# EDGAR Filing Document

**Accession Number:** 0001829311
**File Stem:** 0001641172-25-018433
**Filing Date:** 2025-7
**Character Count:** 176518
**Document Hash:** f9f3d7043f346ed2efc80cf34944ccfc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-018433.hdr.sgml**: 20250709

**ACCESSION NUMBER**: 0001641172-25-018433

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250709

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250709

**DATE AS OF CHANGE**: 20250709

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BITMINE IMMERSION TECHNOLOGIES, INC.
- **CENTRAL INDEX KEY:** 0001829311
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 843986354
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42675
- **FILM NUMBER:** 251114034

**BUSINESS ADDRESS:**
- **STREET 1:** 10845 GRIFFITH PEAK DR. #2
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89135
- **BUSINESS PHONE:** 562-310-0160

**MAIL ADDRESS:**
- **STREET 1:** 10845 GRIFFITH PEAK DR. #2
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89135

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Sandy Springs Holdings, Inc.
- **DATE OF NAME CHANGE:** 20201021

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 9, 2025

**BITMINE IMMERSION TECHNOLOGIES, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware**<br> (State or other jurisdiction<br> of incorporation or organization) | **001-42675**<br> (Commission<br> File Number) | **84-3986354**<br> (IRS Employer<br> Identification No.) |

---

**10845 Griffith Peak Dr. #2**

**Las Vegas, NV 89135**

(Address of principal executive office) (Zip Code)

**(404) 816-8240**

(Registrants' telephone number, including area code)

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Common Stock, par value $0.0001** | **BMNR** | **NYSE American LLC** |

---

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

Emerging Growth Company ☒

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

**Item 1.01 Entry into a Material Definitive Agreement.** 

On July 9, 2025, Bitmine Immersion Technologies, Inc. (the "***Company***") entered into a Controlled Equity Offering<sup>SM</sup> Sales Agreement (the "***Sales Agreement***") with each of Cantor Fitzgerald & Co. ("**Cantor**") and ThinkEquity LLC ("**ThinkEquity**") (each, an "***Agent***" and together, the "***Agents***"), pursuant to which the Company, from time to time, at its option may offer and sell shares (the "***ATM Shares***") of its common stock, par value $0.0001 per share (the "***Company Common Stock***"), to or through Cantor, acting as principal and/or the sole designated sales agent having an aggregate sales price of up to $2,000,000,000 (the "***ATM Offering***").

Subject to the terms and conditions of the Sales Agreement, Cantor will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell the ATM Shares from time to time, based upon the Company's instructions. The Company has provided the Agents with customary indemnification and contribution rights in favor of the Agents, and the Agents will be entitled to a commission of up to 3.0% of the gross proceeds from each sale of the ATM Shares pursuant to the Sales Agreement.

Sales of the ATM Shares, if any, under the Agreement may be made in transactions that are deemed to be "at the market offerings" as defined in Rule 415 under the Securities Act of 1933, as amended or by any other method permitted by law. The Company has no obligation to sell any of the ATM Shares and may at any time suspend offers under the Sales Agreement or terminate the Sales Agreement.

This description of the Sales Agreement does not purport to be complete and is qualified in its entirety by reference to the Sales Agreement, which is attached hereto as Exhibit 1.1 and incorporated by reference herein.

The Company Common Stock to be sold under the Agreement, if any, will be issued and sold pursuant to the Company's automatic shelf registration statement on Form S-3 (File No. 333-288579) (the "***Registration Statement***"), which was filed with the Securities and Exchange Commission (the "***SEC***") on July 9, 2025, which included an "at the market offering" prospectus covering the offer and sale of the ATM Shares pursuant to the Sales Agreement.

This Current Report on Form 8-K shall not constitute an offer to sell or a solicitation of an offer to buy any shares of Company Common Stock nor shall there be any sale of shares of Company Common Stock in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. The legal opinion of Winston & Strawn LLP relating to the legality of the issuance and sale of the ATM Shares pursuant to the ATM Offering is attached as Exhibit 5.1 to this Current Report on Form 8-K and is incorporated by reference herein.

**Item 9.01 Financial Statements and Exhibits**

***(d) Exhibits.***

---

| | |
|:---|:---|
| Exhibit No. | Description |
| 1.1 | [Sales Agreement, dated as of July 9, 2025, by and among the Company, Cantor Fitzgerald & Co., and ThinkEquity LLC.](ex1-1.htm) |
| 5.1 | [Opinion of Winston & Strawn LLP.](ex5-1.htm) |
| 23.1 | [Consent of Winston & Strawn LLP (included in the opinion filed as Exhibit 5.1).](ex5-1.htm) |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |

---

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
|  | **Bitmine Immersion Technologies, Inc.** | **Bitmine Immersion Technologies, Inc.** |
| Dated: July 9, 2025 | By: | */s/ Jonathan Bates* |
|  | Name: | Jonathan Bates |
|  | Title: | Chief Executive Officer |

---

## Exhibit 1.1

**Exhibit 1.1**

***Execution Version***

**BITMINE IMMERSION TECHNOLOGIES, INC.**<br> Shares of Common Stock

(par value $0.0001 per share)

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

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

July 9, 2025

Cantor Fitzgerald & Co.

