  | (6498) |
| Elimination of intersegment profits |  |  |  |
| Loss before income taxes |  |  | (3043) |
| **Other segment disclosures** |  |  |  |
| Interest revenue | 88 |  | 88 |
| Interest expense | 109 |  | 109 |
| Depreciation and amortization | 571 |  | 571 |
| Profit / (loss) from intersegment sales |  |  |  |
| Income tax recovery / (expense) | (218) |  | (218) |
| Segment assets | 23736 |  | 23736 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Profit or loss from segments below the quantitative thresholds are attributable to two operating segments that include the sales and distribution of semiconductors. None of those segments has ever met any of the quantitative thresholds for determining reportable segments. It also includes the holding company SEALSQ Corp, that does not meet the definitions of a reportable segment.

Other segment items for each reportable segment are made up of non-operating expenses, including management expenses, foreign exchanges gains and losses, debt discount amortization and financing costs.

---

| | | |
|:---|:---|:---|
| | **As at December 31,** | **As at December 31,** |
| <br>**USD'000** | **2025** | **2024** |
| **Asset reconciliation** |  |  |
| Total assets from reportable segments | 47892 | 13564 |
| Other assets (incl. goodwill)<sup>1</sup> | 524536 | 110502 |
| Elimination of intersegment receivables | (29737) | (7168) |
| Elimination of intersegment investments | (38512) | (19332) |
| **Consolidated total assets** | **504179** | **97566** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Assets from segments below the quantitative thresholds are attributable to two operating segments that include the sales and distribution of semiconductors. None of those segments has ever met any of the quantitative thresholds for determining reportable segments. Most of Other assets refers to SEALSQ Corp, as the holding is currently excluded from the reportable segments. Most of Other assets consists of cash.

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

#### Revenue and property, plant and equipment by geography
The following tables summarize geographic information for net sales based on the billing address of the customer, and for property, plant and equipment.

---

| | | | |
|:---|:---|:---|:---|
| | **12 months ended December 31,** | **12 months ended December 31,** | **12 months ended December 31,** |
| **Net sales by region**<br>**USD'000** | **2025** | **2024** | **2023** |
| North America | 10487 | 7500 | 16531 |
| Europe, Middle East & Africa | 4444 | 1839 | 9985 |
| Asia Pacific | 3227 | 1642 | 3466 |
| Latin America | 94 |  | 76 |
| **Total net sales** | **18252** | **10981** | **30058** |

---

---

| | | |
|:---|:---|:---|
| **Property, plant and equipment, net of depreciation, by region**<br>**USD'000** | **As at December 31,**<br>**2025** | **As at December 31,**<br>**2024** |
| Europe, Middle East & Africa | 3770 | 3201 |
| **Total Property, plant and equipment, net of depreciation** | **3770** | **3201** |

---

#### Note 40. Earnings / (Loss) per share
The computation of basic and diluted net earnings / (loss) per share for the Group is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **12 months ended December 31,** | **12 months ended December 31,** | **12 months ended December 31,** |
| <br>**Earnings / (loss) per share** | **2025** | **2024** | **2023** |
| Net loss (USD'000) | (34194) | (21201) | (3268) |
| Effect of potentially dilutive instruments on net gain (USD'000) | n/a | n/a | n/a |
| Net loss after effect of potentially dilutive instruments (USD'000) | (34194) | (21201) | (3268) |
| **Ordinary shares used in net earnings / (loss) per share computation:** |  |  |  |
| Weighted average shares outstanding - basic | 135029729 | 27749590 | 7799766 |
| Effect of potentially dilutive equivalent shares | n/a | n/a | n/a |
| Weighted average shares outstanding - diluted | 135029729 | 27749590 | 7799766 |
| **Net loss per ordinary share** |  |  |  |
| Basic weighted average loss per share (USD) | (0.24) | (0.60) | (0.21) |
| Diluted weighted average loss per share (USD) | (0.24) | (0.60) | (0.21) |
| **F shares used in net earnings / (loss) per share computation:** |  |  |  |
| Weighted average shares outstanding - basic | 1499800 | 1499700 | 1499700 |
| Effect of potentially dilutive equivalent shares | n/a | n/a | n/a |
| Weighted average shares outstanding - diluted | 1499800 | 1499700 | 1499700 |
| **Net loss per F share** |  |  |  |
| Basic weighted average loss per share (USD) | (1.20) | (3.01) | (1.07) |
| Diluted weighted average loss per share (USD) | (1.20) | (3.01) | (1.07) |

---

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **2025** | **2024** | **2023** |
| Company posted | Net loss | Net loss | Net loss |
| Basic weighted average ordinary shares outstanding | 135029729 | 27749590 | 7799766 |
| Basic weighted average F shares outstanding | 1499800 | 1499700 | 1499700 |
| Dilutive effect of common stock equivalents | n/a | n/a | n/a |
| Dilutive weighted average common stock outstanding | n/a | n/a | n/a |

---

---

| | | | |
|:---|:---|:---|:---|
| **Dilutive vehicles with anti-dilutive effect** | **2025** | **2024** | **2023** |
| **Ordinary shares** |  |  |  |
| Total stock options | 558962 | 245165 |  |
| Total warrants | 92583332 |  |  |
| Total convertible instruments |  |  | 1559828 |
| **Total number of ordinary shares from dilutive vehicles with anti-dilutive effect** | **93142294** | **245165** | **1559828** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Dilutive vehicles with anti-dilutive effect** | **2025** | **2024** | **2023** |
| **F shares** |  |  |  |
| Total stock options |  |  | 77 |
| **Total number of F shares from dilutive vehicles with anti-dilutive effect** |  |  | **77** |

---

#### Note 41. Legal proceedings
We are currently not party to any legal proceedings and claims that are not provided for in our financial statements.

#### Note 42. Related parties disclosure

#### Subsidiaries
As at December 31, 2025, the consolidated financial statements of the Group include the entities listed in the following table:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Group Company Name** | <br>**Country of** <br>**incorporation** | <br>**Year of** <br>**incorporation** | <br>**Share Capital** | **%**<br>**ownership**<br>**as at**<br>**December 31,**<br>**2025** | **%**<br>**ownership**<br>**as at**<br>**December 31,**<br>**2024** | &nbsp;&nbsp;&nbsp;&nbsp; <br>**Nature of business** |
| SEALSQ France SAS | France | 2010 | EUR 1,473,162 | 100% | 100% | Chip manufacturing, sales & distribution |
| SEALSQ Japan KK | Japan | 2017 | JPY 1,000,000 | 100% | 100% | Sales & distribution |
| SEALSQ France Taiwan Branch | Taiwan | 2017 | TWD 100,000 | 100% | 100% | Sales & distribution |
| SEALSQ USA Ltd | U.S.A. | 2024 | Nil | 100% | 100% | Sales & distribution |
| IC'Alps SAS | France | 2025 | EUR 1,100,000 | 100% | n/a | Custom ASIC design services |

---

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

#### Unconsolidated affiliates
As per the table below, as at December 31, 2025, the Group holds two equity investments in unconsolidated affiliates over which it exercises significant influence, but which is not consolidated because the Group does not control the entities. As detailed in Note 20, these investments are accounted for under the equity method of accounting in accordance with ASC 323.

---

| | | | |
|:---|:---|:---|:---|
| <br>**Company Name** | **% ownership as at**<br>**December 31,**<br>**2025** | **% ownership as at**<br>**December 31,**<br>**2024** | &nbsp;&nbsp;&nbsp;&nbsp;<br>**Nature of relationship** |
| The WeCan Group AG | 31.87% | n/a | Equity method investment |
| Quantix Edge Security, S.L. | 5.0% | n/a | Equity method investment |

---

#### Unconsolidated related party affiliates
As of December 31, 2025, the Group holds one equity investment in an unconsolidated related party affiliate over which it exercises significant influence, but which is not consolidated because the Group does not control the entity. As detailed in Note 21, the investments is accounted for under the equity method of accounting in accordance with ASC 323.

---

| | | | |
|:---|:---|:---|:---|
| <br>**Company Name** | **% ownership as at**<br>**December 31,**<br>**2025** | **% ownership as at**<br>**December 31,**<br>**2024** | &nbsp;&nbsp;&nbsp;&nbsp;<br>**Nature of relationship** |
| WISeSat.Space Corp | 8.08% | n/a | Equity method investment |

---

#### Related party transactions and balances

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | |  |  |  |  | **Net expenses to** | **Net expenses to** | **Net expenses to** | **Net income from** | **Net income from** | **Net income from** |
|  | | **Receivables as at** | **Receivables as at** | **Payables as at** | **Payables as at** | **in the year ended**  | **in the year ended**  | **in the year ended**  | **in the year ended**  | **in the year ended**  | **in the year ended**  |
|  | | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | <br>**Related Parties**<br>**(in USD'000)** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| 1 | Carlos Moreira |  |  | 614 | 953 |  |  |  |  |  |  |
| 2 | John O'Hara |  |  | 4 | 381 |  |  |  |  |  |  |
| 3 | Ruma Bose |  |  |  | 13 | 162 | 97 | 33 |  |  |  |
| 4 | Cristina Dolan |  |  |  | 13 | 222 | 74 |  |  |  |  |
| 5 | David Fergusson |  |  | 14 |  | 173 | 18 |  |  |  |  |
| 6 | Danil Kerimi |  |  |  | 13 | 27 | 105 | 8 |  |  |  |
| 7 | Eric Pellaton |  |  |  | 13 | 161 | 74 |  |  |  |  |
| 8 | Peter Ward |  |  |  |  | 1381 | 6 |  |  |  |  |
| 9 | Hossein Rahnama |  |  |  |  | 85 |  |  |  |  |  |
| 10 | WISeKey International Holding AG | 8107 |  | 1563 | 4821 | 1864 | 4752 | 5283 | 2332 |  |  |
| 11 | WISeKey SA | 81 |  | 270 | 237 | 730 | 978 |  |  |  |  |
| 12 | WISeKey USA Inc |  |  |  |  |  |  | 827 |  |  |  |
| 13 | WISeKey Semiconductors GmbH |  |  |  |  |  | 84 | 180 |  |  |  |
| 14 | WISeCoin AG |  |  | 347 | 3445 | 9 | 75 | 75 |  |  |  |
| 15 | SEALCoin AG | 468 | 223 |  |  |  |  |  | 209 | 227 |  |
|  | **Total** | **8656** | **223** | **2812** | **9889** | **4814** | **6263** | **6406** | **2541** | **227** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. Carlos Moreira is a member of the Board and the CEO of SEALSQ Corp. A short-term payable to Carlos Moreira in an amount of USD 614,335 was outstanding as at December 31, 2025, made up of accrued bonuses and social charges thereon.

&nbsp;&nbsp;&nbsp;&nbsp;2. John O ' Hara is a member of the Board and the CFO of SEALSQ Corp. A short-term payable to John O ' Hara in an amount of USD 3,848 was outstanding as at December 31, 2025, in relation to a tax refund.

&nbsp;&nbsp;&nbsp;&nbsp;3. Ruma Bose is a member of the board of directors of SEALSQ Corp. The expenses recorded in the income statement in the year ended December 31, 2025 relate to her Board fee.

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;4. Cristina Dolan is a member of the board of directors of SEALSQ Corp. The expenses recorded in the income statement in the year ended December 31, 2025 relate to her Board fee.

&nbsp;&nbsp;&nbsp;&nbsp;5. David Fergusson is a member of the board of directors of SEALSQ Corp. The expenses recorded in the income statement in the year ended, and the payable balance as at December 31, 2025 relate to his Board fee.

&nbsp;&nbsp;&nbsp;&nbsp;6. Danil Kerimi is a former member of the board of directors of SEALSQ Corp. The expenses recorded in the income statement in the year ended December 31, 2025 relate to his Board fee.

&nbsp;&nbsp;&nbsp;&nbsp;7. Eric Pellaton is a member of the board of directors of SEALSQ Corp. The expenses recorded in the income statement in the year ended December 31, 2025 relate to his Board fee.

&nbsp;&nbsp;&nbsp;&nbsp;8. Peter Ward is a member of the board of directors of SEALSQ Corp and was the CFO of the Group until January 2024. The expenses recorded in the income statement in the year to, December 31, 2025 relate to his Board fee and a bonus granted in relation to the 2023 financial year to the management during Mr. Ward ' s tenure as CFO of SEALSQ.

&nbsp;&nbsp;&nbsp;&nbsp;9. Hossein Rahnama is a former member of the board of directors of SEALSQ Corp. The expenses recorded in the income statement in the year ended December 31, 2025 relate to his Board fee.

&nbsp;&nbsp;&nbsp;&nbsp;10. WISeKey International Holding AG has a controlling interest in the SEALSQ Group. It provides financing and management services, including, but not limited to, sales and marketing, accounting, finance, legal, taxation, business and strategy consulting, public relations, marketing, risk management, information technology and general management. The expenses in relation to WISeKey International Holding AG recorded in the income statement in the year to, and the payable balance as at December 31, 2025, relate to interest and the recharge of management services. The income in relation to WISeKey International Holding AG recorded in the income statement in the year to December 31, 2025 relates to the recharge of management services, and the receivable balance as at December 31, 2025, relates to the transfer of the pension liability for employees transferred from WISeKey to SEALSQ, the recharge of management services and advances.

&nbsp;&nbsp;&nbsp;&nbsp;11. WISeKey SA is part of the group headed by WISeKey International Holding AG (the **" WISeKey Group**") and employs supporting staff who work for the SEALSQ Group. The expenses in relation to WISeKey SA recorded in the income statement in the year to, and the payable balance as at December 31, 2025, relates to the recharge of employee costs and management services. The receivable balance as at December 31, 2025, relates to the transfer of the pension liability for employees transferred from WISeKey SA to SEALSQ, the recharge of management services.

&nbsp;&nbsp;&nbsp;&nbsp;12. WISeKey USA Inc is part of the WISeKey Group.

&nbsp;&nbsp;&nbsp;&nbsp;13. WISeKey Semiconductors GmbH is part of the WISeKey Group and employs sales staff who work for the SEALSQ Group.

&nbsp;&nbsp;&nbsp;&nbsp;14. WISeCoin AG is part of the WISeKey Group. The expenses in relation to WISeCoin AG recorded in the income statement in the year to December 31, 2025 relate to loan interest, and the remaining payable balance relates to the outstanding loan and accrued interest.

&nbsp;&nbsp;&nbsp;&nbsp;15. SEALCOIN AG is part of the WISeKey Group. The income in relation to SEALCOIN AG recorded in the income statement in the year ended, and the receivable balance as at, December 31, 2025, relate to services provided by SEALSQ.

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

#### Note 43. Subsequent events

#### Investment in EeroQ
On February 16, 2026, the Group entered into a second Simple Agreement for Future Equity ("SAFE") with EeroQ Corporation for a total investment of USD 1 million. The investment does not convey equity ownership, voting rights, or significant influence at inception.

***Share Purchase Agreement with Several Institutional Investors signed in March 2026***

On March 16, 2026, the Group entered into a Securities Purchase Agreement (the "March 2026 SPA") with several institutional investors in connection with a registered direct offering led by Heights Capital Management, Inc. Pursuant to the March 2026 SPA, SEALSQ agreed to sell and issue (i) 22,913,630 Ordinary Shares in the registered direct offering and (ii) pre-funded ordinary share purchase warrants to purchase up to 7,500,000 Ordinary Shares (the "Pre-funded Warrants") together with Class D ordinary share purchase warrants to purchase up to 60,827,260 Ordinary Shares (the "Class E Warrants" and, together with the Pre-funded Warrants, the "Private Warrants"), for aggregate gross proceeds of USD 125 million.

Each Pre-funded Warrant is exercisable for one Ordinary Share at an exercise price of USD 0.0001 per share and is immediately exercisable until exercised in full. The Class E Warrants are immediately exercisable, have an exercise price of USD 5.50 per Ordinary Share, and expire seven years from the date of issuance. Each Class E Warrant is exercisable for one Ordinary Share.

***Proposed Acquisition of Miraex SA***

On March 24, 2026, SEALSQ Corp. entered into a Letter of Intent (the "LOI") to acquire 100% of the issued and outstanding share capital of Miraex SA, a company incorporated in Switzerland, for an aggregate cash purchase price of CHF 4,000,000, exclusive of the repayment of Miraex SA's outstanding convertible loans estimated at CHF 565,178.74. Immediately following completion of the proposed transaction, SEALSQ intends to subscribe to a capital increase of up to CHF 1,000,000 to support Miraex SA's operations through fiscal years 2026 and 2027.

Concurrently with the execution of the LOI, SEALSQ and Miraex SA entered into a convertible loan agreement in the principal amount of CHF 500,000 to provide interim bridge financing to preserve Miraex SA's operations pending completion of the proposed transaction, with the amount disbursed to be credited against SEALSQ's obligation under the aforementioned capital increase. The LOI includes a 60-day exclusivity period during which Miraex SA may not solicit or enter into discussions with third parties regarding any competing transaction. Completion of the proposed acquisition remains subject to customary conditions, including SEALSQ's satisfactory completion of due diligence, shareholder approval, and the absence of any material adverse change affecting Miraex SA.

***OSOP Exercise***

After December 31, 2025, under the Rule 10b5-1 trading plan set up by the SEALSQ Group, 903,120 options on ordinary shares were granted under the OSOP and 935,240 options on ordinary shares were exercised.

#### Note 44. Impacts of ongoing conflicts and regulatory changes

#### Impacts of the war in Ukraine
Following the outbreak of the war in Ukraine in late February 2022, several countries imposed sanctions on Russia, Belarus and certain regions in Ukraine. There has been an abrupt change in the geopolitical situation, with significant uncertainty about the duration of the conflict, changing scope of sanctions and retaliation actions including new laws.

The SEALSQ group does not have any operation or customer in Russia, Belarus or Ukraine, and, as such, does not foresee any direct impact of the war on its operations. However, the war has also contributed to an increase in volatility in currency markets, energy prices, raw material and other input costs, which may impact the Group's supply chain in the future.

[**Table of Contents**](#TOC)

SEALSQ Corp Consolidated Financial Statements as at December 31, 2025

As at December 31, 2025, SEALSQ assessed the consequences of the war for its financial disclosures and considered the impacts on key judgments and significant estimates, and concluded that no changes were required. SEALSQ will continue to monitor these areas of increased risk for material changes.

#### Impacts of the Israel–Hamas and U.S./Israel–Iran conflicts
Israel's declaration of war on Hamas in October 2023 has degraded the geopolitical environment in the region and created uncertainty. On February 28, 2026, the U.S. and Israel launched coordinated strikes against Iran: Iran's retaliation attacks expanded the conflict beyond just Iran and Israel and has threatened some commercial routes, especially traffic through the Strait of Hormuz.

The SEALSQ group does not have any operation or customer in that region, and, as such, does not foresee any direct impact of these conflicts on its operations. SEALSQ's supply chain is not dependent on commercial route through and around the Strait of Hormuz. However, depending on their duration and intensity, these conflicts may adversely affect the global economy, financial markets and the Group's supply chain in the future.

As at December 31, 2025 and as of the filing date, SEALSQ assessed the consequences of the war for its financial disclosures and considered the impacts on key judgments and significant estimates, and concluded that no changes were required. SEALSQ will continue to monitor these areas of increased risk for material changes.

#### Our business could suffer as a result of tariffs and trade sanctions or similar actions
The imposition by the United States of tariffs, sanctions or other restrictions on goods exported from the United States or imported into the United States, or countermeasures imposed in response to such government actions, could adversely affect our operations or our ability to sell our products globally, which could adversely affect our operating results and financial condition. Recently, U.S. government leaders have increased their frequency of discussion of the imposition of stronger tariffs, sanctions, and other restrictions on goods exported from the United States or imported into the United States, and non-U.S. government leaders have increased their discussion of countermeasures. For example, in February 2025, the United States announced a proposed 25% tariff on imports of all semiconductor chips into the United States. As of March 2025, the U.S. President has reserved for further increases in the scope and amount of tariffs in the event of retaliatory countermeasures, and the future of existing tariffs, and as a result, the possibility for new tariffs and countermeasures, remains very uncertain. Although a large amount of our supply chain does not currently directly import products to the United States as we supply to contract manufacturers outside the United States, there is a possibility that any future tariffs may still impact upon our ability to sell our product and to remain competitive in the market. Such escalations in these trade measures may directly impair our business by increasing trade-related costs or disrupting established supply chains and may indirectly impair our business by causing a negative effect on global economic conditions and financial markets. The ultimate impact of these trade measures is uncertain and may be affected by various factors, including whether and when such trade measures are implemented, the timing when such measures may become effective, and the amount, scope, or nature of such trade measures.

As at December 31, 2025, SEALSQ assessed the impact of these uncertainties for its financial disclosures and considered the impacts on key judgments and significant estimates, and concluded that no changes were required. SEALSQ will continue to monitor these areas of increased risk for material changes.

## Exhibit 1.3

**Exhibit 1.3**

![Graphic](laes-20251231xex1d3001.jpg)

**BRITISH VIRGIN ISLANDS**

**BVI Business Companies Act 2004**

**Memorandum of Association**

**and Articles of Association of**

**SEALSQ Corp**

**A COMPANY LIMITED BY SHARES**

**Incorporated on 1st day of April, 2022**

**Amended and Restated on 7th day of February, 2023**

**Amended and Restated on 15th day of March, 2023**

**Amended and Restated on 6th day of October, 2025**

Harneys Corporate Services Limited

Craigmuir Chambers, Road Town, VG1110 Tortola, British Virgin Islands

+1 284 494 2233

+1 284 494 3547

harneysfiduciary.com

------

**TERRITORY OF THE British Virgin Islands**

**BVI BUSINESS COMPANIES ACT 2004**

**MEMORANDUM OF ASSOCIATION**

**OF**

**SEALSQ CORP**

A Company Limited By Shares

---

| | |
|:---|:---|
| **1** | **NAME** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 The name of the Company is SEALSQ CORP.

---

| | |
|:---|:---|
| **2** | **STATUS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Company is a company limited by shares.

---

| | |
|:---|:---|
| **3** | **REGISTERED OFFICE AND REGISTERED AGENT** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 The first registered office of the Company is at Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The first registered agent of the Company is Harneys Corporate Services Limited of Craigmuir Chambers, P.O. Box 71, Road Town, Tortola, VG 1110, British Virgin Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 The Company may, by Resolution of Shareholders or by Resolution of Directors, change the location of its registered office or change its registered agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 If at any time the Company does not have a registered agent it may, by Resolution of Shareholders or Resolution of Directors, appoint a registered agent.

---

| | |
|:---|:---|
| **4** | **CAPACITY AND POWERS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Subject to the Act and any other British Virgin Islands legislation, the Company has, irrespective of corporate benefit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) full capacity to carry on or undertake any business or activity, do any act or enter into any transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the purposes of paragraph (a), full rights, powers and privileges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 For the purposes of section 9(4) of the Act, there are no limitations on the business that the Company may carry on.

---

| | |
|:---|:---|
| **5** | **NUMBER AND CLASSES OF SHARES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Company is authorised to issue a maximum of 510,000,000 Shares in two classes as follows:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) up to 500,000,000 Ordinary Shares with a par value of US$0.01 ( ***Ordinary Shares***); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) up to 10,000,000 Class F Shares with a par value of US$0.05 ( ***Class F Shares***).

---

| | |
|:---|:---|
| **6** | **RIGHTS OF SHARES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Each Ordinary Share confers upon the Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the right to attend any meeting of Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the right to one vote per Ordinary Share on any Resolution of Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the right to an equal share in any dividend paid by the Company against each other Ordinary Share, and which shall be one fifth of any amount paid by the Company against each Class F Share but which shall not rank in preference or be subordinate to any other Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the right to an equal share in the distribution of the surplus assets of the Company against each other Ordinary Share, and which shall be one fifth of any amount paid by the Company against each Class F Share but which shall not rank in preference to any other Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) such other rights and entitlements as may be specified in the Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Each Class F Share confers upon the Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the right to attend any meeting of Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a number of votes per Class F Share, on any matter that is submitted to a vote of Shareholders, that would cause the total votes of all Class F Shares to equal 49.99% of the voting power of all Shares (or, if the applicable voting standard is "a majority of the Shares present in person or represented by proxy and entitled to vote on such matter", 49.999999% of the voting power of Shares present in person or represented by proxy and entitled to vote on such matter);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the right to an equal share in any dividend paid by the Company against each other Class F Shares, and which shall be five times greater than any amount paid by the Company against each Ordinary Share but which shall not rank in preference to any other Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the right to an equal share in the distribution of the surplus assets of the Company against each other Class F Share, which shall be five times greater than any amount paid by the Company against each Ordinary Share but which shall not rank in preference to any other Share; and

and shall be subject to redemption in accordance with Clause 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 The Class F Shares shall be non-transferable.

------

---

| | |
|:---|:---|
| **7** | **REDEMPTION OF ClaSS F SHARES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 If any Class F Shares are held by a corporate entity, upon a Change of Control (the time of such change being the  ***Mandatory Redemption Time***) then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all outstanding Class F Shares held by such corporate entity (the  ***Redeeming Shareholder***) shall automatically, and without the need for the consent of the holder or the approval of the directors, be redeemed and cancelled by the Company in exchange for the issuance of Ordinary Shares at a ratio of five (5) Ordinary Shares for each Class F Share redeemed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such Class F Shares may not be reissued by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 The Redeeming Shareholder shall be sent written notice that the Mandatory Redemption Time and the place designated for mandatory redemption of all such Class F Shares pursuant to this Clause 7 ( ***Redemption Notice***). Such notice need not be sent in advance of the Mandatory Redemption Time. Upon receipt of a Redemption Notice, the Redeeming Shareholder shall, if so required by the Company, provide written instruments of redemption in a form satisfactory to the Company. Subject to Clause 7.6, all rights with respect to the Class F Shares redeemed pursuant to Clause 6 and this Clause 7 will terminate at the Mandatory Redemption Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 As soon as reasonably practicable after the Mandatory Redemption Time, the Company shall pay any dividends which had been declared but unpaid on the redeemed Class F Shares prior to the Mandatory Redemption Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 Such redeemed Class F Shares shall be cancelled and may not be reissued, and the Company may take such appropriate action (without the need for Shareholder approval) as may be necessary to reduce the authorized number of Class F Shares accordingly.

---

| | |
|:---|:---|
| **8** | **REGISTERED SHARES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 The Company shall issue registered Shares only. The Company is not authorised to issue bearer Shares, convert registered Shares to bearer Shares or exchange registered Shares for bearer Shares.

---

| | |
|:---|:---|
| **9** | **AMENDMENT OF THE MEMORANDUM AND THE ARTICLES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 The Company may amend this Memorandum or the Articles by Resolution of Shareholders or by Resolution of Directors, save that no amendment may be made by Resolution of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to restrict the rights or powers of the Shareholders to amend this Memorandum or the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to change the percentage of Shareholders required to pass a Resolution of Shareholders to amend this Memorandum or the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in circumstances where this Memorandum or the Articles cannot be amended by the Shareholders; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to this Clause 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Any amendment of this Memorandum or the Articles will take effect from the date that the notice of amendment, or restated Memorandum and Articles incorporating the amendment, is registered by the Registrar or from such other date as determined pursuant to the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 The rights conferred upon the holders of the Shares of any class may only be varied, whether or not the Company is in liquidation, with the consent in writing of the holders of a majority of the issued Shares of that class or by a resolution approved at a duly convened and constituted meeting of the Shares of that class by the affirmative vote of a majority of the votes of the Shares of that class which were present at the meeting and were voted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 The rights conferred upon the holders of the Shares of any class shall not, unless otherwise expressly provided by the terms of issue of the Shares of that class, be deemed to be varied by the creation or issue of further Shares ranking equally with such existing Shares.

---

| | |
|:---|:---|
| **10** | **DEFINITIONS AND INTERPRETATION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 In this Memorandum and the attached Articles, if not inconsistent with the subject or context:

***Act*** means the BVI Business Companies Act, 2004, as amended, and includes the BVI Business Companies Regulations, 2012, as amended, and any other regulations made under the Act.

***Annual General Meeting*** has the meaning given to it at Regulation 6.2.

***Appointing Director*** has the meaning given to it at Regulation 10.4.

***Articles*** means the attached articles of association of the Company.

***Audit Committee*** has the meaning given to it at Regulation 11.1.

***Board*** means the directors of the Company as a collective body.

***Change of Control*** means the acquisition by any person or entity, alone or jointly, of more than 50% of the voting rights of any Class F Shareholder which is a corporate entity, or as otherwise determined by the Board.

***Class F Shareholders*** means a person whose name is entered in the register of members of the Company as the holder of one or more Class F Shares or fractional Class F Shares.

***Class F Shares*** has the meaning given to it at Clause 5.1(b).

***Director*** means a director of the Company.

***Mandatory Redemption Time*** has the meaning given to it at Clause 7.1.

***Memorandum*** means this memorandum of association of the Company.

***Ordinary Shares*** has the meaning given to it at Clause 5.1(a).

------

***person*** includes individuals, corporations, trusts, the estates of deceased individuals, partnerships and unincorporated associations of persons.

***Proscribed Powers*** means the powers to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) amend this Memorandum or the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designate committees of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) delegate powers to a committee of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) appoint or remove Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) appoint or remove an agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) approve a plan of merger, consolidation or arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) make a declaration of solvency or to approve a liquidation plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) make a determination that immediately after a proposed distribution the value of the Company's assets will exceed its liabilities and the Company will be able to pay its debts as they fall due.

***Redeeming Shareholder*** has the meaning given to it at Clause 7.4(a).

***Resolution of Directors*** means either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a resolution approved at a duly convened and constituted meeting of Directors or of a committee of Directors by the affirmative vote of a majority of the Directors present at the meeting who voted except that where a Director is given more than one vote, they shall be counted by the number of votes they cast for the purpose of establishing a majority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a resolution consented to in writing by a majority of the Directors or by majority of the members of a committee of Directors, as the case may be.

***Resolution of Shareholders*** means either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a resolution approved at a duly convened and constituted meeting of the Shareholders by the affirmative vote of a majority of the votes of the Shares entitled to vote thereon which were present at the meeting and were voted; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a resolution consented to in writing by a majority of the votes of the Shares entitled to vote on such resolution.

***Seal*** means any seal which has been duly adopted as the common seal of the Company.

***SEC*** means the United States Securities and Exchange Commission.

***Securities Act*** means the United States Securities Act of 1933.

------

***Share*** means a share issued or to be issued by the Company and where the context permits includes Ordinary Shares and Class F Shares.

***Shareholder*** means a person whose name is entered in the register of members of the Company as the holder of one or more Shares or fractional Shares.

***Shareholders' Agreement*** means any agreement between the Class F Shareholders and the Company as in force from time to time and as designated as such by the Board.

***US$*** shall mean the lawful currency of the United States of America.

***written*** or any term of like import includes information generated, sent, received or stored by electronic, electrical, digital, magnetic, optical, electromagnetic, biometric or photonic means, including electronic data interchange, electronic mail, telegram, or telecopy, and ***in writing*** shall be construed accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 In this Memorandum and the Articles, unless the context otherwise requires, a reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a  ***Regulation*** is a reference to a regulation of the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a  ***Clause*** is a reference to a clause of this Memorandum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) voting by Shareholders is a reference to the casting of the votes attached to the Shares held by the Shareholder voting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a provision of law (including the Act) is a reference to that provision as amended or re-enacted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) this Memorandum or the Articles is a reference to those documents as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the singular includes the plural and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Where a period of time is expressed as a number of days, the days on which the period begins and ends are not included in the computation of the number of days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 Any reference to a month shall be construed as a reference to a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month and a reference to a period of several months shall be construed accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 Any words or expressions defined in the Act bear the same meaning in this Memorandum and the Articles unless the context otherwise requires or they are otherwise defined in this Memorandum or the Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 Headings are inserted for convenience only and shall be disregarded in interpreting this Memorandum and the Articles.

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Signed for HARNEYS CORPORATE SERVICES LIMITED of Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands for the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands on 01 of April, 2022:

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| |
|:---|
| Incorporator |
| Sgd. Indira Ward-Lewis |
| /s/ Indira Ward-Lewis |
| Indira Ward-Lewis |
| Authorised Signatory |
| HARNEYS CORPORATE SERVICES LIMITED |

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**TERRITORY OF THE British Virgin Islands**

**BVI BUSINESS COMPANIES ACT 2004**

**aRTICLES OF ASSOCIATION**

**OF**

**SEALSQ CORP**

A Company Limited by Shares

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| | |
|:---|:---|
| **1** | **DISAPPLICATION OF THE ACT** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 The following sections of the Act shall not apply to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) section 46 (Pre-emptive rights);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) section 60 (Process for acquisition of own shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) section 61 (Offer to one or more shareholders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) section 62 (Shares redeemed otherwise than at the option of company); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) section 175 (Disposition of assets).

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| | |
|:---|:---|
| **2** | **SHARES** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Subject to the provisions, if any, in the Memorandum (and to any direction that may be given by the Company in general meeting), the Act and, where applicable, the rules of the Nasdaq Global Market and/or any competent regulatory authority, and without prejudice to any rights attached to any existing Shares, the Directors may allot, issue, grant options over or otherwise dispose of Shares with or without preferred, deferred or other rights or restrictions, whether in regard to a dividend or other distribution, voting, return of capital or otherwise and to such persons, at such times and on such other terms as they think proper, and may also (subject to the Act and the Articles) vary such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 The Company may issue securities in the Company, which may be comprised of whole or fractional Shares, rights, options, warrants or convertible securities or securities of similar nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class of Shares or other securities in the Company, upon such terms as the Directors may from time to time determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 The Company shall not issue certificates in respect of any Shares issued by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 If several persons are registered as joint holders of any Shares, any one of such persons may give an effectual receipt for any distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 A Share may be issued for consideration in any form or a combination of forms, including money, a promissory note, or other written obligation to contribute money or property, real property,

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personal property (including goodwill and know-how), services rendered or a contract for future services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Before issuing Shares for a consideration which is, in whole or in part, other than money, a Resolution of Directors shall be passed stating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount to be credited for the issue of the Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that, in the opinion of the Directors, the present cash value of the non-money consideration and money consideration, if any, is not less than the amount to be credited for the issue of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 The Company shall keep a register of members containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the names and addresses of the persons who hold Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of each class and series of Shares held by each Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which the name of each Shareholder was entered in the register of members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the date on which any person ceased to be a Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 The register of members may be in any such form as the Directors may approve, but if it is in magnetic, electronic or other data storage form, the Company must be able to produce legible evidence of its contents. Until the Directors otherwise determine, the magnetic, electronic or other data storage form shall be the original register of members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 A Share is deemed to be issued when the name of the Shareholder is entered in the register of members.

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| | |
|:---|:---|
| **3** | **REDEMPTION OF SHARES AND TREASURY SHARES** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Subject to the provisions of the Act, and, where applicable, the rules of the Nasdaq Global Market and/or any competent regulatory authority, the Company may purchase, redeem or otherwise acquire and hold its own Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Notwithstanding Regulation 3.1, the Company may not purchase, redeem or otherwise acquire its own Shares unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Shareholders whose Shares are to be purchased, redeemed or otherwise acquired have given their consent to such transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Shares have been issued on terms that they are subject to redemption without the consent of the holder pursuant to Regulation 3.2(a); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the redemption is being effected pursuant to Clause 7 of the Memorandum; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the redemption is being effected pursuant to Section 176 of the Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Subject to the provisions of the Act, and, where applicable, the rules of the Nasdaq Global Market and/or any competent regulatory authority, the Company may issue Shares on terms that they are to be redeemed or are liable to be redeemed at the option of either the Shareholder or the Company. The redemption of such Shares, except the Ordinary Shares, shall in such cases be effected in such manner and upon such other terms as the Company may, by Resolution of Directors, determine before the issue of such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Any purchase, redemption or acquisition of Shares by the Company shall require the approval of a Resolution of Directors, other than a redemption which does not require the consent of the Company under the terms on which such Shares are issued the Memorandum, the Articles or the Act

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner permitted by the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 The Company may acquire its own fully paid Shares for no consideration by way of surrender of the Shares to the Company by the person holding the Shares. Any such surrender shall be evidenced in writing and signed by the person holding the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 The Company may only offer to purchase, redeem or otherwise acquire Shares if the Resolution of Directors authorising the purchase, redemption or other acquisition contains a statement that the Directors are satisfied, on reasonable grounds, that immediately after the purchase, redemption or other acquisition the value of the Company's assets will exceed its liabilities and the Company will be able to pay its debts as they fall due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 Shares that the Company purchases, redeems or otherwise acquires may be cancelled or held as treasury Shares provided that the number of Shares purchased, redeemed or otherwise acquired and held as treasury Shares, when aggregated with Shares of the same class already held by the Company as treasury Shares, may not exceed 50% of the Shares of that class previously issued by the Company excluding Shares that have been cancelled. Shares which have been cancelled shall be available for reissue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 All rights and obligations attaching to a treasury Share are suspended and shall not be exercised by the Company while it holds the Share as a treasury Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 Treasury Shares may be transferred by the Company on such terms and conditions (not otherwise inconsistent with the Memorandum and the Articles) as the Company may by Resolution of Directors determine.

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| | |
|:---|:---|
| **4** | **MORTGAGES AND CHARGES OF SHARES** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Shareholders may mortgage or charge their Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 There shall be entered in the register of members at the written request of the Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a statement that the Shares held by them are mortgaged or charged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the name of the mortgagee or chargee; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which the particulars specified in subparagraphs (a) and (b) are entered in the register of members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 Where particulars of a mortgage or charge are entered in the register of members, such particulars may be cancelled:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with the written consent of the named mortgagee or chargee or anyone authorised to act on their behalf; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon evidence satisfactory to the Directors of the discharge of the liability secured by the mortgage or charge and the issue of such indemnities as the Directors shall consider necessary or desirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 Whilst particulars of a mortgage or charge over Shares are entered in the register of members pursuant to this Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no transfer of any Share the subject of those particulars shall be effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company may not purchase, redeem or otherwise acquire any such Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no replacement certificate shall be issued in respect of such Shares,

without the written consent of the named mortgagee or chargee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 The Directors may not resolve to refuse or delay the transfer of a Share pursuant to the enforcement of a valid security interest created over the Share.

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| | |
|:---|:---|
| **5** | **FORFEITURE** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Shares that are not fully paid on issue are subject to the forfeiture provisions set forth in this Regulation and for this purpose Shares issued for a promissory note, other written obligation to contribute money or property or a contract for future services are deemed to be not fully paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 A written notice of call specifying the date for payment to be made shall be served on the Shareholder who defaults in making payment in respect of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 The written notice of call referred to in Regulation 5.2 shall name a further date not earlier than the expiration of 14 days from the date of service of the notice on or before which the payment required by the notice is to be made and shall contain a statement that in the event of non-payment at or before the time named in the notice the Shares, or any of them, in respect of which payment is not made will be liable to be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Where a written notice of call has been issued pursuant to Regulation 5.2 and the requirements of the notice have not been complied with, the Directors may, at any time before tender of payment, forfeit and cancel the Shares to which the notice relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 The Company is under no obligation to refund any moneys to the Shareholder whose Shares have been cancelled pursuant to Regulation 5.4 and that Shareholder shall be discharged from any further obligation to the Company.

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|:---|:---|
| **6** | **MEETINGS AND CONSENTS OF ShareholderS** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The Directors, acting collectively by Resolution of Directors, of the Company may convene meetings of the Shareholders at such times and in such manner and places within or outside the British Virgin Islands as the Directors consider necessary or desirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 The Directors shall call at least one meeting per calendar year and shall designate such meeting as the  ***Annual General Meeting*** , all other meetings shall be regarded as General Meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Upon the written request of Shareholders entitled to exercise 30% or more of the voting rights in respect of the matter for which the meeting is requested the Directors shall convene a meeting of Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 The Director convening a meeting shall give not less than twenty (20) calendar days' notice of a meeting of Shareholders to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) those Shareholders whose names on the date the notice is given appear as Shareholders in the register of members of the Company and are entitled to vote at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the other Directors, and

indicate in such notice the items on the agenda of the meeting and provide together therewith other relevant documents for the meeting, such as any documents to be considered, the meeting admission card (if any) and the proxy card (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 The Director(s) convening a meeting of Shareholders may fix as the record date for determining those Shareholders that are entitled to vote at the meeting the date notice is given of the meeting, or such other date as may be specified in the notice, being a date not earlier than the date of the notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 The Director convening a meeting of Shareholders shall, in such notice of a meeting as to be given in accordance with Regulation 6.4, indicate the items on the agenda of the meeting and provide together therewith other relevant documents for the meeting, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any documents to be considered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the meeting admission card (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) and the proxy card (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 A meeting of Shareholders held in contravention of the requirement to give notice is valid if Shareholders holding at least 90% of the total voting rights on all the matters to be considered at the meeting have waived notice of the meeting and, for this purpose, the presence of a Shareholder at the meeting shall constitute waiver in relation to all the Shares which that Shareholder holds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 The inadvertent failure of a Director who convenes a meeting to give notice of a meeting to a Shareholder or another Director, or the fact that a Shareholder or another Director has not received notice, does not invalidate the meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 A Shareholder may be represented at a meeting of Shareholders by a proxy who may speak and vote on behalf of the Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 The instrument appointing a proxy shall be produced at the place designated for the meeting before the time for holding the meeting at which the person named in such instrument proposes to vote. The notice of the meeting may specify an alternative or additional place or time at which the proxy shall be presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 The instrument appointing a proxy shall be in substantially the following form or such other form as approved by the Directors or as the chair of the meeting shall accept as properly evidencing the wishes of the Shareholder appointing the proxy.

SEALSQ LTD<br>I/We being a Shareholder of the above Company HEREBY APPOINT …………………………… of …………………………… or failing them ………..……………… of ………………………..…… to be my/our proxy to vote for me/us at the meeting of Shareholders to be held on the …… day of …………..…………, 20…… and at any adjournment thereof.<br>(Any restrictions on voting to be inserted here.)<br>Signed this …… day of …………..…………, 20……<br>……………………………<br>Shareholder<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 The following applies where Shares are jointly owned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if two or more persons hold Shares jointly each of them may be present in person or by proxy at a meeting of Shareholders and may speak as a Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if only one of the joint owners is present in person or by proxy they may vote on behalf of all joint owners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if two or more of the joint owners are present in person or by proxy they must vote as one.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 A Shareholder shall be deemed to be present at a meeting of Shareholders if they participate by telephone or other electronic means and all Shareholders or their authorised representatives participating in the meeting are able to hear each other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 A meeting of Shareholders is duly constituted if, at the commencement of the meeting, there are present in person or by proxy not less than fifty percent (50%) of the votes of the Shares entitled to vote on Resolutions of Shareholders to be considered at the meeting. Subject to the forgoing, a quorum may comprise a single Shareholder or proxy and then such person may pass a Resolution of Shareholders and a certificate signed by such person (accompanied, where such person is a proxy, by a copy of the proxy instrument) shall constitute a valid Resolution of Shareholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 If within two hours from the time appointed for the meeting a quorum is not present, the meeting, if convened upon the requisition of Shareholders, shall be dissolved; in any other case it shall stand adjourned to the next business day in the jurisdiction in which the meeting was to have been held at the same time and place or to such other time and place as the Directors may determine, and if at the adjourned meeting there are present within one hour from the time appointed for the meeting in person or by proxy not less than one third of the votes of the Shares or each class or series of Shares entitled to vote on the matters to be considered by the meeting, those present shall constitute a quorum but otherwise the meeting shall be dissolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 At every meeting of Shareholders, the chair of the Board shall preside as chair of the meeting. If there is no chair of the Board or if that chair is not present at the meeting, the Shareholders present shall choose one of their number to be the chair. If the Shareholders are unable to choose a chair for any reason, then the person representing the greatest number of voting Shares present in person or by proxy at the meeting shall preside as chair failing which the oldest individual Shareholder or representative of a Shareholder present shall take the chair.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 The chair may, with the consent of the meeting, adjourn any meeting from time to time, and from place to place, but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 At any meeting of the Shareholders the chair is responsible for deciding in such manner as they consider appropriate whether any resolution proposed has been carried or not and the result of their decision shall be announced to the meeting and recorded in the minutes of the meeting. If the chair has any doubt as to the outcome of the vote on a proposed resolution, they shall cause a poll to be taken of all votes cast upon such resolution. If the chair fails to take a poll then any Shareholder present in person or by proxy who disputes the announcement by the chair of the result of any vote may immediately following such announcement demand that a poll be taken and the chair shall cause a poll to be taken. If a poll is taken at any meeting, the result shall be announced to the meeting and recorded in the minutes of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.19 Subject to the specific provisions contained in this Regulation for the appointment of representatives of persons other than individuals the right of any individual to speak for or represent a Shareholder shall be determined by the law of the jurisdiction where, and by the documents by which, the person is constituted or derives its existence. In case of doubt, the Directors may in good faith seek legal advice from any qualified person and unless and until a court of competent jurisdiction shall otherwise rule, the Directors may rely and act upon such advice without incurring any liability to any Shareholder or the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20 Any person other than an individual which is a Shareholder may by resolution of its Directors or other governing body authorise such individual as it thinks fit to act as its representative at any meeting of Shareholders or of any class of Shareholders, and the individual so authorised shall be entitled to exercise the same rights on behalf of the Shareholder which they represent as that Shareholder could exercise if it were an individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.21 The chair of any meeting at which a vote is cast by proxy or on behalf of any person other than an individual may call for a notarially certified copy of such proxy or authority which shall be produced within 7 days of being so requested or the votes cast by such proxy or on behalf of such person shall be disregarded.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.22 Directors of the Company may attend and speak at any meeting of Shareholders and at any separate meeting of the holders of any class or series of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.23 An action that may be taken by the Shareholders at a meeting may also be taken by a resolution consented to in writing, without the need for any notice, but if any Resolution of Shareholders is adopted otherwise than by the unanimous written consent of all Shareholders, a copy of such resolution shall forthwith be sent to all Shareholders not consenting to such resolution. The consent may be in the form of counterparts, each counterpart being signed by one or more Shareholders. If the consent is in one or more counterparts, and the counterparts bear different dates, then the resolution shall take effect on the earliest date upon which Shareholders holding a sufficient number of votes of Shares to constitute a Resolution of Shareholders have consented to the resolution by signed counterparts.

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|:---|:---|
| **7** | **UNtraceable members** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Where any Shareholder is untraceable, the Company may sell any of their Shares provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no less than 3 cheques for any sums payable in cash to such Shareholder have remained uncashed for a period of 12 years from the date of issue of the cheque;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company not having during that time or before the expiry of the three-month period referred to in (c) below received any indication of the existence of the Shareholder or person entitled to such Shares by death, bankruptcy or operation of law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) upon expiration of the 12-year period, an advertisement has been published in newspapers, giving notice of the Company ' s intention to sell those Shares, and a period of three months or such shorter period has elapsed since the date of such advertisement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Where the Company sells the Shares of any untraceable Shareholder, the net proceeds of any such sale shall be held in the Company, and the net proceeds shall be accounted as a debt due to that untraceable Shareholder for an amount equal to such net proceeds.

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|:---|:---|
| **8** | **DIRECTORS** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 The Directors shall be elected by Resolution of Shareholders at the Annual General Meeting and shall hold office until the earlier of the next Annual General Meeting, except in the event of the earlier of death, resignation or removal. Each director shall then in office shall resign at each Annual General Meeting with effect from the end of such meeting. Directors that have previously served on the Board may be re-elected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 No person shall be appointed as a Director or alternate Director, or nominated as a reserve Director unless they have consented in writing to be a Director or alternate Director, or to be nominated as a reserve Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Subject to Regulation 8.1, the minimum number of Directors shall be three and the maximum shall be twelve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 A Director may be removed from office:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with or without cause, by Resolution of Shareholders passed at a meeting of Shareholders called for the purpose of removing the Director or for purposes including the removal of the Director or by a written resolution passed by at least 75% of the votes of the Shares of the Company entitled to vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with cause, by Resolution of Directors passed by all directors other than the director being removed at a meeting of Directors called for the purpose of removing the Director or for purposes including the removal of the Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 A Director may resign their office by giving written notice of their resignation to the Company and the resignation has effect from the date the notice is received by the Company or from such later date as may be specified in the notice. A Director shall resign forthwith as a Director if they are, or becomes, disqualified from acting as a Director under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 The Directors may at any time appoint any person to be a Director either to fill a vacancy or as an addition to the existing Directors. Where the Directors appoint a person as Director to fill a vacancy, the term shall not exceed the term that remained when the person who has ceased to be a Director ceased to hold office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 A vacancy in relation to Directors occurs if a Director dies or otherwise ceases to hold office prior to the expiration of their term of office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 The Board shall have the power to determine the remuneration, if any, of the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 Where the Company only has one Shareholder who is an individual and that Shareholder is also the sole Director, the sole Shareholder/Director may, by instrument in writing, nominate a person who is not disqualified from being a Director as a reserve Director to act in the place of the sole Director in the event of their death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 The nomination of a person as a reserve Director ceases to have effect if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) before the death of the sole Shareholder/Director who nominated them,

&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) they resign as reserve Director, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the sole Shareholder/Director revokes the nomination in writing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sole Shareholder/Director who nominated them ceases to be able to be the sole Shareholder/Director for any reason other than their death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 The Company shall keep a register of Directors containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the names and addresses of the persons who are Directors or who have been nominated as reserve Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which each person whose name is entered in the register was appointed as a Director, or nominated as a reserve Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which each person named as a Director ceased to be a Director;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the date on which the nomination of any person nominated as a reserve Director ceased to have effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) such other information as may be prescribed by the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 The register of Directors may be kept in any such form as the Directors may approve, but if it is in magnetic, electronic or other data storage form, the Company must be able to produce legible evidence of its contents. Until a Resolution of Directors determining otherwise is passed, the magnetic, electronic or other data storage shall be the original register of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13 The Directors may by Resolution of Directors, fix the emoluments of Directors with respect to services to be rendered in any capacity to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 A Director is not required to hold a Share as a qualification to office.

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|:---|:---|
| **9** | **POWERS OF DIRECTORS** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 The business and affairs of the Company shall be managed by, or under the direction or supervision of, the Directors. The Directors have all the powers necessary for managing, and for directing and supervising, the business and affairs of the Company. The Directors may pay all expenses incurred preliminary to and in connection with the incorporation of the Company and may exercise all such powers of the Company as are not by the Act or by the Memorandum or the Articles required to be exercised by the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Each Director shall exercise their powers for a proper purpose and shall not act or agree to the Company acting in a manner that contravenes the Memorandum, the Articles or the Act. Each Director, in exercising their powers or performing their duties, shall act honestly and in good faith in what the Director believes to be the best interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 If the Company is the wholly owned subsidiary of a parent, a Director may, when exercising powers or performing duties as a Director, act in a manner which they believe is in the best interests of the parent even though it may not be in the best interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 Any Director which is a body corporate may appoint any individual as its duly authorised representative for the purpose of representing it at meetings of the Directors, with respect to the signing of consents or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 The continuing Directors may act notwithstanding any vacancy in their body.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 The Directors may by Resolution of Directors exercise all the powers of the Company to incur indebtedness, liabilities or obligations and to secure indebtedness, liabilities or obligations whether of the Company or of any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and all receipts for moneys paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such manner as shall from time to time be determined by Resolution of Directors.

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|:---|:---|
| **10** | **PROCEEDINGS OF DIRECTORS** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Any one Director call a meeting of the Directors by sending a written notice to each other Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 A Director is deemed to be present at a meeting of Directors if they participate by telephone or other electronic means and all Directors participating in the meeting are able to hear each other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 A Director shall be given not less than 5 days' notice of meetings of Directors, but a meeting of Directors held without 5 days' notice having been given to all Directors shall be valid if all the Directors entitled to vote at the meeting who do not attend waive notice of the meeting, and for this purpose the presence of a Director at a meeting shall constitute waiver by that Director. The inadvertent failure to give notice of a meeting to a Director, or the fact that a Director has not received the notice, does not invalidate the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 A Director (the  ***Appointing Director***) may appoint any other Director or any other eligible person as their alternate to exercise the Appointing Director's powers and carry out the Appointing Director's responsibilities in relation to the taking of decisions by the Directors in the absence of the Appointing Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 The appointment and termination of an alternate Director must be in writing, and written notice of the appointment and termination must be given by the Appointing Director to the Company as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 An alternate Director has the same rights as the Appointing Director in relation to any Directors' meeting and any written resolution circulated for written consent. An alternate Director has no power to appoint a further alternate, whether of the Appointing Director or of the alternate Director, and the alternate does not act as an agent of or for the Appointing Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 The Appointing Director may, at any time, voluntarily terminate the alternate Director's appointment. The voluntary termination of the appointment of an alternate shall take effect from the time when written notice of the termination is given to the Company. The rights of an alternate shall automatically terminate if the Appointing Director dies or otherwise ceases to hold office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 A meeting of Directors is duly constituted for all purposes if at the commencement of the meeting there are present in person or by alternate not less than one-half of the total number of Directors, subject to a minimum of 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 If the Company has only one Director the provisions herein contained for meetings of Directors do not apply and such sole Director has full power to represent and act for the Company in all matters as are not by the Act, the Memorandum or the Articles required to be exercised by the Shareholders. In lieu of minutes of a meeting the sole Director shall record in writing and sign a note or memorandum of all matters requiring a Resolution of Directors. Such a note or memorandum constitutes sufficient evidence of such resolution for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 The Directors may appoint a Director as chair of the Board. At meetings of Directors at which the chair of the Board is present, they shall preside as chair of the meeting. If there is no chair of the Board or if the chair of the Board is not present, the Directors present shall choose one of their number to be chair of the meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 An action that may be taken by the Directors or a committee of Directors at a meeting may also be taken by a Resolution of Directors or a resolution of a committee of Directors consented to in writing by a majority of the Directors or by a majority of the members of the committee, as the case may be, without the need for any notice. The consent may be in the form of counterparts each counterpart being signed by one or more Directors. If the consent is in one or more counterparts, and the counterparts bear different dates, then the resolution shall take effect on the date upon which the last Director has consented to the resolution by signed counterparts.

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|:---|:---|
| **11** | **COMMITTEES** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 The Directors shall establish and maintain an audit committee (the  ***Audit Committee***) as a committee of the Directors. The Audit Committee shall be responsible for the appointment, compensation, retention, and oversight of the Company's auditors. These responsibilities also include the ability to terminate the auditors and the approval of all audit fees and terms of engagement. The Audit Committee must establish procedures for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) receiving and handling complaints from any person regarding any accounting or auditing issues relating to the Company or the Company's internal accounting controls; AND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) employees to be able to submit confidentially and anonymously any concerns regarding questionable accounting or auditing practices by or affecting the Company.

The Audit Committee must have the authority to engage its own independent legal counsel and other advisors and the Company must make sufficient funds available to the Audit Committee to pay its counsel and advisors, and other expenses. The composition and responsibilities of the Audit Committee will comply with BVI law (as applicable), but may not fully comply with the requirements of Nasdaq Listing Rule 5605(c)(1). Once formed, the Audit Committee shall request an audit review to be carried out by an independent licensed audit firm at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 The Directors may, by Resolution of Directors, designate one or more other committees, each consisting of one or more Directors, and delegate one or more of their powers, including the power to affix the Seal, to the committee. Such committees may include, but shall not be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a compensation committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a corporate governance committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a nomination and compensation committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a strategy committee; or

such others as required by the Nasdaq Global Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 The Directors may, in the Resolution of Directors creating the committee, set out its terms of reference, policies, rules, procedures and powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 The Directors have no power to delegate to a committee of Directors any of the Proscribed Powers.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 A committee of Directors, where authorised by the Resolution of Directors appointing such committee or by a subsequent Resolution of Directors, may appoint a sub-committee and delegate powers exercisable by the committee to the sub-committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 The meetings and proceedings of each committee of Directors consisting of 2 or more Directors shall be governed by the provisions of these Articles regulating the proceedings of Directors with any necessary changes so far as the same are not superseded by any provisions in the Resolution of Directors establishing the committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 Where the Directors delegate their powers to a committee of Directors they remain responsible for the exercise of that power by the committee, unless they believed on reasonable grounds at all times before the exercise of the power that the committee would exercise the power in conformity with the duties imposed on Directors under the Act.

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|:---|:---|
| **12** | **OFFICERS AND AGENTS** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 The Company may by Resolution of Directors appoint officers of the Company at such times as may be considered necessary or expedient. The officers shall perform such duties as are prescribed at the time of their appointment subject to any modification in such duties as may be prescribed thereafter by Resolution of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 The emoluments of all officers shall be fixed by Resolution of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 The officers of the Company shall hold office until their successors are duly appointed, but any officer elected or appointed by the Directors may be removed at any time, with or without cause, by Resolution of Directors. Any vacancy occurring in any office of the Company may be filled by Resolution of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 The Directors may, by Resolution of Directors, appoint any person, including a person who is a Director, to be an agent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 An agent of the Company shall have such powers and authority of the Directors, including the power and authority to affix the Seal, as are set forth in the Articles or in the Resolution of Directors appointing the agent, except that no agent has any power or authority with respect to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Proscribed Powers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to change the registered office or agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to fix emoluments of Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to authorise the Company to continue as a company incorporated under the laws of a jurisdiction outside the British Virgin Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 The Resolution of Directors appointing an agent may authorise the agent to appoint one or more substitutes or delegates to exercise some or all of the powers conferred on the agent by the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 The Directors may remove an agent appointed by the Company and may revoke or vary a power conferred on them.

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|:---|:---|
| **13** | **CONFLICT OF INTERESTS** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 A Director shall, forthwith after becoming aware of the fact that they are interested in a transaction entered into or to be entered into by the Company, disclose the interest to all other Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 For the purposes of Regulation 13.1, a disclosure to all other Directors to the effect that a director is a member, director or officer of another named entity or has a fiduciary relationship with respect to the entity or a named individual and is to be regarded as interested in any transaction which may, after the date of the entry into the transaction or disclosure of the interest, be entered into with that entity or individual, is a sufficient disclosure of interest in relation to that transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 A Director who is interested in a transaction entered into or to be entered into by the Company may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) vote on a matter relating to the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) attend a meeting of Directors at which a matter relating to the transaction arises and be included among the Directors present at the meeting for the purposes of a quorum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sign a document on behalf of the Company, or do any other thing in his capacity as a Director, that relates to the transaction,

unless exceptional circumstances dictate that it is in the best interest of the Company that said Director does any of the above actions.

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|:---|:---|
| **14** | **INDEMNIFICATION** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 Subject to the limitations hereinafter provided the Company shall indemnify against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings any person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings, whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or was, at the request of the Company, serving as a director of, or in any other capacity is or was acting for, another body corporate or a partnership, joint venture, trust or other enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 The indemnity in Regulation 14.1 only applies if the person acted honestly and in good faith with a view to the best interests of the Company and, in the case of criminal proceedings, the person had no reasonable cause to believe that their conduct was unlawful.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 For the purposes of Regulation 14.2 and without limitation, a Director acts in the best interests of the Company if they act in the best interests of the Company's parent in the circumstances specified in Regulation 9.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 The decision of the Directors as to whether the person acted honestly and in good faith and with a view to the best interests of the Company and as to whether the person had no reasonable cause to believe that their conduct was unlawful is, in the absence of fraud, sufficient for the purposes of the Articles, unless a question of law is involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 The termination of any proceedings by any judgment, order, settlement, conviction or the entering of a *nolle prosequi* does not, by itself, create a presumption that the person did not act honestly and in good faith and with a view to the best interests of the Company or that the person had reasonable cause to believe that their conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 Expenses, including legal fees, incurred by a Director in defending any legal, administrative or investigative proceedings may be paid by the Company in advance of the final disposition of such proceedings upon receipt of an undertaking by or on behalf of the Director to repay the amount if it shall ultimately be determined that the Director is not entitled to be indemnified by the Company in accordance with Regulation 14.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 Expenses, including legal fees, incurred by a former Director in defending any legal, administrative or investigative proceedings may be paid by the Company in advance of the final disposition of such proceedings upon receipt of an undertaking by or on behalf of the former Director to repay the amount if it shall ultimately be determined that the former Director is not entitled to be indemnified by the Company in accordance with Regulation 14.1 and upon such terms and conditions, if any, as the Company deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 The indemnification and advancement of expenses provided by, or granted pursuant to, this section is not exclusive of any other rights to which the person seeking indemnification or advancement of expenses may be entitled under any agreement, Resolution of Shareholders, resolution of disinterested Directors or otherwise, both as to acting in the person's official capacity and as to acting in another capacity while serving as a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9 If a person referred to in Regulation 14.1 has been successful in defence of any proceedings referred to in Regulation 14.1, the person is entitled to be indemnified against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred by the person in connection with the proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 The Company may purchase and maintain insurance in relation to any person who is or was a Director, officer or liquidator of the Company, or who at the request of the Company is or was serving as a director, officer or liquidator of, or in any other capacity is or was acting for, another body corporate or a partnership, joint venture, trust or other enterprise, against any liability asserted against the person and incurred by the person in that capacity, whether or not the Company has or would have had the power to indemnify the person against the liability as provided in the Articles.

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|:---|:---|
| **15** | **Corporate RECORDS** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 The Company shall keep the following documents at the office of its registered agent:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Memorandum and the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the register of members, or a copy of the register of members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the register of Directors, or a copy of the register of Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) copies of all notices and other documents filed by the Company with the Registrar in the previous 10 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 Until the Directors determine otherwise by Resolution of Directors the Company shall keep the original register of members and original register of Directors at the office of its registered agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 If the Company maintains only a copy of the register of members or a copy of the register of Directors at the office of its registered agent, it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within 15 days of any change in either register, notify the registered agent in writing of the change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide the registered agent with a written record of the physical address of the place or places at which the original register of members or the original register of Directors is kept.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 The Company shall keep the following records at the office of its registered agent or at such other place or places, within or outside the British Virgin Islands, as the Directors may determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) minutes of meetings and Resolutions of Directors and committees of Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) minutes of meetings and Resolutions of Shareholders and classes of Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 Where any original records referred to in this Regulation are maintained other than at the office of the registered agent of the Company, and the place at which the original records is changed, the Company shall provide the registered agent with the physical address of the new location of the records of the Company within 14 days of the change of location.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 The records kept by the Company under this Regulation shall be in written form or either wholly or partly as electronic records complying with the requirements of the Electronic Transactions Act 2001 as from time to time amended or re-enacted.

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|:---|:---|
| **16** | **SEAL** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 The Company shall have a Seal an impression of which shall be kept at the office of the registered agent of the Company. The Company may have more than one Seal and references herein to the Seal shall be references to every Seal which shall have been duly adopted by Resolution of Directors. The Directors shall provide for the safe custody of the Seal and for an imprint thereof to be kept at the registered office. Except as otherwise expressly provided herein the Seal when affixed to any written instrument shall be witnessed and attested to by the signature of any one Director or other person so authorised from time to time by Resolution of Directors. Such authorisation may be before or after the Seal is affixed, may be general or specific and may refer to any number of sealings. The Directors may provide for a facsimile of the Seal and of the signature of any Director or authorised person which may be reproduced by printing or other

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means on any instrument and it shall have the same force and validity as if the Seal had been affixed to such instrument and the same had been attested to as hereinbefore described.

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|:---|:---|
| **17** | **DISTRIBUTIONS BY WAY OF DIVIDEND** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 The Directors may, by Resolution of Directors, authorise a distribution by way of dividend at a time and of an amount they think fit if they are satisfied, on reasonable grounds, that, immediately after the distribution, the value of the Company's assets will exceed its liabilities and the Company will be able to pay its debts as they fall due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 Dividends may be paid in money, shares, or other property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 Notice of any dividend that may have been declared shall be given to each Shareholder as specified in Regulation 19 and all dividends unclaimed for 3 years after having been declared may be forfeited by Resolution of Directors for the benefit of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 No dividend shall bear interest as against the Company and no dividend shall be paid on treasury Shares.

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|:---|:---|
| **18** | **ACCOUNTS AND AUDIT** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 The Company shall keep records and underlying documentation that are sufficient to show and explain the Company's transactions and that will, at any time, enable the financial position of the Company to be determined with reasonable accuracy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 The records and underlying documentation of the Company shall be kept at the office of its registered agent or at such other place or places, within or outside the British Virgin Islands, as the Directors may determine and if the records and underlying documentation are kept in a location other than the office of the registered agent, the Company shall provide the registered agent with a written record of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the physical address of the place at which the records and underlying documentation are kept ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the name of the person who maintains and controls the Company's records and underlying documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3 If the location at which the records and underlying documentation are kept or the name of the person who maintains and controls the records and underlying documentation changes, the Company shall, within 14 days of the change provide its registered agent with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the physical address of the new location at which the records and underlying documentation are kept; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the name of the new person who maintains and controls the Company's records and underlying documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4 The Company may by Resolution of Shareholders call for the Directors to prepare periodically and make available a profit and loss account and a balance sheet. The profit and loss account and

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balance sheet shall be drawn up so as to give respectively a true and fair view of the profit and loss of the Company for a financial period and a true and fair view of the assets and liabilities of the Company as at the end of a financial period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5 The Company may by Resolution of Shareholders call for the accounts to be examined by auditors.

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| | |
|:---|:---|
| **19** | **NOTICES** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 Any notice, information or written statement to be given by the Company to Shareholders shall be in writing and may be given by personal service, mail, courier, email, or fax to such Shareholder's address as shown in the register of members or to such Shareholder's email address or fax number as notified by the Shareholder to the Company in writing from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 Any summons, notice, order, document, process, information or written statement to be served on the Company may be served by leaving it, or by sending it by registered mail addressed to the Company, at its registered office, or by leaving it with, or by sending it by registered mail addressed to the Company at the offices of the registered agent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 Where a notice is sent by post, service of the notice shall be deemed to be effected by properly addressing, prepaying and posting a letter containing notice, and shall be deemed to be received on the fifth business day following the day on which the notice was posted. Where a notice is sent by fax or email, notice shall be deemed to be effected by transmitting the email or fax to the address or number provided by the intended recipient and service of the notice shall be deemed to have been received on the same day that it was transmitted.

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| | |
|:---|:---|
| **20** | **VOLUNTARY LIQUIDATION** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 Subject to the Act, the Company may by Resolution of Shareholders or by Resolution of Directors appoint an eligible individual as voluntary liquidator alone or jointly with one or more other voluntary liquidators.

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| | |
|:---|:---|
| **21** | **CONTINUATION** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1 Subject to the Act, Company may by Resolution of Shareholders or by a resolution passed unanimously by all Directors continue as a company incorporated under the laws of a jurisdiction outside the British Virgin Islands in the manner provided under those laws.

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Signed for HARNEYS CORPORATE SERVICES LIMITED of Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands for the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands on 01 of April, 2022:

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| |
|:---|
| Incorporator |
| Sgd. Indira Ward-Lewis |
| /s/ Indira Ward-Lewis |
| Indira Ward-Lewis |
| Authorised Signatory |
| HARNEYS CORPORATE SERVICES LIMITED |

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## Exhibit 2.4

**Exhibit 2.4**

DESCRIPTION OF SECURITIES

REGISTERED UNDER SECTION 12 OF THE EXCHANGE ACT

As of December 31, 2025 SEALSQ Corp ("SEALSQ," "we," "us," and "our") had the following series of securities registered pursuant to Section 12(b) of the Exchange Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbols** | **Name of each exchange and on which registered** |
| Ordinary Shares, par value USD 0.01 per share | LAES | The Nasdaq Stock Market LLC |

---

We are a British Virgin Islands Business Company (company number 2095496) and our affairs are governed by our memorandum and articles of association (the "Articles"), the BVI Act and common law of the British Virgin Islands. Based upon the Articles we are authorised to issue a maximum of 510,000,000 shares in two classes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 500,000,000 Ordinary Shares with a par value of USD 0.01 per share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 10,000,000 Class F Shares with a par value of USD 0.05 per share.

The following summary is subject to and qualified in its entirety by our Articles and by BVI laws and regulations. This is not a summary of all the significant provisions of the Articles or of BVI laws and regulations and does not purport to be complete. Capitalized terms used but not defined herein have the meanings given to them in SEALSQ's annual report on Form 20-F for the fiscal year ended December 31, 2025.

ORDINARY SHARES

<u>Item 9. General</u>

*9.A.3 Pre-emptive rights*

Our Ordinary Shareholders have no conversion, pre-emptive or other subscription rights and there are no sinking fund or redemption provisions applicable to the Ordinary Shares.

*9.A.5 Type and class of securities*

**Share Rights**

Each Ordinary Share confers upon the shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the right to attend any meeting of Shareholders;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the right to one vote per Ordinary Share on any resolution of shareholders as against each other Ordinary Share but, as a class, the Ordinary Shares shall retain 50.01% of the Company's voting power;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the right to an equal share in any dividend paid by the Company against each other Ordinary Share, which shall be one fifth of any amount paid by the Company against each Class F Share but which shall not rank in preference to any other share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the right to an equal share in the distribution of the surplus assets of the Company against each other Ordinary Share, which shall be one fifth of any amount paid by the Company against each Class F Share but which shall not rank in preference to any other share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) such other rights and entitlements as may be specified in the Articles.

Each Class F Share confers upon the shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the right to attend any meeting of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a number of votes per Class F Share, on any matter that is submitted to a vote of shareholders, that would cause the total votes of all Class F Shares to equal 49.99% of the voting power of all shares (or, if the applicable voting standard is "a majority of the shares present in person or represented by proxy and entitled to vote on such matter", 49.999999% of the voting power of Shares present in person or represented by proxy and entitled to vote on such matter);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the right to an equal share in any dividend paid by the Company against each other Class F Shares, and which shall be five times greater than any amount paid by the Company against each Ordinary Share but which shall not rank in preference to any other share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the right to an equal share in the distribution of the surplus assets of the Company against each other Class F Shares, and which shall be five times greater than any amount paid by the Company against each Ordinary Share but which shall not rank in preference to any other share.

*Item 9.A.6. Limitations or qualifications*

Ownership of the Class F Shares is subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the event of a change of control (being the acquisition by any person or entity, alone or jointly, of more than 50% of the voting rights of any Class F Shareholder which is a corporate entity), as determined by SEALSQ's board of directors, the Class F Shares owned by such Class F Shareholder will be subject to a mandatory and automatic redemption by SEALSQ in exchange for the issuance of new Ordinary Shares at a ratio of five (5) Ordinary Shares for each one (1) Class F Share redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Class F Shares are non-transferable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the holders of Class F Shares are be bound by the terms of a Class F Shareholders' Agreement.

The Class F Shareholders' Agreement provides that the holders of Class F Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will vote the Class F Shares held by them as one and in accordance with the majority (by the number of shares held) view of the holders of the Class F Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) are bound by the redemption provisions set out in the Articles and required to take all necessary action to comply with them.

*Item 9.A.7. Other rights*

Not applicable.

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*Item 10.B Memorandum and articles of association*

Our capacity and powers are described in Clause 4 of our Memorandum of Association and are generally to engage in any act or activity that is not prohibited under the laws of the BVI.

Our Articles provide that the Company is authorized to issue two classes of shares, Ordinary Shares with a par value of USD 0.01, and Class F shares with a par value of USD 0.05, which shall be issued as registered Shares only.

**Ordinary Shares**

Each Ordinary Share confers upon the Shareholder the following rights: the right to attend any meeting of Shareholders; the right to one vote per Ordinary Share on any Resolution of Shareholdersas against each other Ordinary Share but, as a class, the Ordinary Shares shall retain 50.01% of the Company's voting power; the right to an equal share in any dividend paid by the Company against each other Ordinary Share, which shall be one fifth of any amount paid by the Company against each Class F Share but shall not rank in preference or be subordinate to any other Share; the right to an equal share in the distribution of the surplus assets of the Company against each other Ordinary Share, which shall be one fifth of any amount paid by the Company against each Class F Share but shall not rank in preference to any other Share; and such other rights and entitlements as may be specified in the Articles.

**Class F Shares**

Each Class F Share confers upon the Shareholder the following rights: the right to attend any meeting of Shareholders; a number of votes per Class F Share, on any matter that is submitted to a vote of Shareholders, that would cause the total votes of all Class F Shares to equal 49.99% of the voting power of all Shares (or, if the applicable voting standard is "a majority of the Shares present in person or represented by proxy and entitled to vote on such matter", 49.999999% of the voting power of Shares present in person or represented by proxy and entitled to vote on such matter); the right to an equal share in any dividend paid by the Company against each other Class F Share, which shall be five times greater than any amount paid by the Company against each Ordinary Share but which shall not rank in preference to any other Share; and the right to an equal share in the distribution of the surplus assets of the Company against each other Class F Share, which shall be five times greater than any amount paid by the Company against each Ordinary Share but which shall not rank in preference to any other Share.

The Class F Shares are subject to mandatory and automatic redemption, in the event of a change of control (being the acquisition by any person or entity, alone or jointly, of more than 50% of the voting rights of any Class F Shareholder which is a corporate entity), as determined by SEALSQ's board of directors, in exchange for the issuance of new Ordinary Shares at a ratio of five (5) Ordinary Shares for each one (1) Class F Share redeemed.

The Class F Shares are non-transferable.

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**Authorized Shares**

The Company is authorized to issue a maximum of 510,000,000 Shares in two classes as follows: up to 500,000,000 Ordinary Shares with a par value of USD 0.01 (Ordinary Shares); and up to 10,000,000 Class F Shares with a par value of USD 0.05 (Class F Shares).

**Share Register**

The Company's share register is maintained by our transfer agent Computershare Inc. The Company's registered number is 2095496. A Share is deemed to be issued when the name of the Shareholder is entered in the register of members.

**Directors**

The Directors are to be elected by Resolution of Shareholders at the Annual General Meeting and hold office until the earlier of the next Annual General Meeting, except in the event of the earlier of their death, resignation or removal. Each director then in office shall resign at each Annual General Meeting with effect from the end of such meeting.The Directors may at any time appoint any person to be a Director either to fill a vacancy or as an addition to the existing Directors. Where the Directors appoint a person as Director to fill a vacancy, the term shall not exceed the term that remained when the person who has ceased to be a Director ceased to hold office.Our Articles provide that our board of directors consists of a minimum of three (3) and a maximum of twelve (12) directors. We currently have seven (7) members on our board of directors.

The business and affairs of the Company shall be managed by, or under the direction or supervision of, the Directors. The Directors have all the powers necessary for managing, and for directing and supervising, the business and affairs of the Company. Each Director shall exercise their powers for a proper purpose and shall not act or agree to the Company acting in a manner that contravenes the Memorandum, the Articles or the Act. Each Director, in exercising their powers or performing their duties, shall act honestly and in good faith in what the Director believes to be the best interests of the Company.

A Director shall, forthwith after becoming aware of the fact that they are interested in a transaction entered into or to be entered into by the Company, disclose the interest to all other Directors.

**Committees**

The Directors has established and maintains an audit committee (the "Audit Committee") as a committee of the Directors. The Audit Committee shall be responsible for the appointment, compensation, retention, and oversight of the Company's auditors.

The Directors may, by Resolution of Directors, designate one or more other committees, each consisting of one or more Directors, and delegate one or more of their powers.

**Notice**

Any notice, information or written statement to be given by the Company to Shareholders shall be in writing and may be given by personal service, mail, courier, email, or fax to such Shareholder's address as shown in the register of members or to such Shareholder's email address or fax number as notified by the Shareholder to the Company in writing from time to time.

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**Dividends and Other Distributions**

We have never declared or paid cash dividends to our shareholders and we do not intend to pay cash dividends in the foreseeable future.

The Directors may, by Resolution of Directors, authorize a distribution by way of dividend at a time and of an amount they think fit if they are satisfied, on reasonable grounds, that, immediately after the distribution, the value of the Company's assets will exceed its liabilities and the Company will be able to pay its debts as they fall due. Dividends may be paid in money, shares, or other property.

**Comparison of Shareholder Rights**

British Virgin Islands companies are governed by the BVI Act. The BVI Act is modeled on the laws of England and Wales but does not follow recent statutory enactments, and differs from laws applicable to United States corporations and their shareholders.

Set forth below is a comparison of select provisions of the corporate laws of Delaware and the British Virgin Islands showing the default positions in each jurisdiction that govern shareholder rights.

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| | |
|:---|:---|
| **DELAWARE CORPORATE LAW** | **BVI CORPORATE LAW** |
| Class actions and derivative actions generally are available to shareholders of a Delaware corporation for, among other things, breach of fiduciary duty, corporate waste and actions not taken in accordance with applicable law. In such actions, the court has discretion to permit the winning party to recover attorneys' fees incurred in connection with such action. | Class actions and derivative actions are generally not available to shareholders under British Virgin Islands law.<br>The British Virgin Islands courts, however, would ordinarily be expected to permit a shareholder to commence an action in the name of a company to remedy a wrong to the company where the act complained of is alleged to be beyond the corporate power of the company or illegal, or would result in the violation of the company's memorandum and articles of association. Furthermore, consideration would be given by a British Virgin Islands court to acts that are alleged to constitute a fraud against the minority shareholders or, for instance, where an act requires the approval of a greater percentage of the company's shareholders than that which actually approved it.<br>When the affairs of a company are being conducted in a manner which is oppressive or prejudicial to the interests of some part of the shareholders, one or more shareholders may apply to the High Court of the British Virgin Islands, which may make such order as it sees fit, including an order regulating the conduct of the company's affairs in the future or ordering the purchase of the shares of any shareholders by other shareholders or by the company. |
| Under the Delaware General Corporation Law, the board of directors has the authority to fix the compensation of directors, unless otherwise restricted by the certificate of incorporation or bylaws. | The Articles contain a provision that the board of directors has the power to determine the remuneration, if any, of the directors (regulation 8.8). |
| Unless directors are elected by written consent in lieu of an annual meeting, directors are elected in an annual meeting of stockholders on a date and at a time designated by or in the manner provided in the bylaws. Re-election is possible. Classified boards are permitted. | The Articles (regulation 8.1) provide that the directors shall be appointed at the Company's annual general meeting and will hold office until the next annual general meeting or until their earlier death, resignation or removal. Directors that have previously served on the Board may be re-elected. The directors of the Company may appoint directors where there is a vacancy. |

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| | |
|:---|:---|
| **DELAWARE CORPORATE LAW** | **BVI CORPORATE LAW** |
| The Delaware General Corporation Law provides that a certificate of incorporation may contain a provision eliminating or limiting the personal liability of directors (but not other controlling persons) of the corporation for monetary damages for breach of a fiduciary duty as a director, except no provision in the certificate of incorporation may eliminate or limit the liability of a director for:<br>● any breach of a director's duty of loyalty to the corporation or its shareholders;<br>● acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;<br>● statutory liability for unlawful payment of dividends or unlawful stock purchase or redemption; or<br>● any transaction from which the director derived an improper personal benefit.<br>A Delaware corporation may indemnify any person who was or is a party or is threatened to be made a party to any proceeding, other than an action by or on behalf of the corporation, because the person is or was a director or officer, against liability incurred in connection with the proceeding if the director or officer acted in good faith and in a manner reasonably believed to be in, or not opposed to, the best interests of the corporation; and the director or officer, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. Unless ordered by a court, any foregoing indemnification is subject to a determination that the director or officer has met the applicable standard of conduct:<br>● by a majority vote of the directors who are not parties to the proceeding, even though less than a quorum;<br>● by a committee of directors designated by a majority vote of the eligible directors, even though less than a quorum;<br>● by independent legal counsel in a written opinion if there are no eligible directors, or if the eligible directors so direct; or<br>● by the shareholders.<br>Moreover, a Delaware corporation may not indemnify a director or officer in connection with any proceeding in which the director or officer has been adjudged to be liable to the corporation unless and only to the extent that the court determines that, despite the adjudication of liability but in view of all the circumstances of the case, the director or officer is fairly and reasonably entitled to indemnity for those expenses which the court deems proper. | Section 132 of the BVI Act, and regulation 14 of the Articles, provide that, subject to certain limitations, SEALSQ shall indemnify its directors and officers against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings. Such indemnity only applies if the person acted honestly and in good faith with a view to the best interests of the company and, in the case of criminal proceedings, the person had no reasonable cause to believe that their conduct was unlawful. Section 133 of the BVI Act permits a company to purchase and maintain insurance for the benefit of any officer or director in respect of any loss or liability attaching to them in respect of any negligence, default, breach of duty or breach of trust, whether or not we may otherwise indemnify such officer or director. |

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| | |
|:---|:---|
| **DELAWARE CORPORATE LAW** | **BVI CORPORATE LAW** |
| A director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components:<br>● the duty of care; and<br>● the duty of loyalty.<br>| The BVI Act imposes a duty on directors and officers of a British Virgin Islands company:<br>● to act honestly and in good faith and in what the director believes to be in the best interests of the company when exercising their powers as a director;<br>● to exercise the reasonable care, diligence, and skill that a reasonable director would exercise in the same circumstances taking into account, but without limitation: i. the nature of the company; ii. the nature of the decision; and iii. the position of the director and the nature of their responsibilities;<br>● to exercise their duties for proper purpose and in accordance with the BVI Act and the memorandum and articles of association of the company; and<br>● to disclose any interest which they have in a transaction entered into or to be entered into by the company.<br>The statutory duties imposed on directors, by the BVI Act, are further supplemented by common law duties established (over centuries) of case law. There is considerable overlap between the common law and the BVI Act and in most circumstances it is not necessary to consider the two separately.<br>In addition, the BVI Act imposes various duties on directors and officers of a company with respect to certain matters of management and administration of the company. |
| The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence a breach of one of the fiduciary duties.<br>Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation. | The BVI Act also imposes a duty on directors and officers of a British Virgin Islands company to:<br>● act honestly and in good faith with a view to the best interests of the company; and<br>● exercise the care, diligence and skill that a reasonable director or officer would exercise in the same circumstances.<br>In addition, the BVI Act imposes various duties on directors and officers of a company with respect to certain matters of management and administration of the company. |
| A Delaware corporation may, in its certificate of incorporation, eliminate the right of shareholders to act by written consent. | The BVI Act provides that shareholders may take action by written consent. Under the Articles a resolution in writing is passed when it is signed by the shareholders of SEALSQ who at the date of the notice of the resolution represent such majority of votes of shares as would be entitled to vote on such resolution. |
| A shareholder of a Delaware corporation has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings. | Under the Articles, shareholders entitled to exercise 30% or more of the voting rights, in respect of the matter for which the meeting is requested, can require the directors to convene a meeting of shareholders. |

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| | |
|:---|:---|
| **DELAWARE CORPORATE LAW** | **BVI CORPORATE LAW** |
| Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation provides for it. | Under British Virgin Islands law, the voting rights of shareholders are regulated by the company's memorandum and articles of association and, in certain circumstances, by the BVI Act.<br>The Articles do not provide for cumulative voting. |
| A director may resign at any time by notice. Stockholders may remove directors with or without cause, except: (i) if the board is classified, removal is only for cause unless the charter provides otherwise; and (ii) if directors are elected by a class/series or cumulative voting, special rules apply. Qualifications may be set in the charter/bylaws. | Under the Articles, a director may be removed:<br>● with or without cause, by resolution of shareholders passed at a meeting of shareholders called for the purpose of removing the director or for purposes including the removal of the director or by a written resolution passed by at least 75% of the votes of the shares entitled to vote; or<br>● with cause, by resolution of directors passed by all directors other than the director being removed at a meeting of directors called for the purpose of removing the director or for purposes including the removal of the director.<br>|
| The Delaware General Corporation Law generally prohibits a Delaware corporation from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or group who or which owns or owned 15.0% or more of the corporation's outstanding voting stock within the past three years. | There is no similar law in the British Virgin Islands. |
| Unless the board of directors of a Delaware corporation approves the proposal to dissolve, dissolution must be approved by shareholders holding 100.0% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board. | As permitted by the BVI Act and our Articles, we may be voluntarily liquidated under Part XII of the BVI Act by resolution of directors or resolution of shareholders if we have no liabilities or we are able to pay our debts as they fall due and the value of our assets equals or exceeds our liabilities.<br>A company may also be wound up where a court deems it just and equitable to do so and in circumstances where they are insolvent in accordance with the terms of the BVI Insolvency Act. |
| Changes to stock terms generally require a charter amendment approved by the board and stockholders. A separate class vote is required if an amendment would adversely affect the powers, preferences, or special rights of a class (and, if applicable, of a series, if so provided). | Under the Articles, the rights conferred upon the holders of our shares of any class may only be varied with the consent in writing of the holders of a majority of the issued shares of that class or by a resolution approved at a meeting of the shares of that class by the affirmative vote of a majority of the votes of the shares of that class which were present at the meeting and were voted. |
| A Delaware corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. | A British Virgin Islands company's memorandum and articles of association may be amended by resolutions of the board of directors or the shareholders, subject to the BVI Act and the memorandum and articles of association. Certain amendments can only be made by resolution of shareholder. |

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| | |
|:---|:---|
| **DELAWARE CORPORATE LAW** | **BVI CORPORATE LAW** |
| Shareholders of a Delaware corporation, upon written demand under oath stating the purpose thereof, have the right during the usual hours for business to inspect for any proper purpose, and to obtain copies of list(s) of shareholders and other books and records of the corporation and its subsidiaries, if any, to the extent the books and records of such subsidiaries are available to the corporation. | Under the BVI Act, members of the general public, on payment of a nominal fee, can obtain copies of the public records of a company available at the office of the BVI Registrar which will include the company's certificate of incorporation, its memorandum and articles of association (with any amendments), a list of the current directors and records of license fees paid to date and will also disclose any articles of dissolution, articles of merger and a register of charges if the company has elected to file such a register.<br>A shareholder of a company is entitled, on giving written notice to the company, to inspect:<br>● the memorandum and articles;<br>● the register of members;<br>● the register of directors; and<br>● the minutes of meetings and resolutions of members and of those classes of members of which they are a member; and to make copies of or take extracts from the documents and records referred to in above.<br>Subject to the memorandum and articles of association, the directors may, if they are satisfied that it would be contrary to the company's interests to allow a member to inspect any document, or part of a document, specified above, refuse to permit the member to inspect the document or limit the inspection of the document, including limiting the making of copies or the taking of extracts from the records.<br>Where a company fails or refuses to permit a member to inspect a document or permits a member to inspect a document subject to limitations, that member may apply to a British Virgin Islands Court for an order that they should be permitted to inspect the document or to inspect the document without limitation. |
| The board of directors may approve a dividend without shareholder approval. Subject to any restrictions contained in its certificate of incorporation, the board may declare and pay dividends upon the shares of its capital stock either:<br>● out of its surplus, or<br>● in case there is no such surplus, out of its net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year.<br>Stockholder approval is required to authorize capital stock in excess of that provided in the charter. Directors may issue authorized shares without stockholder approval. | Under British Virgin Islands law, the board of directors may declare a dividend without shareholder approval, but a company may not declare or pay dividends if there are reasonable grounds for believing that:<br>● the company is, or would after the payment be, unable to pay its debts as they fall due; or<br>● that the value of the company's assets would be less than its liabilities.<br>|
| All creation of shares require the board of directors to adopt a resolution or resolutions, pursuant to authority expressly vested in the board of directors by the provisions of the company's certificate of incorporation. | The number of shares that a British Virgin Islands company is authorized to issue is set out in the memorandum and articles of association.<br>The Memorandum provides that the company is authorized to issue 510,000,000 shares in two classes as follows:<br>● 500,000,000 Ordinary Shares; and<br>● 10,000,000 Class F Shares.<br>|

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| | |
|:---|:---|
| **DELAWARE CORPORATE LAW** | **BVI CORPORATE LAW** |
| Under the Delaware General Corporation Law, with certain exceptions, a merger, consolidation, sale, lease or transfer of all or substantially all of the assets of a corporation must be approved by the board of directors and a majority of the outstanding shares entitled to vote thereon. A shareholder of a Delaware corporation participating in certain major corporate transactions may, under certain circumstances, be entitled to appraisal rights pursuant to which such shareholder may receive cash in the amount of the fair value of the shares held by such shareholder (as determined by a court) in lieu of the consideration such shareholder would otherwise receive in the transaction. The Delaware General Corporation Law also provides that a parent corporation, by resolution of its board of directors, may merge with any subsidiary, of which it owns at least 90.0% of each class of capital stock without a vote by the shareholders of such subsidiary. Upon any such merger, dissenting shareholders of the subsidiary would have appraisal rights. | The consolidation or merger of a British Virgin Islands company with another company or corporation (other than certain affiliated companies) requires the consolidation or merger to be approved by the company's board of directors and by its shareholders. Unless the company's memorandum and articles of association provide otherwise, the approval of a majority of the shareholders voting at a meeting of shareholders is required to approve the consolidation or merger agreement.<br>Under British Virgin Islands law, in the event of a consolidation or merger of a British Virgin Islands company with another company or corporation, a shareholder of the British Virgin Islands company who did not vote in favor of the amalgamation or merger and who is not satisfied that fair value has been offered for such shareholder's shares may seek fair value for those shares in accordance with Section 179 of the BVI Act. |

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<u>Item 12. Other securities</u>

Disclosures under Items 12.A, 12.B, 12.C, and 12.D are not applicable.

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## Exhibit 4.23

**Exhibit 4.23**

**NOVATION AGREEMENT**

This Novation Agreement ("**Agreement**") is made by and among:

1) **WISeKey International Holding**, a Swiss company having its registered office at 58 Avenue Louis-Casal, 1216 Cointrin, Switzerland, duly represented by Carlos Moreira and John O'Hara (the "**Transferor**");

2) **SealSQ Corp**, a company incorporated under the laws of the British Virgin Islands, with registered office at 58 Avenue Louis-Casal, 1216 Cointrin, Switzerland, duly represented by Carlos Moreira and John O'Hara (the "**Transferee**");

3) **SealSQ France**, a company incorporated under the laws of France, with registered office at rue de la Carriere de Bachasson, Artepac de Bachasson, Batiment A, 13590 Meyreuil, France (the "**Subsidiary**", and together with the Transferor and the Transferee, the "**Parties**").

**BACKGROUND:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. On October 1, 2016 the Transferor and the Subsidiary entered into a Revolving Credit Agreement pursuant to which the Transferor extended various loans to the Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. On April 1, 2021, the Transferor and the subsidiary entered into a debt remission agreement (the "**Debt Agreement**") pursuant to which the Transferor waived EUR5,000,000 of the debt owed to it by the Subsidiary, with a possible reinstatement of such debt if the subsidiary returns to profit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Pursuant to an amendment to the Debt Agreement dated December 2023, an amount of EUR2,000,000 was excluded from reinstatement, leaving a total amount of EUR3,000,000 to be reinstated, provided the conditions set forth the Debt Agreement are met (the "**Reinstated Debt** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Parties now wish to effect a novation under which all rights, obligations, and interests of the Transferor under the Debt Agreement shall be transferred to the Transferee, with effect from the Novation Effective Date (as defined below).

------

**IT IS AGREED as follows:**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Novation and Release** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. As of the date of this Agreement (the "**Novation Effective Date** "), the Transferee shall be substituted for the Transferor as creditor under the Debt Agreement, as amended, in respect of all rights, interests, obligations, and liabilities, present and future (the "**Novated Rights and Obligations** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. The Subsidiary hereby releases and discharges the Transferor from all obligations and liabilities under or in connection with the Loan Agreement, as amended (whether actual or contingent, present or future) as from the Novation Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. The Subsidiary undertakes to perform all outstanding obligations under the Loan Agreement, as amended, in favor of the Transferee, in place of the Transferor, from the Novation Effective Date, including the obligation to pay the Reinstated Debt as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Consideration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. As consideration for the novation, the Transferee shall pay to the Transferor the sum of EUR 3,000,000 (three million Euros) within 5 calendar days of the Novation Effective Date to the bank account specified by the Transferor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. The Transferor acknowledges receipt (or agrees to confirm in writing) of the payment in clause 2.1 as full, final, and complete settlement of all amounts due to it under the Debt Agreement, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Continuity and Further Assurances** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. Except as expressly provided in this Agreement, the terms of the Debt Agreement, as amended, remain unaltered and in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. Each Party shall, at its own cost, do all things reasonably necessary (including executing documents) as may be required to give full effect to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Governing Law and Jurisdiction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. This Agreement shall be governed by, and construed in accordance with, the substantive laws of Switzerland, excluding its conflict of laws provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. Any dispute, controversy, or claim arising out of, or in relation to, this Agreement shall be submitted to the exclusive jurisdiction of the ordinary courts of Geneva, Switzerland.

------

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. This Agreement may be executed in counterparts, each of which is deemed an original and all together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. Any amendment to this Agreement must be made in writing and signed by all Parties.

\*\*\*

------

The Parties have executed this Agreement on the later of the two dates indicated hereunder.

---

| |
|:---|
| /s/ Eric Pellaton |
| **SEALSQ CORP** |
| By: Eric Pellaton |
| Director |
| /s/ Cristina Dolan |
| By: Cristina Dolan |
| Director |
| /s/ María Pía Adueveque Jabbaz |
| **WISeKey International Holding** |
| By: María Pía Aqueveque Jabbaz |
| Director |
| /s/ Philippe Monnier |
| By: Philippe Monnier |
| Director |
| /s/ Carlos Moreira |
| **SEALSQ France** |
| By: Carlos Moreira |
| President |

---

------

## Exhibit 4.41

**Exhibit 4.41**

**Certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) is the type of information the issuer both customarily and actually treats as private and confidential.**

**SECURITIES PURCHASE AGREEMENT**

This Securities Purchase Agreement (this "Agreement") is dated as of May 5, 2025, between SEALSQ Corp., a British Virgin Islands company (the "Company"), and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a "Purchaser" and collectively the "Purchasers").

WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to an effective registration statement under the Securities Act of 1933, as amended (the "Securities Act"), the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described in this Agreement.

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows:

**ARTICLE I**

**DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1<u>Definitions</u>. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the meanings set forth in this Section 1.1:

"Acquiring Person" shall have the meaning ascribed to such term in Section 4.5.

"Action" shall have the meaning ascribed to such term in Section 3.1(j).

"Affiliate" means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

"Board of Directors" means the board of directors of the Company.

"Business Day" means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York are generally are open for use by customers on such day.

"BVI Counsel" means Harney Westwood & Riegels LP, with offices located at Craigmuir Chambers PO Box 71, Road Town Tortola VG1110, British Virgin Islands.

"Closing" means the closing of the purchase and sale of the Securities pursuant to Section 2.1.

"Closing Date" means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and all conditions precedent to (i) the Purchasers' obligations to pay the Subscription Amount and (ii) the Company's obligations to deliver the Securities, in each case, have been satisfied or waived, but in no event later than the Trading Day following the date hereof.

"Commission" means the United States Securities and Exchange Commission.

"Company Counsel" means Patterson Belknap Webb & Tyler LLP, with offices located at 1133 Avenue of the Americas, New York, New York 10036.

------

"Disclosure Schedules" means the Disclosure Schedules of the Company delivered concurrently herewith.

"Evaluation Date" shall have the meaning ascribed to such term in Section 3.1(s).

"Exchange Act" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"Exempt Issuance" means the issuance of (a) Ordinary Shares or options to employees, officers or directors of the Company pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose for services rendered to the Company, (b) securities upon the exercise or exchange of or conversion of any securities exercisable or exchangeable for or convertible into Ordinary Shares issued and outstanding on the date of this Agreement, provided that such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than in connection with stock splits or combinations) or to extend the term of such securities, (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities are issued as "restricted securities" (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith, and provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities.

"FCPA" means the Foreign Corrupt Practices Act of 1977, as amended.

"GAAP" shall have the meaning ascribed to such term in Section 3.1(h).

"Indebtedness" shall have the meaning ascribed to such term in Section 3.1(aa).

"Intellectual Property Rights" shall have the meaning ascribed to such term in Section 3.1(p).

"Liens" means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

"Lock-Up Agreements" means the written agreement, in the form of Exhibit B attached hereto, addressed to the Placement Agent by certain of the Company's directors, officers, and shareholder(s) that listed on Exhibit A hereto.

"Loeb" means Loeb & Loeb LLP with offices at 345 Park Avenue, New York, New York 10154.

"Material Adverse Effect" shall have the meaning assigned to such term in Section 3.1(b).

"Material Permits" shall have the meaning ascribed to such term in Section 3.1(n).

"Ordinary Shares" means the ordinary shares of the Company, par value $0.01 per share, and any other class of securities into which such securities may hereafter be reclassified.

"Ordinary Share Equivalents" means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Ordinary Shares, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Ordinary Shares.

"Per Share Purchase Price" equals US$2.00 subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Ordinary Shares that occur after the date of this Agreement.

------

"Person" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

"Placement Agent" means Maxim Group LLC.

"Placement Agency Agreement" means the placement agency agreement dated as of May 5, 2025 by and between the Company and the Placement Agent.

"Proceeding" means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced or threatened.

"Prospectus" means the final prospectus filed for the Registration Statement.

"Prospectus Supplement" means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is filed with the Commission and delivered by the Company to each Purchaser at the Closing.

"Purchaser Party" shall have the meaning ascribed to such term in Section 4.8.

"Registration Statement" means the effective registration statement on Form F-3, as amended, with Commission file No. 333-286098 which registers the sale of the Securities to the Purchasers.

"Required Approvals" shall have the meaning ascribed to such term in Section 3.1(e).

"Rule 144" means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

"Rule 424" means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

"SEC Reports" shall have the meaning ascribed to such term in Section 3.1(h).

"Securities" means, collectively, the Shares.

"Securities Act" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"Shares" means the Ordinary Shares issued or issuable to each Purchaser pursuant to this Agreement.

"Short Sales" means all "short sales" as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include locating and/or borrowing Ordinary Shares).

"Subscription Amount" means, as to each Purchaser, the aggregate amount to be paid for Shares purchased hereunder as specified below such Purchaser's name on the signature page of this Agreement and next to the heading "Subscription Amount," in United States dollars and in immediately available funds.

"Subsidiary" means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.

"Trading Day" means a day on which the principal Trading Market is open for trading.

------

"Trading Market" means any of the following markets or exchanges on which the Ordinary Shares are listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange or any successors to any of the foregoing.

"Transaction Documents" means this Agreement, the Placement Agency Agreement, all exhibits and schedules thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated hereunder.

"Transfer Agent" means Computershare Inc., the current transfer agent of the Company, with a mailing address of 150 Royall Street, Canton, Massachusetts 02021, and any successor transfer agent of the Company.

"Variable Rate Transaction" shall have the meaning ascribed to such term in Section 4.12(b).

**ARTICLE II**

**PURCHASE AND SALE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1<u>Closing</u>. On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell, and the Purchasers, severally and not jointly, agree to purchase, up to an aggregate of US$20,000,000 of Shares. Each Purchaser's Subscription Amount as set forth on the signature page hereto executed by such Purchaser shall be made available for "Delivery Versus Payment" settlement with the Company or its designee. The Company shall deliver to each Purchaser its respective Shares as determined pursuant to Section 2.2(a), and the Company and each Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of Loeb or such other location as the parties shall mutually agree. Unless otherwise directed by the Placement Agent, settlement of the Shares shall occur via "Delivery Versus Payment" ("DVP") (i.e., on the Closing Date, the Company shall issue the Shares registered in the Purchasers' names and addresses and released by the Transfer Agent directly to the account(s) at the Placement Agent identified by each Purchaser; upon receipt of such Shares, the Placement Agent shall promptly electronically deliver such Shares to the applicable Purchaser and payment therefor shall be made by the Placement Agent (or its clearing firm) by wire transfer to the Company). Notwithstanding anything to the contrary hereunder, to the extent that a Purchaser determines, in its sole discretion, that such Purchaser (together with such Purchaser's Affiliates, and any Person acting as a group together with such purchaser or any of such Holder's Affiliates) would beneficially own in excess of 9.99% of the number of Ordinary Shares outstanding immediately prior to giving effect to the issuance of the Securities on the Closing Date ("Beneficial Ownership Maximum"), such Purchaser may elect to receive only the Beneficial Ownership Maximum at the Closing with the balance of any share purchased hereunder, if any, held in abeyance for such Purchaser and issued immediately following the Closing provided in no event shall such Purchaser's beneficial ownership ever exceed the Beneficial Ownership Maximum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2<u>Deliveries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser and the Placement Agent the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)this Agreement duly executed by 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)legal opinions of (x) Company Counsel with respect to U.S. laws and securities matters (including without limitation, a negative assurance letter or statement); and (y) BVI Counsel with respect to British Virgin Islands laws, each addressed to the Placement Agent and each of the Purchasers, and each in a form satisfactory to Loeb, the Placement Agent and each of the Purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)a cold comfort letter, addressed to the Placement Agent in form and substance reasonably satisfactory in all material respects from BDO Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)duly executed Lock-Up Agreements;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)a duly executed and delivered Officers' Certificate, in customary form reasonably satisfactory to Loeb and the Placement Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)subject to the last sentence of Section 2.1, confirmation of delivery of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver on an expedited basis via The Depository Trust Company Deposit or Withdrawal at Custodian system ("DWAC") Shares equal to such Purchaser's Subscription Amount divided by the Per Share Purchase Price, registered in the name of such Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)the Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).

&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)On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)this Agreement duly executed by such Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)such Purchaser's Subscription Amount, which shall be made available for "Delivery Versus Payment" settlement with the Company or its designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3<u>Closing Conditions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been performed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)there shall have been no Material Adverse Effect with respect to the Company since the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)each of the Lock-Up Agreements shall remain in full force and effect; and

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

**ARTICLE III**

**REPRESENTATIONS AND WARRANTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1<u>Representations and Warranties of the Company</u>. Except as set forth in the Disclosure Schedules and in this Article III, which Disclosure Schedules shall be deemed a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding section of the Disclosure Schedules, the Company hereby makes the following representations and warranties to each Purchaser as of the date hereof and as of the Closing Date:

&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)<u>Subsidiaries</u>. All of the direct and indirect subsidiaries of the Company and their respective jurisdictions of incorporation are set forth on Schedule 3.1(a). The Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities.

&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)<u>Organization and Qualification</u>. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing (to the extent such concept exists under applicable law) under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing (to the extent such concept exists under applicable law) as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company's ability to perform in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a "Material Adverse Effect") and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Authorization; Enforcement</u>. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Board of Directors or the Company's shareholders in connection herewith or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction Document to which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligations of the Company enforceable against the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, liquidation, possessory liens, rights of set off, merger, consolidation, reorganization, moratorium and other laws of general application affecting enforcement of creditors' rights generally as well as applicable international sanctions, (ii) as limited by laws relating to the statutory limitation of the time within which proceedings may be brought or availability of specific performance, injunctive

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relief or other equitable remedies, and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>No Conflicts</u>. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby do not and will not (i) conflict with or violate any provision of the Company's or any Subsidiary's certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of clause (ii), such as could not have or reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Filings, Consents and Approvals</u>. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) the filings required pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission of the Prospectus Supplement and (iii) application(s) to each applicable Trading Market for the listing of the Shares for trading thereon in the time and manner required thereby. (collectively, the "Required Approvals").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Issuance of the Securities; Registration</u>. The Securities are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents. The Company has reserved from its duly authorized unissued shares the maximum number of Ordinary Shares issuable pursuant to this Agreement. The Company has prepared and filed the Registration Statement in conformity with the requirements of the Securities Act, which became effective on April 2, 2025 (the "Effective Date"), including the Prospectus, and such amendments and supplements thereto as may have been required to the date of this Agreement. The Registration Statement is effective under the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or preventing the use of the Prospectus has been issued by the Commission and no proceedings for that purpose have been instituted or, to the knowledge of the Company, are threatened by the Commission. The Company, if required by the rules and regulations of the Commission, shall file the Prospectus with the Commission pursuant to Rule 424(b). At the time the Registration Statement and any amendments thereto became effective, at the date of this Agreement and at the Closing Date, the Registration Statement and any amendments thereto conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; and the Prospectus and any amendments or supplements thereto, at the time the Prospectus or any amendment or supplement thereto was issued and at the Closing Date, conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain 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 Company is a foreign private issuer, as defined in Rule 405 of Regulation C under the Securities Act and Rule 3b-4 under the Exchange Act. The Company was at the time of the filing of the Registration Statement eligible to use Form F-3. The Company is eligible to use Form F-3 under the Securities Act and it meets the transaction requirements with respect to the aggregate market value of securities being sold pursuant to this offering and during the twelve (12) months prior to this offering, as set forth in General Instruction I.B.5 of Form F-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Capitalization</u>. The capitalization of the Company as of the date hereof is as set forth on Schedule 3.1(g), which Schedule 3.1(g) shall also include the number of Ordinary Shares owned beneficially, and of

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record, by Affiliates of the Company as of the date hereof. Except as set forth in Schedule 3.1(g), the Company has not issued any shares since its most recently filed periodic report under the Exchange Act, other than pursuant to the exercise of employee stock options under the Company's stock option plans, the issuance of Ordinary Shares to employees pursuant to the Company's employee stock purchase plans and pursuant to the conversion and/or exercise of Ordinary Share Equivalents outstanding as of the date of the most recently filed periodic report under the Exchange Act. No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as set forth on Schedule 3.1(g), there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any Ordinary Shares or the capital stock of any Subsidiary, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional Ordinary Shares or Ordinary Share Equivalents or capital stock of any Subsidiary. The issuance and sale of the Securities will not obligate the Company or any Subsidiary to issue Ordinary Shares or other securities to any Person (other than the Purchasers) and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities. Except as set forth on Schedule 3.1(g), there are no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary. The Company does not have any stock appreciation rights or "phantom stock" plans or agreements or any similar plan or agreement. All of the outstanding shares of the Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization of any shareholder, the Board of Directors or others is required for the issuance and sale of the Securities. There are no stockholders agreements, voting agreements or other similar agreements with respect to the Company's Shares to which the Company is a party or, to the knowledge of the Company, between or among any of the Company's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>SEC Reports; Financial Statements</u>. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together with the Prospectus and the Prospectus Supplement, being collectively referred to herein as the "SEC Reports") on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed (subject to amendments as may have been made), contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. Additionally, any further documents so filed and incorporated by reference in the Prospectus and Prospectus Supplement, when such documents are filed with the Commission, will conform in all material respects to the requirements of the Exchange Act and the applicable rules and regulations, as applicable, and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made not misleading. No post-effective amendment to the Registration Statement reflecting any facts or events arising after the date thereof which represent, individually or in the aggregate, a fundamental change in the information set forth therein is required to be filed with the Commission. The Company has never been an issuer subject to Rule 144(i) under the Securities Act. As of their respective dates, the financial statements of the Company included in the SEC Reports complied in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved ("GAAP"), 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, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. The agreements and documents described in the Registration Statement, the Prospectus, the Prospectus Supplement, and the SEC Reports conform in all material aspects to the descriptions thereof contained therein and there are no

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agreements or other documents required by the Securities Act and the rules and regulations thereunder to be described in the Registration Statement, the Prospectus, the Prospectus Supplement or the SEC Reports or to be filed with the Commission as exhibits to the Registration Statement, that have not been so described or filed. Each agreement or other instrument (however characterized or described) to which the Company is a party or by which it is or may be bound or affected and (i) that is referred to in the Registration Statement, the Prospectus, the Prospectus Supplement or the SEC Reports, or (ii) is material to the Company's business (each, a "Material Agreement"), has been duly authorized and validly executed by the Company, is in full force and effect in all material respects and is enforceable against the Company and, to the Company's knowledge, the other parties thereto, in accordance with its terms, except (x) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally, (y) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws, and (z) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefore may be brought. No Material Agreement has been assigned by the Company, and neither the Company nor, to the best of the Company's knowledge, any other party is in default thereunder and, to the best of the Company's knowledge, no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute a default thereunder that has had or that could reasonably be expected to result in a Material Adverse Effect. To the best of the Company's knowledge, performance by the Company of the material provisions of the Material Agreements will not result in a violation of any existing applicable law, rule, regulation, judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its assets or businesses, including, without limitation, those relating to environmental laws and regulations. The other financial and statistical information included in the SEC Reports present fairly, in all material respects, the information included therein and have been prepared on a basis consistent with that of the financial statements that are included in the SEC Reports and the books and records of the respective entities presented therein.

&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)<u>Material Changes; Undisclosed Events, Liabilities or Developments</u>. Since the date of the latest audited financial statements included within the SEC Reports, except as set forth on Schedule 3.1(i), (i) there has been no event, occurrence or development, including changes generally affecting the Company's or Subsidiaries' industries, that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company's financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company stock option plans. The Company does not have pending before the Commission any request for confidential treatment of information. Except for the issuance of the Securities contemplated by this Agreement or as set forth on Schedule 3.1(i), no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective businesses, prospects, properties, operations, assets or financial condition that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior to the date that this representation is made. Other than as set forth on Schedule 3.1(i), the Company has not: (i) issued any securities or incurred any liability or obligation, direct or contingent, for borrowed money; or (ii) declared or paid any dividend or made any other distribution on or in respect of its capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Litigation</u>. Except as set forth on Schedule 3.1(j), there has not been, and to the knowledge of the Company, there is not pending or contemplated, any action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an "Action"). None of the Actions set forth on Schedule 3.1(j) (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities, (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect or (iii) are not expected to have a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the

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Commission involving the Company or any current or former director or officer of the Company. The Commission has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Labor Relations</u>. Except as set forth on Schedule 3.1(k), no labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company's or its Subsidiaries' employees is a member of a union that relates to such employee's relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their employees are good. To the knowledge of the Company, no executive officer of the Company or any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Compliance</u>. Except as set forth on Schedule 3.1(l), neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived); (ii) is in violation of any judgment, decree or order of any court, arbitrator or other governmental authority; or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case as could not reasonably be expected to result in a Material Adverse Effect.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)<u>Regulatory Permits</u>. The Company and the Subsidiaries possess all certificates, authorizations, approvals, orders, licenses and permits issued by the appropriate federal, state, local or foreign regulatory authorities, necessary to conduct their respective businesses as described in the SEC Reports, except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (each, a "<u>Material Permit</u>"), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any Material Permit. The disclosures in the Registration Statement concerning the effects of federal, state, local and all foreign regulation on the Company's business as currently contemplated are correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)<u>Title to Assets</u>. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens, except for (i)

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Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries and (ii) Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance with GAAP and, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance which the failure to so have could have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)<u>Intellectual Property</u>. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights necessary or required for use in connection with their respective businesses as described in the SEC Reports and which the failure to so have could have a Material Adverse Effect (collectively, the "Intellectual Property Rights"). Schedule 3.1(p) sets forth all of the material Intellectual Property Rights that the Company and its Subsidiaries own or have the rights to use and that are currently being used. Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements included within the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of any Person, except as could not have or reasonably be expected to not have a Material Adverse Effect. To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights. Except as set forth in Schedule 3.1(p), none of, and neither the Company nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)<u>[Intentionally omitted]</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)<u>Transactions With Affiliates and Employees</u>. Except as set forth on Schedule 3.1(r), none of the officers or directors of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, stockholder, member or partner, in each case in excess of US$120,000 other than for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits, including stock option agreements under any stock option plan of 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;(s)<u>Sarbanes-Oxley; Internal Accounting Controls</u>. Except as disclosed in the SEC Reports, the Company and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports 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. The Company's certifying officers have evaluated the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of the end of the period covered by the most recently filed periodic report under the Exchange Act (such date, the "Evaluation Date"). The Company presented in its most recently filed periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defined in the Exchange Act) of the Company and its Subsidiaries that have materially affected, or is reasonably likely to materially affect, the internal control over financial reporting of the Company and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)<u>Certain Fees</u>. Other than the compensation payable to the Placement Agent pursuant to the terms of the Placement Agency Agreement and as set forth in the Prospectus Supplement relating to the placement of the Securities, no brokerage or finder's fees or commissions are or will be payable by the Company or any Subsidiary

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or Affiliate of the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. The Purchasers shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)<u>Investment Company</u>. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities, will not be or be an Affiliate of, an "investment company" within the meaning of the Investment Company Act of 1940, as amended. The Company shall conduct its business in a manner so that it will not become an "investment company" subject to registration under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)<u>Registration Rights.</u> Except as set forth in Schedule 3(v), no Person has any right to cause the Company or any Subsidiary to effect the registration under the Securities Act of any securities of the Company or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)<u>Listing and Maintenance Requirements</u>. The Ordinary Shares are registered pursuant to Section 12(b) of the Exchange Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Ordinary Shares under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration. Except as set forth on Schedule 3.1(w), the Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on which the Ordinary Shares are or have been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market. The Ordinary Shares are currently eligible for electronic transfer through the Depository Trust Company, or another established clearing corporation and the Company is current in payment of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)<u>Application of Takeover Protections</u>. The Company and the Board of Directors have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Company's certificate of incorporation (or similar charter documents) or the laws of its state of incorporation that is or could become applicable to the Purchasers as a result of the Purchasers and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation as a result of the Company's issuance of the Securities and the Purchasers' ownership of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)<u>Disclosure</u>. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel with any information that it believes constitutes or might constitute material, non-public information which is not otherwise disclosed in the Prospectus Supplement. The Company understands and confirms that the Purchasers will rely on the foregoing representation in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Purchasers regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including the Disclosure Schedules to this Agreement, is true and correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. There are no documents required to be filed with the Commission in connection with the transaction contemplated hereby that (x) have not been filed as required pursuant to the Securities Act or (y) will not be filed within the requisite time period. There are no contracts or other documents required to be described in the Preliminary Prospectus or Prospectus, or to be filed as exhibits or schedules to the Registration Statement, which have not been described or filed as required. The press releases disseminated by the Company during the twelve months preceding the date of this Agreement taken as a whole do not contain any 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 light of the circumstances under which they were made and when made, not misleading. The statistical and market-related data included in the Prospectus and Prospectus Supplement, if any, are based on or derived from sources that the Company reasonably and in good faith believes are reliable and accurate or represent the Company's good faith estimates that are made on the basis of data derived from such sources. The Company has obtained all consents required for the inclusion of such statistical and market-related data in the

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Prospectus and Prospectus Supplement. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in the Prospectus or Prospectus Supplement has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith. The Company acknowledges and agrees that no Purchaser makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)<u>No Integrated Offering</u>. Assuming the accuracy of the Purchasers' representations and warranties set forth in Section 3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Securities to be integrated with prior offerings by the Company for purposes of any applicable shareholder approval provisions of any Trading Market on which any of the securities of the Company are listed or designated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)<u>Solvency</u>. Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the Company of the proceeds from the sale of the Securities hereunder, (i) the fair saleable value of the Company's assets exceeds the amount that will be required to be paid on or in respect of the Company's existing debts and other liabilities (including known contingent liabilities) as they mature, (ii) the Company's assets do not constitute unreasonably small capital to carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular capital requirements of the business conducted by the Company, consolidated and projected capital requirements and capital availability thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt). The Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. For the avoidance of doubt, such reorganization does not include the Company's mergers, acquisitions or other strategic transactions which are not for the primary purpose of avoiding bankruptcy. Schedule 3.1(aa) sets forth as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement, "Indebtedness" means (x) any liabilities for borrowed money or amounts owed in excess of US$50,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company's consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the present value of any lease payments in excess of US$50,000 due under leases required to be capitalized in accordance with GAAP. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)<u>Tax Status</u>. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such claim. The provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement, Prospectus and Prospectus Supplement are sufficient for all accrued and unpaid taxes, whether or not disputed, and for all periods to and including the dates of such consolidated financial statements. The term "taxes" mean all federal, state, local, foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments, or charges of any kind whatsoever, together with any interest and any penalties, additions to tax, or additional amounts with respect thereto. The term "returns" means all returns, declarations, reports, statements, and other documents required to be filed in respect to taxes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)<u>Foreign Corrupt Practices</u>. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated in any material respect any provision of FCPA. The Company has taken commercially reasonable steps to ensure that its accounting controls and procedures are designed to cause the Company to comply in all material respects with the FCPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)<u>Accountants</u>. The Company's independent registered public accounting firm is BDO Ltd., which is a registered public accounting firm as required by the Exchange Act. To the knowledge and belief of the Company, BDO Ltd. shall express its opinion with respect to the financial statements to be included in the Company's Annual Report on Form 20-F for the fiscal year ending December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)<u>Acknowledgment Regarding Purchasers' Purchase of Securities</u>. The Company acknowledges and agrees that each of the Purchasers is acting solely in the capacity of an arm's length purchaser with respect to the Transaction Documents and the transactions contemplated thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by any Purchaser or any of their respective representatives or agents in connection with the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchasers' purchase of the Securities. The Company further represents to each Purchaser that the Company's decision to enter into this Agreement and the other Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)<u>Acknowledgment Regarding Purchaser's Trading Activity</u>. Anything in this Agreement or elsewhere herein to the contrary notwithstanding (except for Sections 3.2(f) and 4.14 hereof), it is understood and acknowledged by the Company that: (i) none of the Purchasers has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling, long and/or short, securities of the Company, or "derivative" securities based on securities issued by the Company or to hold the Securities for any specified term; (ii) past or future open market or other transactions by any Purchaser, specifically including, without limitation, Short Sales or "derivative" transactions, before or after the closing of this or future private placement transactions, may negatively impact the market price of the Company's publicly-traded securities; (iii) any Purchaser, and counter-parties in "derivative" transactions to which any such Purchaser is a party, directly or indirectly, presently may have a "short" position in the Ordinary Shares, and (iv) each Purchaser shall not be deemed to have any affiliation with or control over any arm's length counter-party in any "derivative" transaction. The Company further understands and acknowledges that (y) one or more Purchasers may engage in hedging activities at various times during the period that the Securities are outstanding, and (z) such hedging activities (if any) could reduce the value of the existing stockholders' equity interests in the Company at and after the time that the hedging activities are being conducted. The Company acknowledges that such aforementioned hedging activities do not constitute a breach of any of the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)<u>Regulation M Compliance</u>. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Company's placement agent in connection with the placement of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)<u>Stock Option Plans</u>. Except as disclosed on Schedule 3.1(hh), each stock option granted by the Company under the Company's stock option plan with respect to the Ordinary Shares was granted (i) in accordance with the terms of the Company's stock option plan and (ii) with an exercise price at least equal to the fair market value of the Ordinary Shares on the date such stock option would be considered granted under GAAP and applicable law. No stock option granted under the Company's stock option plan has been backdated. The Company has not knowingly

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granted, and there is no and has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects.