499 Park Avenue

New York, NY 10022

ThinkEquity LLC

17 State Street, 41<sup>st</sup> Fl.

New York, NY 10004

Ladies and Gentlemen:

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

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

The Company has filed or will file, in accordance with the provisions of the Securities Act of 1933, as amended (the "**<u>Securities Act</u>**"), and the rules and regulations thereunder (the "**<u>Securities Act Regulations</u>**"), with the Commission a registration statement on Form S-3, including a base prospectus, relating to certain securities, including the Placement Shares to be issued from time to time by the Company, and which incorporates by reference documents that the Company has filed or will file in accordance with the provisions of the Securities Exchange Act of 1934, as amended (the "**<u>Exchange Act</u>**"), and the rules and regulations thereunder. The Company has prepared a prospectus included as part of the registration statement, which prospectus relates to the Placement Shares to be issued from time to time by the Company (the "**<u>Sales Prospectus</u>**"). Except where the context otherwise requires, such registration statement, as amended by any post-effective amendment thereto, including all documents filed as part thereof or incorporated by reference therein, and including any information contained in a Prospectus (defined below) subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act Regulations or deemed to be a part of such registration statement pursuant to Rule 430B of the Securities Act Regulations, and any one or more additional effective registration statements on Form S-3 from time to time that will contain a base prospectus and related prospectus or prospectus supplement, if applicable (which shall be a "**<u>Prospectus Supplement</u>**"), with respect to the Placement Shares, is herein called the "**<u>Registration Statement</u>**." The base prospectus or base prospectuses (including the Sales Prospectus), including all documents incorporated therein by reference, included in the Registration Statement, as they may be supplemented, if necessary, by a Prospectus Supplement, in the form in which such prospectus or prospectuses and/or Prospectus Supplement have most recently been filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act Regulations, together with the then issued **Issuer Free Writing Prospectus**(es) (defined below), is herein called the "**<u>Prospectus</u>**."

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(p) <u>Enforceability of Agreements</u>. All agreements between the Company and third parties expressly referenced
 in the Prospectus are legal, valid and binding obligations of the Company enforceable in
 accordance with their respective terms, except to the extent that (i) enforceability
 may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
 creditors' rights generally and by general equitable principles and (ii) the indemnification
 provisions of certain agreements may be limited by federal or state securities laws or public
 policy considerations in respect thereof.

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

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

(s) <u>[Reserved]</u>.

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| | |
|:---|:---|
| (t) | <u>Intellectual Property</u>. To the extent that the Company represents ownership by it and each of its Subsidiaries of any patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses, inventions, trade secrets and similar rights ("**<u>Intellectual Property Rights</u>**") in the Registration Statement and the Prospectus, the Company hereby represents that it and each of its Subsidiaries owns or possesses or has valid rights to such Intellectual Property Rights. To the knowledge of the Company, no action or use by the Company or any of its Subsidiaries necessary for the conduct of its business as currently carried on and as described in the Registration Statement and the Prospectus will involve or give rise to any infringement of, or license or similar fees for, any Intellectual Property Rights of others. Neither the Company nor any of its Subsidiaries has received any notice alleging any such infringement, fee or conflict with asserted Intellectual Property Rights of others. Except as would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect (A) to the knowledge of the Company, there is no infringement, misappropriation or violation by third parties of any of the Intellectual Property Rights owned by the Company; (B) there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or claim by others challenging the rights of the Company in or to any such Intellectual Property Rights, and the Company is unaware of any facts which would form a reasonable basis for any such claim, that would, individually or in the aggregate, together with any other claims in this Section 2.35, reasonably be expected to result in a Material Adverse Effect; (C) the Intellectual Property Rights owned by the Company and, to the knowledge of the Company, the Intellectual Property Rights licensed to the Company have not been adjudged by a court of competent jurisdiction invalid or unenforceable, in whole or in part, and there is no pending or, to the Company's knowledge, threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property Rights, and the Company is unaware of any facts which would form a reasonable basis for any such claim that would, individually or in the aggregate, together with any other claims in this Section 6(t), reasonably be expected to result in a Material Adverse Effect; (D) there is no pending or, to the Company's knowledge, threatened action, suit, proceeding or claim by others that the Company infringes, misappropriates or otherwise violates any Intellectual Property Rights or other proprietary rights of others, the Company has not received any written notice of such claim and the Company is unaware of any other facts which would form a reasonable basis for any such claim that would, individually or in the aggregate, together with any other claims in this Section 6(t), reasonably be expected to result in a Material Adverse Effect; and (E) to the Company's knowledge, no employee of the Company is in or has ever been in violation in any material respect of any term of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition agreement, non-solicitation agreement, nondisclosure agreement or any restrictive covenant to or with a former employer where the basis of such violation relates to such employee's employment with the Company, or actions undertaken by the employee while employed with the Company and could reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect. To the Company's knowledge, all material technical information developed by and belonging to the Company which has not been patented has been kept confidential. The Company is not a party to or bound by any options, licenses or agreements with respect to the Intellectual Property Rights of any other person or entity that are required to be set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus and are not described therein. The Registration Statement, the Pricing Disclosure Package and the Prospectus contain in all material respects the same description of the matters set forth in the preceding sentence. None of the technology employed by the Company has been obtained or is being used by the Company in violation of any contractual obligation binding on the Company or, to the Company's knowledge, any of its officers, directors or employees, or otherwise in violation of the rights of any persons. |
|  | To the Company's knowledge, any and all licenses for the use of the Intellectual Property are in full force and effect in all material respects and are enforceable by the Company and, to the Company's knowledge, the other parties thereto, in accordance with their 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 therefor may be brought. None of such agreements or instruments has been assigned by the Company, and the Company, has no knowledge, that any other party is in default thereunder and no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute a default thereunder. |