&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)<u>Office of Foreign Assets Control</u>. Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director, officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("OFAC").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)<u>U.S. Real Property Holding Corporation</u>. The Company is not and has never been a U.S. real property holding corporation within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser's request.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)<u>Money Laundering</u>. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the "Money Laundering Laws"), and no Action or Proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm)<u>D&O Questionnaires</u>. To the Company's knowledge, all information contained in the questionnaires most recently completed by each of the Company's directors and officers and beneficial owner of 5% or more of the Ordinary Shares or Ordinary Share Equivalents is true and correct in all respects and the Company has not become aware of any information which would cause the information disclosed in such questionnaires become inaccurate and incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn)<u>FINRA Affiliation</u>. No officer, director or any beneficial owner of 10% or more of the Company's Ordinary Shares or Ordinary Share Equivalents has any direct or indirect affiliation or association with any FINRA member (as determined in accordance with the rules and regulations of FINRA) that is participating in the Offering. Except for securities purchased on the open market, no Company Affiliate is an owner of stock or other securities of any member of FINRA. No Company Affiliate has made a subordinated loan to any member of FINRA. No proceeds from the sale of the Securities (excluding compensation as disclosed in the Prospectus Supplement to the Placement Agent) will be paid to any FINRA member, any persons associated with a FINRA member or an affiliate of a FINRA member. Except as disclosed in the Registration Statement, Prospectus and Prospectus Supplement, no person to whom securities of the Company have been privately issued within the 180-day period prior to the initial filing date of the Prospectus Supplement is a FINRA member, is a person associated with a FINRA member or is an affiliate of a FINRA member. No FINRA member participating in the offering has a conflict of interest with the Company. For this purpose, a "conflict of interest" exists when a FINRA member, the parent or affiliate of a FINRA member or any person associated with a FINRA member in the aggregate beneficially own 10% or more of the Company's outstanding subordinated debt or common equity, or 5% or more of the Company's preferred equity. "FINRA member participating in the offering" includes any associated person of a FINRA member that is participating in the offering, any member of such associated person's immediate family and any affiliate of a FINRA member that is participating in the offering. "Any person associated with a FINRA member" means (1) a natural person who is registered or has applied for registration under the rules of FINRA and (2) a sole proprietor, partner, officer, director, or branch manager of a FINRA member, or other natural person occupying a similar status or performing similar functions, or a natural person engaged in the investment banking or securities business who is directly or indirectly

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controlling or controlled by a FINRA member. When used in this Section 3.1(mm) the term "affiliate of a FINRA member" or "affiliated with a FINRA member" means an entity that controls, is controlled by or is under common control with a FINRA member. The Company will advise the Placement Agent and Loeb if it learns that any officer, director or owner of 10% or more of the Company's outstanding Ordinary Shares or Ordinary Share Equivalents is or becomes an affiliate or associated person of a FINRA member firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo)<u>Officers' Certificate</u>. Any certificate signed by any duly authorized officer of the Company and delivered to the Purchasers shall be deemed a representation and warranty by the Company to the Purchasers as to the matters covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp)<u>Board of Directors</u>. The qualifications of the persons serving as board members and the overall composition of the Board of Directors comply with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder applicable to the Company and the rules of the Trading Market. At least one member of the Board of Directors qualifies as a "financial expert" as such term is defined under the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder and the rules of the Trading Market. In addition, at least a majority of the persons serving on the Board of Directors qualify as "independent" as defined under the rules of the Trading Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq)<u>ERISA</u>. The Company is not a party to an "employee benefit plan," as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), which: (i) is subject to any provision of ERISA and (ii) is or was at any time maintained, administered or contributed to by the Company or any of its ERISA Affiliates (as defined hereafter). These plans are referred to collectively herein as the "Employee Plans." An "ERISA Affiliate" of any person or entity means any other person or entity which, together with that person or entity, could be treated as a single employer under Section 414(b), (c), (m) or (o) of the Internal Revenue Code of 1986, as amended (the "Code"). Each Employee Plan has been maintained in material compliance with its terms and the requirements of applicable law. No Employee Plan is subject to Title IV of ERISA. The Registration Statement, Prospectus and the Prospectus Supplement identify each employment, severance or other similar agreement, arrangement or policy and each material plan or arrangement required to be disclosed pursuant to the Rules and Regulations providing for insurance coverage (including any self-insured arrangements), workers' compensation, disability benefits, severance benefits, supplemental unemployment benefits, vacation benefits or retirement benefits, or deferred compensation, profit-sharing, bonuses, stock options, stock appreciation rights or other forms of incentive compensation, or post-retirement insurance, compensation or benefits, which: (i) is not an Employee Plan; (ii) is entered into, maintained or contributed to, as the case may be, by the Company or any of its ERISA Affiliates; and (iii) covers any officer or director or former officer or director of the Company or any of its ERISA Affiliates. These agreements, arrangements, policies or plans are referred to collectively as "Benefit Arrangements." Each Benefit Arrangement has been maintained in material compliance with its terms and with the requirements of applicable law. No Employee Plan has any liability in respect of post-retirement health and medical benefits for retired employees of the Company or any of its ERISA Affiliates, other than medical benefits required to be continued under applicable law. No "prohibited transaction" (as defined in either Section 406 of ERISA or Section 4975 of the Code) has occurred with respect to any Employee Plan; and each Employee Plan that is intended to be qualified under Section 401(a) of the Code is so qualified, and to the Company's knowledge, nothing has occurred, whether by action or by failure to act, which could cause the loss of such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr)<u>No Immunity</u>. None of the Company or its Subsidiaries or any of their respective properties, assets or revenues has any right of immunity, under the laws of the British Virgin Islands, Switzerland or the State of New York, from any legal action, suit or proceeding, the giving of any relief in any such legal action, suit or proceeding, set-off or counterclaim, the jurisdiction of any British Virgin Islands, Switzerland, New York or United States federal court, service of process, attachment upon or prior to judgment, or attachment in aid of execution of judgment, or execution of a judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of a judgment, in any such court, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Agreement and the Transaction Documents; and, to the extent that the Company or any of its Subsidiaries or any of their respective properties, assets or revenues may have or may hereafter become entitled to any such right of immunity in any such court in which proceedings may at any time be commenced, each of the Company and its Subsidiaries waives or will waive such right to the extent permitted by law and has consented to such relief and enforcement as provided in this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss)<u>Lock-Up Agreements</u>. Certain of the Company's directors, officers and affiliates as of the date of this Agreement have signed a Lock-Up Agreement, addressed to the Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2<u>Representations and Warranties of the Purchasers</u>. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they shall be accurate as of such date):

&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)<u>Organization; Authority</u>. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors' rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

&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)<u>Understandings or Arrangements</u>. Such Purchaser is acquiring the Securities as principal for its own account and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities (this representation and warranty not limiting such Purchaser's right to sell the Securities pursuant to the Registration Statement or otherwise in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities hereunder in the ordinary course of its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Purchaser Status</u>. At the time such Purchaser was offered the Securities, it was: (i) an "accredited investor" as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a "qualified institutional buyer" as defined in Rule 144A(a) under the Securities Act.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Access to Information</u>. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including all exhibits and schedules thereto) and the SEC Reports and has been afforded, (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment. Such Purchaser acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided such Purchaser with any information or advice with respect to the Securities nor is such information or advice necessary or desired. Neither the Placement Agent nor any Affiliate has made or makes any representation as to the Company or the quality of the Securities and the Placement Agent and any Affiliate may have acquired non-public information with respect to the Company which such Purchaser agrees need not be provided to it. In connection with the issuance of the Securities to such Purchaser, neither the Placement Agent nor any of its Affiliates has acted as a financial advisor or fiduciary to such Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Certain Transactions and Confidentiality</u>. Other than consummating the transactions contemplated hereunder, such Purchaser has not, nor has any Person acting on behalf of or pursuant to any

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understanding with such Purchaser, directly or indirectly executed any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting forth the material pricing terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser's assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser's assets, the representation set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement. Other than to other Persons party to this Agreement or to such Purchaser's representatives, including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates, such Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction). Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales or similar transactions in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Affiliate and Group Status.</u> Each Purchaser hereby represents to the Company that (i) it beneficially owns less than 5% of the Shares as of the execution of this Agreement, and it is not, as of the execution of this Agreement, an Affiliate of the Company and (ii) as of the Closing Date and after giving effect to the transactions contemplated herein, it will not be an Affiliate of the Company. Each of the Purchasers, severally and not jointly, (A) represents and warrants to the Company that (i) it has not, directly or indirectly, communicated with the other concerning any investments into the Company and has no agreements or understandings to purchase or sell any underlying common stock of the Company with the other including Shares in the future, (ii) at all times, the Placement Agent has communicated with the Purchasers separately and independently, and (iii) the Purchasers do not constitute a "group" as that term is used under Section 13(d) of the Exchange Act; and (B) covenants and agrees not to take a position to the contrary to the foregoing<u>.</u>

The Company acknowledges and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser's right to rely on the Company's representations and warranties contained in this Agreement or any representations and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transactions contemplated hereby. Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales or similar transactions in the future.

**ARTICLE IV**

**OTHER AGREEMENTS OF THE PARTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>No Legends</u>. The Shares shall be issued free of legends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>Furnishing of Information</u>. Until such the time as no Purchaser owns Securities, the Company covenants to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3<u>Integration</u>. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in a manner that would be integrated with the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4<u>Securities Laws Disclosure; Publicity</u>. The Company shall (a) on or prior to 8:00 p.m. (New York City time) on May 5, 2025, issue a press release disclosing the material terms of the transactions contemplated hereby, and (b) file a Report of Foreign Private Issuer on Form 6-K, including the Transaction Documents as exhibits thereto, with the Commission within the time required by the Exchange Act. From and after the issuance of such press release, the Company represents to the Purchasers that it shall have publicly disclosed all material, non-public information

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delivered to any of the Purchasers by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon the issuance of such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate. The Company and each Purchaser shall consult with each other in issuing any other press releases with respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such public statement without the prior consent of the Company, with respect to any press release of any Purchaser, or without the prior consent of each Purchaser, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of such Purchaser, except (a) as required by federal securities law in connection with the filing of final Transaction Documents with the Commission and (b) to the extent such disclosure is required by law or Trading Market or FINRA regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted under this clause (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5<u>Shareholder Rights Plan</u>. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any Purchaser is an "Acquiring Person" under any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities under the Transaction Documents or under any other agreement between the Company and the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6<u>Non-Public Information</u>. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, which shall be disclosed pursuant to Section 4.4, the Company covenants and agrees that neither it, nor any other Person acting on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto such Purchaser shall have consented to the receipt of such information and agreed with the Company to keep such information confidential. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. To the extent that the Company, any of its Subsidiaries, or any of its respective officers, directors, agents, employees or Affiliates delivers any material, non-public information to a Purchaser without such Purchaser's consent, the Company hereby covenants and agrees that such Purchaser shall not have any duty of confidentiality to the Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis of, such material, non-public information, provided that the Purchaser shall remain subject to applicable law. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report of Foreign Private Issuer on Form 6-K. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7<u>Use of Proceeds</u>. Except as set forth on Schedule 4.7 attached hereto, the Company shall use the net proceeds from the sale of the Securities hereunder for working capital and capital expenditure purposes and shall not use such proceeds: (a) for the satisfaction of any portion of the Company's debt (other than payment of trade payables in the ordinary course of the Company's business and prior practices); (b) for the redemption of any Ordinary Shares or Ordinary Share Equivalents; (c) for the settlement of any outstanding litigation; or (d) in violation of FCPA or OFAC regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8<u>Indemnification of Purchasers</u>. Subject to the provisions of this Section 4.8, the Company will indemnify (to the fullest extent permitted by applicable law) and hold each Purchaser and its directors, officers, shareholders, members, managers, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who

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controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a "Purchaser Party") harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys' fees and costs of investigation that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any stockholder of the Company who is not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless such action is solely based upon a material breach of such Purchaser Party's representations, warranties or covenants under the Transaction Documents or any agreements or understandings such Purchaser Party may have with any such stockholder or any violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which is finally judicially determined to constitute fraud, gross negligence or willful misconduct), the Company will indemnify each Purchaser Party, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys' fees) and expenses, as incurred, arising out of or relating to (i) any untrue or alleged untrue statement of a material fact contained in the Registration Statement, the Prospectus, the Prospectus Supplement and/or any registration statement, any prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, the Prospectus Supplement, any prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading, except to the extent, but only to the extent, that such untrue statements or omissions are based solely upon information regarding such Purchaser Party furnished in writing to the Company by such Purchaser Party expressly for use therein, or (ii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder in connection therewith. If any action shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ one separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (x) the employment thereof has been specifically authorized by the Company in writing, (y) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (z) in such action there is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable to any Purchaser Party under this Agreement (1) for any settlement by a Purchaser Party effected without the Company's prior written consent, which shall not be unreasonably withheld or delayed; or (2) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party's breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents. The indemnification required by this Section 4.8 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities the Company may be subject to pursuant to law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9<u>Reservation of Ordinary Shares</u>. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of Ordinary Shares for the purpose of enabling the Company to issue Shares pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10<u>Listing of Ordinary Shares</u>. The Company hereby agrees to use best efforts to maintain the listing or quotation of the Ordinary Shares on the Trading Market on which it is currently listed, and prior to the Closing, the Company shall have applied to list or quote all of the Shares on such Trading Market and concurrently with the Closing, the Company shall have not received any information indicating that the listing of such Shares is or will be rejected. The Company further agrees, if the Company applies to have the Ordinary Shares traded on any other Trading Market, it will then include in such application all of the Shares, and will take such other action as is necessary to cause all of the Shares to be listed or quoted on such other Trading Market as promptly as possible. The Company will then take all action reasonably necessary to continue the listing and trading of its Ordinary Shares on a Trading

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Market and will comply in all respects with the Company's reporting, filing and other obligations under the bylaws or rules of the Trading Market. The Company agrees to maintain the eligibility of the Ordinary Shares for electronic transfer through the Depository Trust Company or another established clearing corporation, including, without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation in connection with such electronic transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11<u>Intentionally Omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12<u>Subsequent Equity Sales</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)From the date hereof until sixty (60) days after the Closing Date, neither the Company nor any Subsidiary shall issue, enter into any agreement to issue or announce the issuance or proposed issuance of any Ordinary Shares or Ordinary Share Equivalents or file any registration statement, or amendment or supplement thereto, with the Commission, other than (i) a prospectus filed with the Commission pursuant to Rule 424(b) in connection with this offering; (ii) any registration statement or amendment, or supplement thereto, filed in connection with the any Company stock option plan, including, for avoidance of doubt, registering the exercise of stock options and the resale of Ordinary Shares acquired pursuant to such stock options; and (iii) following the date which is ten (10) days after the Closing Date, enter into an agreement and make applicable filings with respect to an at-the-market offering facility (the "ATM Facility") provided, however, that (x) during the period beginning on date which is ten (10) days after the date of the initial launch date of date of ATM Facility and ending on the date which is forty five (45) days after the initial launch date of ATM Facility, the Company may sell Ordinary Shares pursuant to the ATM Facility for a purchase price that is equal to or greater than $2.52 per Ordinary Share, and (y) during the period beginning on date which is forty six (46) days after the date of the initial launch date of date of ATM Facility and ending on the date which is sixty (60) days after the initial launch date of ATM Facility, the Company may sell Ordinary Shares pursuant to the ATM Facility for a purchase price that is equal to or greater than $2.31 per Ordinary Share.

&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)From the date hereof until the date which is sixty (60) days after the Closing Date, the Company shall be prohibited from effecting or entering into an agreement to effect any issuance by the Company or any of its Subsidiaries of Ordinary Shares or Ordinary Share Equivalents (or a combination of units thereof) involving a Variable Rate Transaction. "Variable Rate Transaction" means a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive additional Ordinary Shares either (A) at a conversion price, exercise price or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the Ordinary Shares at any time after the initial issuance of such debt or equity securities, or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the Ordinary Shares or (ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity line of credit or at-the-market offering facility, whereby the Company may issue securities at a future determined price; provided, however, that notwithstanding the foregoing, the Company may enter into the ATM Facility at any time following the date which is ten (10) days after the Closing Date and, subject to the restrictions set forth in Section 4.12(a)(iii)(x) and (y) hereof, may sell Ordinary Shares pursuant to the ATM Facility. Any Purchaser shall be entitled to obtain injunctive relief against the Company to preclude any such issuance, which remedy shall be in addition to any right to collect damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding the foregoing, this Section 4.12 shall not apply in respect of an Exempt Issuance, except that no Variable Rate Transaction shall be an Exempt Issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13<u>Equal Treatment of Purchasers</u>. No consideration (including any modification of any Transaction Document) shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration is also offered to all of the parties to the Transaction Documents. For clarification purposes, this provision constitutes a separate right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect to the purchase, disposition or voting of Securities or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14<u>Certain Transactions and Confidentiality</u>. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short Sales of any of the Company's securities during the period commencing with the execution of this Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4. Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described in Section 4.4, such Purchaser will maintain the confidentiality of the existence and terms of this transaction and the information included in the Disclosure Schedules. Notwithstanding the foregoing and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4 and (iii) no Purchaser shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company or its Subsidiaries after the issuance of the initial press release as described in Section 4.4. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser's assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser's assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15<u>Reserved.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16<u>Lock-Up</u>. The Company shall not amend, modify, waive or terminate any provision of any of the Lock-Up Agreements except to extend the term of the lock-up period and shall enforce the provisions of each Lock-Up Agreement in accordance with its terms. If any officer, director or shareholder that is a party to a Lock-Up Agreement breaches any provision of a Lock-Up Agreement, the Company shall promptly use its best efforts to seek specific performance of the terms of such Lock-Up Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17<u>Sales During Pre-Settlement Period</u>. Notwithstanding anything herein to the contrary, if at any time on or after the time of execution of this Agreement by the Company and an applicable Purchaser, through, and including the time immediately prior to the Closing (the "Pre-Settlement Period"), such Purchaser sells to any Person all, or any portion, of any Ordinary Shares to be issued hereunder to such Purchaser at the Closing (collectively, the "Pre-Settlement Shares"), such Purchaser shall, automatically hereunder (without any additional required actions by such Purchaser or the Company), be deemed to be unconditionally bound to purchase, and the Company shall be deemed unconditionally bound to sell, such Pre-Settlement Shares to such Purchaser at the Closing; provided, that the Company shall not be required to deliver any Pre-Settlement Shares to such Purchaser prior to the Company's receipt of the purchase price of such Pre-Settlement Shares hereunder; and provided further that the Company hereby acknowledges and agrees that the forgoing shall not constitute a representation or covenant by such Purchaser as to whether or not during the Pre-Settlement Period such Purchaser shall sell any Ordinary Shares to any Person and that any such decision to sell any Ordinary Shares by such Purchaser shall solely be made at the time such Purchaser elects to effect any such sale, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.19Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20<u>ATM Facility Consent</u>. Each Purchaser agrees that Section 4.12(b) of each of (i) the Securities Purchase Agreement, dated December 12, 2024, by and between the Company and the purchasers signatories thereto,(ii) the Securities Purchase Agreement, dated December 16, 2024, by and between the Company and the purchasers signatories thereto and (iii) the Securities Purchase Agreement dated December 17, 2024 will not apply with respect to the entry by the Company into the ATM Facility and the sale of Ordinary Shares thereunder subject to compliance by the Company with the conditions set forth in Sections 4.12(a) and (b) in this Agreement. Each Purchaser further agrees that Section 4.12(b) of this Agreement shall supersede the provisions of Section 4.12(b) of each of the Securities

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Purchase Agreement, dated December 12, 2024, the Securities Purchase Agreement, dated December 16, 2024, and the Securities Purchase Agreement dated December 17, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21<u>Right of Participation</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)From the date hereof until the date that is the twenty four (24) month anniversary of the execution date of this letter agreement, upon any issuance by the Company or any of its subsidiaries of Ordinary Shares or securities exercisable for or convertible into Ordinary Shares for cash consideration, indebtedness or a combination of units thereof (a "<u>Subsequent Financing</u>"), the undersigned shall have the right to participate (on a pro rata basis based upon the number of Ordinary Shares purchased by each Purchaser pursuant to this Agreement) in up to an amount of the Subsequent Financing equal to 30% of the Subsequent Financing (the "<u>Participation Maximum</u>") on the same terms, conditions and price provided for in the Subsequent Financing.

&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)Between the time period of 4:00 pm (New York City time) and 6:00 pm (New York City time) on the Trading Day immediately prior to the Trading Day of the expected announcement of the Subsequent Financing (or, (1) if the Trading Day of the expected announcement of the Subsequent Financing is the first Trading Day following a holiday or a weekend (including a holiday weekend), between the time period of 4:00 pm (New York City time) on the Trading Day immediately prior to such holiday or weekend and 2:00 pm (New York City time) on the day immediately prior to the Trading Day of the expected announcement of the Subsequent Financing, or (2) if the Company does not engage in the proposed Subsequent Financing until after 6:00 pm (New York City time) and the expected announcement of the Subsequent Financing is the same Trading Day or the following Trading Day after such engagement, then within two (2) hours of the expected announcement of the Subsequent Financing, or (3) if the Subsequent Financing is an "intra-day" financing, within two (2) hours of the expected announcement of the Subsequent Financing), the Company shall deliver to the undersigned a written notice of the Company's intention to effect a Subsequent Financing (a "<u>Subsequent Financing Notice</u>"), which notice shall describe in reasonable detail the proposed terms of such Subsequent Financing, the amount of proceeds intended to be raised thereunder and the Person or Persons through or with whom such Subsequent Financing is proposed to be effected and shall include a term sheet and transaction documents relating thereto as an attachment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)If the undersigned desires to participate in such Subsequent Financing, the undersigned must provide written notice to the Company by 6:30 am (New York City time) on the Trading Day following the date on which the Subsequent Financing Notice is delivered to the undersigned (provided, if such Subsequent Notice Financing is delivered in accordance with subsection (b) above, the undersigned must provide written notice to the Company within one hour following receipt of such Subsequent Financing Notice) (the "<u>Notice Termination Time</u>") that the undersigned is willing to participate in the Subsequent Financing, the amount of the undersigned's participation, and representing and warranting that the undersigned has such funds ready, willing, and available for investment on the terms set forth in the Subsequent Financing Notice. If the Company receives no such notice from the undersigned as of such Notice Termination Time, the undersigned shall be deemed to have notified the Company that it does not elect to participate in such Subsequent Financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)If, by the Notice Termination Time, notifications by the undersigned of its willingness to participate in the Subsequent Financing (or to cause their designees to participate) is less than the total amount of the Subsequent Financing, then the Company may effect the remaining portion of such Subsequent Financing on the terms and with the Persons set forth in the Subsequent Financing Notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e)The Company must provide the undersigned with a second Subsequent Financing Notice, and the undersigned will again have the right of participation set forth above in this Section 4.21, if the definitive agreement related to the initial Subsequent Financing Notice is not entered into for any reason on the terms set forth in such Subsequent Financing Notice within two (2) Trading Days after the date of delivery of the initial Subsequent Financing Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f)The Company and the undersigned agree that, if the undersigned elects to participate in the Subsequent Financing, the transaction documents related to the Subsequent Financing shall not include any term or provision that, directly or indirectly, will, or is intended to, exclude the undersigned from participating in a Subsequent Financing, including, but not limited to, provisions whereby the undersigned shall be required to agree to any restrictions on trading as to any securities of the Company or be required to consent to any amendment to or termination of, or grant any waiver, release or the like under or in connection with, this Agreement, without the prior written consent of the undersigned. In addition, the Company and the undersigned agree that, in connection with a Subsequent Financing, the transaction documents related to the Subsequent Financing shall include a requirement for the Company to issue a widely disseminated press release by 9:30 am (New York City time) on the Trading Day of execution of the transaction documents in such Subsequent Financing (or, if the date of execution is not a Trading Day, on the immediately following Trading Day) that discloses the material terms of the transactions contemplated by the transaction documents in such Subsequent Financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g)Notwithstanding anything to the contrary in this Section 4.21 and unless otherwise agreed to by the undersigned, the Company shall either confirm in writing to the undersigned that the transaction with respect to the Subsequent Financing has been abandoned or shall publicly disclose its intention to issue the securities in the Subsequent Financing, in either case in such a manner such that the undersigned will not be in possession of any material, non-public information, by 9:30 am (New York City time) on the second (2nd) Trading Day following date of delivery of the Subsequent Financing Notice. If by 9:30 am (New York City time) on such second (2nd) Trading Day, no public disclosure regarding a transaction with respect to the Subsequent Financing has been made, and no notice regarding the abandonment of such transaction has been received by the undersigned, such transaction shall be deemed to have been abandoned and the undersigned shall not be deemed to be in possession of any material, non-public information with respect to the Subsequent Financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h)Notwithstanding the foregoing, this Section 4.21 shall not apply in respect of any issuance pursuant to a Company Stock Option Plan (adopted on the terms contemplated in the 'Exempt Issuance' definition), any business acquisition (excluding any such transaction entered into primarily to raise capital), or the ATM Facility.

**ARTICLE V**

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1<u>Termination</u>. This Agreement may be terminated by any Purchaser, as to such Purchaser's obligations hereunder only and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing has not been consummated on or before May 8, 2025; provided, however, that no such termination will affect the right of any party to sue for any breach by any other party (or parties).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2<u>Fees and Expenses</u>. At the Closing, the Company has agreed to reimburse the Placement Agent for up to $40,000 for the reasonable and accounted fees and expenses of its legal counsel. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses of its advisers, counsel,

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accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company and any exercise notice delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3<u>Entire Agreement</u>. The Transaction Documents, together with the exhibits and schedules thereto, the Prospectus and the Prospectus Supplement, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4<u>Notices</u>. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto at or prior to 6:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 6:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report of Foreign Private Issuer on Form 6-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5<u>Amendments; Waivers</u>. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and Purchasers which purchased at least 50.1% in interest of the Shares based on the initial Subscription Amounts hereunder (or prior to the Closing, the Company and each Purchaser) or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought, provided that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser (or group of Purchasers), the consent of such disproportionately impacted Purchaser (or group of Purchasers) shall also be required. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right. Any proposed amendment or waiver that disproportionately, materially and adversely affects the rights and obligations of any Purchaser relative to the comparable rights and obligations of the other Purchasers shall require the prior written consent of such adversely affected Purchaser. Any amendment effected in accordance with this Section 5.5 shall be binding upon each Purchaser and holder of Securities and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6<u>Headings</u>. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7<u>Successors and Assigns</u>. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the "Purchasers."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8<u>Third-Party Beneficiaries</u>. The Placement Agent shall be the third party beneficiary of the representations and warranties of the Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.8, this Section 5.8 and/or the Placement Agency Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9<u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. 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 herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) 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 other manner permitted by law. If any party shall commence an Action or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under Section 4.8, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys' fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action or Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10<u>Survival</u>. The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11<u>Execution</u>. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a ".pdf" format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or ".pdf" signature page were an original thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12<u>Severability</u>. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13<u>Rescission and Withdrawal Right</u>. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14<u>Replacement of Securities</u>. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities and provide such indemnity as may be required and determined under the Company's policy as set by the Board of Directors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15<u>Remedies</u>. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation the defense that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16<u>Payment Set Aside</u>. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17<u>Independent Nature of Purchasers' Obligations and Rights</u>. The obligations of each Purchaser under any Transaction Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Purchaser shall be entitled to independently protect and enforce its rights including, without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any Proceeding for such purpose. Each Purchaser has been represented by its own separate legal counsel in its review and negotiation of the Transaction Documents. For reasons of administrative convenience only, each Purchaser and its respective counsel have chosen to communicate with the Company through Loeb. Loeb does not represent any of the Purchasers and only represents the Placement Agent. The Company has elected to provide all Purchasers with the same terms and Transaction Documents for the convenience of the Company and not because it was required or requested to do so by any of the Purchasers. It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction Document is between the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18<u>Liquidated Damages</u>. The Company's obligations to pay any partial liquidated damages or other amounts owing under the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages or other amounts are due and payable shall have been canceled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19<u>Saturdays, Sundays, Holidays, etc.</u> If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20<u>Construction</u>. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference to share prices and Ordinary Shares in any Transaction Document shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Ordinary Shares that occur after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21<u>WAIVER OF JURY TRIAL</u>. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW,

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HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

(Signature Pages Follow)

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IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

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| | | |
|:---|:---|:---|
| **SEALSQ CORP.** | **SEALSQ CORP.** | <u>Address for Notice</u>: |
|  |  | Avenue Louis-Casaï 58 |
|  |  | 1216 Cointrin, Switzerland |
| By: | /s/ Carlos Moreira |  |
|  | Name: Carlos Moreira | E-Mail: cmoreira@wisekey.com |
|  | Title: Chief Executive Officer |  |
| By: | /s/ John O'Hara |  |
|  | Name: John O'Hara |  |
|  | Title: Chief Financial Officer |  |
| Attn: | Attn: |  |
| Patterson Belknap Webb & Tyler LLP | Patterson Belknap Webb & Tyler LLP |  |
| 1133 Avenue of the Americas | 1133 Avenue of the Americas |  |
| New York, New York, 10036 | New York, New York, 10036 |  |
| E-Mail: hhraspe@pbwt.com | E-Mail: hhraspe@pbwt.com |  |

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[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

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[PURCHASER SIGNATURE PAGES TO THE SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Name of Purchaser:  | Name of Purchaser:  | ANSON INVESTMENTS MASTER FUND | ANSON INVESTMENTS MASTER FUND | ANSON INVESTMENTS MASTER FUND | ANSON INVESTMENTS MASTER FUND | ANSON INVESTMENTS MASTER FUND | ANSON INVESTMENTS MASTER FUND | ANSON INVESTMENTS MASTER FUND | ANSON INVESTMENTS MASTER FUND |
| *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | /s/ Amin Nathoo |
| Name of Authorized Signatory: | Name of Authorized Signatory: | Name of Authorized Signatory: | Name of Authorized Signatory: | Name of Authorized Signatory: | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO |
| Title of Authorized Signatory: | Title of Authorized Signatory: | Title of Authorized Signatory: | Title of Authorized Signatory: | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. |
| Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | [\*\*\*] | [\*\*\*] | [\*\*\*] |
| Facsimile Number of Authorized Signatory: | Facsimile Number of Authorized Signatory: | Facsimile Number of Authorized Signatory: | Facsimile Number of Authorized Signatory: | Facsimile Number of Authorized Signatory: | Facsimile Number of Authorized Signatory: | Facsimile Number of Authorized Signatory: | Facsimile Number of Authorized Signatory: | [\*\*\*] | [\*\*\*] |
| Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | [\*\*\*] |  |  |  |
| DWAC for Shares: | DWAC for Shares: | [\*\*\*] | [\*\*\*] |  |  |  |  |  |  |
| Subscription Amount: | Subscription Amount: | Subscription Amount: | [\*\*\*] |  |  |  |  |  |  |
| Shares: | [\*\*\*] |  |  |  |  |  |  |  |  |
| EIN Number: | EIN Number: |  |  |  |  |  |  |  |  |

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☐ Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the Closing shall occur on the Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

[SIGNATURE PAGES CONTINUE]

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[PURCHASER SIGNATURE PAGES TO THE SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Name of Purchaser:  | Name of Purchaser:  | ANSON EAST MASTER FUND LP | ANSON EAST MASTER FUND LP | ANSON EAST MASTER FUND LP | ANSON EAST MASTER FUND LP | ANSON EAST MASTER FUND LP | ANSON EAST MASTER FUND LP | ANSON EAST MASTER FUND LP | ANSON EAST MASTER FUND LP |
| *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | /s/ Amin Nathoo |
| Name of Authorized Signatory: | Name of Authorized Signatory: | Name of Authorized Signatory: | Name of Authorized Signatory: | Name of Authorized Signatory: | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO |
| Title of Authorized Signatory: | Title of Authorized Signatory: | Title of Authorized Signatory: | Title of Authorized Signatory: | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. |
| Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | [\*\*\*] | [\*\*\*] |  |
| Facsimile Number of Authorized Signatory: | Facsimile Number of Authorized Signatory: | Facsimile Number of Authorized Signatory: | Facsimile Number of Authorized Signatory: | Facsimile Number of Authorized Signatory: | Facsimile Number of Authorized Signatory: | Facsimile Number of Authorized Signatory: | Facsimile Number of Authorized Signatory: | [\*\*\*] | [\*\*\*] |
| Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | [\*\*\*] |  |  |  |
| DWAC for Shares: | DWAC for Shares: | [\*\*\*] | [\*\*\*] |  |  |  |  |  |  |
| Subscription Amount: | Subscription Amount: | Subscription Amount: | [\*\*\*] |  |  |  |  |  |  |
| Shares: | [\*\*\*] |  |  |  |  |  |  |  |  |
| EIN Number: | EIN Number: |  |  |  |  |  |  |  |  |

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☐ Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the Closing shall occur on the Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

[SIGNATURE PAGES CONTINUE]

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[PURCHASER SIGNATURE PAGES TO THE SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Name of Purchaser:  | Name of Purchaser:  | LI Capital Global Opportunities Master Fund | LI Capital Global Opportunities Master Fund | LI Capital Global Opportunities Master Fund | LI Capital Global Opportunities Master Fund | LI Capital Global Opportunities Master Fund | LI Capital Global Opportunities Master Fund | LI Capital Global Opportunities Master Fund |
| *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | /s/ David Feldman |
| Name of Authorized Signatory: | Name of Authorized Signatory: | Name of Authorized Signatory: | Name of Authorized Signatory: | Name of Authorized Signatory: | David Feldman | David Feldman | David Feldman | David Feldman |
| Title of Authorized Signatory: | Title of Authorized Signatory: | Title of Authorized Signatory: | Title of Authorized Signatory: | Portfolio Manager | Portfolio Manager | Portfolio Manager | Portfolio Manager | Portfolio Manager |
| Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | [\*\*\*] |  |
| Facsimile Number of Authorized Signatory: | Facsimile Number of Authorized Signatory: | Facsimile Number of Authorized Signatory: | Facsimile Number of Authorized Signatory: | Facsimile Number of Authorized Signatory: | Facsimile Number of Authorized Signatory: | Facsimile Number of Authorized Signatory: | Facsimile Number of Authorized Signatory: |  |
| Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | [\*\*\*] |  |  |
| DWAC for Shares: | DWAC for Shares: | [\*\*\*] | [\*\*\*] |  |  |  |  |  |
| Subscription Amount: | Subscription Amount: | Subscription Amount: | [\*\*\*] |  |  |  |  |  |
| Shares: | [\*\*\*] |  |  |  |  |  |  |  |
| EIN Number: | EIN Number: |  |  |  |  |  |  |  |

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☐ Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the Closing shall occur on the Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

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## Exhibit 4.45

**Exhibit 4.45**

**Certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) is the type of information the issuer both customarily and actually treats as private and confidential.**

![Graphic](laes-20251231xex4d45003.jpg)

**MASTER SUPPLY AGREEMENT**

This Master Supply Agreement (this "Agreement") is made retroactively effective as of July 1<sup>st</sup>, 2025 (the "**Effective Date**"), by and between

**SEALSQ France SAS**, a French company organized and existing under the laws of France, having its principal office at Arteparc de Bachasson, bat A., rue de la Carrière de Bachasson, 13590 Meyreuil, France (the "**Customer**" or "**SealSQ**"); and

**PRESTO ENGINEERING France SAS**, a French company organized and existing under the laws of France, having its registered office at Arteparc de Bachasson, bat A., rue de la Carrière de Bachasson, 13590 Meyreuil, France (the "**Company**" or "**Presto Engineering**").

The Customer and the Company are each referred herein as a "**Party**" and together as the "**Parties**".

**RECITALS**

WHEREAS, the Parties entered into a Service Level Agreement on June 30<sup>th</sup>, 2015 (the "**Service Level Agreement**"), as amended, whereby the Company (formerly Presto Engineering HVM) agreed to provide Customer (formerly WiseKey Semiconductors and Inside Secure) with services for new products introduction and services for supply management.

WHEREAS, the Company terminated the Service Level Agreement with effect as of December 31, 2024. However, the Parties have agreed to extend the term of the Service Level Agreement until June 30<sup>st</sup>, 2025, for purposes of finalizing their negotiation of this Master Supply Agreement.

WHEREAS, the Parties desire to ensure the continuity of the Services and to review the conditions of their relationship to reflect the overall economic outcome of their commercial agreement.

NOW THEREFORE, in consideration of the mutual promises herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** **"Acknowledgement"** means a Company-issued acknowledgment of receipt of a Purchase Order that includes delivery date(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** "**Affiliate(s)**" means any corporation, association or other entity that directly or indirectly controls, is controlled by or is under common control with the Parties. Solely for purposes of this definition, the term "**Control**" means direct or indirect beneficial ownership of more than fifty percent (50%) of the voting stock or income interest in such corporation or other business entity. Such corporation or other business entity shall be deemed to be an Affiliate so long as such beneficial ownership or control exists.

PRESTO ENGINEERING - MASTER SUPPLY AGREEMENT - CONFIDENTIAL

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** **"Consigned Material"** means all material and components purchased by Customer and consigned to the Company ' s premises in order to perform the production or engineering Services. For the avoidance of doubt, Consigned Material excludes any material and components consigned by Customer at Company ' s suppliers in accordance with an agreement between Customer and Company ' s suppliers. A list of Consigned Material is set forth in Appendix B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** **"Custom Production Tooling"** means Product-specific hardware necessary for the production of the Products, including but not limited to probe card, load boards and handler kit. All Custom Production Tooling is custom in accordance with the specifications of the Customer. Generic Production Tooling and Consigned Material are excluded from this definition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** **"Forecast"** means a Customer-issued production forecast (as governed by Section 4) that uses standard format provided in Appendix D, and which includes Product reference(s) and requested quantities per month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** "**Generic Production Tooling**" means commonly used non-product-specific hardware, standard to manufacturing and test equipment functionality such as Prober Interface Board, Tester Interface Board, Calibration Board or kit, adaptation mechanical kit. Consigned Material is excluded from this definition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7** **"Lead Time"** means the elapsed time between the receipt by Company of a Validated Purchase Order for NPI Services or for SCM Services and the delivery of such Service(s) by Company, as specified in the relevant PrD or SOW. Unless agreed otherwise between the Parties, Lead Times are provided on an indicative basis and may be reasonably modified by Company after information to Customer taking its capacity and/or material shortage into account and upon prior written notice to the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8** **"Minimum Order Quantity" ("MOQ")** means the annual minimum quantity of a given Product or Service that Customer shall order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9** **"PrD"** means the Product description as set out in the Appendix B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10** **"Price"** means Services price as defined in SOW and as governed by Section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11** **"Products"** means the individual integrated circuit devices produced and delivered to Customer in accordance with the PrD and the Specifications therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12** "**Prohibited Use**" means any nuclear weapons-related activities, chemical or biological activities, or missile activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.13** **"Purchase Order"** means a Customer-issued order referencing either a Quote or this Agreement and that includes a description of the Service(s), quantity, Price and requested delivery date(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.14** "**Purchased Material**" means all material and components purchased by Company to meet the requirements of the Customer Forecast, inclusive of all supplier Minimum Order Quantities.

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![Graphic](laes-20251231xex4d45003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.15** **"Quote"** means a Company-issued quotation for Product(s) or Service(s) to supply, including a reference to the PrD/SOW, quantity, Price and delivery or Lead Time, along with a validity period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.16** "**Specifications**" means the technical specifications for the Products specified in the PrD or the specifications for the Services specified in the SOW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.17** **"Statement of Work" or "SOW"** means the document which describes the Services as available in the Appendix B including Prices; Lead Time; Purchased Material; Custom Test Equipment and Custom Production Tooling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.18** **"Technical Data"** means recorded information maintained by Company pursuant to this Agreement that relates to the performance of the Services:

-

[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.19** "**Test Equipment**" means all testing machines necessary to execute the production Services required listed in the PrD or SOW, including but not limited to testers, handlers wafer probers, to the exclusion of Custom Production Tooling or Generic Production Tooling. Test Equipment are generic or custom Test Equipment. For the purposes of this definition, "**Custom Test Equipment"** means defined assembly or sub-assembly of testing machines specifically procured and/or designated for the sole purpose of the production Services and exclusively for the Product, as listed in the PrD or SOW. Generic and Custom Test Equipment (and ownership of Custom Test Equipment) are listed in the Appendix B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.20** "**Validated Purchase Order**" means any Purchase Order placed by Customer expressly validated by the Company in accordance with Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Services** 

The Customer hereby retains the Company to provide the services as described in the SOW appended to this Agreement and requested by the Customer hereunder (the "**Services**").

During the Term of the Agreement, the Parties may enter into additional SOW or PrDs and/or update or modify any such SOW or PrD from time to time. Each such additional SOW/PrD or any update or modification thereof shall be signed by the authorized representatives of each Party in order to come into effect, and each such SOW/PrD, update or modification shall become integrated into this Agreement on such signing and each reference herein to the SOW/PrD shall include additional SOW/PrDs, updates or modifications of any SOW/PrD.

Reference to this Agreement shall include the terms and conditions herein, all SOW/PrDs (including updates and modifications thereof) and any other documents regarding the subject matter hereof signed by the Parties.

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![Graphic](laes-20251231xex4d45003.jpg)

Company shall use best efforts to provide the Services as of the Effective Date, in the Lead Time expressly included in the SOW and/or in the Validated Purchase Order. Any delay beyond the agreed Lead Time shall be promptly communicated to Customer, along with a corrective action plan.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Pricing** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** Prices are specified in the SOW and are firm during the Term. Notwithstanding Section 5.1 and the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Prices have been defined in the SOW according to the [\*\*\*] Forecast provided by Customer at the signature date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [\*\*\*][•]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Company will invoice the monthly MOQ amount in USD and payable in USD as per the agreed pricing (the "**Monthly SCM Services Amount**") based on the Base Rate, defined as the ECB EUR/USD reference rate published as of the Effective Date (the "**Base Rate** "). However, Prices for SCM Services will be subject to variation based on the EUR/USD conversion rate during the Term as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each end of the month of a contractual year, the Parties will record the Monthly SCM Services Amount re-evaluated based on the monthly average ECB EUR/USD exchange rate, as published by the ECB (the "**Monthly ECB Rate** "). Said re-evaluated amount shall hereafter be referred to as the "**Monthly Re-evaluated SCM Services Amount** ".

Along with the last invoice of the contractual year, or as the case may be, the final MOQ invoice (as per Section 7.4 below), the Parties will calculate the sum of the Monthly Re-Evaluated SCM Services Amounts over the contractual year ("**Annual**

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![Graphic](laes-20251231xex4d45003.jpg)

**Re-Evaluated SCM Services Amount**"). [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The adjustment shall apply as follows:

[\*\*\*]For reference, the Base Rate is the ECB EUR/USD reference rate published on the Effective Date, which is: [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** The Parties acknowledge and agree that pricing information provided by either Party to the other shall be deemed Confidential Information (defined hereinafter).

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&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Forecasts, Quoting and Orders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** During the Term, at the beginning of each concerned contractual year, Customer shall issue an annual Purchase Order for SCM and NPI sustaining Services corresponding to the applicable MOQ, in accordance with this Agreement. The Purchase Order related to the MOQ is hereby deemed accepted by Company and is therefore a Validated Purchase Order. Applicable MOQ is stated in the PrD or SOW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** Any additional Purchase Orders above MOQ and any Purchase Orders for NPI Services submitted by Customer shall be subject to Company's prior acceptance. Upon acceptance of the Purchase Order by Company, a Validated Purchase Order for the Services shall exist between Company and Customer in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** Customer shall issue to Company a monthly, rolling, twelve (12) month (or more) Forecast for each of the Products, to be updated and re-issued in writing before the 20<sup>th</sup> of every month, beginning on the 20<sup>th</sup>Day of the month after the Effective Date of this Agreement. The [\*\*\*] Forecast constitute the reference for the Supply Chains Indicators defined in Appendix B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** For each contractual quarter, Company will use best efforts (obligation of means; *obligation de moyen renforcée*) to allocate and maintain sufficient capacity and resources to provide a quantity of SCM and NPI sustaining Services [\*\*\*]. In case of additional Purchase Orders above MOQ, the Parties will define in good faith in the concerned Validated Purchase Order the quantity to be used as a reference for the allocation and maintenance of capacity and resources by Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5** Rescheduling of Validated Purchase Order is governed by Section 5. Custom Production Tooling orders are noncancelable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6** Without prejudice to Section 5.3 and 5.4 relative to Hold Requests for NPI and sustaining engineering Services, Validated Purchase Orders for said engineering Services are noncancelable.

**5.** **Holds and Cancellations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** Neither Party shall be entitled to cancel or change in any manner the Validated Purchase Orders, unless otherwise authorized in writing by the other Party .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** Notwithstanding Section 5.1, Customer shall have the right to submit a written request to temporarily suspend [\*\*\*] of a Validated Purchase Order ()"**Hold Request** "). In such case, Company shall accept the Hold Request, subject to the terms set out in this Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** **Hold Request for engineering Services (NPI).** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1 Customer shall justify in writing any Hold Request for engineering Services (NPI) and shall bear any reasonable and reasonably evidenced costs related to this Hold Request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2 Upon receipt of Customer's Hold Request, Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Promptly evaluate the feasibility of implementing the requested hold;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Provide written notice of acceptance or rejection, including specific grounds for any rejection, within [\*\*\*] days of receipt; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If accepted, implement reasonable measures to suspend order fulfillment activities without prejudice to Customer's interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.3 Company may reject a Hold Request:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.3.1 if the Hold Request is made less than [\*\*\*] days before the delivery date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.3.2 if Customer refuses to bear all reasonable and reasonably evidenced costs caused by the Hold Request, such as Company's service costs and fees invoiced by third parties involved in the engineering Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.3.3 if Customer does not explain the Hold Request; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.3.4 if the implementation of such Hold Request would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Result in material breach of Company's third-party obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Cause substantial and demonstrable economic hardship to Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Materially impact Company's manufacturing and engineering services schedules for other customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.4 In the event of rejection of a Hold Request based on Section 5.3.3.4, Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Provide detailed written justification for such rejection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Propose alternative arrangements to accommodate Customer's requirements, i.e., reassign the resources to another project with no additional cost, when possible; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Engage in good faith discussions to find a mutually acceptable solution. If no mutually acceptable solution is found, the concerned Hold Request will be rejected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.5 Company is not obliged to hold the Validated Purchase Order for more than [\*\*\*] days as from the date of Customer's Hold Request and Company will continue the provision of the Services in accordance with the Validated Purchase Order. Hold Request shall have no impact on the applicable MOQ. If Hold Request is accepted, Customer shall bear all related out-pocket costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4** **Hold Request for production Services (SCM and associated sustaining services)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.1 Customer may issue Hold Requests with respect to production Services at any time, without restriction. For clarity, a Hold Request for SCM and sustaining Services does not affect the validity of any Validated Purchased Order subject to a MOQ.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.2 Given the nature of the production Services, any costs related to the Purchase Materials shall be borne by Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.3 Company is not obliged to hold the Validated Purchase Order for more than [\*\*\*] days as from the date of Customer's Hold Request. After this [\*\*\*]-day suspension period, Company will continue the provision of the Services in accordance with the Validated Purchase Order. Hold Request shall have no impact on the applicable MOQ.

PRESTO ENGINEERING - MASTER SUPPLY AGREEMENT - CONFIDENTIAL

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![Graphic](laes-20251231xex4d45003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Production Tooling and Test Equipment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** Custom Production Tooling and Custom Test Equipment require Purchase Orders from Customer, based on Quotes issued by Company. Company will provide an Acknowledgement of such Purchase Orders within [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** All Custom Production Tooling and Custom Test Equipment shall remain the exclusive property of Customer and are to be returned by Company to Customer immediately upon termination of this Agreement or the discontinuation of the Product for which they are required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** Custom Production Tooling and Custom Test Equipment shall not be used by Company to perform any services for third parties without the prior express written consent of Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** Company shall, at its cost, keep Custom Production Tooling, Custom Test Equipment and Consigned Material, during its lifetime in good serviceable condition allowing for normal wear and tear and return it to Customer in such condition; except that in the event that major repair, refurbishment or replacement is required, Company shall promptly notify Customer in writing; provide a detailed assessment of the required work; provide a quotation to Customer; and obtain the Customer's written approval prior to starting such work. If Customer fails to provide approval in a timely manner for such major repair, refurbishment, or replacement, as the case may be, Company shall not be responsible or liable for any interruption of supply that may occur. Company shall promptly complete any approved major repairs. The Company shall only be liable for any prolonged interruption of supply, if (i) Customer has done its best efforts to maintain a sufficient stock or inventory to prevent interruptions of supply (according to MOQ and standard repair times) and such stock or inventory has been exhausted despite the Customer's reasonable efforts to manage its stock or inventory efficiently and mitigate the impact of supply disruptions, and (ii) if the need for repair, refurbishment, or replacement directly arises due to the Company's proven fault, negligence, or failure to properly maintain the equipment which are located at its own premises. After the warranty period of the Custom Production Tooling and Custom Test Equipment which are located at the premises of the Company, the cost of any special maintenance as may be required to maintain acceptable Product quality and yield will be charged by Company to Customer, provided such maintenance is not necessitated by the Company's proven default, negligence, or improper maintenance. Company is not authorized to upgrade any software and associated licenses used in Custom Production Tooling and Custom Test Equipment without obtaining the Customer's prior written approval, which must be sought without delay and requested as soon as reasonably practicable. If Customer fails to provide approval in a timely manner for such upgrade, Company shall not be responsible or liable for any interruption of supply that may occur. Upon receipt of Customer's approval, Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Commence implementation in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Use best efforts to promptly complete implementation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Conduct appropriate testing to verify successful implementation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Submit written confirmation of completion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5** For clarity purposes, Company retains all ownership and intellectual property right and interest in and to the Generic Production Tooling and Generic Test Equipment. Company uses its best efforts (obligation of means; *obligation de moyen renforcée*) to maintain the Generic Production Tooling and Generic Test Equipment at its cost and in good working condition to

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![Graphic](laes-20251231xex4d45003.jpg)

the extent reasonably necessary to support the performance of the Services in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Invoicing, Payment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** Invoicing. <u>Custom Production Tooling</u>: invoicing at [\*\*\*]; <u>Production (SCM & sustaining)</u>: invoicing as per Sections 7.4 and 7.5, payment at [\*\*\*] days net date of invoice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** Customer shall be responsible for any taxes duly mentioned in Company invoices which are applicable to Customer. All payments shall be made in the Quote's currency or designated in the PrD (with the standard currency being US dollars) in accordance with the applicable payment terms, by wire transfer to the Company's designated bank account. For clarity, any applicable withholding taxes in relation to the provision of Services hereunder shall be borne by Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3** All outstanding amounts past due shall be subject to a monthly interest rate at a rate of three (3) times the French statutory interest rate then in effect until payment in full (including any interest due) is received as required under this Agreement, to accrue on the unpaid and undisputed balance on a monthly basis. In addition, a lump sum of 40 Euros for recovery costs will be automatically due by Customer. Should the recovery costs be higher, Company will claim for the payment of additional costs and will provide the proof of this supplementary expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4** Company will invoice production Services (SCM) on a monthly basis based [\*\*\*], as the case may be. Within [\*\*\*] days from the end of each contract year, the Company will reconcile the annual Purchase Order for the applicable MOQ with the total amounts invoiced by Company for SCM during said contract year. In case the total amount of monthly invoices is less than the annual MOQ amount, Company will issue an additional invoice to cover the difference. Quantities of Products paid under such additional yearly invoice will be carried forward for shipment during the remainder of the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5** Company will invoice NPI sustaining Services on a monthly basis. Within [\*\*\*] days from the end of each contract year, the Company will reconcile the applicable MOQ with the total amounts invoiced by Company for NPI sustaining activities during said contract year. In case the total amount of monthly invoices is less than the annual MOQ amount, Company will issue an additional invoice to cover the difference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6** NPI Services will be invoiced in accordance with the concerned Quote and Validated Purchase Order. Payment will be made at [\*\*\*] days, date of invoice.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** The Company hereby warrants to Customer that the Services will be performed in accordance with the industry standards and will comply with the Specifications, for a period of [\*\*\*] days from the completion of the Services. In the event of breach of this warranty, the Company will [\*\*\*].