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(u) <u>[Reserved]</u>.

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

(w) <u>FINRA Matters</u>. The information provided to the Agents by the Company, its counsel, and its
 officers and directors for purposes of the Agent's compliance with applicable FINRA
 rules in connection with the offering of the Shares is true, complete, and correct and compliant
 with FINRA's rules.

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

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

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

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

(bb) <u>Taxes</u>.
 Each of the Company and its Subsidiaries has filed all returns (as hereinafter defined) required
 to be filed with taxing authorities prior to the date hereof or has duly obtained extensions
 of time for the filing thereof. Each of the Company and its Subsidiaries has paid all taxes
 (as hereinafter defined) shown as due on such returns that were filed and has paid all taxes
 imposed on or assessed against the Company or such respective Subsidiary. The provisions
 for taxes payable, if any, shown on the financial statements filed with or as part of the
 Registration Statement are sufficient for all accrued and unpaid taxes, whether or not disputed,
 and for all periods to and including the dates of such consolidated financial statements.
 Except as disclosed in writing to the Underwriters, (i) no issues have been raised (and are
 currently pending) by any taxing authority in connection with any of the returns or taxes
 asserted as due from the Company or its Subsidiaries, and (ii) no waivers of statutes of
 limitation with respect to the returns or collection of taxes have been given by or requested
 from the Company or its Subsidiaries. The term "taxes" means all federal, state,
 local, foreign and other net income, gross income, gross receipts, sales, use, ad valorem,
 transfer, franchise, profits, license, lease, service, service use, withholding, payroll,
 employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs,
 duties or other taxes, fees, assessments or charges of any kind whatever, together with any
 interest and any penalties, additions to tax or additional amounts with respect thereto.
 The term "returns" means all returns, declarations, reports, statements and other
 documents required to be filed in respect to taxes.

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

(dd) <u>Environmental Laws</u>. The Company is in compliance with all foreign, federal, state and local rules,
 laws and regulations relating to the use, treatment, storage and disposal of hazardous or
 toxic substances or waste and protection of health and safety or the environment which are
 applicable to their businesses ("  **<u>Environmental Laws</u>** "), except where
 the failure to comply would not, singularly or in the aggregate, result in a Material Adverse
 Effect. There has been no storage, generation, transportation, handling, treatment, disposal,
 discharge, emission, or other release of any kind of toxic or other wastes or other hazardous
 substances by, due to, or caused by the Company (or, to the Company's knowledge, any
 other entity for whose acts or omissions the Company is or may otherwise be liable) upon
 any of the property now or previously owned or leased by the Company, or upon any other property,
 in violation of any law, statute, ordinance, rule, regulation, order, judgment, decree or
 permit or which would, under any law, statute, ordinance, rule (including rule of common
 law), regulation, order, judgment, decree or permit, give rise to any liability; and there
 has been no disposal, discharge, emission or other release of any kind onto such property
 or into the environment surrounding such property of any toxic or other wastes or other hazardous
 substances with respect to which the Company has knowledge.

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

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

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

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

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

(jj) <u>Operations</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, the money laundering
 statutes of all jurisdictions to which the Company or its Subsidiaries are subject, the rules
 and regulations thereunder and any related or similar rules, regulations or guidelines, issued,
 administered or enforced by any Governmental Authority (collectively, the "  **<u>Money Laundering Laws</u>** "); and no action, suit or proceeding by or before any Governmental
 Authority involving the Company or any of its Subsidiaries with respect to the Money Laundering
 Laws is pending or, to the knowledge of the Company, threatened.

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

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

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

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

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

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

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

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

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

(tt) <u>No Misstatement or Omission in an Issuer Free Writing Prospectus</u>. Each Issuer Free Writing
 Prospectus, as of its issue date and as of each Applicable Time (as defined in <u>Section 23</u> below), did not, does not and will not include any information that conflicted, conflicts
 or will conflict with the information contained in the Registration Statement or the Prospectus,
 including any incorporated document deemed to be a part thereof that has not been superseded
 or modified. The foregoing sentence does not apply to statements in or omissions from any
 Issuer Free Writing Prospectus based upon and in conformity with written information furnished
 to the Company by the Agents specifically for use therein.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions or is a Sanctioned Country; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering, whether as underwriter, advisor, investor or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company represents and covenants that, except as detailed in the Registration Statement and the Prospectus, for the past 5 years, the Entity has not engaged in, is not now engaging in, and will not engage in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions or is or was a Sanctioned Country.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) <u>Compliance with Laws</u>. The Company and each of its Subsidiaries are in compliance with all applicable
 laws, regulations and statutes (including all Environmental Laws and regulations) in the
 jurisdictions in which it carries on business; the Company has not received a notice of non-compliance,
 nor knows of, nor has reasonable grounds to know of, any facts that could give rise to a
 notice of non-compliance with any such laws, regulations and statutes, and is not aware of
 any pending change or contemplated change to any such applicable law or regulation or statutes;
 in each case that would have a Material Adverse Effect on the business of the Company.

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

(zz) <u>Cybersecurity</u>.
 The Company and its subsidiaries' information technology assets and equipment, computers,
 systems, networks, hardware, software, websites, applications, and databases (collectively,
 "  **<u>IT Systems</u>**") are adequate for, and operate and perform in all
 material respects as required in connection with the operation of the business of the Company
 as currently conducted, free and clear of all material bugs, errors, defects, Trojan horses,
 time bombs, malware and other corruptants. The Company and its subsidiaries have implemented
 and maintained commercially reasonable physical, technical and administrative controls, policies,
 procedures, and safeguards to maintain and protect their material confidential information
 and the integrity, continuous operation, redundancy and security of all IT Systems and data,
 including all "Personal Data" (defined below) and all sensitive, confidential
 or regulated data ("  **<u>Confidential Data</u>**") used in connection with
 their businesses. "Personal Data" means (i) a natural person's name, street
 address, telephone number, e-mail address, photograph, social security number or tax identification
 number, driver's license number, passport number, credit card number, bank information,
 or customer or account number; (ii) any information which would qualify as "personally
 identifying information" under the Federal Trade Commission Act, as amended; (iii)
 "personal data" as defined by GDPR; (iv) any information which would qualify
 as "protected health information" under the Health Insurance Portability and
 Accountability Act of 1996, as amended by the Health Information Technology for Economic
 and Clinical Health Act (collectively, "  **<u>HIPAA</u>** "); (v) any "personal
 information" as defined by the California Consumer Privacy Act ("  **<u>CCPA</u>** ");
 and (vi) any other piece of information that allows the identification of such natural person,
 or his or her family, or permits the collection or analysis of any data related to an identified
 person's health or sexual orientation. There have been no breaches, violations, outages
 or unauthorized uses of or accesses to same, except for those that have been remedied without
 material cost or liability or the duty to notify any other person, nor any incidents under
 internal review or investigations relating to the same. The Company and its subsidiaries
 are presently in material 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, Confidential Data, and Personal Data and to the protection of such IT Systems, Confidential
 Data, and Personal Data from unauthorized use, access, misappropriation or modification.

(aaa) <u>Compliance with Data Privacy Laws</u>. The Company and its subsidiaries are, and 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 the European Union General
 Data Protection Regulation ("  **<u>GDPR</u>**") (EU 2016/679) (collectively,
 the "  **<u>Privacy Laws</u>** "). 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 "  **<u>Policies</u>** "). 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.

(bbb) <u>Emerging Growth Company Status</u>. From the time of the initial filing of the Company's first
 registration statement with the Commission through the date hereof, the Company has been
 and is an "emerging growth company," as defined in Section 2(a) of the Securities
 Act (an "  **<u>Emerging Growth Company</u>** ").

(ccc) <u>Smaller Reporting Company</u>. As of the time of filing of the Registration Statement, the Company
 was a "smaller reporting company," as defined in Rule 12b-2 of the Exchange Act.