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![Graphic](laes-20251231xex4d45003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** Notwithstanding the above, in the event that the Company makes an error during the execution of the Services, including but not limited to errors in the production launch or improper destruction of defective parts, which leads to the destruction or damage of Products, the Company shall be financially responsible for compensating the Customer for [\*\*\*], in accordance with Section 13 below. Furthermore, the Company shall take all reasonable steps to prevent any interruption to the Customer's production processes and to minimize any impact caused by such errors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3** The above warranty shall not apply to, and Company shall have no liability or obligation whatsoever with respect to, any defects or other failures in the Products or for breach of warranty attributable to (i) accident, abuse, misuse, neglect, or mishandling by Customer or third-parties or agents acting on Customer's behalf, (ii) unauthorized alteration or modification made by persons or entities other than the Company or acting on Company's behalf, (iii) improper testing by persons or entities other than the Company or acting on Company's behalf, improper repair, use of contrary industry practices or instructions (including specifications or technical manuals) by persons or entities other than the Company or acting on Company's behalf, (iv) damage solely caused by equipment or other items not supplied or expressly approved by Company, or (v) any use or implementation of the Product in applications for which it is not intended or designed, including any Prohibited Use, or (vi) any products or items that are not Products. None of the warranties in this Section 8 shall be transferable or assignable to any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4** Except as set forth herein, Company makes no other representations and warranties whatsoever, and Customer agrees that it is not relying upon any representations or warranties other than those expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5** The warranties set forth above are the sole and exclusive warranties made by the Company hereunder, and Company disclaims any and all other warranties, whether express or implied, including but not limited to, hidden defects warranty, any warranties of fitness for a particular purpose and non-infringement or that arise out of course of dealing or performance or custom, usage, industry standard or trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Left blank** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Intellectual Property Rights and Ownership** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** **Material ownership of the Custom Production Tooling, Customer Test Equipment and Products** 

Without prejudice to Sections 10.2 and 11 below, the Parties hereby acknowledge and agree that, subject to payment of the applicable Price to Company hereunder, the Customer holds exclusive and unrestricted material ownership of the Custom Production Tooling and Customer Test Equipment which are developed by Company under this Agreement, as identified in Appendix B.

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![Graphic](laes-20251231xex4d45003.jpg)

The Customer holds exclusive and unrestricted material ownership of the Consigned Material and of the Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** **Background and Foreground Technology - Intellectual Property Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.1. As between the Parties, each Party shall own and retain all rights to any and all rights, interest and title (including Intellectual Property Rights) in and to its technology, assets or property, whether tangible or intangible, that such Party owned, possessed or for which it had rights prior to the commencement of the Agreement ()"**Background Technology** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Customer's Background Technology includes:

[\*\*\*]

(collectively "**Customer Background Technology**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Company's Background Technology includes:

[\*\*\*]

(collectively "**Company Background Technology").**

For clarity, Company Background Technology excludes any Customer-specific adaptations or implementations, improvements related to or derived from Customer's Products made by Company or on Company's behalf pursuant to the Service Level Agreement and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.2. As between Company and Customer:

[\*\*\*]

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(iv) Customer and Company do not plan any joint development or joint ownership of any technology or Intellectual Property Rights under this Agreement. Any joint development activities engaged by the Parties shall be agreed between the Parties in a separate written agreement and ownership of any resulting technology and Intellectual Property Rights shall be as set forth therein.

Unless expressly agreed in writing by the Company, the Company assumes no responsibility or obligation to procure any third party Intellectual Property Rights or any other third-party rights for the Products, and Customer shall be solely responsible for procuring such Intellectual Property Rights and any other third-party rights, including bearing the costs, fees and royalties thereto.

For the purposes of this Agreement, the term "**Intellectual Property Rights**" shall mean any or all of the following and all rights in, arising out of, or associated therewith: (i) U.S., international, EU or foreign patents and utility models and applications therefor and all reissues, divisions, renewals, extensions, provisionals, continuations and continuations in part thereof, (ii) all inventions,

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developments and discoveries (whether patentable or not), improvements, trade secrets, proprietary or confidential information, know-how, technology, software (whether in source code or object code), technical data, and all documentation embodying or evidencing any of the foregoing, (iii) copyrights, copyright registrations and applications therefor and any moral rights, (iv) mask work registrations and applications therefor, and any equivalent or similar rights in semiconductor masks, layouts, architectures or topology, (v) industrial designs and any registrations and applications therefor, (vi) databases, data and data collections, (vii) any rights in trademarks, service marks, trade names, trade dress, domain names, logos and similar rights, and the goodwill associated therewith, whether registered or unregistered, and (viii) any similar, corresponding or equivalent rights to any of the foregoing anywhere in the world, such as *droit d'auteur*.

The terms and conditions of the existing mutual nondisclosure agreement between the Parties (the "**NDA**") are incorporated herein by this reference and shall govern disclosures of confidential and proprietary information made in connection with this Agreement ("**Confidential Information**").

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **License Grant** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1** Subject to the terms and conditions of this Agreement, Customer hereby grants to the Company a [\*\*\*], specifically designated for Company's use, delivered to Company solely for Company to perform the Services, pursuant to this Agreement. This license is granted for the Term of this Agreement. This license does not include the rights to reverse engineer Customer Background Technology. Company shall be bound to its confidentiality obligations in relation to any Customer's Confidential Information. The rights and license granted under this Section 11.1 may not be transferred and/or sublicensed to any Company's Partners or other third parties unless such transfer or sublicense has been approved by Customer in advance and in writing. The term "**Company's Partners**" means those persons and entities that the Company may use to provide the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2** Subject to the terms and conditions of this Agreement, Company hereby grants to Customer the following license rights, solely for Customer [\*\*\*]:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.1 A covenant not to sue under the terms set out below. [\*\*\*]. The Company hereby covenants and agrees, and shall cause its Affiliates and its or their assignees and successors-in-title to agree, not to assert, oppose or enforce any rights (the "Claim") in or to the Products against the Customer, its Affiliates, or any third party acquiring or otherwise using such Products, where such Claim is based on the use by Company of Company Background Technology or Company Foreground Technology in the provision of above-mentioned Services. This Section 11.2.1 shall survive termination or expiration of the Agreement with respect to such Products.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.2 [\*\*\*]. The license granted to Customer under this Section 11.2.2 [\*\*\*], is valid for the entire duration of protection by French intellectual property code [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.3 [\*\*\*]. [\*\*\*]. If the Company is unable to approve or grant a modification license for any reason whatsoever, or if the Customer so prefers, the Company may provide assistance services to implement the necessary modifications or corrections to the Company Background Technology and Company Foreground Technology as incorporated in or used by the Deliverables, subject to an amendment that sets forth the technical and financial terms of such services on the basis of standard rates for professional services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.4 [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.5 Any sublicense by Customer to a third party of the modification license set out in Section 11.2.3 shall be subject to a separate license which will be negotiated in good faith by the Parties and/or directly between Company and such third party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3** [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4** Prior to placing a Purchase Order for NPI Services or other development services hereunder (including and without limitation, in relation to NPI Sustaining Services and SCM Services), the Parties will expressly agree as to whether Company may use any Company Background Technology or Company Foreground Technology in the development of the corresponding Deliverable. Failing any agreement by the Parties with respect to the foregoing, Company will not use any Company Background Technology or Company Foreground Technology in the development of any Deliverable pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5** Customer shall be bound to its confidentiality obligations in relation to any Company ' s Confidential Information and Intellectual Property Rights contained into Company Background Technology and Company Foreground Technology. For clarity, the license rights granted pursuant this Section 11.2 will survive the expiration or termination of this Agreement for any reason, including in relation to a Reversibility Event (as defined in Section 17.4 hereof) for their respective duration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.6** Each Party's rights under the licenses granted in Sections 11.1 and 11.2 above shall be limited to those expressly granted under Section 11 of this Agreement. Each Party reserves all rights not expressly granted to the other Party. Except as expressly set forth in this Agreement, no license or other right of any kind whatsoever is granted with respect to Intellectual Property Rights of either Party, in part or in whole.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1** Each Party shall defend, indemnify and hold harmless the other Party, from and against any and all claims, demands, causes of action, liabilities, damages, losses, costs and expenses (including reasonable attorneys ' fees and related costs and expenses such as expert witness or investigation fees) arising from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.1 [\*\*\*]

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Rights of any third party, or incorporate any misappropriated trade secrets of any third party, (ii) any third party claim resulting from any sale, offer for sale or distribution of the Products to third parties, including Customers and end users of the Products, provided, however, that Customer shall not be responsible to the extent that any claim is based on the Services provided by or for Company pursuant to this Agreement, including, without limitation, infringements or misappropriations of third party Intellectual Property Rights by Company Background Technology or Company Foreground Technology, or a breach of Company's warranties under Section 8, or other Company's obligations under this Agreement ; (iii) any Prohibited Use; (iv) any third party claim resulting from any breach of this Agreement or violation of applicable laws or regulations by the Customer, including without limitation, misconduct, gross negligence or other wrongful actions or omissions of the Customer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.2 [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2** In the event of any such claim, the indemnified party shall: (i) promptly notify in writing the indemnifying party of the claim (" Claim Notice "); (ii) provide the indemnifying party with all reasonable information and assistance, at the indemnifying party ' s expense, to defend such a claim. The indemnifying party shall not settle any claim without the prior written consent of the indemnified party, which shall not be unreasonably withheld. The indemnified party reserves the right to retain counsel, at its expense, to participate in, but not control, the defense and settlement of any such claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3** In the event that an injunction against a Party is issued as a result of the claims set forth above, or in the indemnifying party ' s reasonable opinion are likely to be enjoined due to the type of infringement or misappropriation specified above, the indemnifying party may, at its expense and option, (i) procure for the indemnified party the rights or license to continue to exercise the affected rights under this Agreement, or (ii) modify the allegedly infringing item to avoid the infringement or misappropriation without materially impairing the performance or specifications for the item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4** The indemnifying party shall have no liability or obligation for any infringement or misappropriation claim to the extent it results from: (i) modifications other than by the indemnifying party or a party authorized by the indemnifying party, if such a claim would have been avoided but for such modification; (ii) a combination with processes or materials not provided by indemnifying party, if such a claim would have been avoided but for such combination; (iii) the indemnified party ' s failure to use modifications provided by indemnifying party to avoid infringement or misappropriation, or (iv) failure or delay in delivering the Claim Notice or any other failure to comply with the indemnification procedures described above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.5** This Section 12 represents each Party ' s sole and exclusive obligation and remedy for any claim by a third party of infringement of Intellectual Property Rights or misappropriation of trade secrets.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Limitation of Liability** 

Except for a breach of confidentiality obligations under the NDA, (a) the Parties' total contractual liability, from all causes of action and all theories of liability, even if the applicable party has been advised of the possibility of such damages, [\*\*\*]; and (b) neither Party shall be liable to the other Party or to any third party for any indirect damages (including loss of use, data, business or profits). [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Insurance** 

Company shall maintain in effect, while performing any obligations under this Agreement adequate valid insurance for the Products, Consigned Material, Custom Production Tooling and Test Equipment, and generally, for Services. Company will communicate to Customer a copy of their insurance policy in effect during the Term. In the event of any loss of, or damage to, any Consigned Material and/or Custom Production Tooling and Test Equipment that may be delivered to the Company, the Company's liability shall be limited to the sum actually recovered (or which ought to be recovered) from Company's liability insurance. Unless the Parties agree otherwise in writing, the Products are not designed or intended for use in any application considered to be a Prohibited Use application. Company will not be liable to Customer's Suppliers or third party or any end customer for any losses, damages, liabilities, costs or expenses incurred or arising or resulting from any Prohibited Use of Product.

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Non-Solicitation** 

Each Party agrees that, during the Term of this Agreement and for a period [\*\*\*] after any termination or expiration of this Agreement, it shall not, for itself or for any third party, not to, directly or indirectly, employ or solicit for employment any employee of the other Party or any of its Affiliates; provided, however, general advertising and hiring as a result of any individual responding to such general advertising shall not be deemed to breach this Section 15.

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Publicity** 

The Company may identify Customer and use Customer's name and logo on the Company's website and marketing materials upon Customer's prior approval, which approval shall not be unreasonably withheld or delayed.

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&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Term and Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1** Unless terminated earlier as provided herein, this Agreement shall continue in full force and effect for a period of [\*\*\*] from the Effective Date (the " Initial Term "). At the end of the Initial Term and any renewal term thereafter (together with the Initial Term, the " Term "), this Agreement shall automatically renew for [\*\*\*] unless either Party provides the other Party with written notice of non-renewal at least [\*\*\*] prior to the date of any such automatic renewal on an annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2** Either Party may terminate this Agreement if the other Party commits a material breach of any of its contractual obligations under this Agreement and fails to cure such breach within [\*\*\*] after receipt of written notice thereof. If the breaching Party fails to remedy the material breach within [\*\*\*] as from the receipt of the written notice, the non-breaching Party shall refer to the representative of the breaching Party by sending a letter with acknowledgement of receipt. The respective representatives of the Parties will meet within the [\*\*\*]. If the representatives of the Parties have not resolved the dispute by finding an appropriate resolution of the breach within the [\*\*\*], the non-breaching Party may forthwith terminate this Agreement as of right with immediate effect by sending a written notice to the other Party by registered letter with acknowledgement of receipt requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3** Upon expiration or termination of this Agreement for any reason, the rights and obligations of the Parties under this Agreement shall terminate, with the exception of any payment obligation incurred prior to or as a consequence of such expiration or termination. Further, Sections 8, 10, 11, 11.6, 12, 13, 14, 17.3, 21.1 and 21.2 and applicable terms of the NDA hereof shall survive any expiration or termination of this Agreement.

[\*\*\*].

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&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Force Majeure** 

In the event of a force majeure circumstance within the meaning of Article 1218 of the French Civil Code, which includes Act of God, strike, fire, flood, governmental action, failure of supply or suppliers, power or network outage, data breach, earthquake, tsunami or any other reason where failure to perform is beyond the reasonable control of the nonperforming Party, resulting in the total or partial impossibility of performance of the obligations of a Party ("**Force Majeure Event**"), the Agreement will be suspended for a period equivalent to the period during which said circumstance has affected performance. It is understood that said period may not exceed thirty (30) consecutive days and that the Party that has been unable to perform its obligations may not be held liable to the other Party for the consequences of non-performance.

For the avoidance of doubt, it is specified that the obligation to make payments hereunder cannot be affected by Force Majeure Event.

The Party that is totally or partially unable to perform its obligations must immediately inform the other Party and must, provide proof of the causes that have led to such an impediment.

If Force Majeure Event makes it impossible for either Party to perform its obligations for a period exceeding thirty (30) consecutive days, the Party that is not prevented from performing its obligations by force majeure shall have the option to terminate the Agreement, with it being specified that no Party shall be liable for termination of the Agreement due to Force Majeure Event.

&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Environmental Clause** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1** The Parties shall comply with all applicable environmental laws, regulations, and industry standards related to handling, transportation, and disposal of materials, chemicals, and any wastes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2** Each Party shall implement and maintain an environmental management system (EMS) consistent with relevant industry standards such as ISO 14001 or equivalent, to identify, assess, and mitigate environmental risks associated with their respective operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.3** The Parties shall manage waste generated from their operations in accordance with applicable regulations and industry best practices, including proper storage, handling, transportation, and disposal methods to prevent pollution and minimize environmental impact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.4** The Parties shall maintain accurate records of environmental performance indicators and regularly monitor and report on key metrics to ensure compliance with regulatory requirements and identify opportunities for continuous improvement.

&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Export Controls** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.1** The responsibilities and tasks of each Party with respect to compliance with export regulations applicable to the Services is set out in Appendix C to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**21.** **General Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1** Each Party shall comply in all material respects with all laws and regulations applicable to its activities under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.2** This Agreement will be governed by the laws of France, without regard to any conflicts of laws principles, and expressly excluding the UN Convention on Contracts for the International Sale of Goods. If the Parties have not resolved a dispute by finding an amicable resolution, the courts of Paris, France, shall have exclusive jurisdiction to settle the dispute and to hear and decide any suit, action or proceedings relating to the dispute. For these purposes, each party irrevocably submits to the exclusive jurisdiction of the Paris Commercial Court, regardless of where the Services are performed or the domicile of the defendant. The Parties expressly agree that this Section also applies in case of multiple defendants or appeals. The prevailing Party in any action or proceeding to enforce this Agreement shall be entitled to recover attorneys' fees and other costs and expenses incurred therein, in addition to any other relief or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.3** **[\*\*\*]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.4** Any notice required hereunder shall be in writing and be deemed to have been duly given if delivered personally, by electronic mail, by registered letter or any other means expressly agreed in writing between the Parties, to the respective addresses of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.5** This Agreement may not be assigned by either Party without the prior written consent of the other Party; [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.6** This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof, and supersedes all prior agreements (including the Service Level Agreement which is no longer effective), understandings, communications, or representations, oral or written, regarding such subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.7** This Agreement may not be modified or amended except in a written document signed by an authorized representative of both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.8** Failure by either Party to enforce any provision of this Agreement shall not be deemed a waiver of future enforcement of that or any other provision. If for any reason a court of competent jurisdiction finds any portion of a provision of this Agreement to be invalid or

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unenforceable, such provision will be enforced to the maximum extent permissible to effectuate the intent of the Parties, and the remainder of this Agreement will continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.9** No term or conditions of any Purchase Order, Quote Acknowledgement or similar document of either Party shall be deemed to amend or revise the terms and conditions of the Agreement (or have any legal effect with respect to the subject matter of this Agreement), unless otherwise expressly agreed in a written document signed by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.10** For purposes of this Agreement, a signed written document shall mean an original signed copy, faxed copy, or other electronic transmission of the exact visual image of the executed copy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.11** The Company is an independent contractor, and neither Party shall have authority to act, to enter into any contract, make any legally binding commitment (including any warranty), incur any liability or make any representation on behalf of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.12** This Agreement may be executed and delivered in counterparts and in facsimile signatures, including PDF or any other pictographic format, each of which shall be deemed to be an original and all of which taken together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.13** The Parties may sign the Agreement electronically by means of a reliable and secure process for identifying the signatories. They acknowledge that the electronically signed Agreement has the same legal and evidential value as a paper copy of the Agreement and is as binding as their handwritten signature. The Parties may have a copy of the Agreement signed electronically via this process, and this copy shall be deemed to be the original within the meaning of the Civil Code.

[*Signatures on Next Page*]

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IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date first written above.

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| | | | |
|:---|:---|:---|:---|
| **Company:** | **Company:** |  | **Customer:** |
| **PRESTO ENGINEERING France SAS** | **PRESTO ENGINEERING France SAS** |  | **SEALSQ France SAS** |
| By:  | /s/ Cedric Mayor | By: | /s/ Bernard Vian |
| Name: Cedric Mayor | Name: Cedric Mayor |  | Name: Bernard Vian |
| Title: Chief Executive Officer | Title: Chief Executive Officer |  | Title: General Manager |

---

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## Exhibit 4.46

**Exhibit 4.46**

**CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE OF INFORMATION THE ISSUER BOTH CUSTOMARILY AND ACTUALLY TREATS AS PRIVATE AND CONFIDENTIAL.**

**SECURITIES PURCHASE AGREEMENT**

This Securities Purchase Agreement (this "<u>Agreement</u>") is dated as of July 14, 2025, between SEALSQ Corp., a British Virgin Islands company (the "<u>Company</u>"), and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a "<u>Purchaser</u>" and collectively the "<u>Purchasers</u>").

WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to an effective registration statement under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described in this Agreement.

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows:

**ARTICLE I.**

 **DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Definitions</u>. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the meanings set forth in this Section 1.1:

"<u>Acquiring Person</u>" shall have the meaning ascribed to such term in Section 4.5.

"<u>Action</u>" shall have the meaning ascribed to such term in Section 3.1(j).

"<u>Affiliate</u>" means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

"<u>Board of Directors</u>" means the board of directors of the Company.

"<u>Business Day</u>" means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed; <u>provided</u>, <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York are generally open for use by customers on such day.

"<u>BVI Counsel</u>" means Harney Westwood & Riegels LP, with offices located at Craigmuir Chambers PO Box 71, Road Town Tortola VG1110, British Virgin Islands.

"<u>Class A Warrants</u>" means, collectively, the Class A Ordinary Share Purchase Warrants delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof, which Warrants shall be exercisable immediately, have a term of exercise equal to seven (7) years, and shall be substantially in the form of <u>Exhibit C-1</u> attached hereto.

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"<u>Class B Warrants</u>" means, collectively, the Class B Ordinary Share Purchase Warrants delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof, which Warrants shall be exercisable immediately, have a term of exercise equal to seven (7) years, and shall be substantially in the form of <u>Exhibit C-2</u> attached hereto.

"<u>Closing</u>" means the closing of the purchase and sale of the Securities pursuant to Section 2.1.

"<u>Closing Date</u>" means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and all conditions precedent to (i) the Purchasers' obligations to pay the Subscription Amount and (ii) the Company's obligations to deliver the Securities, in each case, have been satisfied or waived, but in no event later than the Trading Day following the date hereof.

"<u>Commission</u>" means the United States Securities and Exchange Commission.

"<u>Company Counsel</u>" means Patterson Belknap Webb & Tyler LLP, with offices located at 1133 Avenue of the Americas, New York, New York 10036.

"<u>Disclosure Schedules</u>" means the Disclosure Schedules of the Company delivered concurrently herewith.

"<u>EGS</u>" means Ellenoff Grossman & Schole LLP, with offices located at 1345 Avenue of the Americas, New York, New York 10105-0302.

"<u>Evaluation Date</u>" shall have the meaning ascribed to such term in Section 3.1(s).

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Exempt Issuance</u>" means the issuance of (a) Ordinary Shares or options to employees, officers, directors or independent contractors of the Company pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose for services rendered to the Company, (b) securities upon the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable or exchangeable for or convertible into Ordinary Shares issued and outstanding on the date of this Agreement, provided that such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than in connection with stock splits or combinations) or to extend the term of such securities, and (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities are issued as "restricted securities" (as defined in Rule 144) or contractually restricted securities and carry no registration rights that require or permit the filing of any registration statement in connection therewith, and provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the

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Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities.

"<u>FCPA</u>" means the Foreign Corrupt Practices Act of 1977, as amended.

"<u>GAAP</u>" shall have the meaning ascribed to such term in Section 3.1(h).

"<u>Indebtedness</u>" shall have the meaning ascribed to such term in Section 3.1(aa).

"<u>Intellectual Property Rights</u>" shall have the meaning ascribed to such term in Section 3.1(p).

"<u>Liens</u>" means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

"<u>Lock-Up Agreements</u>" means the written agreement, in the form of <u>Exhibit B</u> attached hereto, addressed to the Placement Agent by certain of the Company's directors, officers, and shareholder(s) that listed on <u>Exhibit A</u> hereto.

"<u>Material Adverse Effect</u>" shall have the meaning assigned to such term in Section 3.1(b).

"<u>Material Permits</u>" shall have the meaning ascribed to such term in Section 3.1(n).

"<u>Ordinary Shares</u>" means the ordinary shares of the Company, par value $0.01 per share, and any other class of securities into which such securities may hereafter be reclassified.

"<u>Ordinary Share Equivalents</u>" means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Ordinary Shares, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Ordinary Shares.

"<u>Per Share Purchase Price</u>" equals US$4.00 subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Ordinary Shares that occur after the date of this Agreement.

"<u>Person</u>" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

"<u>Placement Agent</u>" means Maxim Group LLC.

"<u>Placement Agency Agreement</u>" means the placement agency agreement dated as of July 14, 2025 by and between the Company and the Placement Agent.

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"<u>Proceeding</u>" means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced or threatened.

"<u>Prospectus</u>" means the final prospectus filed for the Registration Statement.

"<u>Prospectus Supplement</u>" means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is filed with the Commission and delivered by the Company to each Purchaser at the Closing.

"<u>Purchaser Party</u>" shall have the meaning ascribed to such term in Section 4.8.

"<u>Registration Statement</u>" means the effective registration statement on Form F-3, as amended, with Commission file No. 333-286098 which registers the sale of the Securities to the Purchasers.

"<u>Required Approvals</u>" shall have the meaning ascribed to such term in Section 3.1(e).

"<u>Rule 144</u>" means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

"<u>Rule 424</u>" means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

"<u>SEC Reports</u>" shall have the meaning ascribed to such term in Section 3.1(h).

"<u>Securities</u>" means the Shares, the Warrants and the Warrant Shares.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Shares</u>" means the Ordinary Shares issued or issuable to each Purchaser pursuant to this Agreement.

"<u>Short Sales</u>" means all "short sales" as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include locating and/or borrowing Ordinary Shares).

"<u>Subscription Amount</u>" means, as to each Purchaser, the aggregate amount to be paid for Shares and Warrants purchased hereunder as specified below such Purchaser's name on the signature page of this Agreement and next to the heading "Subscription Amount," in United States dollars and in immediately available funds.

"<u>Subsidiary</u>" means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.

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"<u>Trading Day</u>" means a day on which the principal Trading Market is open for trading.

"<u>Trading Market</u>" means any of the following markets or exchanges on which the Ordinary Shares are listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange or any successors to any of the foregoing.

"<u>Transaction Documents</u>" means this Agreement, the Placement Agency Agreement, the Lock-Up Agreements, the Warrants, all exhibits and schedules thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated hereunder.

"<u>Transfer Agent</u>" means Computershare Inc., the current transfer agent of the Company, with a mailing address of 150 Royall Street, Canton, Massachusetts 02021, and any successor transfer agent of the Company.

"<u>Variable Rate Transaction</u>" shall have the meaning ascribed to such term in Section 4.12(b).

"<u>Warrants</u>" means, collectively, the Class A Warrants and Class B Warrants. The Class A Warrants and the Class B Warrants are identical in terms of Warrant holders' rights and Company obligations thereunder except for the put right granted to holders of Class A Warrants in Section 3(e) of the Class A Warrants in the event of certain Fundamental Transaction (as defined therein)

"<u>Warrant Shares</u>" means the Ordinary Shares issuable upon exercise of the Warrants.

**ARTICLE II.**

 **PURCHASE AND SALE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1<u>Closing</u>. On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell, and the Purchasers, severally and not jointly, agree to purchase, up to an aggregate of US$60,000,000 of Shares and Warrants. Each Purchaser's Subscription Amount as set forth on the signature page hereto executed by such Purchaser shall be made available for "Delivery Versus Payment" settlement with the Company or its designee. The Company shall deliver to each Purchaser its respective Shares and a Warrant as determined pursuant to Section 2.2(a), and the Company and each Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of EGS or such other location as the parties shall mutually agree. Unless otherwise directed by the Placement Agent, settlement of the Shares shall occur via "Delivery Versus Payment" ("<u>DVP</u>") (i.e., on the Closing Date, the Company shall issue (i) the Shares registered in the Purchasers' names and addresses and released by the Transfer Agent directly to the account(s) at the Placement Agent identified by each Purchaser; upon receipt of such Shares, the Placement Agent shall promptly electronically deliver such Shares to the applicable Purchaser, and payment therefor shall be made by the Placement Agent (or its clearing firm) by wire transfer to the Company) and (ii) a Warrant to each of the Purchasers to evidence the applicable number of Warrants purchased by the applicable Purchaser pursuant to the terms of this Agreement. Notwithstanding anything to the contrary hereunder, to the extent that a Purchaser determines, in its sole discretion, that such Purchaser (together with such Purchaser's Affiliates, and any Person acting as a group together with such purchaser or any of such Holder's Affiliates) would beneficially own in

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excess of 9.99% of the number of Ordinary Shares outstanding immediately prior to giving effect to the issuance of the Securities on the Closing Date ("Beneficial Ownership Maximum"), such Purchaser may elect to receive only the Beneficial Ownership Maximum at the Closing with the balance of any share purchased hereunder, if any, held in abeyance for such Purchaser and issued immediately following the Closing provided in no event shall such Purchaser's beneficial ownership ever exceed the Beneficial Ownership Maximum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2<u>Deliveries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser and the Placement Agent the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)this Agreement duly executed by 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a Warrant registered in the name of such Purchaser to purchase up to a number of shares of Ordinary Shares equal to 200% of such Purchaser's Shares, with an exercise price equal to $4.60, subject to adjustment therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)legal opinions of (x) Company Counsel with respect to U.S. laws and securities matters; and (y) BVI Counsel with respect to British Virgin Islands laws, each addressed to the Placement Agent and each of the Purchasers, and each in a form satisfactory to EGS, the Placement Agent and each of the Purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)a cold comfort letter, addressed to the Placement Agent in form and substance reasonably satisfactory in all material respects from BDO Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)duly executed Lock-Up Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)a duly executed and delivered Officers' Certificate, in customary form reasonably satisfactory to EGS and the Placement Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)subject to the last sentence of Section 2.1, confirmation of delivery of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver on an expedited basis via The Depository Trust Company Deposit or Withdrawal at Custodian system ("<u>DWAC</u>") Shares equal to such Purchaser's Subscription Amount divided by the Per Share Purchase Price, registered in the name of such Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)the Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).

&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)On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)this Agreement duly executed by such Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)such Purchaser's Subscription Amount, which shall be made available for "Delivery Versus Payment" settlement with the Company or its designee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3<u>Closing Conditions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been performed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)there shall have been no Material Adverse Effect with respect to the Company since the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)each of the Lock-Up Agreements shall remain in full force and effect; and

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

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**ARTICLE III.**

 **REPRESENTATIONS AND WARRANTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1<u>Representations and Warranties of the Company</u>. Except as set forth in the Disclosure Schedules and in this Article III, which Disclosure Schedules shall be deemed a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding section of the Disclosure Schedules, the Company hereby makes the following representations and warranties to each Purchaser as of the date hereof and as of the Closing Date:

&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)<u>Subsidiaries</u>. All of the direct and indirect subsidiaries of the Company and their respective jurisdictions of incorporation are set forth on <u>Schedule 3.1(a)</u>. The Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities.

&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)<u>Organization and Qualification</u>. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing (to the extent such concept exists under applicable law) under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing (to the extent such concept exists under applicable law) as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company's ability to perform in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a "<u>Material Adverse Effect</u>") and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Authorization; Enforcement</u>. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Board of Directors or the Company's shareholders in connection herewith or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction Document to which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding

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obligations of the Company enforceable against the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, liquidation, possessory liens, rights of set off, merger, consolidation, reorganization, moratorium and other laws of general application affecting enforcement of creditors' rights generally as well as applicable international sanctions, (ii) as limited by laws relating to the statutory limitation of the time within which proceedings may be brought or availability of specific performance, injunctive relief or other equitable remedies, and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>No Conflicts</u>. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby do not and will not (i) conflict with or violate any provision of the Company's or any Subsidiary's certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of clause (ii), such as could not have or reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Filings, Consents and Approvals</u>. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) the filings required pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission of the Prospectus Supplement and (iii) notification(s) to each applicable Trading Market for the listing of the Shares and Warrant Shares for trading thereon in the time and manner required thereby (collectively, the "<u>Required Approvals</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Issuance of the Securities; Registration</u>. The Securities are duly authorized and, the Shares and the Warrants when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents. The Warrant Shares, when issued in accordance with the terms of the Warrants, will be validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company. The Company has reserved from its duly authorized unissued shares the maximum number of Ordinary Shares issuable pursuant to this Agreement and the Warrants. The Company has prepared and filed the Registration Statement in conformity with the requirements of the Securities Act, which became effective on April 2, 2025 (the "<u>Effective</u>

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<u>Date</u>"), including the Prospectus, and such amendments and supplements thereto as may have been required to the date of this Agreement. The Registration Statement is effective under the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or preventing the use of the Prospectus has been issued by the Commission and no proceedings for that purpose have been instituted or, to the knowledge of the Company, are threatened by the Commission. The Company, if required by the rules and regulations of the Commission, shall file the Prospectus with the Commission pursuant to Rule 424(b). At the time the Registration Statement and any amendments thereto became effective, at the date of this Agreement and at the Closing Date, the Registration Statement and any amendments thereto conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; and the Prospectus and any amendments or supplements thereto, at the time the Prospectus or any amendment or supplement thereto was issued and at the Closing Date, conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain 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 Company is a foreign private issuer, as defined in Rule 405 of Regulation C under the Securities Act and Rule 3b-4 under the Exchange Act. The Company was at the time of the filing of the Registration Statement eligible to use Form F-3. The Company is eligible to use Form F-3 under the Securities Act and it meets the transaction requirements as set forth in General Instruction I.B.1 of Form F-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Capitalization</u>. The capitalization of the Company as of the date hereof is as set forth on Schedule 3.1(g), which Schedule 3.1(g) shall also include the number of Ordinary Shares owned beneficially, and of record, by Affiliates of the Company as of the date hereof. Except as set forth in Schedule 3.1(g), the Company has not issued any shares since its most recently filed periodic report under the Exchange Act, other than <u>transactions under the Company's</u> <u>at-the-market offering</u> <u>facility</u> and in connection with any Exempt Issuance. Except as set forth in Schedule 3.1(g), no Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as set forth on Schedule 3.1(g), there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any Ordinary Shares or the capital stock of any Subsidiary, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional Ordinary Shares or Ordinary Share Equivalents or capital stock of any Subsidiary. The issuance and sale of the Securities will not obligate the Company or any Subsidiary to issue Ordinary Shares or other securities to any Person (other than the Purchasers) and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities. Except as set forth on Schedule 3.1(g), there are no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary. The Company does not have

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any stock appreciation rights or "phantom stock" plans or agreements or any similar plan or agreement. All of the outstanding shares of the Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization of any shareholder, the Board of Directors or others is required for the issuance and sale of the Securities. There are no stockholders agreements, voting agreements or other similar agreements with respect to the Company's Shares to which the Company is a party or, to the knowledge of the Company, between or among any of the Company's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>SEC Reports; Financial Statements</u>. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together with the Prospectus and the Prospectus Supplement, being collectively referred to herein as the "<u>SEC Reports</u>") on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed (subject to amendments as may have been made), contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. Additionally, any further documents so filed and incorporated by reference in the Prospectus and Prospectus Supplement, when such documents are filed with the Commission, will conform in all material respects to the requirements of the Exchange Act and the applicable rules and regulations, as applicable, and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made not misleading. No post-effective amendment to the Registration Statement reflecting any facts or events arising after the date thereof which represent, individually or in the aggregate, a fundamental change in the information set forth therein is required to be filed with the Commission. The Company has never been an issuer subject to Rule 144(i) under the Securities Act. As of their respective dates, the financial statements of the Company included in the SEC Reports complied in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved ("<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, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. The agreements and documents described in the Registration Statement, the Prospectus, the Prospectus Supplement, and the SEC Reports conform in all material aspects to the descriptions thereof contained therein and there are no agreements or other documents

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required by the Securities Act and the rules and regulations thereunder to be described in the Registration Statement, the Prospectus, the Prospectus Supplement or the SEC Reports or to be filed with the Commission as exhibits to the Registration Statement, that have not been so described or filed. Each agreement or other instrument (however characterized or described) to which the Company is a party or by which it is or may be bound or affected and (i) that is referred to in the Registration Statement, the Prospectus, the Prospectus Supplement or the SEC Reports, or (ii) is material to the Company's business (each, a "Material Agreement"), has been duly authorized and validly executed by the Company, is in full force and effect in all material respects and is enforceable against the Company and, to the Company's knowledge, the other parties thereto, in accordance with its terms, except (x) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally, (y) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws, and (z) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefore may be brought. No Material Agreement has been assigned by the Company, and neither the Company nor, to the best of the Company's knowledge, any other party is in default thereunder and, to the best of the Company's knowledge, no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute a default thereunder that has had or that could reasonably be expected to result in a Material Adverse Effect. To the best of the Company's knowledge, performance by the Company of the material provisions of the Material Agreements will not result in a violation of any existing applicable law, rule, regulation, judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its assets or businesses, including, without limitation, those relating to environmental laws and regulations. The other financial and statistical information included in the SEC Reports present fairly, in all material respects, the information included therein and have been prepared on a basis consistent with that of the financial statements that are included in the SEC Reports and the books and records of the respective entities presented therein.

&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)<u>Material Changes; Undisclosed Events, Liabilities or Developments</u>. Since the date of the latest audited financial statements included within the SEC Reports, except as set forth on Schedule 3.1(i), (i) there has been no event, occurrence or development, including changes generally affecting the Company's or Subsidiaries' industries, that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company's financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company stock option plans. The Company does not have pending before the Commission any request for confidential treatment of information. Except for the issuance of the Securities contemplated by this Agreement or as set forth on Schedule 3.1(i), no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective businesses, prospects,

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properties, operations, assets or financial condition that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior to the date that this representation is made. Other than as set forth on Schedule 3.1(i), the Company has not: (i) issued any securities or incurred any liability or obligation, direct or contingent, for borrowed money; or (ii) declared or paid any dividend or made any other distribution on or in respect of its capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Litigation</u>. Except as set forth on Schedule 3.1(j), there has not been, and to the knowledge of the Company, there is not pending or contemplated, any action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an "<u>Action</u>"). None of the Actions set forth on Schedule 3.1(j) (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities, (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect or (iii) are not expected to have a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company. The Commission has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Labor Relations</u>. Except as set forth on Schedule 3.1(k), no labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company's or its Subsidiaries' employees is a member of a union that relates to such employee's relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their employees are good. To the knowledge of the Company, no executive officer of the Company or any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Compliance</u>. Except as set forth on Schedule 3.1(l), neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived); (ii) is in violation of any judgment, decree or order of any court, arbitrator or other governmental authority; or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case as could not reasonably be expected to result in a Material Adverse Effect.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)<u>Regulatory Permits</u>. The Company and the Subsidiaries possess all certificates, authorizations, approvals, orders, licenses and permits issued by the appropriate federal, state, local or foreign regulatory authorities, necessary to conduct their respective businesses as described in the SEC Reports, except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (each, a "<u>Material</u> <u>Permit</u>"), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any Material Permit. The disclosures in the Registration Statement concerning the effects of federal, state, local and all foreign regulation on the Company's business as currently contemplated are correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)<u>Title to Assets</u>. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries and (ii) Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor

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in accordance with GAAP and, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance which the failure to so have could have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)<u>Intellectual Property</u>. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights necessary or required for use in connection with their respective businesses as described in the SEC Reports and which the failure to so have could have a Material Adverse Effect (collectively, the "<u>Intellectual Property Rights</u>"). Schedule 3.1(p) sets forth all of the material Intellectual Property Rights that the Company and its Subsidiaries own or have the rights to use and that are currently being used. Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements included within the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of any Person, except as could not have or reasonably be expected to not have a Material Adverse Effect. To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights. Except as set forth in Schedule 3.1(p), none of, and neither the Company nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)<u>[Intentionally omitted]</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)<u>Transactions With Affiliates and Employees</u>. Except as set forth on Schedule 3.1(r), none of the officers or directors of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, stockholder, member or partner, in each case in excess of US$120,000 other than for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits, including stock option agreements under any stock option plan of 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;(s)<u>Sarbanes-Oxley; Internal Accounting Controls</u>. Except as disclosed in the SEC Reports, the Company and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and

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the Subsidiaries and designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports 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. The Company's certifying officers have evaluated the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of the end of the period covered by the most recently filed periodic report under the Exchange Act (such date, the "<u>Evaluation Date</u>"). The Company presented in its most recently filed periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defined in the Exchange Act) of the Company and its Subsidiaries that have materially affected, or is reasonably likely to materially affect, the internal control over financial reporting of the Company and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)<u>Certain Fees</u>. Other than the compensation payable to the Placement Agent pursuant to the terms of the Placement Agency Agreement and as set forth in the Prospectus Supplement relating to the placement of the Securities, no brokerage or finder's fees or commissions are or will be payable by the Company or any Subsidiary or Affiliate of the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. The Purchasers shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)<u>Investment Company</u>. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities, will not be or be an Affiliate of, an "investment company" within the meaning of the Investment Company Act of 1940, as amended. The Company shall conduct its business in a manner so that it will not become an "investment company" subject to registration under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)<u>Registration Rights</u>. Except as set forth in Schedule 3(v), no Person has any right to cause the Company or any Subsidiary to effect the registration under the Securities Act of any securities of the Company or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)<u>Listing and Maintenance Requirements</u>. The Ordinary Shares are registered pursuant to Section 12(b) of the Exchange Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Ordinary Shares under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration. Except as set forth on Schedule 3.1(w), the Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on which the Ordinary Shares are or have been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market. The Ordinary Shares are currently eligible for electronic transfer through the Depository Trust Company, or another established clearing corporation and the Company

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is current in payment of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)<u>Application of Takeover Protections</u>. The Company and the Board of Directors have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Company's certificate of incorporation (or similar charter documents) or the laws of its state of incorporation that is or could become applicable to the Purchasers as a result of the Purchasers and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation as a result of the Company's issuance of the Securities and the Purchasers' ownership of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)<u>Disclosure</u>. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel with any information that it believes constitutes or might constitute material, non-public information which is not otherwise disclosed in the Prospectus Supplement. The Company understands and confirms that the Purchasers will rely on the foregoing representation in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Purchasers regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including the Disclosure Schedules to this Agreement, is true and correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. There are no documents required to be filed with the Commission in connection with the transaction contemplated hereby that (x) have not been filed as required pursuant to the Securities Act or (y) will not be filed within the requisite time period. There are no contracts or other documents required to be described in the Preliminary Prospectus or Prospectus, or to be filed as exhibits or schedules to the Registration Statement, which have not been described or filed as required. The press releases disseminated by the Company during the twelve months preceding the date of this Agreement taken as a whole do not contain any 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 light of the circumstances under which they were made and when made, not misleading. The statistical and market-related data included in the Prospectus and Prospectus Supplement, if any, are based on or derived from sources that the Company reasonably and in good faith believes are reliable and accurate or represent the Company's good faith estimates that are made on the basis of data derived from such sources. The Company has obtained all consents required for the inclusion of such statistical and market-related data in the Prospectus and Prospectus Supplement. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in the Prospectus or Prospectus Supplement has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith. The Company acknowledges and agrees that no Purchaser makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)<u>No Integrated Offering</u>. Assuming the accuracy of the Purchasers' representations and warranties set forth in Section 3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Securities to be integrated with prior offerings by the Company for purposes of any applicable shareholder approval provisions of any Trading Market on which any of the securities of the Company are listed or designated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)<u>Solvency</u>. Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the Company of the proceeds from the sale of the Securities hereunder, (i) the fair saleable value of the Company's assets exceeds the amount that will be required to be paid on or in respect of the Company's existing debts and other liabilities (including known contingent liabilities) as they mature, (ii) the Company's assets do not constitute unreasonably small capital to carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular capital requirements of the business conducted by the Company, consolidated and projected capital requirements and capital availability thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt). The Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. For the avoidance of doubt, such reorganization does not include the Company's mergers, acquisitions or other strategic transactions which are not for the primary purpose of avoiding bankruptcy. Schedule 3.1(aa) sets forth as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement, "<u>Indebtedness</u>" means (x) any liabilities for borrowed money or amounts owed in excess of US$50,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company's consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the present value of any lease payments in excess of US$50,000 due under leases required to be capitalized in accordance with GAAP. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)<u>Tax Status</u>. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such returns, reports or

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declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such claim. The provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement, Prospectus and Prospectus Supplement are sufficient for all accrued and unpaid taxes, whether or not disputed, and for all periods to and including the dates of such consolidated financial statements. The term "taxes" mean all federal, state, local, foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments, or charges of any kind whatsoever, together with any interest and any penalties, additions to tax, or additional amounts with respect thereto. The term "returns" means all returns, declarations, reports, statements, and other documents required to be filed in respect to taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)<u>Foreign Corrupt Practices</u>. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated in any material respect any provision of FCPA. The Company has taken commercially reasonable steps to ensure that its accounting controls and procedures are designed to cause the Company to comply in all material respects with the FCPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)<u>Accountants</u>. The Company's independent registered public accounting firm is BDO Ltd., which is a registered public accounting firm as required by the Exchange Act. To the knowledge and belief of the Company, BDO Ltd. shall express its opinion with respect to the financial statements to be included in the Company's Annual Report on Form 20-F for the fiscal year ending December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)<u>Acknowledgment Regarding Purchasers' Purchase of Securities</u>. The Company acknowledges and agrees that each of the Purchasers is acting solely in the capacity of an arm's length purchaser with respect to the Transaction Documents and the transactions contemplated thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by any Purchaser or any of their respective representatives or agents in connection with the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchasers' purchase of the Securities. The Company further represents to each Purchaser that the Company's decision to enter into this Agreement and the other Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)<u>Acknowledgment Regarding Purchaser's Trading Activity</u>. Anything in this Agreement or elsewhere herein to the contrary notwithstanding (except for Sections 3.2(f) and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14 hereof), it is understood and acknowledged by the Company that: (i) none of the Purchasers has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling, long and/or short, securities of the Company, or "derivative" securities based on securities issued by the Company or to hold the Securities for any specified term; (ii) past or future open market or other transactions by any Purchaser, specifically including, without limitation, Short Sales or "derivative" transactions, before or after the closing of this or future private placement transactions, may negatively impact the market price of the Company's publicly-traded securities; (iii) any Purchaser, and counter-parties in "derivative" transactions to which any such Purchaser is a party, directly or indirectly, presently may have a "short" position in the Ordinary Shares, and (iv) each Purchaser shall not be deemed to have any affiliation with or control over any arm's length counter-party in any "derivative" transaction. The Company further understands and acknowledges that (y) one or more Purchasers may engage in hedging activities at various times during the period that the Securities are outstanding, including, without limitation, during the periods that the value of the Warrant Shares deliverable with respect to Securities are being determined, and (z) such hedging activities (if any) could reduce the value of the existing stockholders' equity interests in the Company at and after the time that the hedging activities are being conducted. The Company acknowledges that such aforementioned hedging activities do not constitute a breach of any of the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)<u>Regulation M Compliance</u>. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Company's placement agent in connection with the placement of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)<u>Stock Option Plans</u>. Except as disclosed on Schedule 3.1(hh), each stock option granted by the Company under the Company's stock option plan with respect to the Ordinary Shares was granted (i) in accordance with the terms of the Company's stock option plan and (ii) with an exercise price at least equal to the fair market value of the Ordinary Shares on the date such stock option would be considered granted under GAAP and applicable law. No stock option granted under the Company's stock option plan has been backdated. The Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects.

&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)<u>Office of Foreign Assets Control</u>. Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director, officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("<u>OFAC</u>").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)<u>U.S. Real Property Holding Corporation</u>. The Company is not and has never been a U.S. real property holding corporation within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser's request.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)<u>Money Laundering</u>. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the "<u>Money Laundering Laws</u>"), and no Action or Proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm)<u>D&O Questionnaires</u>. To the Company's knowledge, all information contained in the questionnaires most recently completed by each of the Company's directors and officers and beneficial owner of 5% or more of the Ordinary Shares or Ordinary Share Equivalents is true and correct in all respects and the Company has not become aware of any information which would cause the information disclosed in such questionnaires become inaccurate and incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn)<u>FINRA Affiliation</u>. To the Company's knowledge, no officer, director or any beneficial owner of 10% or more of the Company's Ordinary Shares or Ordinary Share Equivalents has any direct or indirect affiliation or association with any FINRA member (as determined in accordance with the rules and regulations of FINRA) that is participating in the Offering. Except for securities purchased on the open market, no Company Affiliate is an owner of stock or other securities of any member of FINRA. No Company Affiliate has made a subordinated loan to any member of FINRA. No proceeds from the sale of the Securities (excluding compensation as disclosed in the Prospectus Supplement to the Placement Agent) will be paid to any FINRA member, any persons associated with a FINRA member or an affiliate of a FINRA member. Except as disclosed in the Registration Statement, Prospectus and Prospectus Supplement, no person to whom securities of the Company have been privately issued within the 180-day period prior to the initial filing date of the Prospectus Supplement is a FINRA member, is a person associated with a FINRA member or is an affiliate of a FINRA member. No FINRA member participating in the offering has a conflict of interest with the Company. For this purpose, a "conflict of interest" exists when a FINRA member, the parent or affiliate of a FINRA member or any person associated with a FINRA member in the aggregate beneficially own 10% or more of the Company's outstanding subordinated debt or

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common equity, or 5% or more of the Company's preferred equity. "FINRA member participating in the offering" includes any associated person of a FINRA member that is participating in the offering, any member of such associated person's immediate family and any affiliate of a FINRA member that is participating in the offering. "Any person associated with a FINRA member" means (1) a natural person who is registered or has applied for registration under the rules of FINRA and (2) a sole proprietor, partner, officer, director, or branch manager of a FINRA member, or other natural person occupying a similar status or performing similar functions, or a natural person engaged in the investment banking or securities business who is directly or indirectly controlling or controlled by a FINRA member. When used in this Section 3.1(mm) the term "affiliate of a FINRA member" or "affiliated with a FINRA member" means an entity that controls, is controlled by or is under common control with a FINRA member. The Company will advise the Placement Agent and EGS if it learns that any officer, director or owner of 10% or more of the Company's outstanding Ordinary Shares or Ordinary Share Equivalents is or becomes an affiliate or associated person of a FINRA member firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo)<u>Officers' Certificate</u>. Any certificate signed by any duly authorized officer of the Company and delivered to the Purchasers shall be deemed a representation and warranty by the Company to the Purchasers as to the matters covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp)<u>Board of Directors</u>. The qualifications of the persons serving as board members and the overall composition of the Board of Directors comply with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder applicable to the Company and the rules of the Trading Market. At least one member of the Board of Directors qualifies as a "financial expert" as such term is defined under the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder and the rules of the Trading Market. In addition, at least a majority of the persons serving on the Board of Directors qualify as "independent" as defined under the rules of the Trading Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq)<u>ERISA</u>. The Company is not a party to an "employee benefit plan," as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>"), which: (i) is subject to any provision of ERISA and (ii) is or was at any time maintained, administered or contributed to by the Company or any of its ERISA Affiliates (as defined hereafter). These plans are referred to collectively herein as the "<u>Employee Plans</u>." An "ERISA Affiliate" of any person or entity means any other person or entity which, together with that person or entity, could be treated as a single employer under Section 414(b), (c), (m) or (o) of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"). Each Employee Plan has been maintained in material compliance with its terms and the requirements of applicable law. No Employee Plan is subject to Title IV of ERISA. The Registration Statement, Prospectus and the Prospectus Supplement identify each employment, severance or other similar agreement, arrangement or policy and each material plan or arrangement required to be disclosed pursuant to the Rules and Regulations providing for insurance coverage (including any self-insured arrangements), workers' compensation, disability benefits, severance benefits, supplemental unemployment benefits, vacation benefits or retirement benefits, or deferred compensation, profit-sharing, bonuses, stock options, stock appreciation rights or other forms of incentive compensation, or post-retirement insurance, compensation or benefits, which: (i)

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is not an Employee Plan; (ii) is entered into, maintained or contributed to, as the case may be, by the Company or any of its ERISA Affiliates; and (iii) covers any officer or director or former officer or director of the Company or any of its ERISA Affiliates. These agreements, arrangements, policies or plans are referred to collectively as "<u>Benefit Arrangements</u>." Each Benefit Arrangement has been maintained in material compliance with its terms and with the requirements of applicable law. No Employee Plan has any liability in respect of post-retirement health and medical benefits for retired employees of the Company or any of its ERISA Affiliates, other than medical benefits required to be continued under applicable law. No "prohibited transaction" (as defined in either Section 406 of ERISA or Section 4975 of the Code) has occurred with respect to any Employee Plan; and each Employee Plan that is intended to be qualified under Section 401(a) of the Code is so qualified, and to the Company's knowledge, nothing has occurred, whether by action or by failure to act, which could cause the loss of such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr)<u>No Immunity</u>. None of the Company or its Subsidiaries or any of their respective properties, assets or revenues has any right of immunity, under the laws of the British Virgin Islands, Switzerland or the State of New York, from any legal action, suit or proceeding, the giving of any relief in any such legal action, suit or proceeding, set-off or counterclaim, the jurisdiction of any British Virgin Islands, Switzerland, New York or United States federal court, service of process, attachment upon or prior to judgment, or attachment in aid of execution of judgment, or execution of a judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of a judgment, in any such court, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Agreement and the Transaction Documents; and, to the extent that the Company or any of its Subsidiaries or any of their respective properties, assets or revenues may have or may hereafter become entitled to any such right of immunity in any such court in which proceedings may at any time be commenced, each of the Company and its Subsidiaries waives or will waive such right to the extent permitted by law and has consented to such relief and enforcement as provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss)<u>Lock-Up Agreements</u>. Certain of the Company's directors, officers and affiliates as of the date of this Agreement have signed a Lock-Up Agreement, addressed to the Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt)<u>Cybersecurity</u>. (i)(x) There has been no security breach or other compromise of or relating to any of the Company's or any Subsidiary's information technology and computer systems, networks, hardware, software, data (including the data of its respective customers, employees, suppliers, vendors and any third party data maintained by or on behalf of it), equipment or technology (collectively, "<u>IT Systems and Data</u>") and (y) the Company and the Subsidiaries have not been notified of, and has no knowledge of any event or condition that would reasonably be expected to result in, any security breach or other compromise to its IT Systems and Data; (ii) the Company and the Subsidiaries are presently in compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as

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would not, individually or in the aggregate, have a Material Adverse Effect; (iii) the Company and the Subsidiaries have implemented and maintained commercially reasonable safeguards to maintain and protect its material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and Data; and (iv) the Company and the Subsidiaries have implemented backup and disaster recovery technology consistent with industry standards and practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu)<u>Compliance with Data Privacy Laws</u>. The Company and its Subsidiaries are, and to the knowledge of the Company, at all prior times were, in material compliance with all applicable state and federal data privacy and security laws and regulations, including without limitation HIPAA, CCPA, and GDPR (collectively, the "Privacy Laws"). To ensure compliance with the Privacy Laws, the Company has in place, complies with, and takes appropriate steps to ensure compliance in all material respects 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 "Policies"). 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 by applicable laws and regulatory rules or requirements, and none of such disclosures made or contained in any Policy have been inaccurate or in violation of any applicable laws and regulatory rules or requirements in any material respect. The Company further certifies that neither it nor any subsidiary: (i) has received 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 except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2<u>Representations and Warranties of the Purchasers</u>. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they shall be accurate as of such date):

&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)<u>Organization; Authority</u>. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application

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affecting enforcement of creditors' rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

&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)<u>Understandings or Arrangements</u>. Such Purchaser is acquiring the Securities as principal for its own account and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities (this representation and warranty not limiting such Purchaser's right to sell the Securities pursuant to the Registration Statement or otherwise in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities hereunder in the ordinary course of its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Purchaser Status</u>. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, and on each date on which it exercises any Warrants, it will be (i) an "accredited investor" as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) <u>or</u> (a)(8) <u>under the Securities Act or (ii) a "qualified institutional buyer" as defined in Rule 144A(a)</u> under the Securities Act.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Access to Information</u>. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including all exhibits and schedules thereto) and the SEC Reports and has been afforded, subject to Section 3.2(h) (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment. Such Purchaser acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided such Purchaser with any information or advice with respect to the Securities nor is such information or advice necessary or desired. Neither the Placement Agent nor any Affiliate has made or makes any representation as to the Company or the quality of the Securities and the Placement Agent and any Affiliate may have acquired non-public information with respect to the Company which such Purchaser agrees need not be provided to it. In connection with the issuance of the Securities to such Purchaser, neither the Placement Agent nor any of its Affiliates has acted as a financial advisor or fiduciary to such Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Certain Transactions and Confidentiality</u>. Other than consummating the transactions contemplated hereunder, such Purchaser has not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that such Purchaser first received a term sheet (written or oral) from

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the Company or any other Person representing the Company setting forth the material pricing terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser's assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser's assets, the representation set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement. Other than to other Persons party to this Agreement or to such Purchaser's representatives, including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates, such Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction). Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales or similar transactions in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Affiliate and Group Status</u>. Each Purchaser hereby represents to the Company that (i) it beneficially owns less than 5% of the Shares as of the execution of this Agreement, and it is not, as of the execution of this Agreement, an Affiliate of the Company and (ii) as of the Closing Date and after giving effect to the transactions contemplated herein, it will not be an Affiliate of the Company. Each of the Purchasers, severally and not jointly, (A) represents and warrants to the Company that (i) it has not, directly or indirectly, communicated with the other concerning any investments into the Company and has no agreements or understandings to purchase or sell any underlying common stock of the Company with the other including Shares in the future, (ii) at all times, the Placement Agent has communicated with the Purchasers separately and independently, and (iii) the Purchasers do not constitute a "group" as that term is used under Section 13(d) of the Exchange Act; and (B) covenants and agrees not to take a position to the contrary to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Big Boy Representations</u>. Each Purchaser understands and acknowledges that the Company is in possession of non-public information about the Company, its securities and its financial statements that may or may not be material or superior to information available to the Purchasers (the "Non-Public Information") and each Purchaser has waived any right to receive such Non-Public Information. Each Purchaser further understands and acknowledges that the Company has not published its financial statements as of and for the six-months period ending June 30, 2025 and acknowledges its rights and obligations under this Agreement are without any reliance on the Company providing any such Non-Public Information. Each Purchaser hereby waives any claim, or potential claim, it has or may have against the Company and any its Affiliates relating to the Company's possession of the Non-Public Information.

The Company acknowledges and agrees that the representations contained in Section 3.2(a)-(g) shall not modify, amend or affect such Purchaser's right to rely on the Company's representations and warranties contained in this Agreement or any representations and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transactions contemplated hereby. Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales or similar transactions in the future.