(ddd) <u>Loans to Directors or Officers</u>. There are no outstanding loans, advances (except normal advances
 for business expenses in the ordinary course of business) or guarantees or indebtedness by
 the Company or its Subsidiaries to or for the benefit of any of the officers or directors
 of the Company, its Subsidiaries or any of their respective family members, except as disclosed
 in the Registration Statement and the Prospectus.

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

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

(a) <u>Registration Statement Amendments</u>. After the date of this Agreement and during any period in which
 a Prospectus relating to any Placement Shares is required to be delivered by the Agents under
 the Securities Act (including in circumstances where such requirement may be satisfied pursuant
 to Rule 172 under the Securities Act or similar rule), (i) the Company will notify the
 Agents promptly of the time when any subsequent amendment to the Registration Statement,
 other than documents incorporated by reference, has been filed with the Commission and/or
 has become effective or any subsequent supplement to the Prospectus has been filed and of
 any request by the Commission for any amendment or supplement to the Registration Statement
 or the Prospectus or for additional information, (ii) the Company will prepare and file
 with the Commission, promptly upon the Agents' request, any amendments or supplements
 to the Registration Statement or the Prospectus that, in the Agents' reasonable opinion,
 may be necessary or advisable in connection with the distribution of the Placement Shares
 by the Agents (*provided*, *however*, that the failure of the Agents to make such
 request shall not relieve the Company of any obligation or liability hereunder, or affect
 the Agents' right to rely on the representations and warranties made by the Company
 in this Agreement and *provided*, *further*, that the only remedy the Agents shall
 have with respect to the failure to make such filing shall be to cease making sales under
 this Agreement until such amendment or supplement is filed); (iii) the Company will
 not file any amendment or supplement to the Registration Statement or the Prospectus relating
 to the Placement Shares or a security convertible into the Placement Shares unless a copy
 thereof has been submitted to the Agents within a reasonable period of time before the filing
 and the Agents have not objected thereto (*provided*, *however*, that the failure
 of the Agents to make such objection shall not relieve the Company of any obligation or liability
 hereunder, or affect the Agents' right to rely on the representations and warranties
 made by the Company in this Agreement and *provided*, *further*, that the only
 remedy the Agents shall have with respect to the failure by the Company to obtain such consent
 shall be to cease making sales under this Agreement) and the Company will furnish to the
 Agents at the time of filing thereof a copy of any document that upon filing is deemed to
 be incorporated by reference into the Registration Statement or the Prospectus, except for
 those documents available via EDGAR; and (iv) the Company will cause each amendment
 or supplement to the Prospectus to be filed with the Commission as required pursuant to the
 applicable paragraph of Rule 424(b) of the Securities Act or, in the case of any document
 to be incorporated therein by reference, to be filed with the Commission as required pursuant
 to the Exchange Act, within the time period prescribed (the determination to file or not
 file any amendment or supplement with the Commission under this <u>Section 7(a)</u>, based
 on the Company's reasonable opinion or reasonable objections, shall be made exclusively
 by the Company).

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

(c) <u>Delivery of Prospectus; Subsequent Changes</u>. During any period in which a Prospectus relating to
 the Placement Shares is required to be delivered by the Agents under the Securities Act with
 respect to the offer and sale of the Placement Shares, (including in circumstances where
 such requirement may be satisfied pursuant to Rule 172 under the Securities Act or similar
 rule), the Company will comply with all requirements imposed upon it by the Securities Act,
 as from time to time in force, and to file on or before their respective due dates all reports
 and any definitive proxy or information statements required to be filed by the Company with
 the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or
 under the Exchange Act. If the Company has omitted any information from the Registration
 Statement pursuant to Rule 430B under the Securities Act, it will use its best efforts to
 comply with the provisions of and make all requisite filings with the Commission pursuant
 to said Rule 430B and to notify the Agents promptly of all such filings. If during such period
 (i) any event occurs as a result of which the Prospectus as then amended or supplemented
 would include an untrue statement of a material fact or omit to state a material fact necessary
 to make the statements therein, in the light of the circumstances then existing, not misleading,
 or (ii) for any other reason it shall be necessary during such same period to amend or supplement
 the Prospectus, to file any post-effective amendment to the Registration Statement or to
 file under the Exchange Act any document incorporated by reference in the Prospectus in order
 to comply with the Securities Act or the Exchange Act, the Company will promptly notify the
 Agents to suspend the offering of Placement Shares during such period and the Company will
 promptly amend or supplement the Registration Statement or the Prospectus (at the expense
 of the Company) so as to correct such statement or omission or effect such compliance and
 to prepare and furnish without charge to the Agents and to any dealer in securities as many
 written and electronic copies as the Agents may from time to time reasonably request of an
 amended Prospectus or a supplement to the Prospectus which will correct such statement or
 omission or effect such compliance.

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

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

(f) <u>Earning Statement</u>. The Company will make generally available to its security holders as soon
 as practicable, but in any event not later than 15 months after the end of the Company's
 current fiscal quarter, an earning statement covering a 12-month period that satisfies the
 provisions of Section 11(a) and Rule 158 of the Securities Act (except to the extent posted
 on EDGAR).

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) files its quarterly reports on Form 10-Q under the Exchange Act; or

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

the Company shall furnish the Agents (but in the case of clause (iv) above only if the Agents reasonably determine that the information contained in such Current Report on Form 8-K is material) with a certificate dated the Representation Date, in the form and substance satisfactory to the Agents and their counsel, substantially similar to the form previously provided to the Agents and their counsel, modified, as necessary, to relate to the Registration Statement and the Prospectus as amended or supplemented. The requirement to provide a certificate under this <u>Section 7(l)</u> shall be waived for any Representation Date occurring at a time a Suspension is in effect, which waiver shall continue until the earlier to occur of the date the Company delivers instructions for the sale of Placement Shares hereunder (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date. Notwithstanding the foregoing, if the Company subsequently decides to sell Placement Shares following a Representation Date when a Suspension was in effect and did not provide the Agents with a certificate under this <u>Section 7(l)</u>, then before the Company delivers the instructions for the sale of Placement Shares or the Agents sell any Placement Shares pursuant to such instructions, the Company shall provide the Agents with a certificate in conformity with this <u>Section 7(l)</u> dated as of the date that the instructions for the sale of Placement Shares are issued.

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

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

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

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

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

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

(s) <u>Sarbanes-Oxley Act</u>. The Company and the Subsidiaries will maintain and keep accurate books and records
 reflecting their assets and maintain internal accounting controls in a manner designed to
 provide reasonable assurance regarding the reliability of financial reporting and the preparation
 of financial statements for external purposes in accordance with GAAP and including those
 policies and procedures that (i) pertain to the maintenance of records that in reasonable
 detail accurately and fairly reflect the transactions and dispositions of the assets of the
 Company, (ii) provide reasonable assurance that transactions are recorded as necessary
 to permit the preparation of the Company's consolidated financial statements in accordance
 with GAAP, (iii) that receipts and expenditures of the Company are being made only in
 accordance with management's and the Company's directors' authorization,
 and (iv) provide reasonable assurance regarding prevention or timely detection of unauthorized
 acquisition, use or disposition of the Company's assets that could have a material
 effect on its financial statements. The Company and the Subsidiaries will maintain such controls
 and other procedures, including, without limitation, those required by Sections 302 and 906
 of the Sarbanes-Oxley Act, and the applicable regulations thereunder that are designed to
 ensure that information required to be disclosed by the Company in the reports that it files
 or submits under the Exchange Act is recorded, processed, summarized and reported, within
 the time periods specified in the Commission's rules and forms, including, without
 limitation, controls and procedures designed to ensure that information required to be disclosed
 by the Company in the reports that it files or submits under the Exchange Act is accumulated
 and communicated to the Company's management, including its principal executive officer
 and principal financial officer, or persons performing similar functions, as appropriate
 to allow timely decisions regarding required disclosure and to ensure that material information
 relating to the Company or the Subsidiaries is made known to them by others within those
 entities, particularly during the period in which such periodic reports are being prepared.

(t) <u>Secretary's Certificate; Further Documentation</u>. Prior to the date of the first Placement Notice,
 the Company shall deliver to the Agents a certificate of the Secretary of the Company and
 attested to by an executive officer of the Company, dated as of such date, certifying as
 to (i) the Certificate of Incorporation of the Company, (ii) the Bylaws of the Company, (iii)
 the resolutions of the Board of Directors of the Company authorizing the execution, delivery
 and performance of this Agreement and the issuance of the Placement Shares and (iv) the incumbency
 of the officers duly authorized to execute this Agreement and the other documents contemplated
 by this Agreement. Within five (5) Trading Days of each Representation Date, the Company
 shall have furnished to the Agents such further information, certificates and documents as
 the Agents may reasonably request.

(u) <u>Emerging Growth Company Status</u>. The Company will promptly notify the Agent if the Company ceases
 to be an Emerging Growth Company at any time during the term of this Agreement.