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**ARTICLE IV.**

 **OTHER AGREEMENTS OF THE PARTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>Shares and Warrant Shares</u>. The Shares and Warrants shall be issued free of legends. If all or any portion of a Warrant is exercised at a time when there is an effective registration statement to cover the issuance of the Warrant Shares or if the Warrant is exercised via cashless exercise in accordance with the terms of the Warrant, the Warrant Shares issued pursuant to any such exercise shall be issued free of all legends. If at any time following the date hereof the Registration Statement (or any subsequent registration statement registering the issuance of the Warrant Shares) is not effective or is not otherwise available for the issuance of the Warrant Shares, the Company shall immediately notify the holders of the Warrants in writing that such Registration Statement is not then effective and thereafter shall promptly notify such holders when the Registration Statement is effective again and available for the issuance of the Warrant Shares (it being understood and agreed that the foregoing shall not limit the ability of the Company to issue, or any Purchaser to sell, any of the Warrant Shares in compliance with applicable federal and state securities laws). The Company shall use commercially reasonable efforts to keep a registration statement (including the Registration Statement) registering the issuance of the Warrant Shares effective during the term of the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>Furnishing of Information</u>. Until the earliest of the time that the Warrants have expired, the Company covenants to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3<u>Integration</u>. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in a manner that would be integrated with the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4<u>Securities Laws Disclosure; Publicity</u>. The Company shall (a) on or prior to 9:15 a.m. (New York City time) on July 14, 2025, issue a press release disclosing the material terms of the transactions contemplated hereby, and (b) file a Report of Foreign Private Issuer on Form 6-K, including the Transaction Documents as exhibits thereto, with the Commission within the time required by the Exchange Act. From and after the issuance of such press release, the Company represents to the Purchasers that it shall have publicly disclosed all material, non-public information delivered to any of the Purchasers by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon the issuance of such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate. The Company and each Purchaser shall consult with each other in issuing any other press releases with respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such public statement without the prior consent of the Company, with respect to any press release of any Purchaser, or without the prior consent of each Purchaser, with respect to any press release of the Company, which consent shall not unreasonably be

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withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of such Purchaser, except (a) as required by federal securities law in connection with the filing of final Transaction Documents with the Commission and (b) to the extent such disclosure is required by law or Trading Market or FINRA regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted under this clause (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5<u>Shareholder Rights Plan</u>. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any Purchaser is an "<u>Acquiring Person</u>" under any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities under the Transaction Documents or under any other agreement between the Company and the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6<u>Non-Public Information</u>. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, which shall be disclosed pursuant to Section 4.4, the Company covenants and agrees that neither it, nor any other Person acting on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto such Purchaser shall have consented to the receipt of such information and agreed with the Company to keep such information confidential. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. To the extent that the Company, any of its Subsidiaries, or any of its respective officers, directors, agents, employees or Affiliates delivers any material, non-public information to a Purchaser without such Purchaser's consent, the Company hereby covenants and agrees that such Purchaser shall not have any duty of confidentiality to the Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis of, such material, non-public information, provided that the Purchaser shall remain subject to applicable law. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report of Foreign Private Issuer on Form 6-K. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7<u>Use of Proceeds</u>. Except as set forth on Schedule 4.7 attached hereto, the Company shall use the net proceeds from the sale of the Securities hereunder for working capital and capital expenditure purposes and shall not use such proceeds: (a) for the satisfaction of any portion of the Company's debt (other than payment of trade payables in the ordinary course of the Company's business and prior practices); (b) for the redemption of any Ordinary Shares or Ordinary Share Equivalents; (c) for the settlement of any outstanding litigation; or (d) in violation of FCPA or OFAC regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8<u>Indemnification of Purchasers</u>. Subject to the provisions of this Section 4.8, the Company will indemnify (to the fullest extent permitted by applicable law) and hold each Purchaser and its directors,

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officers, shareholders, members, managers, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a "<u>Purchaser Party</u>") harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys' fees and costs of investigation that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any stockholder of the Company who is not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless such action is solely based upon a material breach of such Purchaser Party's representations, warranties or covenants under the Transaction Documents or any agreements or understandings such Purchaser Party may have with any such stockholder or any violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which is finally judicially determined to constitute fraud, gross negligence or willful misconduct). The Company will indemnify each Purchaser Party, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys' fees) and expenses, as incurred, arising out of or relating to (i) any untrue or alleged untrue statement of a material fact contained in the Registration Statement, the Prospectus, the Prospectus Supplement and/or any registration statement, any prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, the Prospectus Supplement, any prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading, except to the extent, but only to the extent, that such untrue statements or omissions are based solely upon information regarding such Purchaser Party furnished in writing to the Company by such Purchaser Party expressly for use therein, or (ii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder in connection therewith. If any action shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ one separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (x) the employment thereof has been specifically authorized by the Company in writing, (y) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (z) in such action there is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable to any Purchaser Party under this Agreement (1) for any settlement by a Purchaser Party effected without the Company's prior written consent, which shall not be unreasonably withheld or delayed; or (2) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party's breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or

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in the other Transaction Documents. The indemnification required by this Section 4.8 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities the Company may be subject to pursuant to law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9<u>Reservation of</u> <u>Ordinary Shares</u>. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of Ordinary Shares for the purpose of enabling the Company to issue Shares pursuant to this Agreement and Warrant Shares pursuant to any exercise of the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10<u>Listing of</u> <u>Ordinary Shares</u>. The Company hereby agrees to use best efforts to maintain the listing or quotation of the Ordinary Shares on the Trading Market on which it is currently listed so long as the Warrants are outstanding, and prior to the Closing, the Company shall have applied to list or quote all of the Shares and Warrant Shares on such Trading Market and concurrently with the Closing, the Company shall have not received any information indicating that the listing of such Shares and Warrant Shares is or will be rejected. The Company further agrees, so long as Warrants are outstanding, if the Company applies to have the Ordinary Shares traded on any other Trading Market, it will then include in such application all of the Shares and Warrant Shares, and will take such other action as is necessary to cause all of the Shares and Warrant Shares to be listed or quoted on such other Trading Market as promptly as possible. The Company will then take all action reasonably necessary to continue the listing and trading of its Ordinary Shares on a Trading Market and will comply in all respects with the Company's reporting, filing and other obligations under the bylaws or rules of the Trading Market. The Company agrees, so long as any Warrants are outstanding, to maintain the eligibility of the Ordinary Shares for electronic transfer through the Depository Trust Company or another established clearing corporation, including, without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation in connection with such electronic transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11<u>Intentionally Omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12<u>Subsequent Equity Sales</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)From the date hereof until sixty (60) days after the Closing Date, neither the Company nor any Subsidiary shall issue, enter into any agreement to issue or announce the issuance or proposed issuance of any Ordinary Shares or Ordinary Share Equivalents or file any registration statement, or amendment or supplement thereto, with the Commission, other than (i) a prospectus filed with the Commission pursuant to Rule 424(b) in connection with this offering; and (ii) any registration statement or amendment, or supplement thereto, filed in connection with the any Company stock option plan, including, for avoidance of doubt, registering the exercise of stock options and the resale of Ordinary Shares acquired pursuant to such stock options. For further avoidance of doubt, the parties agree that incorporating by reference disclosure contained in a future Form 6-K into any currently outstanding registration statement, prospectus or prospectus supplement will not violate the terms of this Section 4.12(a).

&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)From the date hereof until the date which is sixty (60) days after the Closing Date, the Company shall be prohibited from effecting or entering into an agreement to effect any issuance by the Company or any of its Subsidiaries of Ordinary Shares or Ordinary Share

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Equivalents (or a combination of units thereof) involving a Variable Rate Transaction. "<u>Variable Rate Transaction</u>" means a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive additional Ordinary Shares either (A) at a conversion price, exercise price or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the Ordinary Shares at any time after the initial issuance of such debt or equity securities, or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the Ordinary Shares or (ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity line of credit or at-the-market offering facility, whereby the Company may issue securities at a future determined price. Any Purchaser shall be entitled to obtain injunctive relief against the Company to preclude any such issuance, which remedy shall be in addition to any right to collect damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding the foregoing, this Section 4.12 shall not apply in respect of an Exempt Issuance, except that no Variable Rate Transaction shall be an Exempt Issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13<u>Equal Treatment of Purchasers</u>. No consideration (including any modification of any Transaction Document) shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration is also offered to all of the parties to the Transaction Documents then holding any of the Securities sold hereunder. Notwithstanding the foregoing, Class A Warrants, Class B Warrants and Ordinary Shares shall be treated as separate securities to the extent modifications are made to their terms, such that, for clarification and illustration purposes, any amendment, waiver or modification of the terms of the Class A Warrants not affecting the terms of the Ordinary Shares or the Class A Warrants shall not require the agreement or consent of the holders of Class B Warrants then outstanding nor the payment of consideration to holders of Ordinary Shares or Class B Warrants. For clarification purposes, this provision constitutes a separate right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect to the purchase, disposition or voting of Securities or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14<u>Certain Transactions and Confidentiality</u>. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short Sales of any of the Company's securities during the period commencing with the execution of this Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4. Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described in Section 4.4, such Purchaser will maintain the confidentiality of the existence and terms of this transaction and the information included in the Disclosure Schedules. Notwithstanding the foregoing and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in

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Section 4.4, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4 and (iii) no Purchaser shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company <u>or</u> its Subsidiaries after the issuance of the initial press release as described in Section 4.4. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser's assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser's assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15<u>Exercise Procedures</u>. The form of Notice of Exercise included in the Warrants set forth the totality of the procedures required of the Purchasers in order to exercise the Warrants. No additional legal opinion, other information or instructions shall be required of the Purchasers to exercise their Warrants. Without limiting the preceding sentences, no ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required in order to exercise the Warrants. The Company shall honor exercises of the Warrants and shall deliver Warrant Shares in accordance with the terms, conditions and time periods set forth in the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16<u>Lock-Up</u>. The Company shall not amend, modify, waive or terminate any provision of any of the Lock-Up Agreements except to extend the term of the lock-up period and shall enforce the provisions of each Lock- Up Agreement in accordance with its terms. If any officer, director or shareholder that is a party to a Lock-Up Agreement breaches any provision of a Lock-Up Agreement, the Company shall promptly use its best efforts to seek specific performance of the terms of such Lock-Up Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17<u>Sales During Pre-Settlement Period</u>. Notwithstanding anything herein to the contrary, if at any time on or after the time of execution of this Agreement by the Company and an applicable Purchaser, through, and including the time immediately prior to the Closing (the "<u>Pre-Settlement Perio</u>d"), such Purchaser sells to any Person all, or any portion, of any Ordinary Shares to be issued hereunder to such Purchaser at the Closing (collectively, the "<u>Pre-Settlement Shares</u>"), such Purchaser shall, automatically hereunder (without any additional required actions by such Purchaser or the Company), be deemed to be unconditionally bound to purchase, and the Company shall be deemed unconditionally bound to sell, such Pre-Settlement Shares to such Purchaser at the Closing; provided, that the Company shall not be required to deliver any Pre-Settlement Shares to such Purchaser prior to the Company's receipt of the purchase price of such Pre-Settlement Shares hereunder; and provided further that the Company hereby acknowledges and agrees that the forgoing shall not constitute a representation or covenant by such Purchaser as to whether or not during the Pre-Settlement Period such Purchaser shall sell any Ordinary Shares to any Person and that any such decision to sell any Ordinary Shares by such Purchaser shall solely be made at the time such Purchaser elects to effect any such sale, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18<u>Intentionally omitted</u>.

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**ARTICLE V.**

 **MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1<u>Termination</u>. This Agreement may be terminated by any Purchaser, as to such Purchaser's obligations hereunder only and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing has not been consummated on or before July 21, 2025; provided, however, that no such termination will affect the right of any party to sue for any breach by any other party (or parties).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2<u>Fees and Expenses</u>. At the Closing, the Company has agreed to reimburse the Placement Agent for up to $40,000 for the reasonable and accounted fees and expenses of its legal counsel. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company and any exercise notice delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3<u>Entire Agreement</u>. The Transaction Documents, together with the exhibits and schedules thereto, the Prospectus and the Prospectus Supplement, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4<u>Notices</u>. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto at or prior to 6:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 6:30 p.m. (New York City time) on any Trading Day, (c) the second (2<sup>nd</sup>) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report of Foreign Private Issuer on Form 6-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5<u>Amendments; Waivers</u>. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and Purchasers which purchased at least 50.1% in interest of the Shares based on the initial Subscription Amounts hereunder (or prior to the Closing, the Company and each Purchaser) or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought, provided that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser (or group of Purchasers), the consent of such disproportionately impacted Purchaser (or group of Purchasers) shall

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also be required. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right. Any proposed amendment or waiver that disproportionately, materially and adversely affects the rights and obligations of any Purchaser relative to the comparable rights and obligations of the other Purchasers shall require the prior written consent of such adversely affected Purchaser. Any amendment effected in accordance with this Section 5.5 shall be binding upon each Purchaser and holder of Securities and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6<u>Headings</u>. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7<u>Successors and Assigns</u>. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the "Purchasers."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8<u>Third-Party Beneficiaries</u>. The Placement Agent shall be the third party beneficiary of the representations and warranties of the Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.8, this Section 5.8 and/or the Placement Agency Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9<u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. 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 herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) 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 other manner permitted by law. If any party shall commence an

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Action or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under Section 4.8, the prevailing party in such Action or Proceeding shall be reimbursed by the non- prevailing party for its reasonable attorneys' fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action or Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10<u>Survival</u>. The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11<u>Execution</u>. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a ".pdf" format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or ".pdf" signature page were an original thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12<u>Severability</u>. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13<u>Rescission and Withdrawal Right</u>. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights<u>.</u>; <u>provided</u>, <u>however</u>, that, in the case of a rescission of an exercise of a Warrant, the applicable Purchaser shall be required to return any Ordinary Shares subject to any such rescinded exercise notice concurrently with the return to such Purchaser of the aggregate exercise price paid to the Company for such shares and the restoration of such Purchaser's right to acquire such shares pursuant to such Purchaser's Warrant (including, issuance of a replacement warrant certificate evidencing such restored right).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14<u>Replacement of Securities</u>. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15<u>Remedies</u>. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation the defense that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16<u>Payment Set Aside</u>. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17<u>Independent Nature of Purchasers' Obligations and Rights</u>. The obligations of each Purchaser under any Transaction Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Purchaser shall be entitled to independently protect and enforce its rights including, without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any Proceeding for such purpose. Each Purchaser has been represented by its own separate legal counsel in its review and negotiation of the Transaction Documents. For reasons of administrative convenience only, each Purchaser and its respective counsel have chosen to communicate with the Company through EGS. EGS does not represent any of the Purchasers and only represents the Placement Agent. The Company has elected to provide all Purchasers with the same terms and Transaction Documents for the convenience of the Company and not because it was required or requested to do so by any of the Purchasers. It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction Document is between the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18<u>Liquidated Damages</u>. The Company's obligations to pay any partial liquidated damages or other amounts owing under the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages or other amounts are due and payable shall have been canceled<u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19<u>Saturdays, Sundays, Holidays, etc.</u>If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20<u>Construction</u>. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference to share prices and Ordinary Shares in any Transaction Document shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Ordinary Shares that occur after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21**WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.**

*(Signature Pages Follow)*

------

IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

---

| | | | |
|:---|:---|:---|:---|
| **SEALSQ CORP.** | **SEALSQ CORP.** | **SEALSQ CORP.** | <u>Address for Notice</u>: |
|  |  |  | Avenue Louis-Casaï 58 |
|  |  |  | 1216 Cointrin, Switzerland |
| By: | /s/ Carlos Moreira | /s/ Carlos Moreira |  |
|  | Name: | Carlos Moreira | E-Mail: cmoreira@wisekey.com |
|  | Title: | Chief Executive Officer |  |
| By: | /s/ John O'Hara | /s/ John O'Hara |  |
|  | Name: | John O'Hara |  |
|  | Title: | Chief Financial Officer |  |
| Attn: | Attn: | Attn: |  |
| Patterson Belknap Webb & Tyler LLP | Patterson Belknap Webb & Tyler LLP | Patterson Belknap Webb & Tyler LLP |  |
| 1133 Avenue of the Americas | 1133 Avenue of the Americas | 1133 Avenue of the Americas |  |
| New York, New York 10036 | New York, New York 10036 | New York, New York 10036 |  |
| E-Mail: hhraspe@pbwt.com | E-Mail: hhraspe@pbwt.com | E-Mail: hhraspe@pbwt.com |  |

---

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK SIGNATURE PAGE FOR PURCHASER FOLLOWS]

------

[PURCHASER SIGNATURE PAGES TO THE SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Name of Purchaser: | Name of Purchaser: | ANSON EAST MASTER FUND LP | ANSON EAST MASTER FUND LP | ANSON EAST MASTER FUND LP | ANSON EAST MASTER FUND LP | ANSON EAST MASTER FUND LP | ANSON EAST MASTER FUND LP |
| *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | /s/ Amin Nathoo | /s/ Amin Nathoo |
| Name of Authorized Signatory: | Name of Authorized Signatory: | Name of Authorized Signatory: | Name of Authorized Signatory: | Amin Nathoo | Amin Nathoo | Amin Nathoo | Amin Nathoo |
| Title of Authorized Signatory: | Title of Authorized Signatory: | Title of Authorized Signatory: | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. |
| Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: |  |  |
| Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | [\*\*\*] |  |  |
| Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | [\*\*\*] |
| Subscription Amount: | Subscription Amount: | Subscription Amount: |  |  |  |  |  |
| Common Stock: | [\*\*\*] | [\*\*\*] |  |  |  |  |  |
| Warrant Shares: | [\*\*\*] | [\*\*\*] |  |  |  | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% |
| EIN Number: |  |  |  |  |  |  |  |

---

☐ Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the Closing shall occur on the first (1st) Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

{SIGNATURE PAGES CONTINUE]

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[PURCHASER SIGNATURE PAGES TO THE SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Name of Purchaser: | Name of Purchaser: | ANSON INVESTMENTS MASTER FUND LP | ANSON INVESTMENTS MASTER FUND LP | ANSON INVESTMENTS MASTER FUND LP | ANSON INVESTMENTS MASTER FUND LP | ANSON INVESTMENTS MASTER FUND LP | ANSON INVESTMENTS MASTER FUND LP |
| *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | /s/ Amin Nathoo | /s/ Amin Nathoo |
| Name of Authorized Signatory: | Name of Authorized Signatory: | Name of Authorized Signatory: | Name of Authorized Signatory: | Amin Nathoo | Amin Nathoo | Amin Nathoo | Amin Nathoo |
| Title of Authorized Signatory: | Title of Authorized Signatory: | Title of Authorized Signatory: | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. |
| Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: |  |  |
| Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | [\*\*\*] |  |  |
| Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | [\*\*\*] |
| Subscription Amount: | Subscription Amount: | Subscription Amount: |  |  |  |  |  |
| Common Stock: | [\*\*\*] | [\*\*\*] |  |  |  |  |  |
| Warrant Shares: | [\*\*\*] | [\*\*\*] |  |  |  | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% |
| EIN Number: |  |  |  |  |  |  |  |

---

☐ Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the Closing shall occur on the first (1st) Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

[SIGNATURE PAGES CONTINUE]]

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[PURCHASER SIGNATURE PAGES TO THE SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Name of Purchaser: | Name of Purchaser: | ANSON OPPORTUNITIES MASTER FUND LP | ANSON OPPORTUNITIES MASTER FUND LP | ANSON OPPORTUNITIES MASTER FUND LP | ANSON OPPORTUNITIES MASTER FUND LP | ANSON OPPORTUNITIES MASTER FUND LP | ANSON OPPORTUNITIES MASTER FUND LP |
| *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | /s/ Amin Nathoo | /s/ Amin Nathoo |
| Name of Authorized Signatory: | Name of Authorized Signatory: | Name of Authorized Signatory: | Name of Authorized Signatory: | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO |
| Title of Authorized Signatory: | Title of Authorized Signatory: | Title of Authorized Signatory: | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. |
| Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: |  |  |
| Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | [\*\*\*] |  |  |
| Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | [\*\*\*] |
| Subscription Amount: | Subscription Amount: | Subscription Amount: |  |  |  |  |  |
| Common Stock: | [\*\*\*] | [\*\*\*] |  |  |  |  |  |
| Warrant Shares: | [\*\*\*] | [\*\*\*] |  |  |  | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% |
| EIN Number: |  |  |  |  |  |  |  |

---

Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the Closing shall occur on the first (1st) Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

[SIGNATURE PAGES CONTINUE]

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[PURCHASER SIGNATURE PAGES TO THE SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Name of Purchaser: | Name of Purchaser: | CVI Investments, Inc., By: Heights Capital Management, Inc. its authorized agent | CVI Investments, Inc., By: Heights Capital Management, Inc. its authorized agent | CVI Investments, Inc., By: Heights Capital Management, Inc. its authorized agent | CVI Investments, Inc., By: Heights Capital Management, Inc. its authorized agent | CVI Investments, Inc., By: Heights Capital Management, Inc. its authorized agent |
| *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | /s/ Martin Kobinger |
| Name of Authorized Signatory: | Name of Authorized Signatory: | Name of Authorized Signatory: | Name of Authorized Signatory: | Martin Kobinger | Martin Kobinger | Martin Kobinger |
| Title of Authorized Signatory: | Title of Authorized Signatory: | Title of Authorized Signatory: | President | President | President | President |
| Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: |  |
| Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | [\*\*\*] |  |
| Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): |
| Subscription Amount: | Subscription Amount: | Subscription Amount: |  |  |  |  |
| Shares: | [\*\*\*] |  |  |  |  |  |
| Warrant Shares: | Warrant Shares: | [\*\*\*] |  |  |  | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% |
| EIN Number: | EIN Number: |  |  |  |  |  |

---

☐ Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the Closing shall occur on the first (1st) Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

[SIGNATURE PAGES CONTINUE]

------

[PURCHASER SIGNATURE PAGES TO THE SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Name of Purchaser: | Name of Purchaser: | LI Capital Global Opportunities Master Fund | LI Capital Global Opportunities Master Fund | LI Capital Global Opportunities Master Fund | LI Capital Global Opportunities Master Fund | LI Capital Global Opportunities Master Fund | LI Capital Global Opportunities Master Fund |
| *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | *Signature of Authorized Signatory of Purchaser*: | /s/ David Feldman |
| Name of Authorized Signatory: | Name of Authorized Signatory: | Name of Authorized Signatory: | Name of Authorized Signatory: | Name of Authorized Signatory: | David Feldman | David Feldman | David Feldman |
| Title of Authorized Signatory: | Title of Authorized Signatory: | Title of Authorized Signatory: | Title of Authorized Signatory: | Director | Director | Director | Director |
| Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: | Email Address of Authorized Signatory: |  |
| Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | Address for Notice to Purchaser: | [\*\*\*] |  |
| Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): |
| Subscription Amount: | Subscription Amount: | Subscription Amount: | [\*\*\*] |  |  |  |  |
| Shares: | [\*\*\*] |  |  |  |  |  |  |
| Warrant Shares: | Warrant Shares: | [\*\*\*] | [\*\*\*] |  |  |  | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% |
| EIN Number: | EIN Number: |  |  |  |  |  |  |

---

☐ Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the Closing shall occur on the first (1st) Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

------

## Exhibit 4.48

**Exhibit 4.48**

**Certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) is the type of information the issuer both customarily and actually treats as private and confidential.**

**SEALSQ CORP.**

October 5, 2025

To the Holder of Class A Ordinary Shares Purchase Warrants

Re:Amendment to Existing Class A Ordinary Shares Purchase Warrant and <u>Inducement Offer to Exercise Existing Class A Ordinary Shares Purchase Warrants</u>

Dear Holder:

SEALSQ Corp., (the "<u>Company</u>") is pleased to offer to you the opportunity to amend and subsequently exercise all of the Class A warrants to purchase ordinary shares of the Company, par value $0.01 per share (the "<u>Ordinary Shares</u>"), issued to you on July 15, 2025 (the "<u>Existing Warrants</u>"), as set forth on the signature page hereto and currently held by you (the "<u>Holder</u>"). The issuance of the Ordinary Shares underlying the Existing Warrants (the "<u>Warrant Shares</u>") has been registered pursuant to the registration statement on Form F-3 (File No. 333-286098) (the "<u>Registration Statement</u>"). The Registration Statement is currently effective and, upon exercise of the Existing Warrants pursuant to this letter agreement, will be effective for the resale of the Warrant Shares. Capitalized terms not otherwise defined herein shall have the meanings set forth in the New Warrants.

*Amendment to Existing Warrants*

Upon execution of this agreement, the Existing Warrants will hereby be amended to include a new Section 5(o) which provides as follows:

"(o) <u>Pre-Funded Warrants</u>. The Company covenants and agrees that in lieu of issuing Ordinary Shares upon exercise of this Warrant, the Company shall, at the option of the Holder, issue Pre-Funded Warrants to such Holder if, as a result of the exercise of this Warrant, the Holder's (along with its Affiliates) beneficial ownership of the Company's Ordinary Shares would exceed 4.99% (or, at the discretion of the Holder, 9.99%) of the Company's outstanding Ordinary Shares immediately following such exercise. A Holder electing to receive Pre-Funded Warrants in lieu of Ordinary Shares upon exercise of this Warrant shall indicate such preference on the Notice of Exercise and shall withhold from the Exercise Price of the Warrants so exercised $0.0001 per Warrant Share (which, for the avoidance of doubt, shall be the exercise price of the Pre-Funded Warrant).

*Inducement to Exercise*

In consideration for exercising in full all of the Existing Warrants held by you and set forth on the Holder's signature page hereto (the "<u>Warrant Exercise</u>") at the exercise price per Warrant Share as set forth in the Existing Warrants of $4.60, the Company hereby offers to issue you or your designee a new registered Class C Ordinary Share Warrant ("<u>New</u> <u>Warrant</u>") pursuant to the Company's Registration Statement, to purchase up to a number of Ordinary Shares (the "<u>New Warrant Shares</u>") equal to 175% of the number of Warrant Shares issued pursuant to the Warrant Exercise hereunder, which New Warrant shall be substantially in the form as reflected in <u>Exhibit A</u> hereto, will be exercisable immediately, and have a term of exercise of seven (7) years, and an exercise price per share equal to $5.10.

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The original New Warrant will be delivered on the Closing Date (as hereinafter defined) , and such New Warrants, together with any underlying Ordinary Shares issued upon exercise of the New Warrants, shall be free of legends.

Expressly subject to the paragraph immediately following this paragraph below, Holder may accept this offer by signing this letter below, with such acceptance constituting Holder's exercise in full of the Existing Warrants for an aggregate exercise price set forth on the Holder's signature page hereto (the "<u>Warrants Exercise Price</u>") on or before 10:00 p.m., Eastern Time, on October 5, 2025 (the "<u>Execution Time</u>").

Additionally, the Company agrees to the representations, warranties and covenants set forth on <u>Annex A</u> attached hereto. Holder represents and warrants that, as of the date hereof it is, and on each date on which it exercises any New Warrants it will be, an "accredited investor" as defined in Rule 501 of Regulation D promulgated under the Securities Act. Also, Holder represents and warrants that it is acquiring the New Warrants as principal for its own account and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of the New Warrants or the New Warrant Shares (this representation is not limiting Holder's right to sell the New Warrant Shares pursuant to the Registration Statement Act or otherwise in compliance with applicable federal and state securities laws).

If all or any portion of a New Warrant is exercised at a time when there is an effective registration statement to cover the issuance or resale of the New Warrant Shares or if the New Warrant is exercised via cashless exercise, the New Warrant Shares issued pursuant to any such exercise shall be issued free of all legends. If at any time following the date hereof the Registration Statement (or any subsequent registration statement registering the sale or resale of the New Warrant Shares) is not effective or is not otherwise available for the sale or resale of the New Warrant Shares, the Company shall immediately notify the holders of the New Warrants in writing that such registration statement is not then effective and thereafter shall promptly notify such holders when the registration statement is effective again and available for the sale or resale of the New Warrant Shares (it being understood and agreed that the foregoing shall not limit the ability of the Company to issue, or any Holder to sell, any of the New Warrant Shares in compliance with applicable federal and state securities laws). The Company shall use best efforts to keep a registration statement (including the Registration Statement) registering the issuance or resale of the New Warrant Shares effective during the term of the New Warrants.

From the date hereof until 60 days after the Closing Date, neither the Company nor any Subsidiary shall (A) issue, enter into any agreement to issue or announce the issuance or proposed issuance of any Ordinary Shares or Ordinary Share Equivalents or (B) file any registration statement or any amendment or supplement to any existing registration statement (other than prospectus supplements to the Registration Statement to reflect the transactions contemplated hereby). Notwithstanding the foregoing, the prior sentence shall not apply in respect of an Exempt Issuance. "<u>Exempt Issuance</u>" means the issuance of (a) Ordinary Shares or options to employees, officers, directors or independent contractors of the Company pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the board of directors or a majority of the members of a committee of non-employee directors established for such purpose for services rendered to the Company, (b) securities upon the exercise or exchange of or conversion of any securities issued hereunder and/or other securities exercisable or exchangeable for or convertible into Ordinary Shares issued and outstanding on the date of this letter agreement, provided that such securities have not been amended since the date of this letter agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than in connection with stock splits or combinations) or to extend the term of such securities, (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities are issued as "restricted securities"

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(as defined in Rule 144) or contractually restricted securities and carry no registration rights that require or permit the filing of any registration statement in connection therewith, and provided that any such issuance shall only be to a person (or to the equity holders of a person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities, and (d) after 30 days after the Closing Date, Ordinary Shares issued and sold pursuant to the 'at-the-market' program and arrangement in place as of the date of this letter agreement; provided, however, that the Company may make sales immediately under the 'at-the-market' program if such sales are made at a price per share of $5.10 or greater (as adjusted for reverse and forward stock splits and the like).

If this offer is accepted and the transaction documents are executed by the Execution Time, then on or before 9:30 a.m., Eastern Time, on the Trading Day following the date hereof, the Company shall issue a press release and/or file a Report on Form 6-K with the Commission disclosing all material terms of the transactions contemplated hereunder. From and after the issuance of such press release or the filing of such Report on Form 6-K, as applicable, the Company represents to you that it shall have publicly disclosed all material, non-public information delivered to you by the Company, or any of its respective officers, directors, employees or agents in connection with the transactions contemplated hereunder. In addition, effective upon the issuance of such press release and/or filing of such Report on Form 6-K, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates on the one hand, and you and your Affiliates on the other hand, shall terminate. The Company represents, warrants and covenants that, upon acceptance of this offer, and upon issuance of the Warrant Shares, the Warrant Shares shall be issued free of any legends or restrictions on resale by Holder.

No later than the second (2<sup>nd</sup>) Trading Day following the Execution Time, the closing shall occur at such location as the parties shall mutually agree. Unless otherwise directed by Maxim Group LLC (the "<u>Placement Agent</u>"), settlement of the Warrant Shares shall occur via "Delivery Versus Payment" ("<u>DVP</u>") (i.e., on the Closing Date, the Company shall issue the Warrant Shares registered in the Holders' names and addresses and released by the Transfer Agent directly to the account(s) at the Placement Agent identified by each Holder; upon receipt of such Warrant Shares, the Placement Agent shall promptly electronically deliver such Warrant Shares to the applicable Holder, and payment therefor shall concurrently be made to the Company by the Placement Agent (or its clearing firm) by wire transfer to the Company). Unless otherwise directed by the Placement Agent, settlement of any pre-funded warrants issuable upon exercise of the Existing Warrants shall be made by the Company causing such pre-funded warrants to be issued to the Holder in electronic .PDF format, with ink-originals being sent to the Holder via courier promptly; the Holder shall wire payment therefor directly to the Company.

The date of the closing of the exercise of the Existing Warrants shall be referred to as the "<u>Closing Date</u>".

The Company shall pay all transfer agent fees, stamp taxes and other taxes and duties levied in connection with the delivery of any Existing Warrant Shares. This letter agreement shall be construed and enforced in accordance with the laws of the State of New York, without regards to conflicts of laws principles. 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 herewith or with any transaction contemplated hereby.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

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| | |
|:---|:---|
| Sincerely yours, | Sincerely yours, |
| **SEALSQ CORP.** | **SEALSQ CORP.** |
| By:  | /s/ Carlos Moreira |
| Name:  | Carlos Moreira |
| Title: | CEO |
| By: | /s/ John O'Hara |
| Name: | John O'Hara |
| Title: | CFO |

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| | | |
|:---|:---|:---|
| Accepted and Agreed to: | Accepted and Agreed to: | Accepted and Agreed to: |
| Name of Holder: | L1 Capital Global Opportunities Master Fund | L1 Capital Global Opportunities Master Fund |
| *Signature of Authorized Signatory of Holder*:  | *Signature of Authorized Signatory of Holder*:  | /s/ David Feldman |
| Name of Authorized Signatory: | Name of Authorized Signatory: | David Feldman |
| Title of Authorized Signatory:  | Title of Authorized Signatory:  | Director |
| Number of Existing Warrants: [\*\*\*] | Number of Existing Warrants: [\*\*\*] | Number of Existing Warrants: [\*\*\*] |
| Aggregate Warrant Exercise Price: | Aggregate Warrant Exercise Price: | Aggregate Warrant Exercise Price: |
| Number of Warrant Shares: [\*\*\*] | Number of Warrant Shares: [\*\*\*] | Number of Warrant Shares: [\*\*\*] |
| Number of Pre-Funded Warrants: [\*\*\*] | Number of Pre-Funded Warrants: [\*\*\*] | Number of Pre-Funded Warrants: [\*\*\*] |
| Beneficial Ownership Blocker of Pre-Funded Warrants: ☐ 4.99% or ☐ 9.99% | Beneficial Ownership Blocker of Pre-Funded Warrants: ☐ 4.99% or ☐ 9.99% | Beneficial Ownership Blocker of Pre-Funded Warrants: ☐ 4.99% or ☐ 9.99% |
| New Warrants: (175% of total Existing Warrants being exercised): [\*\*\*] | New Warrants: (175% of total Existing Warrants being exercised): [\*\*\*] | New Warrants: (175% of total Existing Warrants being exercised): [\*\*\*] |
| Beneficial Ownership Blocker: ☐ 4.99% or ☐ 9.99% | Beneficial Ownership Blocker: ☐ 4.99% or ☐ 9.99% | Beneficial Ownership Blocker: ☐ 4.99% or ☐ 9.99% |
| DTC Instructions: | DTC Instructions: | DTC Instructions: |
| [\*\*\*] | [\*\*\*] | [\*\*\*] |

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| | |
|:---|:---|
| Accepted and Agreed to: | Accepted and Agreed to: |
| Name of Holder: | ANSON INVESTMENTS MASTER FUND LP |
| *Signature of Authorized Signatory of Holder*:  | /s/ AMIN NATHOO |
| Name of Authorized Signatory: | AMIN NATHOO |
| Title of Authorized Signatory:  | Director |
| Number of Existing Warrants: [\*\*\*] | Number of Existing Warrants: [\*\*\*] |
| Aggregate Warrant Exercise Price: | Aggregate Warrant Exercise Price: |
| Number of Warrant Shares: [\*\*\*] | Number of Warrant Shares: [\*\*\*] |
| Number of Pre-Funded Warrants: [\*\*\*] | Number of Pre-Funded Warrants: [\*\*\*] |
| Beneficial Ownership Blocker of Pre-Funded Warrants: ☐ 4.99% or ☐ 9.99% | Beneficial Ownership Blocker of Pre-Funded Warrants: ☐ 4.99% or ☐ 9.99% |
| New Warrants: (175% of total Existing Warrants being exercised): [\*\*\*] | New Warrants: (175% of total Existing Warrants being exercised): [\*\*\*] |
| Beneficial Ownership Blocker: ☐ 4.99% or ☐ 9.99% | Beneficial Ownership Blocker: ☐ 4.99% or ☐ 9.99% |
| DTC Instructions: | DTC Instructions: |
| [\*\*\*] | [\*\*\*] |

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| | |
|:---|:---|
| Accepted and Agreed to: | Accepted and Agreed to: |
| Name of Holder: | ANSON EAST MASTER FUND LP |
| *Signature of Authorized Signatory of Holder*:  | /s/ AMIN NATHOO |
| Name of Authorized Signatory: | AMIN NATHOO |
| Title of Authorized Signatory:  | Director |
| Number of Existing Warrants: [\*\*\*] | Number of Existing Warrants: [\*\*\*] |
| Aggregate Warrant Exercise Price: | Aggregate Warrant Exercise Price: |
| Number of Warrant Shares: [\*\*\*] | Number of Warrant Shares: [\*\*\*] |
| Number of Pre-Funded Warrants: [\*\*\*] | Number of Pre-Funded Warrants: [\*\*\*] |
| Beneficial Ownership Blocker of Pre-Funded Warrants: ☐ 4.99% or ☐ 9.99% | Beneficial Ownership Blocker of Pre-Funded Warrants: ☐ 4.99% or ☐ 9.99% |
| New Warrants: (175% of total Existing Warrants being exercised): [\*\*\*] | New Warrants: (175% of total Existing Warrants being exercised): [\*\*\*] |
| Beneficial Ownership Blocker: ☐ 4.99% or ☐ 9.99% | Beneficial Ownership Blocker: ☐ 4.99% or ☐ 9.99% |
| DTC Instructions: | DTC Instructions: |
| [\*\*\*] | [\*\*\*] |

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| | |
|:---|:---|
| Accepted and Agreed to: | Accepted and Agreed to: |
| Name of Holder: | ANSON OPPORTUNITIES MASTER FUND LP |
| *Signature of Authorized Signatory of Holder*:  | /s/ AMIN NATHOO |
| Name of Authorized Signatory: | AMIN NATHOO |
| Title of Authorized Signatory:  | Director |
| Number of Existing Warrants: [\*\*\*] | Number of Existing Warrants: [\*\*\*] |
| Aggregate Warrant Exercise Price: | Aggregate Warrant Exercise Price: |
| Number of Warrant Shares: [\*\*\*] | Number of Warrant Shares: [\*\*\*] |
| Number of Pre-Funded Warrants: [\*\*\*] | Number of Pre-Funded Warrants: [\*\*\*] |
| Beneficial Ownership Blocker of Pre-Funded Warrants: ☐ 4.99% or ☐ 9.99% | Beneficial Ownership Blocker of Pre-Funded Warrants: ☐ 4.99% or ☐ 9.99% |
| New Warrants: (175% of total Existing Warrants being exercised): [\*\*\*] | New Warrants: (175% of total Existing Warrants being exercised): [\*\*\*] |
| Beneficial Ownership Blocker: ☐ 4.99% or ☐ 9.99% | Beneficial Ownership Blocker: ☐ 4.99% or ☐ 9.99% |
| DTC Instructions: | DTC Instructions: |
| [\*\*\*] | [\*\*\*] |

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| | |
|:---|:---|
| Accepted and Agreed to: | Accepted and Agreed to: |
| Name of Holder: | CVI Investments, Inc., By: Heights Capital Management, Inc., its authorized agent |
| *Signature of Authorized Signatory of Holder*:  | /s/ Sam Winer |
| Name of Authorized Signatory: | Sam Winer |
| Title of Authorized Signatory:  | Authorized Signatory |
| Number of Existing Warrants: [\*\*\*] | Number of Existing Warrants: [\*\*\*] |
| Aggregate Warrant Exercise Price: | Aggregate Warrant Exercise Price: |
| Number of Warrant Shares: [\*\*\*] | Number of Warrant Shares: [\*\*\*] |
| Number of Pre-Funded Warrants: [\*\*\*] | Number of Pre-Funded Warrants: [\*\*\*] |
| Beneficial Ownership Blocker of Pre-Funded Warrants: ☐ 4.99% or ☐ 9.99% | Beneficial Ownership Blocker of Pre-Funded Warrants: ☐ 4.99% or ☐ 9.99% |
| New Warrants: (175% of total Existing Warrants being exercised): [\*\*\*] | New Warrants: (175% of total Existing Warrants being exercised): [\*\*\*] |
| Beneficial Ownership Blocker: ☐ 4.99% or ☐ 9.99% | Beneficial Ownership Blocker: ☐ 4.99% or ☐ 9.99% |
| DTC Instructions: | DTC Instructions: |
| [\*\*\*] | [\*\*\*] |

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**Annex A**

<u>Representations, Warranties and Covenants of the Company</u>. The Company hereby makes the following representations and warranties to the Holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>SEC Reports</u>. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein " <u>SEC Reports</u> "). As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Exchange Act and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company has never been an issuer subject to Rule 144(i) under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Authorization; Enforcement</u>. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this letter agreement and otherwise to carry out its obligations hereunder. The execution and delivery of this letter agreement by the Company and the consummation by the Company of the transactions contemplated hereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, its board of directors or its stockholders in connection herewith. This letter agreement has been duly executed by the Company and, when delivered in accordance with the terms hereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors' rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>No Conflicts</u>. The execution, delivery and performance of this letter agreement by the Company and the consummation by the Company of the transactions contemplated hereby do not and will not: (i) conflict with or violate any provision of the Company's certificate or articles of incorporation, bylaws or other organizational or charter documents; or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any liens, claims, security interests, other encumbrances or defects upon any of the properties or assets of the Company in connection with, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any material agreement, credit facility, debt or other material instrument (evidencing Company debt or otherwise) or other material understanding to which such Company is a party or by which any property or asset of the Company is bound or affected; or (iii) conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company is bound or affected, except, in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a material adverse effect upon the business, prospects, properties, operations, condition (financial or otherwise) or results of operations of the Company, taken as a whole, or in its ability to perform its obligations under this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Trading Market</u>. The transactions contemplated under this letter agreement comply with all the rules and regulations of the Nasdaq Capital Market applicable to the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Filings, Consents and Approvals</u>. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of this letter agreement, other than: (i) the filings required pursuant to this letter agreement, (ii) application(s) or notice to each applicable Trading Market for the listing of the New Warrant Shares for trading thereon in the time and manner required thereby, and (iii) such filings as are required to be made under applicable state securities laws.

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**Exhibit A**

**FORM OF NEW WARRANT**

**CLASS C ORDINARY SHARES PURCHASE WARRANT**

**SEALSQ CORP**

Exercise Price: [●] <br> Warrant Shares: [<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]</u> Initial Exercise Date: [●]

THIS CLASS C ORDINARY SHARES PURCHASE WARRANT (this "<u>Warrant</u>") certifies that, for value received, [<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> ], or its assigns (the "<u>Holder</u>") is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, to subscribe for and purchase from SEALSQ Corp, a British Virgin Islands company (the "<u>Company</u>"), [<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> ] shares of Ordinary Shares (subject to adjustment hereunder, the "<u>Warrant Shares</u>") at any time on or after the date hereof (the "<u>Initial Exercise Date</u>") and on or prior 5:00 p.m. Eastern Time on the seven (7) year anniversary of the Initial Exercise Date (the "<u>Termination Date</u>") but not thereafter.

The purchase price of one Warrant Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)<u>Definitions</u>. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement (the "<u>Purchase Agreement</u>"), dated July 14, 2025, between the Company and the Holder. As used herein, "<u>Inducement Agreement</u>" means that certain Inducement Letter, dated as of October 5, 2025, among the Company, the Holder and other holders of Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)<u>Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly executed facsimile or .pdf electronic copy of the Notice of Exercise Form annexed hereto (the " <u>Notice of Exercise</u> "). No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of or with respect to any Notice of Exercise be required. Within the earlier of (i) two Trading Days following the date of exercise as aforesaid or (ii) the Standard Settlement Period, the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or cashier's check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. In the event that the Holder is required to make any payments to the Company's stock transfer agent in connection with its exercise of this Warrant resulting from any failure of the Company to pay the transfer agent, the Holder may deduct such sums it pays the transfer

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agent from the total Exercise Price due. Notwithstanding anything herein to the contrary (although the Holder may surrender the Warrant to, and receive a replacement Warrant from, the Company), the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within five Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within one Trading Day of delivery of such notice. The Holder, by acceptance of this Warrant, acknowledges and agrees that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Exercise Price</u>. The initial exercise price per share of the Warrant Shares under this Warrant shall be equal $5.10 per share, subject to adjustment as provided herein (the " <u>Exercise Price</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Cashless Exercise</u>. If at any time after the exercise hereof, there is no effective Registration Statement registering, or the prospectus contained therein is not available for the issuance of, the Warrant Shares to the Holder, then this Warrant may also be exercised at the Holder's election, in whole or in part and in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise, at such time by means of a "cashless exercise" in which the Holder shall be entitled to receive a number of Warrant Shares equal to the number obtained by dividing [(A x B) – (A x C)] by (B), where:

(A)&nbsp;&nbsp;&nbsp;&nbsp; = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise;

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| | |
|:---|:---|
| (B)&nbsp;&nbsp;&nbsp;&nbsp; = | the greater of (i) the arithmetic average of the VWAPs for the five consecutive Trading Days ending on the date immediately preceding the date on which the Holder elects to exercise this Warrant by means of a "cashless exercise," as set forth in the applicable Notice of Exercise or (ii) the VWAP for the Trading Day immediately prior to the date on which the Holder makes such "cashless exercise" election; and |

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(C)&nbsp;&nbsp;&nbsp;&nbsp; = the Exercise Price of this Warrant, as adjusted hereunder, at the time of such exercise.

"<u>VWAP</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary Shares are then listed or quoted on a Trading Market, the daily volume weighted average price of the Ordinary Shares for such date (or

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the nearest preceding date) on the Trading Market on which the Ordinary Shares are then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the OTCQB Venture Market ("<u>OTCQB</u>") or the OTCQX Best Market ("<u>OTCQX</u>") is not a Trading Market, the volume weighted average price of the Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Ordinary Shares are then reported on the Pink Open Market ("<u>Pink Market</u>") operated by the OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Ordinary Share so reported, or (d) in all other cases, the fair market value of an Ordinary Share as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act of 1933, as amended (together with the rules and regulations promulgated thereunder, the "<u>Securities Act</u>"), the Warrant Shares shall take on the Securities Act registration characteristics of the Warrants being exercised. The Company agrees not to take any position contrary to this Section 2(c).

For avoidance of doubt, the phrase "effective Registration Statement" means (i) a registration statement covering the sale of the Warrant Shares has been declared effective by the SEC, has not been withdrawn and is not subject to a stop order issued by the SEC, and (ii) the Prospectus contained in such registration statement complies with Sections 5(b) and 10 of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Mechanics of Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Delivery of Warrant Shares Upon Exercise</u>. Warrant Shares purchased hereunder shall be transmitted to the Holder by the Transfer Agent by crediting the account of the Holder's prime broker with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (" <u>DWAC</u> ") if the Company is then a participant in such system and (A) there is an effective Registration Statement permitting the issuance of the Warrant Shares to the Holder, or (B) this Warrant is being exercised via cashless exercise, or otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise by the date that is one Trading Day after the later of (A) the delivery to the Company of the Notice of Exercise and (B) payment of the aggregate Exercise Price as set forth above (unless by cashless exercise, if permitted) (such date, the " <u>Warrant Share Delivery Date</u> "). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) one (1) Trading Day and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. The Company understands that a delay in the delivery of the Warrant Shares after the Warrant Share Delivery Date could result in economic loss to the Holder. As compensation to the Holder for such loss, the Company agrees to pay (as liquidated

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damages and not as a penalty) to the Holder for late issuance of Warrant Shares upon exercise of this Warrant (except if the delayed issuance is as result of events or circumstances beyond the control of the Company) the proportionate amount of $5 per Trading Day (increasing to $10 per Trading Day after the fifth Trading Day) after the Warrant Share Delivery Date for each $1,000 of the value of the Warrant Shares for which this Warrant is exercised (based on the Exercise Price) which are not timely delivered. The Company shall pay any payment incurred under this Section 2(d)(i) in immediately available funds upon demand. Furthermore, in addition to any other remedies which may be available to the Holder, in the event that the Company fails for any reason to effect delivery of the Warrant Shares by the Warrant Share Delivery Date, the Holder may revoke all or part of the relevant Warrant exercise by delivery of a notice to such effect to the Company, whereupon the Company and the Holder shall each be restored to their respective positions immediately prior to the exercise of the relevant portion of this Warrant except that the liquidated damages described above shall be payable through the date notice of revocation or rescission is given to the Company or the date the Warrant Shares are delivered to the Holder, whichever date is earlier. Failure of a designee of the Holder to accept the delivery of the Warrant Shares via the DWAC system shall not constitute a failure of the Company to timely deliver the Warrant Shares. As used herein, "<u>Standard Settlement Period</u>" means the standard settlement period, expressed in a number of Trading Days, on the Company's primary Trading Market with respect to the Ordinary Shares as in effect on the date of delivery of the Notice of Exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Delivery of New Warrants Upon Exercise</u>. If this Warrant shall have been exercised in part, the Company shall not require the Holder to surrender this Warrant as a condition of exercise. If the Holder requests a new Warrant it shall surrender this Warrant, and the Company shall deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical to this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Rescission Rights</u>. If the Company fails to deliver the Warrant Shares or cause the Transfer Agent to transmit to the Holder a certificate or the certificates representing the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right, at any time prior to issuance of such Warrant Shares, to rescind such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Compensation for Buy-In on Failure to Timely Deliver Certificates Upon Exercise</u>. In addition to any other rights available to the Holder, if the Company fails to deliver the Warrant Shares, or cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder's brokerage firm otherwise purchases, shares of Ordinary Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a " <u>Buy-In</u> "), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder's total purchase price (including brokerage commissions, if any) for the Ordinary Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was

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required to deliver to the Holder in connection with the exercise at issue by (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Ordinary Shares that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Ordinary Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Ordinary Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon written request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder's right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company's failure to timely deliver certificates representing shares of Ordinary Shares upon exercise of the Warrant as required pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>No Fractional Shares or Scrip</u>. No fractional shares or scrip representing fractional Warrant Shares shall be issued upon the exercise of this Warrant. As to any fraction of a Warrant Share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole Warrant Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Charges, Taxes and Expenses</u>. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate including any charges (limited to $100 per issuance) of any clearing firm, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; <u>provided</u>, <u>however</u>, that in the event Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Holder's Exercise Limitations</u>. The Company shall not effect the exercise of any portion of this Warrant, and the Holder shall not have the right to exercise any portion of this Warrant, pursuant to the terms and conditions of this Warrant and any such exercise shall be null and void and treated as if never made, to the extent that after giving effect to such exercise, the Holder together with the other Attribution Parties collectively would beneficially own in excess of 4.99% (the " <u>Maximum Percentage</u> ") of the Ordinary Shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing

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sentence, the aggregate number of shares of Ordinary Shares beneficially owned by the Holder and the other Attribution Parties shall include the number of shares of Ordinary Shares held by the Holder and all other Attribution Parties plus the number of shares of Ordinary Shares issuable upon exercise of this Warrant with respect to which the determination of such sentence is being made, but shall exclude shares of Ordinary Shares which would be issuable upon (A) exercise of the remaining, unexercised portion of this Warrant beneficially owned by the Holder or any of the other Attribution Parties and (B) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company (including, without limitation, any convertible notes or convertible preferred stock or warrants, including other Warrants issued under the Purchase Agreement) beneficially owned by the Holder or any other Attribution Party subject to a limitation on conversion or exercise analogous to the limitation contained in this Section 2(e). For purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities and Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the "<u>Exchange Act</u>"). For purposes of determining the number of outstanding shares of Ordinary Shares the Holder may acquire upon the exercise of this Warrant without exceeding the Maximum Percentage, the Holder may rely on the number of outstanding shares of Ordinary Shares as reflected in (x) the Company's most recent Annual Report on Form 20-F, Report on Form 6-K or other public filing with the SEC, as the case may be, (y) a more recent public announcement by the Company or (z) any other written notice by the Company or the Transfer Agent, if any, setting forth the number of shares of Ordinary Shares outstanding (the "<u>Reported Outstanding Share Number</u>"). If the Company receives an Exercise Notice from the Holder at a time when the actual number of outstanding Ordinary Shares is less than the Reported Outstanding Share Number, the Company shall (i) notify the Holder in writing of the number of shares of Ordinary Shares then outstanding and, to the extent that such Exercise Notice would otherwise cause the Holder's beneficial ownership, as determined pursuant to this Section 2(e), to exceed the Maximum Percentage, the Holder must notify the Company of a reduced number of Warrant Shares to be acquired pursuant to such Exercise Notice (the number of shares by which such purchase is reduced, the "<u>Reduction Shares</u>") and (ii) as soon as reasonably practicable, the Company shall return to the Holder any exercise price paid by the Holder for the Reduction Shares. For any reason at any time, upon the written or oral request of the Holder, the Company shall within one (1) Trading Day confirm orally and in writing or by electronic mail to the Holder the number of shares of Ordinary Shares then outstanding. In any case, the number of outstanding shares of Ordinary Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder and any other Attribution Party since the date as of which the Reported Outstanding Share Number was reported. In the event that the issuance of Ordinary Shares to the Holder upon exercise of this Warrant results in the Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate, more than the Maximum Percentage of the number of outstanding Ordinary Shares (as determined under Section 13(d) of the Exchange Act), the number of shares so issued by which the Holder's and the other Attribution Parties' aggregate beneficial ownership exceeds the Maximum Percentage (the "<u>Excess Shares</u>") shall be deemed null and void and shall be cancelled ab initio, and the Holder shall not have the power to vote or to transfer the Excess Shares. As soon as reasonably practicable after the issuance of

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the Excess Shares has been deemed null and void, the Company shall return to the Holder the exercise price paid by the Holder for the Excess Shares. Upon delivery of a written notice to the Company, the Holder may from time to time increase (with such increase not effective until the sixty-first (61st) day after delivery of such notice) or decrease the Maximum Percentage to any other percentage not in excess of 9.99% as specified in such notice; provided that (i) any such increase in the Maximum Percentage will not be effective until the sixty-first (61st) day after such notice is delivered to the Company and (ii) any such increase or decrease will apply only to the Holder and the other Attribution Parties and not to any other holder of the Purchase Agreement Warrants that is not an Attribution Party of the Holder. For purposes of clarity, the shares of Ordinary Shares issuable pursuant to the terms of this Warrant in excess of the Maximum Percentage shall not be deemed to be beneficially owned by the Holder for any purpose including for purposes of Section 13(d) of the Exchange Act. No prior inability to exercise this Warrant pursuant to this paragraph shall have any effect on the applicability of the provisions of this paragraph with respect to any subsequent determination of exercisability. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to the extent necessary to correct this paragraph or any portion of this paragraph which may be defective or inconsistent with the intended beneficial ownership limitation contained in this Section 2(e) or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitation contained in this paragraph may not be waived and shall apply to a successor holder of this Warrant. For purposes herein, "<u>Attribution Parties</u>" shall mean the Holder together with the Holder's Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder's Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)<u>Certain Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Stock Dividends and Splits</u>. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Ordinary Shares or any other equity or equity equivalent securities payable in Ordinary Shares (which, for avoidance of doubt, shall not include any Ordinary Shares issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding Ordinary Shares into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding Ordinary Shares into a smaller number of shares, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Ordinary Shares outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Subsequent Rights Offerings</u>. In addition to any adjustments pursuant to Section 3(a) above (but not in duplication thereof), if at any time the Company grants, issues or sells any Ordinary Shares Equivalents or rights to purchase stock, warrants, securities or other

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property pro rata to the record holders of any class of Ordinary Shares (the "<u>Purchase Rights</u>"), then and in each such event, an appropriate revision to the Exercise Price (and any other applicable provision) shall be made so that the Holder upon exercise of this Warrant will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate number of Ordinary Shares which the Holder could have acquired if the Holder had held the number of Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder's right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Ordinary Shares as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Pro Rata Distributions.</u> During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares, by way of return of capital or otherwise, other than cash (including, without limitation, any distribution of stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a " <u>Distribution</u> "), at any time after the issuance of this Warrant, then, in each such case, the appropriate revisions to the Exercise Price (and any other applicable provisions) shall be made so that the Holder shall, at exercise of this Warrant, be entitled to participate in the benefit of such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are to be determined for the participation in such Distribution (provided, however, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Ordinary Shares as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Fundamental Transaction</u>. If, at any time while this Warrant is outstanding, the Company enters into a Fundamental Transaction, then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental

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Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of common equity of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the "<u>Alternate Consideration</u>") receivable as a result of such Fundamental Transaction by a holder of the number of Ordinary Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Ordinary Shares in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Ordinary Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the "<u>Successor Entity</u>") to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Ordinary Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Ordinary Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the "Company" shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein. For purposes herein, "<u>Fundamental Transaction</u>" shall mean a transaction in which (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company or any Subsidiary, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to

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which holders of Ordinary Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of greater than 50% of the outstanding Ordinary Shares or greater than 50% of the voting power of the common equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares are effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires greater than 50% of the outstanding Ordinary Shares or greater than 50% of the voting power of the common equity of the Company. Notwithstanding the foregoing, a Fundamental Transaction shall not include (i) any merger of the Company, parent of the Company or any of their, direct or indirect, consolidated subsidiaries with or into any of the foregoing Persons, (ii) any reorganization, recapitalization or reclassification of the Ordinary Shares in which holders of the Company's voting power immediately prior to such reorganization, recapitalization or reclassification continue after such reorganization, recapitalization or reclassification to hold publicly traded securities and, directly or indirectly, are, in all material respects, the holders of the voting power of the surviving entity (or entities with the authority or voting power to elect the members of the board of directors (or their equivalent if other than a corporation) of such entity or entities) after such reorganization, recapitalization or reclassification, or (iii) pursuant to a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Calculations</u>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Ordinary Shares (excluding treasury shares, if any) issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Notice to Holder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Adjustment to Exercise Price</u>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

&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) <u>Notice to Allow Exercise by Holder</u>. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares, (C) the Company shall authorize the granting to all holders of the Ordinary Shares rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any reclassification of the Ordinary Shares, any

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consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Ordinary Shares are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register (as defined below), at least 10 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Ordinary Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Ordinary Shares of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)<u>Transfer of Warrant</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Transferability</u>. This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>New Warrants</u>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Warrant Register</u>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the " <u>Warrant Register</u> "), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Rights as Stockholder Until Exercise; No Settlement in Cash</u>. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof other than as explicitly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a "cashless exercise" pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Loss, Theft, Destruction or Mutilation of Warrant</u>. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate. In no event shall the Holder be required to post a bond or other security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Saturdays, Sundays, Holidays, etc</u>. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Trading Day, then, such action may be taken or such right may be exercised on the next succeeding Trading Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Authorized Shares</u>. The Company covenants that during the period this Warrant is outstanding, it will comply with Section 4.9 of the Purchase Agreement with respect to reserving the Warrant Shares, subject to adjustment pursuant to Section 3. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of

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In addition to any other remedies provided by this Warrant or the Agreement, if the Company at any time fails to meet this reservation of Ordinary Shares requirement within 45 days after written notice from the Holder, it shall pay the Holder as partial liquidated damages and not as a penalty a sum equal to $250 per day for each $100,000 of such Holder's Subscription Amount (or the Subscription Amount of the original Purchaser). The Company shall not enter into any agreement or file any amendment to its Charter Documents which conflicts with this Section 5(d) while the Warrants remain outstanding; provided, that nothing shall prohibit or otherwise restrict the Company from amending its Charter Documents in connection with the Corporate Reorganization.

Except and to the extent waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its Certificate of Incorporation (or charter) or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use best efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Choice of Law; Jurisdiction</u>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Restrictions</u>. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Non-waiver and Expenses</u>. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder's rights, powers or remedies. Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall

------

pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys' fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Notices</u>. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Limitation of Liability</u>. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Ordinary Shares or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Remedies</u>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate or that there is no irreparable harm and not to require the posting of a bond or other security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Successors and Assigns</u>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by any Holder from time to time of this Warrant or any Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Amendment</u>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Severability</u>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Headings</u>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

*(Signature Page Follows)*

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IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

---

| |
|:---|
| **SEALSQ CORP** |
| By: |
| Name: |
| Title: |

---

------

**NOTICE OF EXERCISE**

To:SEALSQ CORP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)The undersigned hereby elects to purchase <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)Payment shall take the form of (check applicable box):

[&nbsp;&nbsp;&nbsp;&nbsp;] in lawful money of the United States; or

[&nbsp;&nbsp;&nbsp;&nbsp;] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)After giving effect to this Notice of Exercise, the undersigned will not have exceeded the Beneficial Ownership Limitation.

The Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to:

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

SIGNATURE OF HOLDER

---

| |
|:---|
| Name of Investing Entity:  |
| *Signature of Authorized Signatory of Investing Entity*:  |
| Name of Authorized Signatory:  |
| Title of Authorized Signatory:  |
| Date:  |

---

------

**ASSIGNMENT FORM**

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

**SEALSQ CORP**

FOR VALUE RECEIVED, <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> all of or <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> whose address is

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

---

| | |
|:---|:---|
|  | Dated:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> , <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
| Holder's Signature: |  |
| Holder's Address: |  |

---

Signature Guaranteed: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

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## Exhibit 4.49

**Exhibit 4.49**

**CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE OF INFORMATION THE ISSUER BOTH CUSTOMARILY AND ACTUALLY TREATS AS PRIVATE AND CONFIDENTIAL.**

**SECURITIES PURCHASE AGREEMENT**

This Securities Purchase Agreement (this "<u>Agreement</u>") is dated as of October 15, 2025, between SEALSQ Corp., a British Virgin Islands company (the "<u>Company</u>"), and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a "<u>Purchaser</u>" and collectively the "<u>Purchasers</u>").

WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to (i) an effective registration statement under the Securities Act (as defined below) as to the Shares and (ii) an exemption from the registration requirements of Section 5 of the Securities Act contained in Section 4(a)(2) thereof and/or Regulation D thereunder as to the Pre-Funded Warrants and Class D Warrants, the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described in this Agreement.

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows:

**ARTICLE I.**

 **DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Definitions</u>. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the meanings set forth in this Section 1.1:

"<u>Acquiring Person</u>" shall have the meaning ascribed to such term in Section 4.5.

"<u>Action</u>" shall have the meaning ascribed to such term in Section 3.1(j).

"<u>Affiliate</u>" means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

"<u>Board of Directors</u>" means the board of directors of the Company.

"<u>Business Day</u>" means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed; <u>provided</u>, <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York are generally open for use by customers on such day.

"<u>BVI Counsel</u>" means Harney Westwood & Riegels LP, with offices located at Craigmuir Chambers PO Box 71, Road Town Tortola VG1110, British Virgin Islands.

"<u>Class D Warrants</u>" means, collectively, the unregistered Class D Ordinary Share Purchase Warrants delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof,

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which Class D Warrants shall be exercisable immediately, have a term of exercise equal to seven (7) years, and shall be substantially in the form of <u>Exhibit C-1</u> attached hereto.

"<u>Class D Warrant Shares</u>" means the Ordinary Shares issuable upon exercise of the Class D Warrants.

"<u>Closing</u>" means the closing of the purchase and sale of the Securities pursuant to Section 2.1.

"<u>Closing Date</u>" means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and all conditions precedent to (i) the Purchasers' obligations to pay the Subscription Amount and (ii) the Company's obligations to deliver the Securities, in each case, have been satisfied or waived, but in no event later than the Trading Day following the date hereof.

"<u>Commission</u>" means the United States Securities and Exchange Commission.

"<u>Company Counsel</u>" means Patterson Belknap Webb & Tyler LLP, with offices located at 1133 Avenue of the Americas, New York, New York 10036.

"<u>Disclosure Schedules</u>" means the Disclosure Schedules of the Company delivered concurrently herewith.

"<u>EGS</u>" means Ellenoff Grossman & Schole LLP, with offices located at 1345 Avenue of the Americas, New York, New York 10105-0302.

"<u>Evaluation Date</u>" shall have the meaning ascribed to such term in Section 3.1(s).

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Exempt Issuance</u>" means the issuance of (a) Ordinary Shares or options to employees, officers, directors or independent contractors of the Company pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose for services rendered to the Company, (b) securities upon the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable or exchangeable for or convertible into Ordinary Shares issued and outstanding on the date of this Agreement, provided that such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than in connection with stock splits or combinations) or to extend the term of such securities, (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities are issued as "restricted securities" (as defined in Rule 144) or contractually restricted securities and carry no registration rights that require or permit the filing of any registration statement in connection therewith, and provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment of

------

funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities, and (d) after 30 days after the Closing Date, Ordinary Shares issued and sold pursuant to the 'at-the-market' program and arrangement in place as of the date of this Agreement; provided, however, that the Company may make sales immediately under the 'at-the-market' program if such sales are made at a price per share of $9.25 or greater (as adjusted for reverse and forward stock splits and the like).

"<u>FCPA</u>" means the Foreign Corrupt Practices Act of 1977, as amended.

"<u>GAAP</u>" shall have the meaning ascribed to such term in Section 3.1(h).

"<u>Indebtedness</u>" shall have the meaning ascribed to such term in Section 3.1(aa).

"<u>Intellectual Property Rights</u>" shall have the meaning ascribed to such term in Section 3.1(p).

"<u>Legend Removal Date</u>" shall have the meaning ascribed to such term in Section 4.1(c).

"<u>Liens</u>" means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

"<u>Lock-Up Agreements</u>" means the written agreement, in the form of <u>Exhibit B</u> attached hereto, addressed to the Placement Agent by certain of the Company's directors, officers, and shareholder(s) that listed on <u>Exhibit A</u> hereto.

"<u>Material Adverse Effect</u>" shall have the meaning assigned to such term in Section 3.1(b).

"<u>Material Permits</u>" shall have the meaning ascribed to such term in Section 3.1(n).

"<u>Ordinary Shares</u>" means the ordinary shares of the Company, par value $0.01 per share, and any other class of securities into which such securities may hereafter be reclassified.

"<u>Ordinary Share Equivalents</u>" means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Ordinary Shares, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Ordinary Shares.

"<u>Per Share Purchase Price</u>" equals US$7.50 subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Ordinary Shares that occur after the date of this Agreement provided that the purchase price per Pre-Funded Warrant shall be the Per Share Purchase Price minus $0.0001.

"<u>Person</u>" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

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"<u>Pre-Funded Warrant</u>" means, collectively, the unregistered pre-funded Ordinary Share purchase warrants delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof, which Pre-Funded Warrants shall be exercisable immediately and shall expire when exercised in full, in the form of <u>Exhibit C-2</u> attached hereto.

"<u>Pre-Funded Warrant Shares</u>" means the Ordinary Shares issuable upon exercise of the Pre-Funded Warrants.

"<u>Placement Agent</u>" means Maxim Group LLC.

"<u>Placement Agency Agreement</u>" means the placement agency agreement dated as of October 15, 2025 by and between the Company and the Placement Agent.

"<u>Proceeding</u>" means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced or threatened.

"<u>Prospectus</u>" means the final base prospectus filed for the Registration Statement.

"<u>Prospectus Supplement</u>" means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is filed with the Commission and delivered by the Company to each Purchaser at the Closing.

"<u>Purchaser Party</u>" shall have the meaning ascribed to such term in Section 4.8.

"<u>Registration Statement</u>" means the effective registration statement on Form F-3, as amended, with Commission file No. 333-286098 which registers the sale of the Shares to the Purchasers, including all information, documents and exhibits filed with or incorporated by reference into such registration statement, and includes any Rule 462(b) Registration Statement.

"<u>Required Approvals</u>" shall have the meaning ascribed to such term in Section 3.1(e).

"<u>Rule 144</u>" means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

"<u>Rule 424</u>" means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

"<u>Rule 462(b) Registration Statement</u>" means any registration statement prepared by the Company registering additional Securities, which was filed with the Commission on or prior to the date hereof and became automatically effective pursuant to Rule 462(b) promulgated by the Commission pursuant to the Securities Act.

"<u>SEC Reports</u>" shall have the meaning ascribed to such term in Section 3.1(h).

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"<u>Securities</u>" means the Shares, the Warrants and the Warrant Shares.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Shares</u>" means the Ordinary Shares issued or issuable to each Purchaser pursuant to this Agreement, which for the avoidance of doubt, excludes Warrant Shares.

"<u>Short Sales</u>" means all "short sales" as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include locating and/or borrowing Ordinary Shares).

"<u>Subscription Amount</u>" means, as to each Purchaser, the aggregate amount to be paid for Shares and Class D Warrants and/or Pre-Funded Warrants and Class D Warrants purchased hereunder as specified below such Purchaser's name on the signature page of this Agreement and next to the heading "Subscription Amount," in United States dollars and in immediately available funds (minus, if applicable, a Purchaser's aggregate exercise price of the Pre-Funded Warrants, which amounts shall be paid as and when such Pre-Funded Warrants are exercised).

"<u>Subsidiary</u>" means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.

"<u>Trading Day</u>" means a day on which the principal Trading Market is open for trading.

"<u>Trading Market</u>" means any of the following markets or exchanges on which the Ordinary Shares are listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange or any successors to any of the foregoing.

"<u>Transaction Documents</u>" means this Agreement, the Placement Agency Agreement, the Lock-Up Agreements, the Warrants, all exhibits and schedules thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated hereunder.

"<u>Transfer Agent</u>" means Computershare Inc., the current transfer agent of the Company, with a mailing address of 150 Royall Street, Canton, Massachusetts 02021, and any successor transfer agent of the Company.

"<u>Variable Rate Transaction</u>" shall have the meaning ascribed to such term in Section 4.12(b).

"<u>Warrants</u>" means, collectively, the Class D Warrants and the Pre-Funded Warrants.

"<u>Warrant Shares</u>" means the Ordinary Shares issuable upon exercise of the Warrants.

**ARTICLE II.**

 **PURCHASE AND SALE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1<u>Closing</u>. On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell, and the Purchasers, severally and not jointly, agree to purchase, up to an aggregate of US$94,800,000 of Shares and an aggregate of US$105,199,995.00 of Pre-Funded Warrants.

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The Shares and Pre-Funded Warrants shall be delivered with accompanying Class D Warrants to the Purchaser as described in Section 2.2 below. Each Purchaser's Subscription Amount as set forth on the signature page hereto executed by such Purchaser shall be made available for "Delivery Versus Payment" settlement with the Company or its designee. The Company shall deliver to each Purchaser its respective Shares, Pre-Funded Warrants and Class D Warrants, as applicable, as determined pursuant to Section 2.2(a), and the Company and each Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of EGS or such other location as the parties shall mutually agree. Unless otherwise directed by the Placement Agent, settlement of the Shares shall occur via "Delivery Versus Payment" ("<u>DVP</u>") (i.e., on the Closing Date, the Company shall issue (i) the Shares registered in the Purchasers' names and addresses and released by the Transfer Agent directly to the account(s) at the Placement Agent identified by each Purchaser; upon receipt of such Shares, the Placement Agent shall promptly electronically deliver such Shares to the applicable Purchaser, and payment therefor shall be made by the Placement Agent (or its clearing firm) by wire transfer to the Company), (ii) a Pre-Funded Warrant to each of the Purchasers to evidence the applicable number of Pre-Funded Warrants purchased by the applicable Purchaser pursuant to the terms of this Agreement and (iii) a Class D Warrant to each of the Purchasers to evidence the applicable number of Class D Warrants purchased by the applicable Purchaser pursuant to the terms of this Agreement against receipt of payment by the Placement Agent (or clearing firm) by wire transfer to the Company. Notwithstanding anything to the contrary hereunder, to the extent that a Purchaser determines, in its sole discretion, that such Purchaser (together with such Purchaser's Affiliates, and any Person acting as a group together with such purchaser or any of such Holder's Affiliates) would beneficially own in excess of 9.99% of the number of Ordinary Shares outstanding immediately prior to giving effect to the issuance of the Securities on the Closing Date ("<u>Beneficial Ownership Maximum</u>"), such Purchaser may elect to receive only the Beneficial Ownership Maximum at the Closing with the balance of any share purchased hereunder, if any, held in abeyance for such Purchaser and issued immediately following the Closing provided in no event shall such Purchaser's beneficial ownership ever exceed the Beneficial Ownership Maximum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2<u>Deliveries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser and the Placement Agent the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)this Agreement duly executed by 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a Pre-Funded Warrant registered in the name of such Purchaser to purchase up to a number of Ordinary Shares equal to the portion of such Purchaser's Subscription Amount applicable to the Pre-Funded Warrant divided by the Per Share Purchase Price minus $0.0001, with an exercise price equal to $0.0001, subject to adjustment therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)a Class D Warrant registered in the name of such Purchaser to purchase up to a number of shares of Ordinary Shares equal to 200% of the sum of such Purchaser's Shares and Pre-Funded Warrant Shares, with an exercise price equal to $9.25, subject to adjustment therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)legal opinions of (x) Company Counsel with respect to U.S. laws and securities matters; and (y) BVI Counsel with respect to British Virgin Islands laws, each

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addressed to the Placement Agent and each of the Purchasers, and each in a form satisfactory to EGS, the Placement Agent and each of the Purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)a cold comfort letter, addressed to the Placement Agent in form and substance reasonably satisfactory in all material respects from BDO Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)duly executed Lock-Up Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)a duly executed and delivered Officers' Certificate, in customary form reasonably satisfactory to EGS and the Placement Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)subject to the last sentence of Section 2.1, confirmation of delivery of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver on an expedited basis via The Depository Trust Company Deposit or Withdrawal at Custodian system ("<u>DWAC</u>") Shares equal to such Purchaser's Subscription Amount divided by the Per Share Purchase Price, registered in the name of such Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)the Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).

&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)On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)this Agreement duly executed by such Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)such Purchaser's Subscription Amount, which shall be made available for "Delivery Versus Payment" settlement with the Company or its designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3<u>Closing Conditions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been performed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) when

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made and on the Closing Date of the representations and warranties of the Company contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)there shall have been no Material Adverse Effect with respect to the Company since the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)each of the Lock-Up Agreements shall remain in full force and effect; and

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

**ARTICLE III.**

 **REPRESENTATIONS AND WARRANTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1<u>Representations and Warranties of the Company</u>. Except as set forth in the Disclosure Schedules and in this Article III, which Disclosure Schedules shall be deemed a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding section of the Disclosure Schedules, the Company hereby makes the following representations and warranties to each Purchaser as of the date hereof and as of the Closing Date:

&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)<u>Subsidiaries</u>. All of the direct and indirect subsidiaries of the Company and their respective jurisdictions of incorporation are set forth on <u>Schedule 3.1(a)</u>. The Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities.

&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)<u>Organization and Qualification</u>. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing (to the extent such concept exists under applicable law) under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate

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or articles of incorporation, bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing (to the extent such concept exists under applicable law) as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company's ability to perform in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a "<u>Material Adverse Effect</u>") and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Authorization; Enforcement</u>. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Board of Directors or the Company's shareholders in connection herewith or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction Document to which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligations of the Company enforceable against the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, liquidation, possessory liens, rights of set off, merger, consolidation, reorganization, moratorium and other laws of general application affecting enforcement of creditors' rights generally as well as applicable international sanctions, (ii) as limited by laws relating to the statutory limitation of the time within which proceedings may be brought or availability of specific performance, injunctive relief or other equitable remedies, and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>No Conflicts</u>. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby do not and will not (i) conflict with or violate any provision of the Company's or any Subsidiary's certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or

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governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of clause (ii), such as could not have or reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Filings, Consents and Approvals</u>. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) the filings required pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission of the Prospectus Supplement, (iii) notification(s) to each applicable Trading Market for the listing of the Shares and Warrant Shares for trading thereon in the time and manner required thereby and (iv) the filing of Form D with the Commission and such filings as are required to be made under applicable state securities laws (collectively, the "<u>Required Approvals</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Issuance of the Securities; Registration</u>. The Securities are duly authorized and, the Shares and the Warrants when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents. The Warrant Shares, when issued in accordance with the terms of the Warrants, will be validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company. The Company has reserved from its duly authorized unissued shares the maximum number of Ordinary Shares issuable pursuant to this Agreement and the Warrants. The Company has prepared and filed the Registration Statement in conformity with the requirements of the Securities Act, which became effective on April 2, 2025 (the "<u>Effective Date</u>"), including the Prospectus, and such amendments and supplements thereto as may have been required to the date of this Agreement. The Registration Statement is effective under the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or preventing the use of the Prospectus has been issued by the Commission and no proceedings for that purpose have been instituted or, to the knowledge of the Company, are threatened by the Commission. The Company, if required by the rules and regulations of the Commission, shall file the Prospectus Supplement with the Commission pursuant to Rule 424(b). At the time the Registration Statement and any amendments thereto became effective, at the date of this Agreement and at the Closing Date, the Registration Statement and any amendments thereto conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; and the Prospectus and any amendments or supplements thereto, at the time the Prospectus or any amendment or supplement thereto was issued and at the Closing Date, conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain 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 Company is a foreign private issuer, as defined in Rule 405 of Regulation C under the Securities Act and Rule 3b-4 under the Exchange Act. The Company was at the time of the filing of the Registration Statement eligible to use Form F-3. The Company is eligible to use Form F-3 under the Securities Act and it meets the transaction requirements as set forth in General

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Instruction I.B.1 of Form F-3 and the Company is a well-known seasoned issuer (as defined in Rule 405 under the Securities Act) eligible to file an automatic shelf registration statement as of the date hereof and as of the Filing Deadline (as hereinafter defined).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Capitalization</u>. The capitalization of the Company as of the date hereof is as set forth on Schedule 3.1(g) , which Schedule 3.1(g) shall also include the number of Ordinary Shares owned beneficially, and of record, by Affiliates of the Company as of the date hereof. Except as set forth in Schedule 3.1(g), the Company has not issued any shares since its most recently filed periodic report under the Exchange Act, other than transactions under the Company's at-the-market offering facility and in connection with any Exempt Issuance. Except as set forth in Schedule 3.1(g), no Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as set forth on Schedule 3.1(g), there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any Ordinary Shares or the capital stock of any Subsidiary, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional Ordinary Shares or Ordinary Share Equivalents or capital stock of any Subsidiary. The issuance and sale of the Securities will not obligate the Company or any Subsidiary to issue Ordinary Shares or other securities to any Person (other than the Purchasers) and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities. Except as set forth on Schedule 3.1(g), there are no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary. The Company does not have any stock appreciation rights or "phantom stock" plans or agreements or any similar plan or agreement. All of the outstanding shares of the Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization of any shareholder, the Board of Directors or others is required for the issuance and sale of the Securities. There are no stockholders agreements, voting agreements or other similar agreements with respect to the Company's Shares to which the Company is a party or, to the knowledge of the Company, between or among any of the Company's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>SEC Reports; Financial Statements</u>. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together with the Prospectus and the Prospectus Supplement, being collectively referred to herein as the "<u>SEC Reports</u>") on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed (subject to

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amendments as may have been made), contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. Additionally, any further documents so filed and incorporated by reference in the Prospectus and Prospectus Supplement, when such documents are filed with the Commission, will conform in all material respects to the requirements of the Exchange Act and the applicable rules and regulations, as applicable, and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made not misleading. No post-effective amendment to the Registration Statement reflecting any facts or events arising after the date thereof which represent, individually or in the aggregate, a fundamental change in the information set forth therein is required to be filed with the Commission. The Company has never been an issuer subject to Rule 144(i) under the Securities Act. As of their respective dates, the financial statements of the Company included in the SEC Reports complied in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved ("<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, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. The agreements and documents described in the Registration Statement, the Prospectus, the Prospectus Supplement, and the SEC Reports conform in all material aspects to the descriptions thereof contained therein and there are no agreements or other documents required by the Securities Act and the rules and regulations thereunder to be described in the Registration Statement, the Prospectus, the Prospectus Supplement or the SEC Reports or to be filed with the Commission as exhibits to the Registration Statement, that have not been so described or filed. Each agreement or other instrument (however characterized or described) to which the Company is a party or by which it is or may be bound or affected and (i) that is referred to in the Registration Statement, the Prospectus, the Prospectus Supplement or the SEC Reports, or (ii) is material to the Company's business (each, a "Material Agreement"), has been duly authorized and validly executed by the Company, is in full force and effect in all material respects and is enforceable against the Company and, to the Company's knowledge, the other parties thereto, in accordance with its terms, except (x) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally, (y) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws, and (z) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefore may be brought. No Material Agreement has been assigned by the Company, and neither the Company nor, to the best of the Company's knowledge, any other party is in default thereunder and, to the best of the Company's knowledge, no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute a default thereunder that has had or that could reasonably be expected to result in a Material Adverse Effect. To the best of the Company's knowledge, performance by the Company of the material provisions of the Material Agreements will not result in a violation of any existing applicable law, rule, regulation, judgment, order or decree of any

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governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its assets or businesses, including, without limitation, those relating to environmental laws and regulations. The other financial and statistical information included in the SEC Reports present fairly, in all material respects, the information included therein and have been prepared on a basis consistent with that of the financial statements that are included in the SEC Reports and the books and records of the respective entities presented therein.

&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)<u>Material Changes; Undisclosed Events, Liabilities or Developments</u>. Since the date of the latest audited financial statements included within the SEC Reports, except as set forth on Schedule 3.1(i), (i) there has been no event, occurrence or development, including changes generally affecting the Company's or Subsidiaries' industries, that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company's financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company stock option plans. The Company does not have pending before the Commission any request for confidential treatment of information. Except for the issuance of the Securities contemplated by this Agreement or as set forth on Schedule 3.1(i), no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective businesses, prospects, properties, operations, assets or financial condition that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior to the date that this representation is made. Other than as set forth on Schedule 3.1(i), the Company has not: (i) issued any securities or incurred any liability or obligation, direct or contingent, for borrowed money; or (ii) declared or paid any dividend or made any other distribution on or in respect of its capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Litigation</u>. Except as set forth on Schedule 3.1(j), there has not been, and to the knowledge of the Company, there is not pending or contemplated, any action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an "<u>Action</u>"). None of the Actions set forth on Schedule 3.1(j) (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities, (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect or (iii) are not expected to have a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company. The

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Commission has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Labor Relations</u>. Except as set forth on Schedule 3.1(k), no labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company's or its Subsidiaries' employees is a member of a union that relates to such employee's relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their employees are good. To the knowledge of the Company, no executive officer of the Company or any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Compliance</u>. Except as set forth on Schedule 3.1(l), neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived); (ii) is in violation of any judgment, decree or order of any court, arbitrator or other governmental authority; or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case as could not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)<u>Environmental Laws</u>. The Company and its Subsidiaries (i) are in compliance with all federal, state, local and foreign laws relating to pollution or protection of human health or the environment (including ambient air, surface water, groundwater, land surface or subsurface strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, "<u>Hazardous Materials</u>") into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder ("<u>Environmental Laws</u>"); (ii) have received all permits licenses or other approvals required of them under applicable

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Environmental Laws to conduct their respective businesses; and (iii) are in compliance with all terms and conditions of any such permit, license or approval where in each clause (i), (ii) and (iii), the failure to so comply could be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)<u>Regulatory Permits</u>. The Company and the Subsidiaries possess all certificates, authorizations, approvals, orders, licenses and permits issued by the appropriate federal, state, local or foreign regulatory authorities, necessary to conduct their respective businesses as described in the SEC Reports, except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (each, a "<u>Material</u> <u>Permit</u>"), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any Material Permit. The disclosures in the Registration Statement concerning the effects of federal, state, local and all foreign regulation on the Company's business as currently contemplated are correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)<u>Title to Assets</u>. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries and (ii) Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance with GAAP and, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance which the failure to so have could have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)<u>Intellectual Property</u>. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights necessary or required for use in connection with their respective businesses as described in the SEC Reports and which the failure to so have could have a Material Adverse Effect (collectively, the "<u>Intellectual Property Rights</u>"). Schedule 3.1(p) sets forth all of the material Intellectual Property Rights that the Company and its Subsidiaries own or have the rights to use and that are currently being used. Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements included within the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of any Person, except as could not have or reasonably be expected to not have a Material Adverse Effect. To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights. Except as set forth in Schedule 3.1(p), none of, and neither the Company nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual

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properties, except where failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)<u>[Intentionally omitted]</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)<u>Transactions With Affiliates and Employees</u>. Except as set forth on Schedule 3.1(r), none of the officers or directors of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, stockholder, member or partner, in each case in excess of US$120,000 other than for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits, including stock option agreements under any stock option plan of 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;(s)<u>Sarbanes-Oxley; Internal Accounting Controls</u>. Except as disclosed in the SEC Reports, the Company and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports 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. The Company's certifying officers have evaluated the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of the end of the period covered by the most recently filed periodic report under the Exchange Act (such date, the "<u>Evaluation Date</u>"). The Company presented in its most recently filed periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defined in the Exchange Act) of the Company and its Subsidiaries that have materially affected, or is reasonably likely to materially affect, the internal control over financial reporting of the Company and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)<u>Certain Fees</u>. Other than the compensation payable to the Placement Agent pursuant to the terms of the Placement Agency Agreement and as set forth in the Prospectus Supplement relating to the placement of the Securities, no brokerage or finder's fees or commissions are or will be payable by the Company or any Subsidiary or Affiliate of the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. The Purchasers shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)<u>Investment Company</u>. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities, will not be or be an Affiliate of, an "investment company" within the meaning of the Investment Company Act of 1940, as amended. The Company shall conduct its business in a manner so that it will not become an "investment company" subject to registration under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)<u>Registration Rights</u>. Except as set forth in Schedule 3(v) and the Purchasers, no Person has any right to cause the Company or any Subsidiary to effect the registration under the Securities Act of any securities of the Company or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)<u>Listing and Maintenance Requirements</u>. The Ordinary Shares are registered pursuant to Section 12(b) of the Exchange Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Ordinary Shares under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration. Except as set forth on Schedule 3.1(w), the Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on which the Ordinary Shares are or have been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market. The Ordinary Shares are currently eligible for electronic transfer through the Depository Trust Company, or another established clearing corporation and the Company is current in payment of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)<u>Application of Takeover Protections</u>. The Company and the Board of Directors have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Company's certificate of incorporation (or similar charter documents) or the laws of its state of incorporation that is or could become applicable to the Purchasers as a result of the Purchasers and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation as a result of the Company's issuance of the Securities and the Purchasers' ownership of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)<u>Disclosure</u>. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel with any information that it believes constitutes or might constitute material, non-public information which is not otherwise disclosed in the Prospectus Supplement. The Company understands and confirms that the Purchasers will rely on the foregoing representation in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Purchasers regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including the Disclosure Schedules to this Agreement, is true and correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. There are no documents required to be filed with the Commission in connection with the transaction contemplated hereby that (x) have not been filed as required pursuant to

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the Securities Act or (y) will not be filed within the requisite time period. There are no contracts or other documents required to be described in the Preliminary Prospectus or Prospectus, or to be filed as exhibits or schedules to the Registration Statement, which have not been described or filed as required. The press releases disseminated by the Company during the twelve months preceding the date of this Agreement taken as a whole do not contain any 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 light of the circumstances under which they were made and when made, not misleading. The statistical and market-related data included in the Prospectus and Prospectus Supplement, if any, are based on or derived from sources that the Company reasonably and in good faith believes are reliable and accurate or represent the Company's good faith estimates that are made on the basis of data derived from such sources. The Company has obtained all consents required for the inclusion of such statistical and market-related data in the Prospectus and Prospectus Supplement. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in the Prospectus or Prospectus Supplement has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith. The Company acknowledges and agrees that no Purchaser makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)<u>No Integrated Offering</u>. Assuming the accuracy of the Purchasers' representations and warranties set forth in Section 3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Securities to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would require the registration of the Warrants or Warrant Shares under the Securities Act, or (ii) any applicable shareholder approval provisions of any Trading Market on which any of the securities of the Company are listed or designated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)<u>Solvency</u>. Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the Company of the proceeds from the sale of the Securities hereunder, (i) the fair saleable value of the Company's assets exceeds the amount that will be required to be paid on or in respect of the Company's existing debts and other liabilities (including known contingent liabilities) as they mature, (ii) the Company's assets do not constitute unreasonably small capital to carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular capital requirements of the business conducted by the Company, consolidated and projected capital requirements and capital availability thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt). The Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. For the avoidance of doubt, such reorganization does not include the Company's mergers, acquisitions or other strategic transactions which are not for the primary purpose of avoiding bankruptcy. Schedule 3.1(aa)

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sets forth as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement, "<u>Indebtedness</u>" means (x) any liabilities for borrowed money or amounts owed in excess of US$50,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company's consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the present value of any lease payments in excess of US$50,000 due under leases required to be capitalized in accordance with GAAP. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)<u>Tax Status</u>. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such claim. The provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement, Prospectus and Prospectus Supplement are sufficient for all accrued and unpaid taxes, whether or not disputed, and for all periods to and including the dates of such consolidated financial statements. The term "taxes" mean all federal, state, local, foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments, or charges of any kind whatsoever, together with any interest and any penalties, additions to tax, or additional amounts with respect thereto. The term "returns" means all returns, declarations, reports, statements, and other documents required to be filed in respect to taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)<u>Foreign Corrupt Practices</u>. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated in any material respect any provision of FCPA. The Company has taken commercially reasonable steps to ensure that its accounting controls and procedures are designed to cause the Company to comply in all material respects with the FCPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)<u>Accountants</u>. The Company's independent registered public accounting firm is BDO Ltd., which is a registered public accounting firm as required by the Exchange Act. To

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the knowledge and belief of the Company, BDO Ltd. shall express its opinion with respect to the financial statements to be included in the Company's Annual Report on Form 20-F for the fiscal year ending December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)<u>Acknowledgment Regarding Purchasers' Purchase of Securities</u>. The Company acknowledges and agrees that each of the Purchasers is acting solely in the capacity of an arm's length purchaser with respect to the Transaction Documents and the transactions contemplated thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by any Purchaser or any of their respective representatives or agents in connection with the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchasers' purchase of the Securities. The Company further represents to each Purchaser that the Company's decision to enter into this Agreement and the other Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)<u>Acknowledgment Regarding Purchaser's Trading Activity</u>. Anything in this Agreement or elsewhere herein to the contrary notwithstanding (except for Sections 3.2(f) and 4.14 hereof), it is understood and acknowledged by the Company that: (i) none of the Purchasers has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling, long and/or short, securities of the Company, or "derivative" securities based on securities issued by the Company or to hold the Securities for any specified term; (ii) past or future open market or other transactions by any Purchaser, specifically including, without limitation, Short Sales or "derivative" transactions, before or after the closing of this or future private placement transactions, may negatively impact the market price of the Company's publicly-traded securities; (iii) any Purchaser, and counter-parties in "derivative" transactions to which any such Purchaser is a party, directly or indirectly, presently may have a "short" position in the Ordinary Shares, and (iv) each Purchaser shall not be deemed to have any affiliation with or control over any arm's length counter-party in any "derivative" transaction. The Company further understands and acknowledges that (y) one or more Purchasers may engage in hedging activities at various times during the period that the Securities are outstanding, including, without limitation, during the periods that the value of the Warrant Shares deliverable with respect to Securities are being determined, and (z) such hedging activities (if any) could reduce the value of the existing stockholders' equity interests in the Company at and after the time that the hedging activities are being conducted. The Company acknowledges that such aforementioned hedging activities do not constitute a breach of any of the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)<u>Regulation M Compliance</u>. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Company's placement agent in connection with the placement of the Securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)<u>Stock Option Plans</u>. Except as disclosed on Schedule 3.1(hh), each stock option granted by the Company under the Company's stock option plan with respect to the Ordinary Shares was granted (i) in accordance with the terms of the Company's stock option plan and (ii) with an exercise price at least equal to the fair market value of the Ordinary Shares on the date such stock option would be considered granted under GAAP and applicable law. No stock option granted under the Company's stock option plan has been backdated. The Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects.

&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)<u>Office of Foreign Assets Control</u>. Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director, officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("<u>OFAC</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)<u>U.S. Real Property Holding Corporation</u>. The Company is not and has never been a U.S. real property holding corporation within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser's request.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)<u>Money Laundering</u>. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the "<u>Money Laundering Laws</u>"), and no Action or Proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm)<u>D&O Questionnaires</u>. To the Company's knowledge, all information contained in the questionnaires most recently completed by each of the Company's directors and officers and beneficial owner of 5% or more of the Ordinary Shares or Ordinary Share Equivalents is true and correct in all respects and the Company has not become aware of any information which would cause the information disclosed in such questionnaires become inaccurate and incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn)<u>FINRA Affiliation</u>. To the Company's knowledge, no officer, director or any beneficial owner of 10% or more of the Company's Ordinary Shares or

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Ordinary Share Equivalents has any direct or indirect affiliation or association with any FINRA member (as determined in accordance with the rules and regulations of FINRA) that is participating in the Offering. Except for securities purchased on the open market, no Company Affiliate is an owner of stock or other securities of any member of FINRA. No Company Affiliate has made a subordinated loan to any member of FINRA. No proceeds from the sale of the Securities (excluding compensation as disclosed in the Prospectus Supplement to the Placement Agent) will be paid to any FINRA member, any persons associated with a FINRA member or an affiliate of a FINRA member. Except as disclosed in the Registration Statement, Prospectus and Prospectus Supplement, no person to whom securities of the Company have been privately issued within the 180-day period prior to the initial filing date of the Prospectus Supplement is a FINRA member, is a person associated with a FINRA member or is an affiliate of a FINRA member. No FINRA member participating in the offering has a conflict of interest with the Company. For this purpose, a "conflict of interest" exists when a FINRA member, the parent or affiliate of a FINRA member or any person associated with a FINRA member in the aggregate beneficially own 10% or more of the Company's outstanding subordinated debt or common equity, or 5% or more of the Company's preferred equity. "FINRA member participating in the offering" includes any associated person of a FINRA member that is participating in the offering, any member of such associated person's immediate family and any affiliate of a FINRA member that is participating in the offering. "Any person associated with a FINRA member" means (1) a natural person who is registered or has applied for registration under the rules of FINRA and (2) a sole proprietor, partner, officer, director, or branch manager of a FINRA member, or other natural person occupying a similar status or performing similar functions, or a natural person engaged in the investment banking or securities business who is directly or indirectly controlling or controlled by a FINRA member. When used in this Section 3.1(mm) the term "affiliate of a FINRA member" or "affiliated with a FINRA member" means an entity that controls, is controlled by or is under common control with a FINRA member. The Company will advise the Placement Agent and EGS if it learns that any officer, director or owner of 10% or more of the Company's outstanding Ordinary Shares or Ordinary Share Equivalents is or becomes an affiliate or associated person of a FINRA member firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo)<u>Officers' Certificate</u>. Any certificate signed by any duly authorized officer of the Company and delivered to the Purchasers shall be deemed a representation and warranty by the Company to the Purchasers as to the matters covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp)<u>Board of Directors</u>. The qualifications of the persons serving as board members and the overall composition of the Board of Directors comply with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder applicable to the Company and the rules of the Trading Market. At least one member of the Board of Directors qualifies as a "financial expert" as such term is defined under the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder and the rules of the Trading Market. In addition, at least a majority of the persons serving on the Board of Directors qualify as "independent" as defined under the rules of the Trading Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq)<u>ERISA</u>. The Company is not a party to an "employee benefit plan," as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>"), which: (i) is subject to any provision of ERISA and (ii) is or was at any time

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maintained, administered or contributed to by the Company or any of its ERISA Affiliates (as defined hereafter). These plans are referred to collectively herein as the "<u>Employee Plans</u>." An "ERISA Affiliate" of any person or entity means any other person or entity which, together with that person or entity, could be treated as a single employer under Section 414(b), (c), (m) or (o) of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"). Each Employee Plan has been maintained in material compliance with its terms and the requirements of applicable law. No Employee Plan is subject to Title IV of ERISA. The Registration Statement, Prospectus and the Prospectus Supplement identify each employment, severance or other similar agreement, arrangement or policy and each material plan or arrangement required to be disclosed pursuant to the Rules and Regulations providing for insurance coverage (including any self-insured arrangements), workers' compensation, disability benefits, severance benefits, supplemental unemployment benefits, vacation benefits or retirement benefits, or deferred compensation, profit-sharing, bonuses, stock options, stock appreciation rights or other forms of incentive compensation, or post-retirement insurance, compensation or benefits, which: (i) is not an Employee Plan; (ii) is entered into, maintained or contributed to, as the case may be, by the Company or any of its ERISA Affiliates; and (iii) covers any officer or director or former officer or director of the Company or any of its ERISA Affiliates. These agreements, arrangements, policies or plans are referred to collectively as "<u>Benefit Arrangements</u>." Each Benefit Arrangement has been maintained in material compliance with its terms and with the requirements of applicable law. No Employee Plan has any liability in respect of post-retirement health and medical benefits for retired employees of the Company or any of its ERISA Affiliates, other than medical benefits required to be continued under applicable law. No "prohibited transaction" (as defined in either Section 406 of ERISA or Section 4975 of the Code) has occurred with respect to any Employee Plan; and each Employee Plan that is intended to be qualified under Section 401(a) of the Code is so qualified, and to the Company's knowledge, nothing has occurred, whether by action or by failure to act, which could cause the loss of such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr)<u>No Immunity</u>. None of the Company or its Subsidiaries or any of their respective properties, assets or revenues has any right of immunity, under the laws of the British Virgin Islands, Switzerland or the State of New York, from any legal action, suit or proceeding, the giving of any relief in any such legal action, suit or proceeding, set-off or counterclaim, the jurisdiction of any British Virgin Islands, Switzerland, New York or United States federal court, service of process, attachment upon or prior to judgment, or attachment in aid of execution of judgment, or execution of a judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of a judgment, in any such court, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Agreement and the Transaction Documents; and, to the extent that the Company or any of its Subsidiaries or any of their respective properties, assets or revenues may have or may hereafter become entitled to any such right of immunity in any such court in which proceedings may at any time be commenced, each of the Company and its Subsidiaries waives or will waive such right to the extent permitted by law and has consented to such relief and enforcement as provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss)<u>Lock-Up Agreements</u>. Certain of the Company's directors, officers and affiliates as of the date of this Agreement have signed a Lock-Up Agreement, addressed to the Placement Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt)<u>Cybersecurity</u>. (i)(x) There has been no security breach or other compromise of or relating to any of the Company's or any Subsidiary's information technology and computer systems, networks, hardware, software, data (including the data of its respective customers, employees, suppliers, vendors and any third party data maintained by or on behalf of it), equipment or technology (collectively, "<u>IT Systems and Data</u>") and (y) the Company and the Subsidiaries have not been notified of, and has no knowledge of any event or condition that would reasonably be expected to result in, any security breach or other compromise to its IT Systems and Data; (ii) the Company and the Subsidiaries are presently in compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as would not, individually or in the aggregate, have a Material Adverse Effect; (iii) the Company and the Subsidiaries have implemented and maintained commercially reasonable safeguards to maintain and protect its material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and Data; and (iv) the Company and the Subsidiaries have implemented backup and disaster recovery technology consistent with industry standards and practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu)<u>Compliance with Data Privacy Laws</u>. The Company and its Subsidiaries are, and to the knowledge of the Company, at all prior times were, in material compliance with all applicable state and federal data privacy and security laws and regulations, including without limitation HIPAA, CCPA, and GDPR (collectively, the "Privacy Laws"). To ensure compliance with the Privacy Laws, the Company has in place, complies with, and takes appropriate steps to ensure compliance in all material respects 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 "Policies"). 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 by applicable laws and regulatory rules or requirements, and none of such disclosures made or contained in any Policy have been inaccurate or in violation of any applicable laws and regulatory rules or requirements in any material respect. The Company further certifies that neither it nor any subsidiary: (i) has received 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 except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv)<u>Private Placement</u>. Assuming the accuracy of the Purchasers' representations and warranties set forth in Section 3.2, no registration under the Securities Act is required for the offer and sale of the Warrants or the Warrant Shares by the Company to the Purchasers as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww)<u>No General Solicitation</u>. Neither the Company nor any Person acting on behalf

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of the Company has offered or sold any of the Warrant or Warrant Shares by any form of general solicitation or general advertising. The Company has offered the Warrants and Warrant Shares for sale only to the Purchasers and certain other "accredited investors" within the meaning of Rule 501 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)<u>No Disqualification Events</u>. With respect to the Warrant and Warrant Shares to be offered and sold hereunder in reliance on Rule 506 under the Securities Act, to the Company's knowledge. none of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of the Company participating in the offering hereunder, any beneficial owner of 20% or more of the Company's outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, an "Issuer Covered Person") is subject to any of the "<u>Bad Actor</u>" disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a "<u>Disqualification Event</u>"), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e), and has furnished to the Purchasers a copy of any disclosures provided thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy)<u>Other Covered Persons</u>. Other than the Placement Agent, the Company is not aware of any person (other than any Issuer Covered Person) that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Securities.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2<u>Representations and Warranties of the Purchasers</u>. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they shall be accurate as of such date):

&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)<u>Organization; Authority</u>. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in

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accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors' rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

&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)<u>Understandings or Arrangements</u>. Such Purchaser is acquiring the Securities as principal for its own account and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities (this representation and warranty not limiting such Purchaser's right to sell the Securities pursuant to the Registration Statement or otherwise in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities hereunder in the ordinary course of its business. Such Purchaser understands that the Warrants and the Warrant Shares are "restricted securities" and have not been registered under the Securities Act or any applicable state securities law and is acquiring such Securities as principal for his, her or its own account and not with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act or any applicable state securities law, has no present intention of distributing any of such Securities in violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities in violation of the Securities Act or any applicable state securities law (this representation and warranty not limiting such Purchaser's right to sell such Securities pursuant to a registration statement or otherwise in compliance with applicable federal and state securities laws).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Purchaser Status</u>. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, and on each date on which it exercises any Warrants, it will be (i) an "accredited investor" as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a "qualified institutional buyer" as defined in Rule 144A(a) under the Securities Act.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Access to Information</u>. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including all exhibits and schedules thereto) and the SEC Reports and has been afforded, subject to Section 3.2(h) (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment. Such Purchaser acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement

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Agent has provided such Purchaser with any information or advice with respect to the Securities nor is such information or advice necessary or desired. Neither the Placement Agent nor any Affiliate has made or makes any representation as to the Company or the quality of the Securities and the Placement Agent and any Affiliate may have acquired non-public information with respect to the Company which such Purchaser agrees need not be provided to it. In connection with the issuance of the Securities to such Purchaser, neither the Placement Agent nor any of its Affiliates has acted as a financial advisor or fiduciary to such Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Certain Transactions and Confidentiality</u>. Other than consummating the transactions contemplated hereunder, such Purchaser has not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting forth the material pricing terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser's assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser's assets, the representation set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement. Other than to other Persons party to this Agreement or to such Purchaser's representatives, including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates, such Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction). Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales or similar transactions in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Affiliate and Group Status</u>. Each Purchaser hereby represents to the Company that (i) it beneficially owns less than 10% of the Shares as of the execution of this Agreement, and it is not, as of the execution of this Agreement, an Affiliate of the Company and (ii) as of the Closing Date and after giving effect to the transactions contemplated herein, it will not be an Affiliate of the Company. Each of the Purchasers, severally and not jointly, (A) represents and warrants to the Company that (i) it has not, directly or indirectly, communicated with the other concerning any investments into the Company and has no agreements or understandings to purchase or sell any underlying common stock of the Company with the other including Shares in the future, (ii) at all times, the Placement Agent has communicated with the Purchasers separately and independently, and (iii) the Purchasers do not constitute a "group" as that term is used under Section 13(d) of the Exchange Act; and (B) covenants and agrees not to take a position to the contrary to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>General Solicitation</u>. Such Purchaser is not purchasing the Securities as a result of any advertisement, article, notice or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or, to the knowledge of such Purchaser, any other general solicitation or general advertisement.

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The Company acknowledges and agrees that the representations contained in Section 3.2(a)-(i) shall not modify, amend or affect such Purchaser's right to rely on the Company's representations and warranties contained in this Agreement or any representations and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transactions contemplated hereby. Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales or similar transactions in the future.

**ARTICLE IV.**

 **OTHER AGREEMENTS OF THE PARTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>Removal of Legends.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Warrants and Warrant Shares may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of Warrants or Warrant Shares other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of a Purchaser or in connection with a pledge as contemplated in Section 4.1(b), the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Warrant under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Purchasers agree to the imprinting, so long as is required by this Section 4.1, of a legend on any of the Warrants or Warrant Shares in the following form:

NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE HAS BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN "ACCREDITED INVESTOR" AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

The Company acknowledges and agrees that a Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered broker-dealer or grant a security interest in some or all of the Warrants or Warrant Shares to a financial institution that is an "accredited investor" as defined in Rule 501(a) under the Securities Act and, if required under the terms of such arrangement, such Purchaser may transfer pledged or secured Warrants or Warrant Shares to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel of the pledgee, secured party or pledgor shall be

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required in connection therewith. Further, no notice shall be required of such pledge. At the appropriate Purchaser's expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured party of Warrants and Warrant Shares may reasonably request in connection with a pledge or transfer of the Warrants or Warrant 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;(c)Certificates evidencing the Warrant Shares shall not contain any legend (including the legend set forth in Section 4.1(b) hereof): (i) while a registration statement covering the resale of such security is effective under the Securities Act, or (ii) following any sale of such Warrant Shares pursuant to Rule 144 (assuming cashless exercise of the Warrants), or (iii) if such Warrant Shares are eligible for sale under Rule 144 (assuming cashless exercise of the Warrants), or (iv) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission). The Company shall cause its counsel to issue a legal opinion to the Transfer Agent or the Purchaser promptly if required by the Transfer Agent to effect the removal of the legend hereunder, or if requested by a Purchaser, respectively. If all or any portion of a Warrant is exercised at a time when there is an effective registration statement to cover the resale of the Warrant Shares, or if such Warrant Shares may be sold under Rule 144 (assuming cashless exercise of the Warrants) or if such legend is not otherwise required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission) then such Warrant Shares shall be issued free of all legends. The Company agrees that following such time as such legend is no longer required under this Section 4.1(c), the Company will, no later than the earlier of (i) one (1) Trading Day and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined below) following the delivery by a Purchaser to the Company or the Transfer Agent of a certificate representing Warrant Shares, as applicable, issued with a restrictive legend (such date, the "<u>Legend Removal Date</u>"), deliver or cause to be delivered to such Purchaser a certificate representing such shares that is free from all restrictive and other legends. The Company may not make any notation on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section 4. Warrant Shares subject to legend removal hereunder shall be transmitted by the Transfer Agent to the Purchaser by crediting the account of the Purchaser's prime broker with the Depository Trust Company System as directed by such Purchaser. As used herein, "<u>Standard Settlement Period</u>" means the standard settlement period, expressed in a number of Trading Days, on the Company's primary Trading Market with respect to the Common Stock as in effect on the date of delivery of a certificate representing Warrant Shares issued with a restrictive legend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Shares shall be issued free of legends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>Furnishing of Information</u>. Until the earlier of the time that (i) no Purchaser owns Securities or (ii) the Warrants have expired, the Company covenants to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3<u>Integration</u>. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would require the registration under the Securities Act of the sale of the Warrants or Warrant Shares or that would be integrated with the offer or sale of the Securities in a manner that would be integrated with the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market such that it would require

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shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4<u>Securities Laws Disclosure; Publicity</u>. The Company shall (a) on or prior to 9:15 a.m. (New York City time) on October 15, 2025, issue a press release disclosing the material terms of the transactions contemplated hereby, and (b) file a Report of Foreign Private Issuer on Form 6-K, including the Transaction Documents as exhibits thereto, with the Commission within the time required by the Exchange Act. From and after the issuance of such press release, the Company represents to the Purchasers that it shall have publicly disclosed all material, non-public information delivered to any of the Purchasers by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon the issuance of such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate. The Company and each Purchaser shall consult with each other in issuing any other press releases with respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such public statement without the prior consent of the Company, with respect to any press release of any Purchaser, or without the prior consent of each Purchaser, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of such Purchaser, except (a) as required by federal securities law in connection with the filing of final Transaction Documents with the Commission and (b) to the extent such disclosure is required by law or Trading Market or FINRA regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted under this clause (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5<u>Shareholder Rights Plan</u>. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any Purchaser is an "<u>Acquiring Person</u>" under any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities under the Transaction Documents or under any other agreement between the Company and the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6<u>Non-Public Information</u>. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, which shall be disclosed pursuant to Section 4.4, the Company covenants and agrees that neither it, nor any other Person acting on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto such Purchaser shall have consented to the receipt of such information and agreed with the Company to keep such information confidential. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. To the extent that the Company, any of its Subsidiaries, or any of its respective officers, directors, agents, employees or Affiliates delivers any material, non-public information to a Purchaser without such Purchaser's consent, the Company hereby covenants and agrees that such Purchaser shall not have any duty of confidentiality to the

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Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis of, such material, non-public information, provided that the Purchaser shall remain subject to applicable law. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report of Foreign Private Issuer on Form 6-K. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7<u>Use of Proceeds</u>. Except as set forth on Schedule 4.7 attached hereto, the Company shall use the net proceeds from the sale of the Securities hereunder for working capital and capital expenditure purposes and shall not use such proceeds: (a) for the satisfaction of any portion of the Company's debt (other than payment of trade payables in the ordinary course of the Company's business and prior practices); (b) for the redemption of any Ordinary Shares or Ordinary Share Equivalents; (c) for the settlement of any outstanding litigation; or (d) in violation of FCPA or OFAC regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8<u>Indemnification of Purchasers</u>. Subject to the provisions of this Section 4.8, the Company will indemnify (to the fullest extent permitted by applicable law) and hold each Purchaser and its directors, officers, shareholders, members, managers, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a "<u>Purchaser Party</u>") harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys' fees and costs of investigation that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any stockholder of the Company who is not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless such action is solely based upon a material breach of such Purchaser Party's representations, warranties or covenants under the Transaction Documents or any agreements or understandings such Purchaser Party may have with any such stockholder or any violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which is finally judicially determined to constitute fraud, gross negligence or willful misconduct). The Company will indemnify each Purchaser Party, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys' fees) and expenses, as incurred, arising out of or relating to (i) any untrue or alleged untrue statement of a material fact contained in the Registration Statement, the Prospectus, the Prospectus Supplement and/or any registration statement, any prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus (including, but not limited to, the Resale Registration Statement (as hereinafter defined), or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, the Prospectus Supplement, any prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading, except to the extent, but only to the extent, that such untrue statements or omissions are based solely upon information regarding such Purchaser Party furnished in writing to the

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Company by such Purchaser Party expressly for use therein, or (ii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder in connection therewith. If any action shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ one separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (x) the employment thereof has been specifically authorized by the Company in writing, (y) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (z) in such action there is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable to any Purchaser Party under this Agreement (1) for any settlement by a Purchaser Party effected without the Company's prior written consent, which shall not be unreasonably withheld or delayed; or (2) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party's breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents. The indemnification required by this Section 4.8 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities the Company may be subject to pursuant to law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9<u>Reservation of</u> <u>Ordinary Shares</u>. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of Ordinary Shares for the purpose of enabling the Company to issue Shares pursuant to this Agreement and Warrant Shares pursuant to any exercise of the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10<u>Listing of</u> <u>Ordinary Shares</u>. The Company hereby agrees to use best efforts to maintain the listing or quotation of the Ordinary Shares on the Trading Market on which it is currently listed so long as the Warrants are outstanding, and prior to the Closing, the Company shall have applied to list or quote all of the Shares and Warrant Shares on such Trading Market and concurrently with the Closing, the Company shall have not received any information indicating that the listing of such Shares and Warrant Shares is or will be rejected. The Company further agrees, so long as Warrants are outstanding, if the Company applies to have the Ordinary Shares traded on any other Trading Market, it will then include in such application all of the Shares and Warrant Shares, and will take such other action as is necessary to cause all of the Shares and Warrant Shares to be listed or quoted on such other Trading Market as promptly as possible. The Company will then take all action reasonably necessary to continue the listing and trading of its Ordinary Shares on a Trading Market and will comply in all respects with the Company's reporting, filing and other obligations under the bylaws or rules of the Trading Market. The Company agrees, so long as any Warrants are outstanding, to maintain the eligibility of the Ordinary Shares for electronic transfer through the Depository Trust Company or another established clearing corporation, including, without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation in connection with such electronic transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11<u>Intentionally Omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12<u>Subsequent Equity Sales</u>.

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&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)From the date hereof until sixty (60) days after the Closing Date, neither the Company nor any Subsidiary shall issue, enter into any agreement to issue or announce the issuance or proposed issuance of any Ordinary Shares or Ordinary Share Equivalents or file any registration statement, or amendment or supplement thereto, with the Commission, other than (i) a prospectus filed with the Commission pursuant to Rule 424(b) in connection with this offering or as contemplated pursuant to Section 4.19 herein; and (ii) any registration statement or amendment, or supplement thereto, filed in connection with any Company stock option plan, including, for avoidance of doubt, registering the exercise of stock options and the resale of Ordinary Shares acquired pursuant to such stock options. For further avoidance of doubt, the parties agree that incorporating by reference disclosure contained in a future Form 6-K into any currently outstanding registration statement, prospectus or prospectus supplement will not violate the terms of this Section 4.12(a).