8. <u>Payment of Expenses</u>. The Company will pay all expenses
incident to the performance of its obligations under this Agreement, including (i) the preparation and filing of the Registration
Statement, including any fees required by the Commission, and the printing or electronic delivery of the Prospectus as originally filed
and of each amendment and supplement thereto, in such number as the Agents shall deem necessary, (ii) the printing and delivery to the
Agents of this Agreement and such other documents as may be required in connection with the offering, purchase, sale, issuance or delivery
of the Placement Shares, (iii) the preparation, issuance and delivery of the certificates, if any, for the Placement Shares to the
Agents, including any stock or other transfer taxes and any capital duties, stamp duties or other duties or taxes payable upon the sale,
issuance or delivery of the Placement Shares to the Agents, (iv) the fees and disbursements of the counsel, accountants and other
advisors to the Company, (v) the fees and expenses of the Agents including but not limited to the fees and expenses of each of the
co-counsels to the Agents, payable upon the execution of this Agreement, (a) in an amount not to exceed $100,000 per Agent in connection
with the execution of this Agreement, (b) in an amount not to exceed $20,000 per Agent per calendar quarter thereafter payable in connection
with each Representation Date with respect to which the Company is obligated to deliver a certificate pursuant to <u>Section 7(l)</u> for which no waiver is applicable and excluding the date of this Agreement, and (c) in an amount not to exceed $25,000 per Agent for
each program "refresh" (filing of a new registration statement, prospectus or prospectus supplement relating to the Placement
Shares and/or an amendment of this Agreement) executed pursuant to this Agreement, (vi) the qualification or exemption of the Placement
Shares under state securities laws in accordance with the provisions of <u>Section 7(r)</u> hereof, including filing fees, but excluding
fees of the Agents' counsel, (vii) the printing and delivery to the Agents of copies of any Permitted Issuer Free Writing
Prospectus and the Prospectus and any amendments or supplements thereto in such number as the Agents shall deem necessary, (viii) the
preparation, printing and delivery to the Agents of copies of the blue sky survey, (ix) the fees and expenses of the transfer agent
and registrar for the Common Stock, (x) the filing and other fees incident to any review by FINRA of the terms of the sale of the
Placement Shares including the fees of the Agents' counsel (subject to the cap, set forth in clause (v) above), and (xi) the
fees and expenses incurred in connection with the listing of the Placement Shares on the Exchange. The Company agrees to pay the fees
and expenses of counsel to the Agents set forth in clause (v) above by wire transfer of immediately available funds directly to such
counsel upon presentation of an invoice containing the requisite payment information prepared by such counsel, and such counsel shall
be a third-party beneficiary of the expense reimbursement obligations set forth in this <u>Section 8</u>.

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

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

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

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

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

(e) <u>Legal Opinions</u>. The Agents shall have received the opinions and negative assurance letters
 of Company Counsel required to be delivered pursuant to <u>Section 7(m)</u> on or before
 the date on which such delivery of such opinions and negative assurance letters, as applicable,
 is required pursuant to <u>Section 7(m)</u>.

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) against any and all expense whatsoever, as incurred (including the fees and disbursements of counsel), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any Governmental Authority, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission (whether or not a party), to the extent that any such expense is not paid under (i) or (ii) above,

*provided*, *however*, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made solely in reliance upon and in conformity with the Agents' Information (defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Agents Indemnification</u>. Each Agent, severally but not jointly, agrees to indemnify and hold harmless the Company and its directors and each officer of the Company who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any and all loss, liability, claim, damage and expense described in the indemnity contained in <u>Section 10(a)</u>, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendments thereto), the Prospectus, any Prospectus Supplement (or any amendment or supplement thereto) or any Issuer Free Writing Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with information relating to such Agent and furnished to the Company in writing by such Agent expressly for use therein. The Company hereby acknowledges that the only information that the Agents have furnished to the Company expressly for use in the Registration Statement, the Prospectus, any Prospectus Supplement or any Issuer Free Writing Prospectus (or any amendment or supplement thereto) are the statements set forth in the first sentence of the fifth paragraph and seventh and eight paragraphs under the caption "Plan of Distribution" in the Sales Prospectus (the "**<u>Agents' Information</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;(c) <u>Procedure</u>. Any party that proposes to assert the right to be indemnified under this <u>Section 10</u> will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this <u>Section 10</u>, notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers served, but the omission so to notify such indemnifying party will not relieve the indemnifying party from (i) any liability that it might have to any indemnified party otherwise than under this <u>Section 10</u> and (ii) any liability that it may have to any indemnified party under the foregoing provision of this <u>Section 10</u> unless, and only to the extent that, such omission results in the forfeiture of substantive rights or defenses by the indemnifying party. If any such action is brought against any indemnified party and it notifies the indemnifying party of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written notice to the indemnified party promptly after receiving notice of the commencement of the action from the indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense of the action, with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party for any other legal expenses except as provided below and except for the reasonable costs of investigation subsequently incurred by the indemnified party in connection with the defense. The indemnified party will have the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of such indemnified party unless (1) the employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (2) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (3) a conflict or potential conflict exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party) or (4) the indemnifying party has not in fact employed counsel to assume the defense of such action or counsel reasonably satisfactory to the indemnified party, in each case, within a reasonable time after receiving notice of the commencement of the action; in each of which cases the reasonable fees, disbursements and other charges of counsel will be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate firm (plus local counsel) admitted to practice in such jurisdiction at any one time for all such indemnified party or parties. All such fees, disbursements and other charges will be reimbursed by the indemnifying party promptly as they are incurred. An indemnifying party will not, in any event, be liable for any settlement of any action or claim effected without its written consent. No indemnifying party shall, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated by this <u>Section 10</u> (whether or not any indemnified party is a party thereto), unless such settlement, compromise or consent (1) includes an express and unconditional release of each indemnified party, in form and substance reasonably satisfactory to such indemnified party, from all liability arising out of such litigation, investigation, proceeding or claim and (2) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

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

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

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

12. <u>Termination</u>.