&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)From the date hereof until the date which is sixty (60) days after the Closing Date, the Company shall be prohibited from effecting or entering into an agreement to effect any issuance by the Company or any of its Subsidiaries of Ordinary Shares or Ordinary Share Equivalents (or a combination of units thereof) involving a Variable Rate Transaction. "<u>Variable Rate Transaction</u>" means a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive additional Ordinary Shares either (A) at a conversion price, exercise price or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the Ordinary Shares at any time after the initial issuance of such debt or equity securities, or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the Ordinary Shares or (ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity line of credit or at-the-market offering facility, whereby the Company may issue securities at a future determined price. Any Purchaser shall be entitled to obtain injunctive relief against the Company to preclude any such issuance, which remedy shall be in addition to any right to collect damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding the foregoing, this Section 4.12 shall not apply in respect of an Exempt Issuance, except that no Variable Rate Transaction shall be an Exempt Issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13<u>Equal Treatment of Purchasers</u>. No consideration (including any modification of any Transaction Document) shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration is also offered to all of the parties to the Transaction Documents then holding any of the Securities sold hereunder. Notwithstanding the foregoing, each of the Class D Warrants, the Pre-funded Warrants and Ordinary Shares shall be treated as separate securities to the extent modifications are made to their terms, such that, for clarification and illustration purposes, any amendment, waiver or modification of the terms of the Class D Warrants or the Pre-funded Warrants not affecting the terms of the Ordinary Shares shall not require the agreement or consent of the holders of Class D Warrants then outstanding nor the payment of consideration to holders of Ordinary Shares. For clarification purposes, this provision constitutes a separate right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect to the purchase, disposition or voting of Securities or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14<u>Certain Transactions and Confidentiality</u>. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short Sales of any of the Company's securities during the period commencing with the execution of this Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4. Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described in Section 4.4, such Purchaser will maintain the confidentiality of the existence and terms of this transaction and the information included in the Disclosure Schedules. Notwithstanding the foregoing and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4 and (iii) no Purchaser shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company or its Subsidiaries after the issuance of the initial press release as described in Section 4.4. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser's assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser's assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15<u>Exercise Procedures</u>. The form of Notice of Exercise included in the Warrants set forth the totality of the procedures required of the Purchasers in order to exercise the Warrants. No additional legal opinion, other information or instructions shall be required of the Purchasers to exercise their Warrants. Without limiting the preceding sentences, no ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required in order to exercise the Warrants. The Company shall honor exercises of the Warrants and shall deliver Warrant Shares in accordance with the terms, conditions and time periods set forth in the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16<u>Lock-Up</u>. The Company shall not amend, modify, waive or terminate any provision of any of the Lock-Up Agreements except to extend the term of the lock-up period and shall enforce the provisions of each Lock- Up Agreement in accordance with its terms. If any officer, director or shareholder that is a party to a Lock-Up Agreement breaches any provision of a Lock-Up Agreement, the Company shall promptly use its best efforts to seek specific performance of the terms of such Lock-Up Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17<u>Sales During Pre-Settlement Period</u>. Notwithstanding anything herein to the contrary, if at any time on or after the time of execution of this Agreement by the Company and an applicable Purchaser, through, and including the time immediately prior to the Closing (the "<u>Pre-Settlement Perio</u>d"), such Purchaser sells to any Person all, or any portion, of any Ordinary Shares to be issued hereunder to such Purchaser at the Closing (collectively, the "<u>Pre-Settlement Shares</u>"), such Purchaser shall, automatically hereunder (without any additional required actions by such Purchaser or the Company), be deemed to be unconditionally bound to purchase, and the Company shall be deemed unconditionally bound to sell, such

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Pre-Settlement Shares to such Purchaser at the Closing; provided, that the Company shall not be required to deliver any Pre-Settlement Shares to such Purchaser prior to the Company's receipt of the purchase price of such Pre-Settlement Shares hereunder; and provided further that the Company hereby acknowledges and agrees that the forgoing shall not constitute a representation or covenant by such Purchaser as to whether or not during the Pre-Settlement Period such Purchaser shall sell any Ordinary Shares to any Person and that any such decision to sell any Ordinary Shares by such Purchaser shall solely be made at the time such Purchaser elects to effect any such sale, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18<u>Form D; Blue Sky Filings</u>. The Company agrees to timely file a Form D with respect to the Warrant and Warrant Shares as required under Regulation D and to provide a copy thereof, promptly upon request of any Purchaser. The Company shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Warrant and Warrant Shares for, sale to the Purchasers at the Closing under applicable securities or "Blue Sky" laws of the states of the United States, and shall provide evidence of such actions promptly upon request of any Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.19<u>Registration Statement</u>. On or prior to 5:30 p.m. Eastern Time on October 20, 2025 (the "Filing Deadline"), the Company shall file an automatic shelf registration statement on Form F-3ASR (the "Resale Registration Statement") providing for the resale by the Purchasers of the Warrant Shares issued and issuable upon exercise of the Warrants. The Company shall use commercially reasonable efforts to keep such Resale Registration Statement effective at all times until no Purchaser owns any Warrants or Warrant Shares issuable upon exercise thereof. If the Company fails to file the Resale Registration Statement on or prior to the Filing Deadline, then, in addition to any other rights each Purchaser may have hereunder or under applicable law, on the day after the Filing Deadline (the "Event Date"), the Company shall pay to each Purchaser an amount in cash, as partial liquidated damages and not as a penalty, equal to the product of 10.0% multiplied by the aggregate Subscription Amount paid by such Purchaser for Pre-Funded Warrants and corresponding Class D Warrants pursuant to the Purchase Agreement; provided, further, that in the event that the Resale Registration Statement is not filed prior to 5:30 p.m. Eastern Time on the Event Date, then on the next day after the Event Date and each day thereafter until the Resale Registration Statement is filed, the Company shall pay to each Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to the product of 5.0% multiplied by the aggregate Subscription Amount paid by such Purchaser for Pre-Funded Warrants and corresponding Class D Warrants pursuant to the Purchase Agreement. If the Company fails to pay any partial liquidated damages pursuant to this section in full within seven days after the date payable, the Company will pay interest thereon at a rate of 18% per annum (or such lesser maximum amount that is permitted to be paid by applicable law) to the Purchaser, accruing daily from the date such partial liquidated damages are due until such amounts, plus all such interest thereon, are paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20<u>Waiver of Standstill</u>. Each Purchaser who was a purchaser pursuant to that certain Amendment and Inducement Letter, dated October 5, 2025, between the Company and the purchasers signatory thereto (the "October 2025 Inducement Letter") hereby agrees to waive the Company prohibition on subsequent equity sales pursuant to paragraph 8 of the October 2025 Inducement Letter.

**ARTICLE V.**

 **MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1<u>Termination</u>. This Agreement may be terminated by any Purchaser, as to such Purchaser's obligations hereunder only and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing has not been consummated

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on or before October 20, 2025; provided, however, that no such termination will affect the right of any party to sue for any breach by any other party (or parties).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2<u>Fees and Expenses</u>. At the Closing, the Company has agreed to reimburse the Placement Agent for up to $100,000 for the reasonable and accounted fees and expenses of its legal counsel. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company and any exercise notice delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3<u>Entire Agreement</u>. The Transaction Documents, together with the exhibits and schedules thereto, the Prospectus and the Prospectus Supplement, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4<u>Notices</u>. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto at or prior to 6:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 6:30 p.m. (New York City time) on any Trading Day, (c) the second (2<sup>nd</sup>) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report of Foreign Private Issuer on Form 6-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5<u>Amendments; Waivers</u>. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and Purchasers which purchased at least 50.1% in interest of the Shares and Pre-Funded Warrant Shares based on the initial Subscription Amounts hereunder (or prior to the Closing, the Company and each Purchaser) or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought, provided that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser (or group of Purchasers), the consent of such disproportionately impacted Purchaser (or group of Purchasers) shall also be required. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right. Any proposed amendment or waiver that disproportionately, materially and adversely affects the rights and obligations of any Purchaser relative to the comparable rights and obligations of the other Purchasers shall require the prior written consent of such adversely affected

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Purchaser. Any amendment effected in accordance with this Section 5.5 shall be binding upon each Purchaser and holder of Securities and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6<u>Headings</u>. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7<u>Successors and Assigns</u>. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the "Purchasers."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8<u>Third-Party Beneficiaries</u>. The Placement Agent shall be the third party beneficiary of the representations and warranties of the Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.8, this Section 5.8 and/or the Placement Agency Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9<u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. 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 herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) 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 other manner permitted by law. If any party shall commence an Action or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under Section 4.8, the prevailing party in such Action or Proceeding shall be reimbursed by the non- prevailing party for its reasonable attorneys' fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action or Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10<u>Survival</u>. The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11<u>Execution</u>. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a ".pdf" format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or ".pdf" signature page were an original thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12<u>Severability</u>. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13<u>Rescission and Withdrawal Right</u>. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights<u>.</u>; <u>provided</u>, <u>however</u>, that, in the case of a rescission of an exercise of a Warrant, the applicable Purchaser shall be required to return any Ordinary Shares subject to any such rescinded exercise notice concurrently with the return to such Purchaser of the aggregate exercise price paid to the Company for such shares and the restoration of such Purchaser's right to acquire such shares pursuant to such Purchaser's Warrant (including, issuance of a replacement warrant certificate evidencing such restored right).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14<u>Replacement of Securities</u>. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15<u>Remedies</u>. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation the defense that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16<u>Payment Set Aside</u>. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are

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subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17<u>Independent Nature of Purchasers' Obligations and Rights</u>. The obligations of each Purchaser under any Transaction Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Purchaser shall be entitled to independently protect and enforce its rights including, without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any Proceeding for such purpose. Each Purchaser has been represented by its own separate legal counsel in its review and negotiation of the Transaction Documents. For reasons of administrative convenience only, each Purchaser and its respective counsel have chosen to communicate with the Company through EGS. EGS does not represent any of the Purchasers and only represents the Placement Agent. The Company has elected to provide all Purchasers with the same terms and Transaction Documents for the convenience of the Company and not because it was required or requested to do so by any of the Purchasers. It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction Document is between the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18<u>Liquidated Damages</u>. The Company's obligations to pay any partial liquidated damages or other amounts owing under the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages or other amounts are due and payable shall have been canceled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19<u>Saturdays, Sundays, Holidays, etc.</u>If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20<u>Construction</u>. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference to share prices and Ordinary Shares in any Transaction Document shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Ordinary Shares that occur after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21**WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES**

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**EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.**

*(Signature Pages Follow)*

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IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

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| | | |
|:---|:---|:---|
| **SEALSQ CORP.** | **SEALSQ CORP.** | Address for Notice: |
|  |  | Avenue Louis-Casaï 58 |
|  |  | 1216 Cointrin, Switzerland |
| By: | /s/ Carlos Moreira |  |
|  | Name: Carlos Moreira | E-Mail: cmoreira@wisekey.com |
|  | Title: Chief Executive Officer |  |

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| | |
|:---|:---|
| By**:** | /s/ John O'Hara |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: John O'Hara |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Financial Officer |
|  | Attn: |
|  | Patterson Belknap Webb & Tyler LLP |
|  | 1133 Avenue of the Americas |
|  | New York, New York 10036 |
|  | E-Mail: hhraspe@pbwt.com |

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[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK SIGNATURE PAGE FOR PURCHASER FOLLOWS]

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[PURCHASER SIGNATURE PAGES TO THE SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Name of Purchaser:  | Name of Purchaser:  | ANSON EAST MASTERS FUND LP | ANSON EAST MASTERS FUND LP | ANSON EAST MASTERS FUND LP | ANSON EAST MASTERS FUND LP | ANSON EAST MASTERS FUND LP | ANSON EAST MASTERS FUND LP | ANSON EAST MASTERS FUND LP | ANSON EAST MASTERS FUND LP | ANSON EAST MASTERS FUND LP | ANSON EAST MASTERS FUND LP |
| *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | /s/ Amin Nathoo | /s/ Amin Nathoo | /s/ Amin Nathoo | /s/ Amin Nathoo |
| Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO |
| Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. |
| Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  |  |  |  |  |
| Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | [\*\*\*] |  |  |  |  |
| Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): |
| Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | [\*\*\*] |  |  |
| Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | [\*\*\*] |
| Shares:  | [\*\*\*] |  |  |  |  |  |  |  |  |  |  |
| Pre-Funded Warrant Shares: | Pre-Funded Warrant Shares: | Pre-Funded Warrant Shares: | Pre-Funded Warrant Shares: | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% |
| Class D Warrant Shares:  | Class D Warrant Shares:  | Class D Warrant Shares:  | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% |
| EIN Number: | EIN Number: |  |  |  |  |  |  |  |  |  |  |

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☐ Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the Closing shall occur on the first (1st) Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

[SIGNATURE PAGES CONTINUE]

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[PURCHASER SIGNATURE PAGES TO THE SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Name of Purchaser:  | Name of Purchaser:  | ANSON INVESTMENTS MASTER FUND LP | ANSON INVESTMENTS MASTER FUND LP | ANSON INVESTMENTS MASTER FUND LP | ANSON INVESTMENTS MASTER FUND LP | ANSON INVESTMENTS MASTER FUND LP | ANSON INVESTMENTS MASTER FUND LP | ANSON INVESTMENTS MASTER FUND LP | ANSON INVESTMENTS MASTER FUND LP | ANSON INVESTMENTS MASTER FUND LP | ANSON INVESTMENTS MASTER FUND LP |
| *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | /s/ Amin Nathoo | /s/ Amin Nathoo | /s/ Amin Nathoo | /s/ Amin Nathoo |
| Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO |
| Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. |
| Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  |  |  |  |  |
| Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | [\*\*\*] |  |  |  |  |
| Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): |
| Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | [\*\*\*] |  |  |
| Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | [\*\*\*] |
| Shares:  | [\*\*\*] |  |  |  |  |  |  |  |  |  |  |
| Pre-Funded Warrant Shares: | Pre-Funded Warrant Shares: | Pre-Funded Warrant Shares: | Pre-Funded Warrant Shares: | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% |
| Class D Warrant Shares:  | Class D Warrant Shares:  | Class D Warrant Shares:  | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% |
| EIN Number: | EIN Number: |  |  |  |  |  |  |  |  |  |  |

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☐ Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the Closing shall occur on the first (1st) Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

[SIGNATURE PAGES CONTINUE]

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[PURCHASER SIGNATURE PAGES TO THE SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Name of Purchaser:  | Name of Purchaser:  | ANSON OPPORTUNITIES MASTER FUND LP | ANSON OPPORTUNITIES MASTER FUND LP | ANSON OPPORTUNITIES MASTER FUND LP | ANSON OPPORTUNITIES MASTER FUND LP | ANSON OPPORTUNITIES MASTER FUND LP | ANSON OPPORTUNITIES MASTER FUND LP | ANSON OPPORTUNITIES MASTER FUND LP | ANSON OPPORTUNITIES MASTER FUND LP | ANSON OPPORTUNITIES MASTER FUND LP |
| *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | /s/ Amin Nathoo | /s/ Amin Nathoo | /s/ Amin Nathoo | /s/ Amin Nathoo |
| Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO |
| Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. |
| Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  |  |  |  |  |
| Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | [\*\*\*] |  |  |  |  |
| Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): |
| Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | [\*\*\*] |  |  |
| Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | [\*\*\*] |
| Shares:  | [\*\*\*] |  |  |  |  |  |  |  |  |  |
| Pre-Funded Warrant Shares: | Pre-Funded Warrant Shares: | Pre-Funded Warrant Shares: | Pre-Funded Warrant Shares: | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% |
| Class D Warrant Shares:  | Class D Warrant Shares:  | Class D Warrant Shares:  | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% |
| EIN Number: | EIN Number: |  |  |  |  |  |  |  |  |  |

---

☐ Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the Closing shall occur on the first (1st) Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

[SIGNATURE PAGES CONTINUE]

------

[PURCHASER SIGNATURE PAGES TO THE SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Name of Purchaser:  | Name of Purchaser:  | CVI Investments, Inc., By: Heights Capital Management, Inc. its authorized agent | CVI Investments, Inc., By: Heights Capital Management, Inc. its authorized agent | CVI Investments, Inc., By: Heights Capital Management, Inc. its authorized agent | CVI Investments, Inc., By: Heights Capital Management, Inc. its authorized agent | CVI Investments, Inc., By: Heights Capital Management, Inc. its authorized agent | CVI Investments, Inc., By: Heights Capital Management, Inc. its authorized agent | CVI Investments, Inc., By: Heights Capital Management, Inc. its authorized agent | CVI Investments, Inc., By: Heights Capital Management, Inc. its authorized agent | CVI Investments, Inc., By: Heights Capital Management, Inc. its authorized agent | CVI Investments, Inc., By: Heights Capital Management, Inc. its authorized agent |
| *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | /s/ Martin Kobinger | /s/ Martin Kobinger | /s/ Martin Kobinger | /s/ Martin Kobinger |
| Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | Martin Kobinger | Martin Kobinger | Martin Kobinger | Martin Kobinger | Martin Kobinger | Martin Kobinger |
| Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | President | President | President | President | President | President | President | President |
| Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  |  |  |  |  |
| Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | [\*\*\*] |  |  |  |  |
| Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): |
| Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | [\*\*\*] |  |  |
| Subscription Amount for Pre-Funded Warrants and Class D Warrants: | Subscription Amount for Pre-Funded Warrants and Class D Warrants: | Subscription Amount for Pre-Funded Warrants and Class D Warrants: | Subscription Amount for Pre-Funded Warrants and Class D Warrants: | Subscription Amount for Pre-Funded Warrants and Class D Warrants: | Subscription Amount for Pre-Funded Warrants and Class D Warrants: | Subscription Amount for Pre-Funded Warrants and Class D Warrants: | Subscription Amount for Pre-Funded Warrants and Class D Warrants: | Subscription Amount for Pre-Funded Warrants and Class D Warrants: | Subscription Amount for Pre-Funded Warrants and Class D Warrants: | Subscription Amount for Pre-Funded Warrants and Class D Warrants: | [\*\*\*] |
| Shares:  | [\*\*\*] |  |  |  |  |  |  |  |  |  |  |
| Pre-Funded Warrant Shares: | Pre-Funded Warrant Shares: | Pre-Funded Warrant Shares: | Pre-Funded Warrant Shares: | Pre-Funded Warrant Shares: | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% |
| Class D Warrant Shares:  | Class D Warrant Shares:  | Class D Warrant Shares:  | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% |
| EIN Number: | EIN Number: |  |  |  |  |  |  |  |  |  |  |

---

☐ Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the Closing shall occur on the first (1st) Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

[SIGNATURE PAGES CONTINUE]

------

[PURCHASER SIGNATURE PAGES TO THE SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Name of Purchaser:  | Name of Purchaser:  | L1 Capital Global Opportunities Master Fund | L1 Capital Global Opportunities Master Fund | L1 Capital Global Opportunities Master Fund | L1 Capital Global Opportunities Master Fund | L1 Capital Global Opportunities Master Fund | L1 Capital Global Opportunities Master Fund | L1 Capital Global Opportunities Master Fund | L1 Capital Global Opportunities Master Fund |
| *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | /s/ David Feldman | /s/ David Feldman | /s/ David Feldman | /s/ David Feldman |
| Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | David Feldman, Director | David Feldman, Director | David Feldman, Director | David Feldman, Director | David Feldman, Director | David Feldman, Director |
| Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  |  |  |  |  |  |  |
| Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  |  |  |  |  |
| Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | [\*\*\*] |  |  |  |  |
| Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): |
| Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | Subscription Amount for Shares and Class D Warrants:  | [\*\*\*] |  |  |
| Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | Subscription Amount for Pre-Funded Warrants and Class D Warrants:  | [\*\*\*] |
| Shares:  | [\*\*\*] |  |  |  |  |  |  |  |  |
| Pre-Funded Warrant Shares: | Pre-Funded Warrant Shares: | Pre-Funded Warrant Shares: | Pre-Funded Warrant Shares: | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% |
| Class D Warrant Shares:  | Class D Warrant Shares:  | Class D Warrant Shares:  | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% | Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99% |
| EIN Number: | EIN Number: |  |  |  |  |  |  |  |  |

---

☐ Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the Closing shall occur on the first (1st) Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

[SIGNATURE PAGES CONTINUE]

------

## Exhibit 4.51

**Exhibit 4.51**

**Certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) is the type of information the issuer both customarily and actually treats as private and confidential.**

**First Amendment**

**to the Master Supply Agreement**

This first amendment to the Master Supply Agreement (the "**Amendment**") is entered into as of the date of execution by both Parties hereto.

**BETWEEN**

**ON THE ONE HAND**

**SEALSQ France SAS** (formerly WiseKey Semiconductors and Inside Secure), a French company organized and existing under the laws of France, having its principal office at Arteparc de Bachasson, bat A., rue de la Carrière de Bachasson, 13590 Meyreuil, France (the "**Customer**" or "**SealSQ**");

**AND**

**ON THE OTHER HAND**

**PRESTO ENGINEERING France SAS** (formerly Presto Engineering HVM), a French company organized and existing under the laws of France, having its registered office at Arteparc de Bachasson, bat A., rue de la Carrière de Bachasson, 13590 Meyreuil, France (the "**Company**" or "**Presto Engineering**").

The Customer and the Company are each referred herein as a "**Party**" and together as the "**Parties**".

**RECITALS**

**Whereas**, the Parties entered into a Master Supply Agreement on July 1<sup>st</sup>, 2025 (the "**MSA**").

**Whereas**, during the course of their long-term negotiations, the Company did not anticipate that the execution of the Agreement on July 1<sup>st</sup>, 2025, would result in a misalignment with the calendar year, and therefore, has requested that the Parties amend the MSA accordingly.

**Whereas**, the Parties now wish to amend certain terms of this MSA in order to clarify the invoicing provisions and ensuring consistency with the invoicing practices historically applied between the Parties.

**Now Therefore**, in consideration of the mutual promises and covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree to amend the MSA as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** The Article 3.1 (iii) of the MSA is removed and replaced by Article 3.1 (iii) of the Amendment as follows:

[\*\*\*] [\*\*\*]

------

**Certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) is the type of information the issuer both customarily and actually treats as private and confidential.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The adjustment shall apply as follows:

[\*\*\*] For reference, the Base Rate is the ECB EUR/USD reference rate published on the Effective Date, which is: [\*\*\*]."

&nbsp;&nbsp;&nbsp;&nbsp;**2.** The Article 4.1 of the MSA is removed and replaced by Article 4.1 of this Amendment as follows:

"During the Term, at the beginning of each concerned calendar year, Customer shall issue an annual Purchase Order for SCM and NPI sustaining Services corresponding to the applicable MOQ, in accordance with this Agreement. The Purchase Order related to the MOQ is hereby deemed accepted by Company and is therefore a Validated Purchase Order. Applicable MOQ is stated in the PrD or SOW."

&nbsp;&nbsp;&nbsp;&nbsp;**3.** The Article 4.4 of the MSA is removed and replaced by Article 4.4 of this Amendment as follows:

"For each calendar quarter, Company will use best efforts (obligation of means; *obligation de moyen renforcée*) to allocate and maintain sufficient capacity and resources to provide a quantity of SCM and NPI sustaining Services [\*\*\*]. In case of additional Purchase Orders above

------

**Certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) is the type of information the issuer both customarily and actually treats as private and confidential.**

MOQ, the Parties will define in good faith in the concerned Validated Purchase Order the quantity to be used as a reference for the allocation and maintenance of capacity and resources by Company. "

&nbsp;&nbsp;&nbsp;&nbsp;**4.** The Article 7.4 of the MSA is removed and replaced by Article 7.4 of this Amendment as follows:

"Company will invoice production Services (SCM) on a monthly basis based on actual shipments of wafers or IC units, as the case may be. Within 30 days from the end of each calendar year, the Company will reconcile the annual Purchase Order for the applicable MOQ with the total amounts invoiced by Company for SCM during said calendar year. In case the total amount of monthly invoices is less than the annual MOQ amount, Company will issue an additional invoice to cover the difference. Quantities of Products paid under such additional yearly invoice will be carried forward for shipment during the remainder of the Term. For the avoidance of doubt, in the first six (6) months of the MSA and in the last six (6) months of the MSA, the applicable MOQ and the corresponding annual reconciliation shall be calculated on a pro rata basis, taking into account only the number of months of actual performance within such partial contractual year."

&nbsp;&nbsp;&nbsp;&nbsp;**5.** The Article 7.5 of the MSA is removed and replaced by Article 7.5 of this Amendment as follows:

"Company will invoice NPI sustaining Services on a monthly basis. Within [\*\*\*] from the end of each calendar year, the Company will reconcile the applicable MOQ with the total amounts invoiced by Company for NPI sustaining activities during said contract year. In case the total amount of monthly invoices is less than the annual MOQ amount, Company will issue an additional invoice to cover the difference.

For the avoidance of doubt, in [\*\*\*], the applicable MOQ and the corresponding annual reconciliation shall be calculated on a pro rata basis, taking into account only the number of months of actual performance within such partial contractual year."

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Effectiveness .** This Amendment shall take effect retroactively as of July 1, 2025 (the "**Amendment Effective Date** "). Except as expressly amended or modified herein, all other terms and conditions of the MSA, shall remain unchanged and in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Governing Law**. This Amendment shall be governed by, and construed in accordance with, the laws governing the MSA.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Miscellaneous**. Terms not defined herein shall be as defined in the MSA. This Amendment may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original and all of which shall constitute the same instrument. If there shall be any conflict between the terms and conditions of the MSA and the terms and conditions of this Amendment, the terms and conditions of this Amendment shall prevail.

[signature page follows]

------

**Certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) is the type of information the issuer both customarily and actually treats as private and confidential.**

**IN WITNESS WHEREOF**, the Parties hereto have caused this Amendment to be executed by their duly authorized representatives.

---

| | |
|:---|:---|
| Date: November 26, 2025 | Date: November 15, 2025 |
| /s/ Bernard Vian | /s/ Cedric Mayor |
| By: Bernard Vian | By: Cedric Mayor |
| *(authorized signature)* | *(authorized signature)* |
| Title: General Manager | Title: Chief Executive Officer |
| **SealSQ France SAS** | **Presto Engineering France SAS** |

---

------

## Exhibit 4.53

**Exhibit 4.53**

**CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE OF INFORMATION THE ISSUER BOTH CUSTOMARILY AND ACTUALLY TREATS AS PRIVATE AND CONFIDENTIAL.**

**SECURITIES PURCHASE AGREEMENT**

This Securities Purchase Agreement (this "<u>Agreement</u>") is dated as of March 15, 2026, between SEALSQ Corp., a British Virgin Islands company (the "<u>Company</u>"), and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a "<u>Purchaser</u>" and collectively the "<u>Purchasers</u>").

WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to an effective registration statement under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described in this Agreement.

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows:

**ARTICLE I.**

**DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Definitions</u>. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the meanings set forth in this Section 1.1:

"<u>Acquiring Person</u>" shall have the meaning ascribed to such term in Section 4.5.

"<u>Action</u>" shall have the meaning ascribed to such term in Section 3.1(j).

"<u>Affiliate</u>" means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

"<u>Board of Directors</u>" means the board of directors of the Company.

"<u>Business Day</u>" means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed; <u>provided</u>, <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York are generally open for use by customers on such day.

"<u>BVI Counsel</u>" means Harney Westwood & Riegels LP, with offices located at Craigmuir Chambers PO Box 71, Road Town Tortola VG1110, British Virgin Islands.

"<u>Class E Warrants</u>" means, collectively, the Class E Ordinary Share Purchase Warrants delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof, which Class E Warrants shall be exercisable immediately, have a term of exercise equal to seven (7) years, and shall be substantially in the form of <u>Exhibit C-1</u> attached hereto.

------

"<u>Closing</u>" means the closing of the purchase and sale of the Securities pursuant to Section 2.1.

"<u>Closing Date</u>" means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and all conditions precedent to (i) the Purchasers' obligations to pay the Subscription Amount and (ii) the Company's obligations to deliver the Securities, in each case, have been satisfied or waived, but in no event later than the Trading Day following the date hereof.

"<u>Commission</u>" means the United States Securities and Exchange Commission.

"<u>Company Counsel</u>" means Patterson Belknap Webb & Tyler LLP, with offices located at 1133 Avenue of the Americas, New York, New York 10036.

"<u>Disclosure Schedules</u>" means the Disclosure Schedules of the Company delivered concurrently herewith.

"<u>EGS</u>" means Ellenoff Grossman & Schole LLP, with offices located at 1345 Avenue of the Americas, New York, New York 10105-0302.

"<u>Evaluation Date</u>" shall have the meaning ascribed to such term in Section 3.1(s).

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Exempt Issuance</u>" means the issuance of (a) Ordinary Shares or options to employees, officers, directors or independent contractors of the Company pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose for services rendered to the Company, (b) securities upon the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable or exchangeable for or convertible into Ordinary Shares issued and outstanding on the date of this Agreement, provided that such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than in connection with stock splits or combinations) or to extend the term of such securities, (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities are issued as "restricted securities" (as defined in Rule 144) or contractually restricted securities and carry no registration rights that require or permit the filing of any registration statement in connection therewith, and provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities , and (d) after 60 days after the Closing Date, Ordinary Shares issued and sold pursuant to an 'at-the market' program; provided, however, that the Company may make sales immediately under an 'at-

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the-market' program if such sales are made at a price per Share of $5.50 or greater (as adjusted for reverse and forward stock splits and the like).

"<u>FCPA</u>" means the Foreign Corrupt Practices Act of 1977, as amended.

"<u>GAAP</u>" shall have the meaning ascribed to such term in Section 3.1(h).

"<u>Indebtedness</u>" shall have the meaning ascribed to such term in Section 3.1(aa).

"<u>Intellectual Property Rights</u>" shall have the meaning ascribed to such term in Section 3.1(p).

"<u>Liens</u>" means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

"<u>Lock-Up Agreements</u>" means the written agreement, in the form of <u>Exhibit B</u> attached hereto, addressed to the Placement Agent by certain of the Company's directors, officers, and shareholder(s) that listed on <u>Exhibit A</u> hereto.

"<u>Material Adverse Effect</u>" shall have the meaning assigned to such term in Section 3.1(b).

"<u>Material Permits</u>" shall have the meaning ascribed to such term in Section 3.1(n).

"<u>Ordinary Shares</u>" means the ordinary shares of the Company, par value $0.01 per share, and any other class of securities into which such securities may hereafter be reclassified.

"<u>Ordinary Share Equivalents</u>" means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Ordinary Shares, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Ordinary Shares.

"<u>Per Share Purchase Price</u>" equals US$4.11 subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Ordinary Shares that occur after the date of this Agreement, provided that the purchase price per Pre-Funded Warrant shall be the Per Share Purchase Price minus $0.0001.

"<u>Person</u>" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

"<u>Pre-Funded Warrant</u>" means, collectively, the unregistered pre-funded Ordinary Share purchase warrants delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof, which Pre-Funded Warrants shall be exercisable immediately and shall expire when exercised in full, in the form of Exhibit C-2 attached hereto.

"<u>Pre-Funded Warrant Shares</u>" means the Ordinary Shares issuable upon exercise of the Pre-Funded Warrants.

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"<u>Placement Agent</u>" means Maxim Group LLC.

"<u>Placement Agency Agreement</u>" means the placement agency agreement dated as of March 15, 2026 by and between the Company and the Placement Agent.

"<u>Proceeding</u>" means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced or threatened.

"<u>Prospectus</u>" means the final base prospectus filed for the Registration Statement.

"<u>Prospectus Supplement</u>" means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is filed with the Commission and delivered by the Company to each Purchaser at the Closing.

"<u>Purchaser Party</u>" shall have the meaning ascribed to such term in Section 4.8.

"<u>Registration Statement</u>" means the effective registration statement on Form F-3, as amended, with Commission file No. 333-290963 which registers the sale of the Securities to the Purchasers, including all information, documents and exhibits filed with or incorporated by reference into such registration statement.

"<u>Required Approvals</u>" shall have the meaning ascribed to such term in Section 3.1(e).

"<u>Rule 144</u>" means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

"<u>Rule 424</u>" means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

"<u>SEC Reports</u>" shall have the meaning ascribed to such term in Section 3.1(h).

"<u>Securities</u>" means the Shares, the Warrants and the Warrant Shares.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Shares</u>" means the Ordinary Shares issued or issuable to each Purchaser pursuant to this Agreement.

"<u>Short Sales</u>" means all "short sales" as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include locating and/or borrowing Ordinary Shares).

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"<u>Subscription Amount</u>" means, as to each Purchaser, the aggregate amount to be paid for Shares and Class E Warrants and/or Pre-Funded Warrants and Class E Warrants purchased hereunder as specified below such Purchaser's name on the signature page of this Agreement and next to the heading "Subscription Amount," in United States dollars and in immediately available funds (minus, if applicable, a Purchaser's aggregate exercise price of the Pre-Funded Warrants, which amounts shall be paid as and when such Pre-Funded Warrants are exercised).

"<u>Subsidiary</u>" means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.

"<u>Trading Day</u>" means a day on which the principal Trading Market is open for trading.

"<u>Trading Market</u>" means any of the following markets or exchanges on which the Ordinary Shares are listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange or any successors to any of the foregoing.

"<u>Transaction Documents</u>" means this Agreement, the Placement Agency Agreement, the Lock-Up Agreements, the Warrants, all exhibits and schedules thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated hereunder.

"<u>Transfer Agent</u>" means Computershare Inc., the current transfer agent of the Company, with a mailing address of 150 Royall Street, Canton, Massachusetts 02021, and any successor transfer agent of the Company.

"<u>Variable Rate Transaction</u>" shall have the meaning ascribed to such term in Section 4.12(b).

"<u>Warrants</u>" means, collectively, the Class E Warrants and Pre-Funded Warrants.

"<u>Warrant Shares</u>" means the Ordinary Shares issuable upon exercise of the Warrants.

**ARTICLE II.**

 **PURCHASE AND SALE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1<u>Closing</u>. On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell, and the Purchasers, severally and not jointly, agree to purchase, up to an aggregate of US$125,000,019.30 of Shares and Warrants. Each Purchaser's Subscription Amount as set forth on the signature page hereto executed by such Purchaser shall be made available for "Delivery Versus Payment" settlement with the Company or its designee. The Company shall deliver to each Purchaser its respective Shares, Class E Warrants and Pre-Funded Warrants, as applicable, as determined pursuant to Section 2.2(a), and the Company and each Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of EGS or such other location as the parties shall mutually agree. Unless otherwise directed by the Placement Agent, settlement of the Shares shall occur via "Delivery Versus Payment" ("<u>DVP</u>") (i.e., on the Closing Date, the Company shall issue (i) the Shares registered in the Purchasers' names and addresses and released by the Transfer Agent directly to the account(s) at the Placement Agent identified by each Purchaser; upon receipt of such Shares, the

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Placement Agent shall promptly electronically deliver such Shares to the applicable Purchaser, and payment therefor shall be made by the Placement Agent (or its clearing firm) by wire transfer to the Company), (ii) a Pre-Funded Warrant to each of the Purchasers to evidence the applicable number of Pre-Funded Warrants purchased by the applicable Purchaser pursuant to the terms of this Agreement, if any, and (iii) a Class E Warrant to each of the Purchasers to evidence the applicable number of Class E Warrants purchased by the applicable Purchaser pursuant to the terms of this Agreement against receipt of payment by the Placement Agent (or clearing firm) or such Purchaser, as the case may be, by wire transfer to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2<u>Deliveries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser and the Placement Agent the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)this Agreement duly executed by 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a Pre-Funded Warrant registered in the name of such Purchaser to purchase up to a number of Ordinary Shares equal to the portion of such Purchaser's Subscription Amount applicable to the Pre-Funded Warrant divided by the Per Share Purchase Price minus $0.0001, with an exercise price equal to $0.0001, subject to adjustment therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)a Class E Warrant registered in the name of such Purchaser to purchase up to a number of shares of Ordinary Shares equal to 200% of the sum of such Purchaser's Shares and Pre-Funded Warrant Shares, with an exercise price equal to $5.50, subject to adjustment therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)legal opinions of (x) Company Counsel with respect to U.S. laws and securities matters; and (y) BVI Counsel with respect to British Virgin Islands laws, each addressed to the Placement Agent and each of the Purchasers, and each in a form satisfactory to EGS, the Placement Agent and each of the Purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)[Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)duly executed Lock-Up Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)a duly executed and delivered Officers' Certificate, in customary form reasonably satisfactory to EGS and the Placement Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)subject to the last sentence of Section 2.1, confirmation of delivery of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver on an expedited basis via The Depository Trust Company Deposit or Withdrawal at Custodian system ("<u>DWAC</u>") Shares equal to such Purchaser's Subscription Amount divided by the Per Share Purchase Price, registered in the name of such Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)the Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)this Agreement duly executed by such Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)such Purchaser's Subscription Amount, which shall be made available for "Delivery Versus Payment" settlement with the Company or its designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3<u>Closing Conditions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been performed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)there shall have been no Material Adverse Effect with respect to the Company since the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)each of the Lock-Up Agreements shall remain in full force and effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)from the date hereof to the Closing Date, trading in the Ordinary Shares shall not have been suspended by the Commission or the Company's principal Trading Market, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices

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shall not have been established on securities whose trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Securities at the Closing.

**ARTICLE III.**

 **REPRESENTATIONS AND WARRANTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1<u>Representations and Warranties of the Company</u>. Except as set forth in the Disclosure Schedules and in this Article III, which Disclosure Schedules shall be deemed a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding section of the Disclosure Schedules, the Company hereby makes the following representations and warranties to each Purchaser as of the date hereof and as of the Closing Date:

&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)<u>Subsidiaries</u>. All of the direct and indirect subsidiaries of the Company and their respective jurisdictions of incorporation are set forth on <u>Schedule 3.1(a)</u>. The Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities.

&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)<u>Organization and Qualification</u>. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing (to the extent such concept exists under applicable law) under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing (to the extent such concept exists under applicable law) as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company's ability to perform in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a "<u>Material Adverse Effect</u>") and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Authorization; Enforcement</u>. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations

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hereunder and thereunder. The execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Board of Directors or the Company's shareholders in connection herewith or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction Document to which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligations of the Company enforceable against the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, liquidation, possessory liens, rights of set off, merger, consolidation, reorganization, moratorium and other laws of general application affecting enforcement of creditors' rights generally as well as applicable international sanctions, (ii) as limited by laws relating to the statutory limitation of the time within which proceedings may be brought or availability of specific performance, injunctive relief or other equitable remedies, and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>No Conflicts</u>. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby do not and will not (i) conflict with or violate any provision of the Company's or any Subsidiary's certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of clause (ii), such as could not have or reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Filings, Consents and Approvals</u>. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) the filings required pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission of the Prospectus Supplement and (iii) notification(s) to each applicable Trading Market for the listing of the Shares and Warrant Shares for trading thereon in the time and manner required thereby (collectively, the "<u>Required Approvals</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Issuance of the Securities; Registration</u>. The Securities are duly authorized and, the Shares and the Warrants when issued and paid for in accordance with the applicable

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Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents. The Warrant Shares, when issued in accordance with the terms of the Warrants, will be validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company. The Company has reserved from its duly authorized unissued shares the maximum number of Ordinary Shares issuable pursuant to this Agreement and the Warrants. The Company has prepared and filed the Registration Statement in conformity with the requirements of the Securities Act, which became effective automatically at filing on October 20, 2025 (the "<u>Effective Date</u>"), including the Prospectus, and such amendments and supplements thereto as may have been required to the date of this Agreement. The Registration Statement is effective under the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or preventing the use of the Prospectus has been issued by the Commission and no proceedings for that purpose have been instituted or, to the knowledge of the Company, are threatened by the Commission. The Company, if required by the rules and regulations of the Commission, shall file the Prospectus Supplement with the Commission pursuant to Rule 424(b). At the time the Registration Statement and any amendments thereto became effective, at the date of this Agreement and at the Closing Date, the Registration Statement and any amendments thereto conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; and the Prospectus and any amendments or supplements thereto, at the time the Prospectus or any amendment or supplement thereto was issued and at the Closing Date, conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain 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 Company is a foreign private issuer, as defined in Rule 405 of Regulation C under the Securities Act and Rule 3b-4 under the Exchange Act. The Company was at the time of the filing of the Registration Statement eligible to use Form F-3. The Company is eligible to use Form F-3 under the Securities Act and it meets the transaction requirements as set forth in General Instruction I.B.1 of Form F-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Capitalization</u>. The capitalization of the Company as of the date hereof is as set forth on Schedule 3.1(g) , which Schedule 3.1(g) shall also include the number of Ordinary Shares owned beneficially, and of record, by Affiliates of the Company as of the date hereof. Except as set forth in Schedule 3.1(g), the Company has not issued any shares since its most recently filed periodic report under the Exchange Act, other than transactions under the Company's at-the-market offering facility and in connection with any Exempt Issuance. Except as set forth in Schedule 3.1(g), no Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as set forth on Schedule 3.1(g), there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any Ordinary Shares or the capital stock of any Subsidiary, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional Ordinary Shares or Ordinary Share Equivalents or capital stock of any Subsidiary.

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The issuance and sale of the Securities will not obligate the Company or any Subsidiary to issue Ordinary Shares or other securities to any Person (other than the Purchasers) and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities. Except as set forth on Schedule 3.1(g), there are no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary. The Company does not have any stock appreciation rights or "phantom stock" plans or agreements or any similar plan or agreement. All of the outstanding shares of the Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization of any shareholder, the Board of Directors or others is required for the issuance and sale of the Securities. There are no stockholders agreements, voting agreements or other similar agreements with respect to the Company's Shares to which the Company is a party or, to the knowledge of the Company, between or among any of the Company's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>SEC Reports; Financial Statements</u>. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together with the Prospectus and the Prospectus Supplement, being collectively referred to herein as the "<u>SEC Reports</u>") on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed (subject to amendments as may have been made), contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. Additionally, any further documents so filed and incorporated by reference in the Prospectus and Prospectus Supplement, when such documents are filed with the Commission, will conform in all material respects to the requirements of the Exchange Act and the applicable rules and regulations, as applicable, and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made not misleading. No post-effective amendment to the Registration Statement reflecting any facts or events arising after the date thereof which represent, individually or in the aggregate, a fundamental change in the information set forth therein is required to be filed with the Commission. The Company has never been an issuer subject to Rule 144(i) under the Securities Act. As of their respective dates, the financial statements of the Company included in the SEC Reports complied in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved ("<u>GAAP</u>"), except as may be otherwise specified

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in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. The agreements and documents described in the Registration Statement, the Prospectus, the Prospectus Supplement, and the SEC Reports conform in all material aspects to the descriptions thereof contained therein and there are no agreements or other documents required by the Securities Act and the rules and regulations thereunder to be described in the Registration Statement, the Prospectus, the Prospectus Supplement or the SEC Reports or to be filed with the Commission as exhibits to the Registration Statement, that have not been so described or filed. Each agreement or other instrument (however characterized or described) to which the Company is a party or by which it is or may be bound or affected and (i) that is referred to in the Registration Statement, the Prospectus, the Prospectus Supplement or the SEC Reports, or (ii) is material to the Company's business (each, a "Material Agreement"), has been duly authorized and validly executed by the Company, is in full force and effect in all material respects and is enforceable against the Company and, to the Company's knowledge, the other parties thereto, in accordance with its terms, except (x) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally, (y) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws, and (z) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefore may be brought. No Material Agreement has been assigned by the Company, and neither the Company nor, to the best of the Company's knowledge, any other party is in default thereunder and, to the best of the Company's knowledge, no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute a default thereunder that has had or that could reasonably be expected to result in a Material Adverse Effect. To the best of the Company's knowledge, performance by the Company of the material provisions of the Material Agreements will not result in a violation of any existing applicable law, rule, regulation, judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its assets or businesses, including, without limitation, those relating to environmental laws and regulations. The other financial and statistical information included in the SEC Reports present fairly, in all material respects, the information included therein and have been prepared on a basis consistent with that of the financial statements that are included in the SEC Reports and the books and records of the respective entities presented therein.

&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)<u>Material Changes; Undisclosed Events, Liabilities or Developments</u>. Since the date of the latest audited financial statements included within the SEC Reports, except as set forth on Schedule 3.1(i), (i) there has been no event, occurrence or development, including changes generally affecting the Company's or Subsidiaries' industries, that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company's financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash

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or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company stock option plans. The Company does not have pending before the Commission any request for confidential treatment of information. Except for the issuance of the Securities contemplated by this Agreement or as set forth on Schedule 3.1(i), no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective businesses, prospects, properties, operations, assets or financial condition that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior to the date that this representation is made. Other than as set forth on Schedule 3.1(i), the Company has not: (i) issued any securities or incurred any liability or obligation, direct or contingent, for borrowed money; or (ii) declared or paid any dividend or made any other distribution on or in respect of its capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Litigation</u>. Except as set forth on Schedule 3.1(j), there has not been, and to the knowledge of the Company, there is not pending or contemplated, any action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an "<u>Action</u>"). None of the Actions set forth on Schedule 3.1(j) (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities, (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect or (iii) are not expected to have a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company. The Commission has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Labor Relations</u>. Except as set forth on Schedule 3.1(k), no labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company's or its Subsidiaries' employees is a member of a union that relates to such employee's relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their employees are good. To the knowledge of the Company, no executive officer of the Company or any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the

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Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Compliance</u>. Except as set forth on Schedule 3.1(l), neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived); (ii) is in violation of any judgment, decree or order of any court, arbitrator or other governmental authority; or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case as could not reasonably be expected to result in a Material Adverse Effect.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)<u>Regulatory Permits</u>. The Company and the Subsidiaries possess all certificates, authorizations, approvals, orders, licenses and permits issued by the appropriate federal, state, local or foreign regulatory authorities, necessary to conduct their respective businesses as described in the SEC Reports, except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (each, a "<u>Material</u> <u>Permit</u>"), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any Material Permit. The disclosures in the Registration Statement concerning the effects of federal, state, local and all foreign regulation on the Company's business as currently contemplated are correct in all material respects.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)<u>Title to Assets</u>. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries and (ii) Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance with GAAP and, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance which the failure to so have could have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)<u>Intellectual Property</u>. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights necessary or required for use in connection with their respective businesses as described in the SEC Reports and which the failure to so have could have a Material Adverse Effect (collectively, the "<u>Intellectual Property Rights</u>"). Schedule 3.1(p) sets forth all of the material Intellectual Property Rights that the Company and its Subsidiaries own or have the rights to use and that are currently being used. Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements included within the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of any Person, except as could not have or reasonably be expected to not have a Material Adverse Effect. To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights. Except as set forth in Schedule 3.1(p), none of, and neither the Company nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)<u>[Intentionally omitted]</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)<u>Transactions With Affiliates and Employees</u>. Except as set forth on Schedule 3.1(r), none of the officers or directors of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, stockholder, member or partner, in each case in excess

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of US$120,000 other than for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits, including stock option agreements under any stock option plan of 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;(s)<u>Sarbanes-Oxley; Internal Accounting Controls</u>. Except as disclosed in the SEC Reports, the Company and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports 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. The Company's certifying officers have evaluated the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of the end of the period covered by the most recently filed periodic report under the Exchange Act (such date, the "<u>Evaluation Date</u>"). The Company presented in its most recently filed periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defined in the Exchange Act) of the Company and its Subsidiaries that have materially affected, or is reasonably likely to materially affect, the internal control over financial reporting of the Company and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)<u>Certain Fees</u>. Other than the compensation payable to the Placement Agent pursuant to the terms of the Placement Agency Agreement and as set forth in the Prospectus Supplement relating to the placement of the Securities, no brokerage or finder's fees or commissions are or will be payable by the Company or any Subsidiary or Affiliate of the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. The Purchasers shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)<u>Investment Company</u>. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities, will not be or be an Affiliate of, an "investment company" within the meaning of the Investment Company Act of 1940, as amended. The Company shall conduct its business in a manner so that it will not become an "investment company" subject to registration under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)<u>Registration Rights</u>. Except as set forth in Schedule 3(v), no Person has any right to cause the Company or any Subsidiary to effect the registration under the Securities Act of any securities of the Company or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)<u>Listing and Maintenance Requirements</u>. The Ordinary Shares are registered pursuant to Section 12(b) of the Exchange Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Ordinary Shares under the Exchange Act nor has the Company received any notification that

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the Commission is contemplating terminating such registration. Except as set forth on Schedule 3.1(w), the Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on which the Ordinary Shares are or have been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market. The Ordinary Shares are currently eligible for electronic transfer through the Depository Trust Company, or another established clearing corporation and the Company is current in payment of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)<u>Application of Takeover Protections</u>. The Company and the Board of Directors have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Company's certificate of incorporation (or similar charter documents) or the laws of its state of incorporation that is or could become applicable to the Purchasers as a result of the Purchasers and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation as a result of the Company's issuance of the Securities and the Purchasers' ownership of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)<u>Disclosure</u>. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel with any information that it believes constitutes or might constitute material, non-public information which is not otherwise disclosed in the Prospectus Supplement. The Company understands and confirms that the Purchasers will rely on the foregoing representation in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Purchasers regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including the Disclosure Schedules to this Agreement, is true and correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. There are no documents required to be filed with the Commission in connection with the transaction contemplated hereby that (x) have not been filed as required pursuant to the Securities Act or (y) will not be filed within the requisite time period. There are no contracts or other documents required to be described in the Preliminary Prospectus or Prospectus, or to be filed as exhibits or schedules to the Registration Statement, which have not been described or filed as required. The press releases disseminated by the Company during the twelve months preceding the date of this Agreement taken as a whole do not contain any 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 light of the circumstances under which they were made and when made, not misleading. The statistical and market-related data included in the Prospectus and Prospectus Supplement, if any, are based on or derived from sources that the Company reasonably and in good faith believes are reliable and accurate or represent the Company's good faith estimates that are made on the basis of data derived from such sources. The Company has obtained all consents required for the inclusion of such statistical and market-related data in the Prospectus and Prospectus Supplement. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained

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in the Prospectus or Prospectus Supplement has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith. The Company acknowledges and agrees that no Purchaser makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)<u>No Integrated Offering</u>. Assuming the accuracy of the Purchasers' representations and warranties set forth in Section 3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Securities to be integrated with prior offerings by the Company for purposes of any applicable shareholder approval provisions of any Trading Market on which any of the securities of the Company are listed or designated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)<u>Solvency</u>. Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the Company of the proceeds from the sale of the Securities hereunder, (i) the fair saleable value of the Company's assets exceeds the amount that will be required to be paid on or in respect of the Company's existing debts and other liabilities (including known contingent liabilities) as they mature, (ii) the Company's assets do not constitute unreasonably small capital to carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular capital requirements of the business conducted by the Company, consolidated and projected capital requirements and capital availability thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt). The Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. For the avoidance of doubt, such reorganization does not include the Company's mergers, acquisitions or other strategic transactions which are not for the primary purpose of avoiding bankruptcy. Schedule 3.1(aa) sets forth as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement, "<u>Indebtedness</u>" means (x) any liabilities for borrowed money or amounts owed in excess of US$50,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company's consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the present value of any lease payments in excess of US$50,000 due under leases required to be capitalized in accordance with GAAP. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)<u>Tax Status</u>. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local income and all

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foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such claim. The provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement, Prospectus and Prospectus Supplement are sufficient for all accrued and unpaid taxes, whether or not disputed, and for all periods to and including the dates of such consolidated financial statements. The term "taxes" mean all federal, state, local, foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments, or charges of any kind whatsoever, together with any interest and any penalties, additions to tax, or additional amounts with respect thereto. The term "returns" means all returns, declarations, reports, statements, and other documents required to be filed in respect to taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)<u>Foreign Corrupt Practices</u>. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated in any material respect any provision of FCPA. The Company has taken commercially reasonable steps to ensure that its accounting controls and procedures are designed to cause the Company to comply in all material respects with the FCPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)<u>Accountants</u>. The Company's independent registered public accounting firm is BDO Ltd., which is a registered public accounting firm as required by the Exchange Act. To the knowledge and belief of the Company, BDO Ltd. shall express its opinion with respect to the financial statements to be included in the Company's Annual Report on Form 20-F for the fiscal year ending December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)<u>Acknowledgment Regarding Purchasers' Purchase of Securities</u>. The Company acknowledges and agrees that each of the Purchasers is acting solely in the capacity of an arm's length purchaser with respect to the Transaction Documents and the transactions contemplated thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by any Purchaser or any of their respective representatives or agents in connection with the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchasers' purchase of the Securities. The Company further represents to each Purchaser that the Company's decision to enter into this Agreement and the other Transaction Documents has

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been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)<u>Acknowledgment Regarding Purchaser's Trading Activity</u>. Anything in this Agreement or elsewhere herein to the contrary notwithstanding (except for Sections 3.2(f) and 4.14 hereof), it is understood and acknowledged by the Company that: (i) none of the Purchasers has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling, long and/or short, securities of the Company, or "derivative" securities based on securities issued by the Company or to hold the Securities for any specified term; (ii) past or future open market or other transactions by any Purchaser, specifically including, without limitation, Short Sales or "derivative" transactions, before or after the closing of this or future private placement transactions, may negatively impact the market price of the Company's publicly-traded securities; (iii) any Purchaser, and counter-parties in "derivative" transactions to which any such Purchaser is a party, directly or indirectly, presently may have a "short" position in the Ordinary Shares, and (iv) each Purchaser shall not be deemed to have any affiliation with or control over any arm's length counter-party in any "derivative" transaction. The Company further understands and acknowledges that (y) one or more Purchasers may engage in hedging activities at various times during the period that the Securities are outstanding, including, without limitation, during the periods that the value of the Warrant Shares deliverable with respect to Securities are being determined, and (z) such hedging activities (if any) could reduce the value of the existing stockholders' equity interests in the Company at and after the time that the hedging activities are being conducted. The Company acknowledges that such aforementioned hedging activities do not constitute a breach of any of the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)<u>Regulation M Compliance</u>. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Company's placement agent in connection with the placement of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)<u>Stock Option Plans</u>. Except as disclosed on Schedule 3.1(hh), each stock option granted by the Company under the Company's stock option plan with respect to the Ordinary Shares was granted (i) in accordance with the terms of the Company's stock option plan and (ii) with an exercise price at least equal to the fair market value of the Ordinary Shares on the date such stock option would be considered granted under GAAP and applicable law. No stock option granted under the Company's stock option plan has been backdated. The Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects.

&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)<u>Office of Foreign Assets Control</u>. Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director, officer, agent, employee or affiliate of the Company

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or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("<u>OFAC</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)<u>U.S. Real Property Holding Corporation</u>. The Company is not and has never been a U.S. real property holding corporation within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser's request.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)<u>Money Laundering</u>. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the "<u>Money Laundering Laws</u>"), and no Action or Proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm)<u>D&O Questionnaires</u>. To the Company's knowledge, all information contained in the questionnaires most recently completed by each of the Company's directors and officers and beneficial owner of 5% or more of the Ordinary Shares or Ordinary Share Equivalents is true and correct in all respects and the Company has not become aware of any information which would cause the information disclosed in such questionnaires become inaccurate and incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn)<u>FINRA Affiliation</u>. To the Company's knowledge, no officer, director or any beneficial owner of 10% or more of the Company's Ordinary Shares or Ordinary Share Equivalents has any direct or indirect affiliation or association with any FINRA member (as determined in accordance with the rules and regulations of FINRA) that is participating in the Offering. Except for securities purchased on the open market, no Company Affiliate is an owner of stock or other securities of any member of FINRA. No Company Affiliate has made a subordinated loan to any member of FINRA. No proceeds from the sale of the Securities (excluding compensation as disclosed in the Prospectus Supplement to the Placement Agent) will be paid to any FINRA member, any persons associated with a FINRA member or an affiliate of a FINRA member. Except as disclosed in the Registration Statement, Prospectus and Prospectus Supplement, no person to whom securities of the Company have been privately issued within the 180-day period prior to the initial filing date of the Prospectus Supplement is a FINRA member, is a person associated with a FINRA member or is an affiliate of a FINRA member. No FINRA member participating in the offering has a conflict of interest

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with the Company. For this purpose, a "conflict of interest" exists when a FINRA member, the parent or affiliate of a FINRA member or any person associated with a FINRA member in the aggregate beneficially own 10% or more of the Company's outstanding subordinated debt or common equity, or 5% or more of the Company's preferred equity. "FINRA member participating in the offering" includes any associated person of a FINRA member that is participating in the offering, any member of such associated person's immediate family and any affiliate of a FINRA member that is participating in the offering. "Any person associated with a FINRA member" means (1) a natural person who is registered or has applied for registration under the rules of FINRA and (2) a sole proprietor, partner, officer, director, or branch manager of a FINRA member, or other natural person occupying a similar status or performing similar functions, or a natural person engaged in the investment banking or securities business who is directly or indirectly controlling or controlled by a FINRA member. When used in this Section 3.1(mm) the term "affiliate of a FINRA member" or "affiliated with a FINRA member" means an entity that controls, is controlled by or is under common control with a FINRA member. The Company will advise the Placement Agent and EGS if it learns that any officer, director or owner of 10% or more of the Company's outstanding Ordinary Shares or Ordinary Share Equivalents is or becomes an affiliate or associated person of a FINRA member firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo)<u>Officers' Certificate</u>. Any certificate signed by any duly authorized officer of the Company and delivered to the Purchasers shall be deemed a representation and warranty by the Company to the Purchasers as to the matters covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp)<u>Board of Directors</u>. The qualifications of the persons serving as board members and the overall composition of the Board of Directors comply with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder applicable to the Company and the rules of the Trading Market. At least one member of the Board of Directors qualifies as a "financial expert" as such term is defined under the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder and the rules of the Trading Market. In addition, at least a majority of the persons serving on the Board of Directors qualify as "independent" as defined under the rules of the Trading Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq)<u>ERISA</u>. The Company is not a party to an "employee benefit plan," as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>"), which: (i) is subject to any provision of ERISA and (ii) is or was at any time maintained, administered or contributed to by the Company or any of its ERISA Affiliates (as defined hereafter). These plans are referred to collectively herein as the "<u>Employee Plans</u>." An "ERISA Affiliate" of any person or entity means any other person or entity which, together with that person or entity, could be treated as a single employer under Section 414(b), (c), (m) or (o) of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"). Each Employee Plan has been maintained in material compliance with its terms and the requirements of applicable law. No Employee Plan is subject to Title IV of ERISA. The Registration Statement, Prospectus and the Prospectus Supplement identify each employment, severance or other similar agreement, arrangement or policy and each material plan or arrangement required to be disclosed pursuant to the Rules and Regulations providing for insurance coverage (including any self-insured arrangements), workers' compensation, disability benefits, severance benefits,

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supplemental unemployment benefits, vacation benefits or retirement benefits, or deferred compensation, profit-sharing, bonuses, stock options, stock appreciation rights or other forms of incentive compensation, or post-retirement insurance, compensation or benefits, which: (i) is not an Employee Plan; (ii) is entered into, maintained or contributed to, as the case may be, by the Company or any of its ERISA Affiliates; and (iii) covers any officer or director or former officer or director of the Company or any of its ERISA Affiliates. These agreements, arrangements, policies or plans are referred to collectively as "<u>Benefit Arrangements</u>." Each Benefit Arrangement has been maintained in material compliance with its terms and with the requirements of applicable law. No Employee Plan has any liability in respect of post-retirement health and medical benefits for retired employees of the Company or any of its ERISA Affiliates, other than medical benefits required to be continued under applicable law. No "prohibited transaction" (as defined in either Section 406 of ERISA or Section 4975 of the Code) has occurred with respect to any Employee Plan; and each Employee Plan that is intended to be qualified under Section 401(a) of the Code is so qualified, and to the Company's knowledge, nothing has occurred, whether by action or by failure to act, which could cause the loss of such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr)<u>No Immunity</u>. None of the Company or its Subsidiaries or any of their respective properties, assets or revenues has any right of immunity, under the laws of the British Virgin Islands, Switzerland or the State of New York, from any legal action, suit or proceeding, the giving of any relief in any such legal action, suit or proceeding, set-off or counterclaim, the jurisdiction of any British Virgin Islands, Switzerland, New York or United States federal court, service of process, attachment upon or prior to judgment, or attachment in aid of execution of judgment, or execution of a judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of a judgment, in any such court, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Agreement and the Transaction Documents; and, to the extent that the Company or any of its Subsidiaries or any of their respective properties, assets or revenues may have or may hereafter become entitled to any such right of immunity in any such court in which proceedings may at any time be commenced, each of the Company and its Subsidiaries waives or will waive such right to the extent permitted by law and has consented to such relief and enforcement as provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss)<u>Lock-Up Agreements</u>. Certain of the Company's directors, officers and affiliates as of the date of this Agreement have signed a Lock-Up Agreement, addressed to the Placement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt)<u>Cybersecurity</u>. (i)(x) There has been no security breach or other compromise of or relating to any of the Company's or any Subsidiary's information technology and computer systems, networks, hardware, software, data (including the data of its respective customers, employees, suppliers, vendors and any third party data maintained by or on behalf of it), equipment or technology (collectively, "<u>IT Systems and Data</u>") and (y) the Company and the Subsidiaries have not been notified of, and has no knowledge of any event or condition that would reasonably be expected to result in, any security breach or other compromise to its IT Systems and Data; (ii) the Company and the Subsidiaries are presently in compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or

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arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as would not, individually or in the aggregate, have a Material Adverse Effect; (iii) the Company and the Subsidiaries have implemented and maintained commercially reasonable safeguards to maintain and protect its material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and Data; and (iv) the Company and the Subsidiaries have implemented backup and disaster recovery technology consistent with industry standards and practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu)<u>Compliance with Data Privacy Laws</u>. The Company and its Subsidiaries are, and to the knowledge of the Company, at all prior times were, in material compliance with all applicable state and federal data privacy and security laws and regulations, including without limitation HIPAA, CCPA, and GDPR (collectively, the "Privacy Laws"). To ensure compliance with the Privacy Laws, the Company has in place, complies with, and takes appropriate steps to ensure compliance in all material respects 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 "Policies"). 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 by applicable laws and regulatory rules or requirements, and none of such disclosures made or contained in any Policy have been inaccurate or in violation of any applicable laws and regulatory rules or requirements in any material respect. The Company further certifies that neither it nor any subsidiary: (i) has received 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 except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2<u>Representations and Warranties of the Purchasers</u>. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they shall be accurate as of such date):

&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)<u>Organization; Authority</u>. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof,

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will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors' rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

&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)<u>Understandings or Arrangements</u>. Such Purchaser is acquiring the Securities as principal for its own account and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities (this representation and warranty not limiting such Purchaser's right to sell the Securities pursuant to the Registration Statement or otherwise in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities hereunder in the ordinary course of its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Purchaser Status</u>. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, and on each date on which it exercises any Warrants, it will be (i) an "accredited investor" as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) <u>or</u> (a)(8) <u>under the Securities Act or (ii) a "qualified institutional buyer" as defined in Rule 144A(a)</u> under the Securities Act.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Access to Information</u>. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including all exhibits and schedules thereto) and the SEC Reports and has been afforded, subject to Section 3.2(h) (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment. Such Purchaser acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided such Purchaser with any information or advice with respect to the Securities nor is such information or advice necessary or desired. Neither the Placement Agent nor any Affiliate has made or makes any representation as to the Company or the quality of the Securities and the Placement Agent and any Affiliate may have acquired non-public information with respect to the Company which such Purchaser agrees need not be provided to it. In connection with the issuance of the Securities to such Purchaser, neither the Placement Agent nor any of its Affiliates has acted as a financial advisor or fiduciary to such Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Certain Transactions and Confidentiality</u>. Other than consummating the transactions contemplated hereunder, such Purchaser has not, nor has any Person acting on behalf

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of or pursuant to any understanding with such Purchaser, directly or indirectly executed any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting forth the material pricing terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser's assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser's assets, the representation set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement. Other than to other Persons party to this Agreement or to such Purchaser's representatives, including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates, such Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction). Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales or similar transactions in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Affiliate and Group Status</u>. Each Purchaser hereby represents to the Company that (i) it beneficially owns less than 10% of the Shares as of the execution of this Agreement, and it is not, as of the execution of this Agreement, an Affiliate of the Company and (ii) as of the Closing Date and after giving effect to the transactions contemplated herein, it will not be an Affiliate of the Company. Each of the Purchasers, severally and not jointly, (A) represents and warrants to the Company that (i) it has not, directly or indirectly, communicated with the other concerning any investments into the Company and has no agreements or understandings to purchase or sell any underlying common stock of the Company with the other including Shares in the future, (ii) at all times, the Placement Agent has communicated with the Purchasers separately and independently, and (iii) the Purchasers do not constitute a "group" as that term is used under Section 13(d) of the Exchange Act; and (B) covenants and agrees not to take a position to the contrary to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Big Boy Representations</u>. Each Purchaser understands and acknowledges that the Company is in possession of non-public information about the Company, its securities and its financial statements that may or may not be material or superior to information available to the Purchasers (the "Non-Public Information") and each Purchaser has waived any right to receive such Non-Public Information. Each Purchaser further understands and acknowledges that the Company has not published its financial statements as of and for the year ending December 31, 2025 and acknowledges its rights and obligations under this Agreement are without any reliance on the Company providing any such Non-Public Information. Each Purchaser hereby waives any claim, or potential claim, it has or may have against the Company and any its Affiliates relating to the Company's possession of the Non-Public Information.

The Company acknowledges and agrees that the representations contained in Section 3.2(a)-(g) shall not modify, amend or affect such Purchaser's right to rely on the Company's representations and warranties contained in this Agreement or any representations and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transactions contemplated hereby. Notwithstanding the foregoing,

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for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales or similar transactions in the future.

**ARTICLE IV.**

 **OTHER AGREEMENTS OF THE PARTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>Shares and Warrant Shares</u>. The Shares and Warrants shall be issued free of legends. If all or any portion of a Warrant is exercised at a time when there is an effective registration statement to cover the issuance of the Warrant Shares or if the Warrant is exercised via cashless exercise in accordance with the terms of the Warrant, the Warrant Shares issued pursuant to any such exercise shall be issued free of all legends. If at any time following the date hereof the Registration Statement (or any subsequent registration statement registering the issuance of the Warrant Shares) is not effective or is not otherwise available for the issuance of the Warrant Shares, the Company shall immediately notify the holders of the Warrants in writing that such Registration Statement is not then effective and thereafter shall promptly notify such holders when the Registration Statement is effective again and available for the issuance of the Warrant Shares (it being understood and agreed that the foregoing shall not limit the ability of the Company to issue, or any Purchaser to sell, any of the Warrant Shares in compliance with applicable federal and state securities laws). The Company shall use commercially reasonable efforts to keep a registration statement (including the Registration Statement) registering the issuance of the Warrant Shares effective during the term of the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>Furnishing of Information</u>. Until the Warrants have expired, the Company covenants to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3<u>Integration</u>. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in a manner that would be integrated with the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4<u>Securities Laws Disclosure; Publicity</u>. The Company shall (a) on or prior to 9:15 a.m. (New York City time) on March 16, 2026, issue a press release disclosing the material terms of the transactions contemplated hereby, and (b) file a Report of Foreign Private Issuer on Form 6-K, including the Transaction Documents as exhibits thereto, with the Commission within the time required by the Exchange Act. From and after the issuance of such press release, the Company represents to the Purchasers that it shall have publicly disclosed all material, non-public information delivered to any of the Purchasers by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon the issuance of such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate. The Company and each Purchaser shall consult with each other in issuing any other press

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releases with respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such public statement without the prior consent of the Company, with respect to any press release of any Purchaser, or without the prior consent of each Purchaser, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of such Purchaser, except (a) as required by federal securities law in connection with the filing of final Transaction Documents with the Commission and (b) to the extent such disclosure is required by law or Trading Market or FINRA regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted under this clause (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5<u>Shareholder Rights Plan</u>. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any Purchaser is an "<u>Acquiring Person</u>" under any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities under the Transaction Documents or under any other agreement between the Company and the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6<u>Non-Public Information</u>. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, which shall be disclosed pursuant to Section 4.4, the Company covenants and agrees that neither it, nor any other Person acting on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto such Purchaser shall have consented to the receipt of such information and agreed with the Company to keep such information confidential. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. To the extent that the Company, any of its Subsidiaries, or any of its respective officers, directors, agents, employees or Affiliates delivers any material, non-public information to a Purchaser without such Purchaser's consent, the Company hereby covenants and agrees that such Purchaser shall not have any duty of confidentiality to the Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis of, such material, non-public information, provided that the Purchaser shall remain subject to applicable law. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report of Foreign Private Issuer on Form 6-K. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7<u>Use of Proceeds</u>. Except as set forth on Schedule 4.7 attached hereto, the Company shall use the net proceeds from the sale of the Securities hereunder for working capital and capital expenditure purposes and shall not use such proceeds: (a) for the satisfaction of any portion of the Company's debt (other than payment of trade payables in the ordinary course of the Company's business and prior

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practices); (b) for the redemption of any Ordinary Shares or Ordinary Share Equivalents; (c) for the settlement of any outstanding litigation; or (d) in violation of FCPA or OFAC regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8<u>Indemnification of Purchasers</u>. Subject to the provisions of this Section 4.8, the Company will indemnify (to the fullest extent permitted by applicable law) and hold each Purchaser and its directors, officers, shareholders, members, managers, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a "<u>Purchaser Party</u>") harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys' fees and costs of investigation that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any stockholder of the Company who is not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless such action is solely based upon a material breach of such Purchaser Party's representations, warranties or covenants under the Transaction Documents or any agreements or understandings such Purchaser Party may have with any such stockholder or any violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which is finally judicially determined to constitute fraud, gross negligence or willful misconduct). The Company will indemnify each Purchaser Party, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys' fees) and expenses, as incurred, arising out of or relating to (i) any untrue or alleged untrue statement of a material fact contained in the Registration Statement, the Prospectus, the Prospectus Supplement and/or any registration statement, any prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, the Prospectus Supplement, any prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading, except to the extent, but only to the extent, that such untrue statements or omissions are based solely upon information regarding such Purchaser Party furnished in writing to the Company by such Purchaser Party expressly for use therein, or (ii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder in connection therewith. If any action shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ one separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (x) the employment thereof has been specifically authorized by the Company in writing, (y) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (z) in such action there is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable to any Purchaser Party under this

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Agreement (1) for any settlement by a Purchaser Party effected without the Company's prior written consent, which shall not be unreasonably withheld or delayed; or (2) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party's breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents. The indemnification required by this Section 4.8 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities the Company may be subject to pursuant to law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9<u>Reservation of</u> <u>Ordinary Shares</u>. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of Ordinary Shares for the purpose of enabling the Company to issue Shares pursuant to this Agreement and Warrant Shares pursuant to any exercise of the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10<u>Listing of</u> <u>Ordinary Shares</u>. The Company hereby agrees to use best efforts to maintain the listing or quotation of the Ordinary Shares on the Trading Market on which it is currently listed so long as the Warrants are outstanding, and prior to the Closing, the Company shall have applied to list or quote all of the Shares and Warrant Shares on such Trading Market and concurrently with the Closing, the Company shall have not received any information indicating that the listing of such Shares and Warrant Shares is or will be rejected. The Company further agrees, so long as Warrants are outstanding, if the Company applies to have the Ordinary Shares traded on any other Trading Market, it will then include in such application all of the Shares and Warrant Shares, and will take such other action as is necessary to cause all of the Shares and Warrant Shares to be listed or quoted on such other Trading Market as promptly as possible. The Company will then take all action reasonably necessary to continue the listing and trading of its Ordinary Shares on a Trading Market and will comply in all respects with the Company's reporting, filing and other obligations under the bylaws or rules of the Trading Market. The Company agrees, so long as any Warrants are outstanding, to maintain the eligibility of the Ordinary Shares for electronic transfer through the Depository Trust Company or another established clearing corporation, including, without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation in connection with such electronic transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11<u>Intentionally Omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12<u>Subsequent Equity Sales</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)From the date hereof until ninety (90) days after the Closing Date, neither the Company nor any Subsidiary shall issue, enter into any agreement to issue or announce the issuance or proposed issuance of any Ordinary Shares or Ordinary Share Equivalents or file any registration statement, or amendment or supplement thereto, with the Commission, other than (i) a prospectus filed with the Commission pursuant to Rule 424(b) in connection with this offering; and (ii) any registration statement or amendment, or supplement thereto, filed in connection with the any Company stock option plan, including, for avoidance of doubt, registering the exercise of stock options and the resale of Ordinary Shares acquired pursuant to such stock options. For further avoidance of doubt, the parties agree that incorporating by reference disclosure contained in a future Form 6-K into any currently outstanding registration statement, prospectus or prospectus supplement will not violate the terms of this Section 4.12(a).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)From the date hereof until the date which is ninety (90) days after the Closing Date, the Company shall be prohibited from effecting or entering into an agreement to effect any issuance by the Company or any of its Subsidiaries of Ordinary Shares or Ordinary Share Equivalents (or a combination of units thereof) involving a Variable Rate Transaction; provided, however, that the foregoing shall not prohibit the Company from entering into an at-the-market offering facility after the date hereof. "<u>Variable Rate Transaction</u>" means a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive additional Ordinary Shares either (A) at a conversion price, exercise price or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the Ordinary Shares at any time after the initial issuance of such debt or equity securities, or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the Ordinary Shares or (ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity line of credit, whereby the Company may issue securities at a future determined price. Any Purchaser shall be entitled to obtain injunctive relief against the Company to preclude any such issuance, which remedy shall be in addition to any right to collect damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding the foregoing, this Section 4.12 shall not apply in respect of an Exempt Issuance, except that no Variable Rate Transaction shall be an Exempt Issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13<u>Equal Treatment of Purchasers</u>. No consideration (including any modification of any Transaction Document) shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration is also offered to all of the parties to the Transaction Documents then holding any of the Securities sold hereunder. Notwithstanding the foregoing, Class E Warrants, Pre-Funded Warrants and Ordinary Shares shall be treated as separate securities to the extent modifications are made to their terms, such that, for clarification and illustration purposes, any amendment, waiver or modification of the terms of the Class E Warrants not affecting the terms of the Ordinary Shares or the Pre-Funded Warrants shall not require the agreement or consent of the holders of Pre-Funded Warrants then outstanding nor the payment of consideration to holders of Ordinary Shares or Pre-Funded Warrants. For clarification purposes, this provision constitutes a separate right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect to the purchase, disposition or voting of Securities or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14<u>Certain Transactions and Confidentiality</u>. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short Sales of any of the Company's securities during the period commencing with the execution of this Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4. Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described in Section 4.4, such Purchaser will maintain the confidentiality of the existence and terms of this transaction and the information included in the Disclosure Schedules. Notwithstanding the foregoing and notwithstanding

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anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4 and (iii) no Purchaser shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company <u>or</u> its Subsidiaries after the issuance of the initial press release as described in Section 4.4. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser's assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser's assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15<u>Exercise Procedures</u>. The form of Notice of Exercise included in the Warrants set forth the totality of the procedures required of the Purchasers in order to exercise the Warrants. No additional legal opinion, other information or instructions shall be required of the Purchasers to exercise their Warrants. Without limiting the preceding sentences, no ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required in order to exercise the Warrants. The Company shall honor exercises of the Warrants and shall deliver Warrant Shares in accordance with the terms, conditions and time periods set forth in the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16<u>Lock-Up</u>. The Company shall not amend, modify, waive or terminate any provision of any of the Lock-Up Agreements except to extend the term of the lock-up period and shall enforce the provisions of each Lock- Up Agreement in accordance with its terms. If any officer, director or shareholder that is a party to a Lock-Up Agreement breaches any provision of a Lock-Up Agreement, the Company shall promptly use its best efforts to seek specific performance of the terms of such Lock-Up Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17<u>Sales During Pre-Settlement Period</u>. Notwithstanding anything herein to the contrary, if at any time on or after the time of execution of this Agreement by the Company and an applicable Purchaser, through, and including the time immediately prior to the Closing (the "<u>Pre-Settlement Perio</u>d"), such Purchaser sells to any Person all, or any portion, of any Ordinary Shares to be issued hereunder to such Purchaser at the Closing (collectively, the "<u>Pre-Settlement Shares</u>"), such Purchaser shall, automatically hereunder (without any additional required actions by such Purchaser or the Company), be deemed to be unconditionally bound to purchase, and the Company shall be deemed unconditionally bound to sell, such Pre-Settlement Shares to such Purchaser at the Closing; provided, that the Company shall not be required to deliver any Pre-Settlement Shares to such Purchaser prior to the Company's receipt of the purchase price of such Pre-Settlement Shares hereunder; and provided further that the Company hereby acknowledges and agrees that the forgoing shall not constitute a representation or covenant by such Purchaser as to whether or not during the Pre-Settlement Period such Purchaser shall sell any Ordinary Shares to any Person and that any such decision to sell any Ordinary

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Shares by such Purchaser shall solely be made at the time such Purchaser elects to effect any such sale, if any.

**ARTICLE V.**

 **MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1<u>Termination</u>. This Agreement may be terminated by any Purchaser, as to such Purchaser's obligations hereunder only and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing has not been consummated on or before March 20, 2026; provided, however, that no such termination will affect the right of any party to sue for any breach by any other party (or parties).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2<u>Fees and Expenses</u>. At the Closing, the Company has agreed to reimburse the Placement Agent for up to $100,000 for the reasonable and accounted fees and expenses of its legal counsel. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company and any exercise notice delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3<u>Entire Agreement</u>. The Transaction Documents, together with the exhibits and schedules thereto, the Prospectus and the Prospectus Supplement, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4<u>Notices</u>. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto at or prior to 6:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 6:30 p.m. (New York City time) on any Trading Day, (c) the second (2<sup>nd</sup>) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report of Foreign Private Issuer on Form 6-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5<u>Amendments; Waivers</u>. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and Purchasers which purchased at least 50.1% in interest of the Shares and Pre-Funded Warrant Shares based on the initial Subscription Amounts hereunder (or prior to the Closing, the Company and

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each Purchaser) or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought, provided that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser (or group of Purchasers), the consent of such disproportionately impacted Purchaser (or group of Purchasers) shall also be required. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right. Any proposed amendment or waiver that disproportionately, materially and adversely affects the rights and obligations of any Purchaser relative to the comparable rights and obligations of the other Purchasers shall require the prior written consent of such adversely affected Purchaser. Any amendment effected in accordance with this Section 5.5 shall be binding upon each Purchaser and holder of Securities and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6<u>Headings</u>. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7<u>Successors and Assigns</u>. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the "Purchasers."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8<u>Third-Party Beneficiaries</u>. The Placement Agent shall be the third party beneficiary of the representations and warranties of the Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.8, this Section 5.8 and/or the Placement Agency Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9<u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. 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 herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address

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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 other manner permitted by law. If any party shall commence an Action or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under Section 4.8, the prevailing party in such Action or Proceeding shall be reimbursed by the non- prevailing party for its reasonable attorneys' fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action or Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10<u>Survival</u>. The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11<u>Execution</u>. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a ".pdf" format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or ".pdf" signature page were an original thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12<u>Severability</u>. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13<u>Rescission and Withdrawal Right</u>. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights<u>.</u>; <u>provided</u>, <u>however</u>, that, in the case of a rescission of an exercise of a Warrant, the applicable Purchaser shall be required to return any Ordinary Shares subject to any such rescinded exercise notice concurrently with the return to such Purchaser of the aggregate exercise price paid to the Company for such shares and the restoration of such Purchaser's right to acquire such shares pursuant to such Purchaser's Warrant (including, issuance of a replacement warrant certificate evidencing such restored right).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14<u>Replacement of Securities</u>. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such

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circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15<u>Remedies</u>. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation the defense that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16<u>Payment Set Aside</u>. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17<u>Independent Nature of Purchasers' Obligations and Rights</u>. The obligations of each Purchaser under any Transaction Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Purchaser shall be entitled to independently protect and enforce its rights including, without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any Proceeding for such purpose. Each Purchaser has been represented by its own separate legal counsel in its review and negotiation of the Transaction Documents. For reasons of administrative convenience only, each Purchaser and its respective counsel have chosen to communicate with the Company through EGS. EGS does not represent any of the Purchasers and only represents the Placement Agent. The Company has elected to provide all Purchasers with the same terms and Transaction Documents for the convenience of the Company and not because it was required or requested to do so by any of the Purchasers. It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction Document is between the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18<u>Liquidated Damages</u>. The Company's obligations to pay any partial liquidated damages or other amounts owing under the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages or other amounts are due and payable shall have been canceled<u>.</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19<u>Saturdays, Sundays, Holidays, etc.</u>If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20<u>Construction</u>. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference to share prices and Ordinary Shares in any Transaction Document shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Ordinary Shares that occur after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21**WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.**

*(Signature Pages Follow)*

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IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

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| | | |
|:---|:---|:---|
| **SEALSQ CORP.** | **SEALSQ CORP.** | Address for Notice: |
|  |  | Avenue Louis-Casaï 58 |
|  |  | 1216 Cointrin, Switzerland |
| By: | /s/ Carlos Moreira |  |
|  | Name: Carlos Moreira | E-Mail: cmoreira@wisekey.com |
|  | Title: Chief Executive Officer |  |
| By:  | /s/ John O'Hara |  |
|  | Name: John O'Hara |  |
|  | Title: Chief Financial Officer |  |
| Attn: | Attn: |  |
| Patterson Belknap Webb & Tyler LLP | Patterson Belknap Webb & Tyler LLP |  |
| 1133 Avenue of the Americas | 1133 Avenue of the Americas |  |
| New York, New York 10036 | New York, New York 10036 |  |
| E-Mail: hhraspe@pbwt.com | E-Mail: hhraspe@pbwt.com |  |

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[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK SIGNATURE PAGE FOR PURCHASER FOLLOWS]

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[PURCHASER SIGNATURE PAGES TO THE SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Name of Purchaser:  | Name of Purchaser:  | ANSON EAST MASTER FUND LP | ANSON EAST MASTER FUND LP | ANSON EAST MASTER FUND LP | ANSON EAST MASTER FUND LP | ANSON EAST MASTER FUND LP | ANSON EAST MASTER FUND LP | ANSON EAST MASTER FUND LP | ANSON EAST MASTER FUND LP |
| *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | /s/ Amin Nathoo | /s/ Amin Nathoo | /s/ Amin Nathoo |
| Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO |
| Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. |
| Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  |  |  |  |
| Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | [\*\*\*] |  |  |  |
| Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): |  |
| Subscription Amount for Shares and Class E Warrants, Class F Warrants:  | Subscription Amount for Shares and Class E Warrants, Class F Warrants:  | Subscription Amount for Shares and Class E Warrants, Class F Warrants:  | Subscription Amount for Shares and Class E Warrants, Class F Warrants:  | Subscription Amount for Shares and Class E Warrants, Class F Warrants:  | Subscription Amount for Shares and Class E Warrants, Class F Warrants:  | Subscription Amount for Shares and Class E Warrants, Class F Warrants:  | Subscription Amount for Shares and Class E Warrants, Class F Warrants:  | [\*\*\*] |  |
| Subscription Amount for Pre-Funded Warrants, Class E Warrants, and Class F Warrants:  | Subscription Amount for Pre-Funded Warrants, Class E Warrants, and Class F Warrants:  | Subscription Amount for Pre-Funded Warrants, Class E Warrants, and Class F Warrants:  | Subscription Amount for Pre-Funded Warrants, Class E Warrants, and Class F Warrants:  | Subscription Amount for Pre-Funded Warrants, Class E Warrants, and Class F Warrants:  | Subscription Amount for Pre-Funded Warrants, Class E Warrants, and Class F Warrants:  | Subscription Amount for Pre-Funded Warrants, Class E Warrants, and Class F Warrants:  | Subscription Amount for Pre-Funded Warrants, Class E Warrants, and Class F Warrants:  | Subscription Amount for Pre-Funded Warrants, Class E Warrants, and Class F Warrants:  | [\*\*\*] |
| Shares:  | [\*\*\*] |  |  |  |  |  |  |  |  |
| Pre-Funded Warrant Shares:  | Pre-Funded Warrant Shares:  | Pre-Funded Warrant Shares:  | Pre-Funded Warrant Shares:  | [\*\*\*]  | [\*\*\*]  | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% |
| Class E Warrant Shares:  | Class E Warrant Shares:  | Class E Warrant Shares:  | [\*\*\*]  | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% |
| EIN Number:  | EIN Number:  |  |  |  |  |  |  |  |  |

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☐ Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the Closing shall occur on the first (1st) Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

[SIGNATURE PAGES CONTINUE]

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[PURCHASER SIGNATURE PAGES TO THE SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Name of Purchaser:  | Name of Purchaser:  | ANSON INVESTMENTS MASTER FUND LP | ANSON INVESTMENTS MASTER FUND LP | ANSON INVESTMENTS MASTER FUND LP | ANSON INVESTMENTS MASTER FUND LP | ANSON INVESTMENTS MASTER FUND LP | ANSON INVESTMENTS MASTER FUND LP | ANSON INVESTMENTS MASTER FUND LP |
| *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | /s/ Amin Nathoo | /s/ Amin Nathoo |
| Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO |
| Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. |
| Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  |  |  |
| Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | [\*\*\*] |  |  |
| Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | [\*\*\*] |
| Subscription Amount for Shares and Class E Warrants, Class F Warrants:  | Subscription Amount for Shares and Class E Warrants, Class F Warrants:  | Subscription Amount for Shares and Class E Warrants, Class F Warrants:  | Subscription Amount for Shares and Class E Warrants, Class F Warrants:  | Subscription Amount for Shares and Class E Warrants, Class F Warrants:  | Subscription Amount for Shares and Class E Warrants, Class F Warrants:  | Subscription Amount for Shares and Class E Warrants, Class F Warrants:  | Subscription Amount for Shares and Class E Warrants, Class F Warrants:  | [\*\*\*] |
| Subscription Amount for Pre-Funded Warrants, Class E Warrants and Class F Warrants:  | Subscription Amount for Pre-Funded Warrants, Class E Warrants and Class F Warrants:  | Subscription Amount for Pre-Funded Warrants, Class E Warrants and Class F Warrants:  | Subscription Amount for Pre-Funded Warrants, Class E Warrants and Class F Warrants:  | Subscription Amount for Pre-Funded Warrants, Class E Warrants and Class F Warrants:  | Subscription Amount for Pre-Funded Warrants, Class E Warrants and Class F Warrants:  | Subscription Amount for Pre-Funded Warrants, Class E Warrants and Class F Warrants:  | Subscription Amount for Pre-Funded Warrants, Class E Warrants and Class F Warrants:  | Subscription Amount for Pre-Funded Warrants, Class E Warrants and Class F Warrants:  |
| Shares:  | [\*\*\*] |  |  |  |  |  |  |  |
| Pre-Funded Warrant Shares:  | Pre-Funded Warrant Shares:  | Pre-Funded Warrant Shares:  | Pre-Funded Warrant Shares:  | [\*\*\*]  | [\*\*\*]  | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% |
| Class E Warrant Shares:  | Class E Warrant Shares:  | Class E Warrant Shares:  | [\*\*\*]  | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% |
| EIN Number:  | EIN Number:  |  |  |  |  |  |  |  |

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☐ Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the Closing shall occur on the first (1st) Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

[SIGNATURE PAGES CONTINUE]

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[SIGNATURE PAGES CONTINUE][PURCHASER SIGNATURE PAGES TO THE SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Name of Purchaser:  | Name of Purchaser:  | ANSON OPPORTUNITIES MASTER FUND LP | ANSON OPPORTUNITIES MASTER FUND LP | ANSON OPPORTUNITIES MASTER FUND LP | ANSON OPPORTUNITIES MASTER FUND LP | ANSON OPPORTUNITIES MASTER FUND LP | ANSON OPPORTUNITIES MASTER FUND LP | ANSON OPPORTUNITIES MASTER FUND LP |
| *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | /s/ Amin Nathoo | /s/ Amin Nathoo |
| Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO | AMIN NATHOO |
| Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. | Director, Anson Advisors Inc. |
| Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  |  |  |
| Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | [\*\*\*] |  |  |
| Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | [\*\*\*] |
| Subscription Amount for Shares and Class E Warrants, Class F Warrants:  | Subscription Amount for Shares and Class E Warrants, Class F Warrants:  | Subscription Amount for Shares and Class E Warrants, Class F Warrants:  | Subscription Amount for Shares and Class E Warrants, Class F Warrants:  | Subscription Amount for Shares and Class E Warrants, Class F Warrants:  | Subscription Amount for Shares and Class E Warrants, Class F Warrants:  | Subscription Amount for Shares and Class E Warrants, Class F Warrants:  | Subscription Amount for Shares and Class E Warrants, Class F Warrants:  | [\*\*\*] |
| Subscription Amount for Pre-Funded Warrants, Class E Warrants and Class F Warrants:  | Subscription Amount for Pre-Funded Warrants, Class E Warrants and Class F Warrants:  | Subscription Amount for Pre-Funded Warrants, Class E Warrants and Class F Warrants:  | Subscription Amount for Pre-Funded Warrants, Class E Warrants and Class F Warrants:  | Subscription Amount for Pre-Funded Warrants, Class E Warrants and Class F Warrants:  | Subscription Amount for Pre-Funded Warrants, Class E Warrants and Class F Warrants:  | Subscription Amount for Pre-Funded Warrants, Class E Warrants and Class F Warrants:  | Subscription Amount for Pre-Funded Warrants, Class E Warrants and Class F Warrants:  | Subscription Amount for Pre-Funded Warrants, Class E Warrants and Class F Warrants:  |
| Shares:  | [\*\*\*] |  |  |  |  |  |  |  |
| Pre-Funded Warrant Shares:  | Pre-Funded Warrant Shares:  | Pre-Funded Warrant Shares:  | Pre-Funded Warrant Shares:  | [\*\*\*]  | [\*\*\*]  | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% |
| Class E Warrant Shares:  | Class E Warrant Shares:  | Class E Warrant Shares:  | [\*\*\*]  | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% |
| EIN Number:  | EIN Number:  |  |  |  |  |  |  |  |

---

☐ Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the Closing shall occur on the first (1st) Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

[SIGNATURE PAGES CONTINUE]

------

[PURCHASER SIGNATURE PAGES TO THE SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Name of Purchaser:  | Name of Purchaser:  | CVI Investments, Inc. By: Heights Capital Management, Inc. its authorized agent | CVI Investments, Inc. By: Heights Capital Management, Inc. its authorized agent | CVI Investments, Inc. By: Heights Capital Management, Inc. its authorized agent | CVI Investments, Inc. By: Heights Capital Management, Inc. its authorized agent | CVI Investments, Inc. By: Heights Capital Management, Inc. its authorized agent | CVI Investments, Inc. By: Heights Capital Management, Inc. its authorized agent | CVI Investments, Inc. By: Heights Capital Management, Inc. its authorized agent |
| *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | /s/ Martin Kobinger | /s/ Martin Kobinger |
| Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | Marin Kobinger | Marin Kobinger | Marin Kobinger | Marin Kobinger |
| Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | President | President | President | President |
| Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  |  |  |
| Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | [\*\*\*] |  |  |
| Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): |
| Subscription Amount for Shares and Class E Warrants:  | Subscription Amount for Shares and Class E Warrants:  | Subscription Amount for Shares and Class E Warrants:  | Subscription Amount for Shares and Class E Warrants:  | Subscription Amount for Shares and Class E Warrants:  | Subscription Amount for Shares and Class E Warrants:  | Subscription Amount for Shares and Class E Warrants:  | Subscription Amount for Shares and Class E Warrants:  | [\*\*\*] |
| Subscription Amount for Pre-Funded Warrants and Class E Warrants:  | Subscription Amount for Pre-Funded Warrants and Class E Warrants:  | Subscription Amount for Pre-Funded Warrants and Class E Warrants:  | Subscription Amount for Pre-Funded Warrants and Class E Warrants:  | Subscription Amount for Pre-Funded Warrants and Class E Warrants:  | Subscription Amount for Pre-Funded Warrants and Class E Warrants:  | Subscription Amount for Pre-Funded Warrants and Class E Warrants:  | Subscription Amount for Pre-Funded Warrants and Class E Warrants:  | Subscription Amount for Pre-Funded Warrants and Class E Warrants:  |
| Shares:  | [\*\*\*] |  |  |  |  |  |  |  |
| Pre-Funded Warrant Shares:  | Pre-Funded Warrant Shares:  | Pre-Funded Warrant Shares:  | Pre-Funded Warrant Shares:  | [\*\*\*]  | [\*\*\*]  | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% |
| Class E Warrant Shares:  | Class E Warrant Shares:  | Class E Warrant Shares:  | [\*\*\*]  | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% |
| EIN Number:  | EIN Number:  |  |  |  |  |  |  |  |

---

☐ Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the Closing shall occur on the first (1st) Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

[SIGNATURE PAGES CONTINUE]

------

[PURCHASER SIGNATURE PAGES TO THE SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Name of Purchaser:  | Name of Purchaser:  | L1 Capital Global Opportunities Master Fund | L1 Capital Global Opportunities Master Fund | L1 Capital Global Opportunities Master Fund | L1 Capital Global Opportunities Master Fund | L1 Capital Global Opportunities Master Fund | L1 Capital Global Opportunities Master Fund | L1 Capital Global Opportunities Master Fund | L1 Capital Global Opportunities Master Fund |
| *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | *Signature of Authorized Signatory of Purchaser*:  | /s/ David Feldman | /s/ David Feldman | /s/ David Feldman |
| Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | Name of Authorized Signatory:  | David Feldman | David Feldman | David Feldman | David Feldman | David Feldman |
| Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | Title of Authorized Signatory:  | Director | Director | Director | Director | Director |
| Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  | Email Address of Authorized Signatory:  |  |  |  |
| Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | Address for Notice to Purchaser:  | [\*\*\*] |  |  |  |
| Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | Address for Delivery of Securities to Purchaser (if not same as address for notice): | [\*\*\*] |
| Subscription Amount for Shares and Class E Warrants:  | Subscription Amount for Shares and Class E Warrants:  | Subscription Amount for Shares and Class E Warrants:  | Subscription Amount for Shares and Class E Warrants:  | Subscription Amount for Shares and Class E Warrants:  | Subscription Amount for Shares and Class E Warrants:  | Subscription Amount for Shares and Class E Warrants:  | Subscription Amount for Shares and Class E Warrants:  | [\*\*\*] |  |
| Subscription Amount for Pre-Funded Warrants and Class E Warrants:  | Subscription Amount for Pre-Funded Warrants and Class E Warrants:  | Subscription Amount for Pre-Funded Warrants and Class E Warrants:  | Subscription Amount for Pre-Funded Warrants and Class E Warrants:  | Subscription Amount for Pre-Funded Warrants and Class E Warrants:  | Subscription Amount for Pre-Funded Warrants and Class E Warrants:  | Subscription Amount for Pre-Funded Warrants and Class E Warrants:  | Subscription Amount for Pre-Funded Warrants and Class E Warrants:  | Subscription Amount for Pre-Funded Warrants and Class E Warrants:  |  |
| Shares:  | [\*\*\*] |  |  |  |  |  |  |  |  |
| Pre-Funded Warrant Shares:  | Pre-Funded Warrant Shares:  | Pre-Funded Warrant Shares:  | Pre-Funded Warrant Shares:  | [\*\*\*]  | [\*\*\*]  | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% |
| Class E Warrant Shares | Class E Warrant Shares | Class E Warrant Shares | [\*\*\*]  | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% | Beneficial Ownership Blocker ◻ 4.99% or ◻ 9.99% |
| EIN Number:  | EIN Number:  |  |  |  |  |  |  |  |  |

---

☐ Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the Closing shall occur on the first (1st) Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

------

## Exhibit 8.1

**Exhibit 8.1**

**Subsidiaries of SEALSQ Corp**

The following is a list of companies that will form part of the SEALSQ Corp as of the date of the annual report:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Group Company<br>Name** | **Country of<br>incorporation** | **Year of<br>incorporation** | **Share Capital** | **%<br>ownership** | **Nature of business** |
| SEALSQ Corp | British Virgin Islands | 2022 | USD 1,075,380.19 | n/a | Investment and Holding Company |
| SEALSQ France SAS | France | 2010 | EUR 1,955,441.43 | 100% | Chip manufacturing, sales & distribution |
| SEALSQ Japan KK | Japan | 2017 | JPY 1,000,000 | 100% | Sales & distribution |
| SEALSQ France, Taiwan Branch | Taiwan | 2017 | TWD 100,000 | 100% | Sales & distribution |
| SEALSQ USA Ltd | U.S.A. | 2024 | Nil | 100% | Sales & distribution |
| IC'Alps SAS | France | 2018 | EUR 1,100,000 | 100% | Custom ASIC design services |

---

The following diagram sets out the group structure as of the date of this annual report:

![Graphic](laes-20251231xex8d1001.jpg)

------

## Exhibit 11.2

**Exhibit 11.2**

**SEALSQ Corp**

Insider Trading Policy

Supplement: Section 16

Reporting Obligations

As of March 16, 2026

------

**Table of Contents**

**1.** **Introduction** 3

**2.** **Background and Legal Basis** 3

**3.** **Persons Subject to Section 16(a) Reporting** 3

**a.** **Directors** 3

**b.** **Officers** 3

**4.** **Reportable Securities and Transactions** 4

**a.** **Scope of Reportable Securities** 4

**c.** **Changes in Beneficial Ownership** 4

**d.** **No Materiality Threshold** 5

**5.** **Indirect Beneficial Ownership** 5

**a.** **Family Members** 5

**b.** **Trusts, Partnerships, Corporations and Other Entities** 6

**6.** **Section 16(a) Reporting Forms and Deadlines** 6

**7.** **EDGAR Credentials and Filing Assistance — Power of Attorney** 7

**a.** **Individual EDGAR Next Credentials** 7

**b.** **Company-Assisted Filings Under Power of Attorney** 7

**c.** **Practical Implication** 7

**8.** **Insider Notification Obligations to the Company** 8

**a.** **Same-Day Notification of Executed Transactions** 8

**b.** **Notification of Indirect Transactions** 8

**c.** **Notification Channel** 8

**9.** **Enforcement and Consequences of Non-Compliance** 9

**a.** **SEC Enforcement** 9

**b.** **Company Sanctions** 9

**c.** **Criminal Liability Reminder** 9

**10.** **Key Contacts** 10

Page 2 of 11

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Introduction** 

This Section 16 Supplement (the "Section 16 Supplement") supplements the Insider Trading Policy of SEALSQ Corp ("SEALSQ" or the "Company") as of the date specified above and is addressed specifically to each individual identified as a director or officer of SEALSQ subject to the reporting requirements of Section 16(a) of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and identified by the Company as an Insider (each, an "Insider").

This Section 16 Supplement is issued in response to the enactment of the U.S. Holding Foreign Insiders Accountable Act ("HFIAA"), signed into law on December 18, 2025, which amends Section 16(a) of Exchange Act and eliminates the historical exemption from Section 16 reporting that previously applied to directors and officers of foreign private issuers ("FPIs"). SEALSQ qualifies as an FPI and its equity securities are registered under Section 12(b) of the Exchange Act and listed on NASDAQ.

Effective March 18, 2026, all Insiders are subject to the Section 16(a)insider reporting regime in respect of all of SEALSQ's equity securities. Each Insider must read this Section 16 Supplement carefully and sign the acknowledgment at the end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Background and Legal Basis** 

Section 16(a) of the Exchange Act, as amended by the HFIAA, requires directors and officers of issuers whose equity securities are registered under Section 12 of the Exchange Act to publicly disclose their beneficial ownership of, and transactions in, equity securities of the issuer. The HFIAA specifically eliminated the SEC's longstanding administrative exemption under Rule 3a12-3(b) that had previously relieved FPI directors and officers from Section 16 obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Persons Subject to Section 16(a) Reporting** 

The following persons are subject to Section 16(a) reporting obligations as directors or officers of SEALSQ:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Directors** 

Any member of the Board of Directors of SEALSQ, or any person performing similar functions, who participates in policy-making for SEALSQ and receives regular access to material non-public information, is a director for Section 16(a) purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Officers** 

Under Rule 16a-1(f) of the Exchange Act, the following individuals are deemed officers subject to Section 16(a) reporting:

Page 3 of 11

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● The President / Chief Executive Officer;

● The Principal Financial Officer (CFO or equivalent);

● The Principal Accounting Officer or Controller;

● Any Vice-President in charge of a principal business unit, division, or function (e.g., sales, administration, or finance);

● Any other officer or person who performs policy-making functions for SEALSQ, including, where applicable, certain officers of SEALSQ's subsidiaries who perform such functions for SEALSQ.

The Company will (i) notify all individuals who have been determined to be an Insider, (ii) maintain and update a list of all Insiders subject to Section 16(a), and (iii) notify any newly designated Insider promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Reportable Securities and Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Scope of Reportable Securities** 

Section 16(a) reporting covers beneficial ownership of all equity securities of SEALSQ, whether or not such equity securities are registered under Section 12 of the Exchange Act. This includes, without limitation:

● SEALSQ Ordinary Shares;

● SEALSQ Class F Shares;

● Stock options (whether or not vested or exercisable);

● Restricted stock units (RSUs) and performance share units (PSUs);

● Warrants and rights to acquire SEALSQ equity securities;

● Any other equity-linked or derivative instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Initial Statement of Beneficial Ownership (Form 3)** 

Each Insider must file a Form 3 disclosing all SEALSQ equity securities beneficially owned as of the date of becoming a director or officer. Form 3 must be filed within 10 calendar days of appointment (or, for Insiders in place as of March 18, 2026, by that date). Even if an Insider holds no SEALSQ securities, a Form 3 must still be filed to affirmatively report zero holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Changes in Beneficial Ownership** 

Any of the following events constitutes a change in beneficial ownership and triggers a filing obligation on Form 4:

Page 4 of 11

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Open-market purchases or sales of SEALSQ equity securities (on any exchange, including non-U.S. exchanges);

● Grants of equity awards (options, RSUs, PSUs, or otherwise) by SEALSQ;

● Vesting of restricted stock or RSUs;

● Exercises of stock options (including cashless exercises and sales to cover tax withholding);

● Conversion of convertible securities;

● Exercise of warrants or rights;

● Gifts of SEALSQ equity securities (which may be eligible for deferred reporting on Form 5);

● Transfers of SEALSQ equity securities to or from a trust, partnership, or corporate entity in which the Insider has a pecuniary interest;

● Any other acquisition or disposition of a direct or indirect pecuniary interest in SEALSQ equity securities.

Form 4 must be filed within two U.S. business days following the change of beneficial ownership,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **No Materiality Threshold** 

There is no minimum size or materiality threshold for Section 16(a) reporting. Every reportable transaction — regardless of size or value — must be reported.

The two-business-day deadline for Form 4 runs from the date of transaction execution, not settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Indirect Beneficial Ownership** 

Section 16(a) applies to securities held directly and indirectly. An Insider must report holdings and transactions over which the Insider has a direct or indirect pecuniary interest (i.e., the opportunity to profit from a transaction in those securities). Common indirect ownership scenarios include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Family Members** 

An Insider is presumed to beneficially own securities held by "immediate family" members who share the Insider's household. "Immediate family" includes a spouse, children, grandchildren, parents, grandparents, siblings, and corresponding in-law and adoptive relationships. Children temporarily away from the home (e.g., studying at university) are generally treated as household members for reporting purposes. This presumption can be rebutted, but insiders should consult with the Company's Legal/Compliance function before taking that position.

Page 5 of 11

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Trusts, Partnerships, Corporations and Other Entities** 

Securities held through a trust are attributable to an Insider if the Insider has both a pecuniary interest and investment control over the trust's securities. Where an Insider serves as trustee or co-trustee with investment authority and also benefits economically, the trust's holdings must be reported. Beneficiary status alone (without investment control) generally does not trigger attribution.

A general partner or managing member is generally deemed to beneficially own portfolio securities held by the partnership or LLC to the extent of the greater of their capital account or profit interest. A limited partner or passive member is generally not attributed those securities unless they can direct or influence the entity's investment decisions.

Where an Insider controls or has investment authority over a separate corporation or entity that holds SEALSQ securities, those securities will generally be attributed to the Insider. Absent such control or investment authority, attribution typically does not arise. If in doubt, Insiders should consult the Company's Legal/Compliance function before any transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Section 16(a) Reporting Forms and Deadlines** 

The following table summarizes the three forms used for Section 16(a) reporting and the applicable filing deadlines:

---

| | | |
|:---|:---|:---|
| **Form** | **Trigger** | **Filing Deadline** |
| Form 3 | Initial statement — all insiders in place on March 18, 2026 | March 18, 2026 (hard deadline) |
| Form 3 | New director/officer appointed after March 18, 2026 | Within 10 calendar days of appointment |
| Form 4 | Any change in beneficial ownership (purchase, sale, award grant, vesting, option exercise, gift, transfer) | By end of 2nd business day following the transaction (e.g., if your broker makes a 10b5-1 plan sale on Monday, a Form 4 to report that transaction must be filed by close of business on Wednesday) |
| Form 5 | Deferred/previously unreported transactions; certain exempt transactions | Within 45 days after SEALSQ fiscal year-end |

---

All Section 16(a) reports must be filed electronically and in English via EDGAR (the SEC's Electronic Data Gathering, Analysis, and Retrieval system), using EDGAR Next. Section 16(a)

Page 6 of 11

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reports are publicly available on EDGAR immediately upon filing and are routinely monitored by investors, analysts, the media, and plaintiffs' counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **EDGAR Credentials and Filing Assistance — Power of Attorney** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Individual EDGAR Next Credentials** 

Each Insider is legally required to have personal EDGAR Next credentials (a Central Index Key (CIK) and associated access codes). Insiders who do not yet have EDGAR credentials must file a Form ID with the SEC. Given processing times, any individual who is or becomes a director or officer of SEALSQ should initiate the

EDGAR credentialing process promptly upon appointment to ensure timely compliance with Section 16(a) filing obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Company-Assisted Filings Under Power of Attorney** 

Each Insider can grant a Power of Attorney ("PoA") to SEALSQ (acting through its Legal/Compliance function or designated external counsel or financial printer) authorizing SEALSQ to prepare and file Section 16(a) reports (Forms 3, 4, and 5) on the Insider's behalf.

The existence of the PoA does not relieve the Insider of their personal legal obligation to ensure that their Section 16(a) reports are timely, complete, and accurate. The PoA is intended solely to assist with administrative preparation and filing, and does not transfer or delegate the Insider's underlying compliance responsibility. In particular, the PoA cannot be exercised unless the Insider fulfills the notification obligations described in Section 8 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Practical Implication** 

While it is the legal obligation of each Insider to timely file the Section 16(a) reports, SEALSQ has undertaken to prepare and submit Forms 3, 4 and 5 on behalf of each Insider, acting under the PoA. However, the Company can only file on time if the Insider reports all relevant transactions and events to the Legal/Compliance function promptly — see Section 8 below.

The legal responsibility for late or inaccurate filings ultimately rests with the individual Insider.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Insider Notification Obligations to the Company** 

Given the two-business-day deadline applicable to Form 4 filings, each Insider must promptly notify the Company of all transactions and events that may trigger a Section 16(a) reporting obligation. Specifically:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Same-Day Notification of Executed Transactions** 

Each Insider must notify the Company's Legal/Compliance function on the same business day as execution of:

● Any purchase or sale of SEALSQ shares (on any market);

● Any exercise of stock options (including partial exercises and sales to cover);

● Any vesting event triggering acquisition of SEALSQ shares;

● Any gift, transfer to a trust, family member, or other indirect holder of SEALSQ shares;

● Any other transaction or event affecting beneficial ownership of SEALSQ shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Notification of Indirect Transactions** 

An Insider must also notify the Company if any indirect holder (household family member, trust, entity, or other person whose transactions are attributed to the Insider under Section 5 above) effects any transaction in SEALSQ shares, on the same business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Notification Channel** 

All Section 16 notifications must be sent to SEALSQ_exercice_notice@sealsq.com (or such other contact as the Company may designate from time to time). The notification should include: (i) name of the Insider; (ii) nature of the transaction; (iii) securities involved (class, number); (iv) transaction price; (v) date of execution; and (vi) whether the transaction was effected directly or through an indirect holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Filing of Form 4 or Form 5** 

Upon receipt of a transaction notification, the Company's Legal/Compliance function (or its designated external counsel or financial printer) will prepare the applicable Form 4 or Form 5 and provide a draft to the Insider for review and approval prior to filing. The Insider must review the draft promptly and confirm its accuracy or identify any corrections. Failure to respond in one business day will be regarded as deemed confirmation by the Insider that the filing is accurate. Once the Insider has approved the form, the Company will file it with the SEC on the Insider's behalf pursuant to the Power of Attorney. Any delays in the Insider's

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review or approval may result in a late filing, for which the Insider bears personal legal responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** **Response to Company Inquiries** 

Each Insider must respond promptly and fully to any questions or requests for additional information from the Company's Legal/Compliance function regarding any transaction or event that may trigger a Section 16(a) reporting obligation. Timely cooperation is essential to enable the Company to prepare and file accurate Section 16(a) reports within the applicable deadlines. Failure to respond promptly may result in late or inaccurate filings, for which the Insider bears personal legal responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Enforcement and Consequences of Non-Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **SEC Enforcement** 

Late or missed Section 16(a) filings do not directly impose civil liability, but the SEC may seek civil penalties, fines, or injunctive relief — including prohibition from serving as an officer or director of a U.S. public company — particularly where non-compliance is systemic or repeated. Section 16(a) reports are public records, and the SEC actively monitors compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Company Sanctions** 

In addition to regulatory consequences, failure to comply with this Section 16 Supplement — including failure to notify the Company in time for a timely filing — may result in Company-imposed disciplinary action, up to and including termination for cause, consistent with SEALSQ's Insider Trading Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Criminal Liability Reminder** 

Intentional misstatements or omissions of facts in Section 16(a) reports filed with the SEC constitute federal criminal violations under 18 U.S.C. § 1001 and 15 U.S.C. § 78ff(a).

SEALSQ's Legal/Compliance function is available to assist with any questions before reports are filed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Key Contacts** 

For any questions regarding this Section 16 Supplement, Section 16(a) reporting obligations, or EDGAR Next credentials, please contact: legal@sealsq.com and/or sealsq_option_admin@sealsq.com.

[signature page follows]

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**ACKNOWLEDGMENT, CERTIFICATION AND AGREEMENT**

***Section 16 Supplement to SEALSQ Corp Insider Trading Policy***

I, the undersigned, hereby acknowledge, certify, and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have received, read, and fully understood the Section 16 Supplement to the SEALSQ Corp Insider Trading Policy (the "Section 16 Supplement "), dated and effective as of March 16, 2026, as it may be amended or supplemented from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I understand that, commencing March 18, 2026, I am subject to Section 16(a) of the U.S. Securities Exchange Act of 1934, as amended by the Holding Foreign Insiders Accountable Act, and that I have a personal legal obligation to ensure that my Section 16(a) reports (Forms 3, 4, and 5) are filed with the U.S. Securities and Exchange Commission in a timely, complete, and accurate manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I understand that I am required to notify SEALSQ's Legal/Compliance (SEALSQ_exercise_notice@sealsq.com) function on the same business day as the execution of any transaction or event affecting my direct or indirect beneficial ownership of SEALSQ equity securities, including transactions effected through family members, trusts, partnerships, corporations, or other indirect holders, using the contact information designated by the Company from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I acknowledge that I may grant a Power of Attorney to SEALSQ authorizing the Company to prepare and file Section 16(a) reports on my behalf. I understand that any such Power of Attorney does not relieve me of my personal reporting obligation, and that the Company's ability to file on my behalf depends on my timely fulfillment of the notification obligations set forth in the Section 16 Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I understand that I must obtain personal EDGAR Next credentials (CIK and access codes) and that I will take all steps necessary to complete this process promptly if I have not already done so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. I agree to comply with the Section 16 Supplement and all applicable Section 16(a) reporting obligations at all times, as the Section 16 Supplement may be supplemented or amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. I understand that knowingly false or misleading statements or omissions of material facts in Section 16(a) reports filed with the SEC may constitute federal criminal violations under 18 U.S.C. § 1001 and 15 U.S.C. § 78ff(a).

---

| |
|:---|
| Signature |
| Date |
| Print Full Name |
| Title / Role |

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## Exhibit 12.1

**Exhibit 12.1**

**CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Carlos Moreira, certify that:

1. I have reviewed this annual report on Form 20-F of SEALSQ Corp;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4. The company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

5. The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Carlos Moreira |
| Name: | Carlos Moreira |
| Title: | Chief Executive Officer |
| Date: March 31, 2026 | Date: March 31, 2026 |

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## Exhibit 12.2

**Exhibit 12.2**

**CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, John O'Hara, certify that:

1. I have reviewed this annual report on Form 20-F of SEALSQ Corp;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4. The company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

5. The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ John O'Hara |
| Name: | John O'Hara |
| Title: | Chief Financial Officer |
| Date: March 31, 2026 | Date: March 31, 2026 |

---

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## Exhibit 13.1

**Exhibit 13.1**

**CERTIFICATION PURSUANT TO SECTION 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

The certification set forth below is being submitted in connection with the annual report of SEALSQ Corp (the "Company") on Form 20-F for the period ending December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the "Exchange Act") and Section 1350 of Chapter 63 of Title 18 of the United States Code.

Carlos Moreira, the Chief Executive Officer of the Company, certifies that, to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| By: | /s/ Carlos Moreira |
| Name: | Carlos Moreira |
| Title: | Chief Executive Officer |
| Date: March 31, 2026 | Date: March 31, 2026 |

---

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## Exhibit 13.2

**Exhibit 13.2**

**CERTIFICATION PURSUANT TO SECTION 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

The certification set forth below is being submitted in connection with the annual report of SEALSQ Corp (the "Company") on Form 20-F for the period ending December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the "Exchange Act") and Section 1350 of Chapter 63 of Title 18 of the United States Code.

John O'Hara, the Chief Financial Officer of the Company, certifies that, to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| By: | /s/ John O'Hara |
| Name: | John O'Hara |
| Title: | Chief Financial Officer |
| Date: March 31, 2026 | Date: March 31, 2026 |

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## Exhibit 15.1

**Exhibit 15.1**

<u>Consent of Independent Registered Public Accounting Firm</u>

We hereby consent to the incorporation by reference in the Registration Statements on Form F-3 (No. 333-290963) and Form S-8 (No. 333-287139) of SEALSQ Corp (the Company) of our report dated March 31, 2026, relating to the consolidated financial statements which appear in this Annual Report on Form 20-F.

Zurich, Switzerland, March 31, 2026

BDO Ltd

---

| | |
|:---|:---|
| /s/ Nigel Le Masurier | /s/ Thomas de Ferrars |
| Nigel Le Masurier  | ppa. Thomas de Ferrars |

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