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

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

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

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

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

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

Cantor Fitzgerald & Co.

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

New York, New York 10022

Attention: Capital Markets

Email: CFCEO@cantor.com

and:

Cantor Fitzgerald & Co.

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

New York, New York 10022

Attention: General Counsel

Email: legal-IBD@cantor.com

and

ThinkEquity LLC

17 State Street, 41st Fl

New York, New York 10004<br> Attn: Head of Investment Banking

e-mail: Notices@think-equity.com

with copies to:

DLA Piper LLP (US)

1251 Avenue of the Americas

New York, New York 10020

Attention: Stephen P. Alicanti

Email: stephen.alicanti@us.dlapiper.com

Greenberg, Traurig, LLP

One International Place

Suite 2000

Boston, MA 02110

Telephone: (617) 310-6000

Attn: David Huberman, Esq. & Win Rutherfurd, Esq.

Email: <u>david.huberman@gtlaw.com</u> & <u>rutherfurdw@gtlaw.com</u>

and if to the Company, shall be delivered to:

Bitmine Immersion Technologies, Inc.

10845 Griffith Peak Dr., #2

Las Vegas, Nevada 89135

Telephone: (404) 816-8240

Attention: Jonathan Bates

e-mail: jbates@bitminetech.io

with a copy to:

Winston & Strawn LLP

800 Capitol Street, Suite 2400

Houson, Texas 77002

Telephone: (713) 651-2600

Attention: Michael Blankenship and Jesse Cuevas

e-mail: mblankenship@winston.com; jcuevas@winston.com

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

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

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

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

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

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

18.  **<u>CONSENT TO JURISDICTION</u>. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH ANY TRANSACTION CONTEMPLATED HEREBY, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM OR THAT THE VENUE OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF (CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW.** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

[***Signature Page Follows***]

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

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| BITMINE IMMERSION TECHNOLOGIES, INC. | BITMINE IMMERSION TECHNOLOGIES, INC. |
| By: | /s/ Jonathan Bates |
| Name: | Jonathan Bates |
| Title: | Chief Executive Officer |

---

---

| | |
|:---|:---|
| ACCEPTED as of the date first-above written: | ACCEPTED as of the date first-above written: |
| CANTOR FITZGERALD & CO. | CANTOR FITZGERALD & CO. |
| By: | /s/ Sameer Vasudev |
| Name: | Sameer Vasudev |
| Title: | Managing Director |

---

---

| | |
|:---|:---|
| THINKEQUITY LLC | THINKEQUITY LLC |
| By: | /s/ Eric Lord |
| Name: | Eric Lord |
| Title: | Head of Investment Banking |

---

*[Signature Page to Sales Agreement]*

**SCHEDULE 1**

__________________________

**Form of Placement Notice**

__________________________

---

| | |
|:---|:---|
| From: | Bitmine Immersion Technologies, Inc. |
| To: | Cantor Fitzgerald & Co.<br> Attention: Sameer Vasudev (svasudev@cantor.com) |
| Subject: | Placement Notice |

---

Date: [•], 202[•]

Ladies and Gentlemen:

Pursuant to the terms and subject to the conditions contained in the Sales Agreement by and among Bitmine Immersion Technologies, Inc., a Delaware corporation (the "**<u>Company</u>**"), Cantor Fitzgerald & Co. and ThinkEquity LLC, dated July 9, 2025, the Company hereby requests that Cantor Fitzgerald & Co. sell up to [•] shares of the Company's common stock, par value $0.0001 per share, at a minimum market price of $[•] per share, during the time period beginning [month, day, time] and ending [month, day, time].

Very truly yours,

**SCHEDULE 2**

__________________________

**Compensation**

__________________________

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

**SCHEDULE 3**

__________________________

**Notice Parties**

__________________________

<u>The Company</u>

Bitmine Immersion Technologies, Inc.

10845 Griffith Peak Dr., #2

Las Vegas, Nevada 89135

Telephone: (404) 816-8240

Attention: Jonathan Bates

e-mail: jbates@bitminetech.io

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

Sameer Vasudev (svasudev@cantor.com)

With copies to:

CFCEO@cantor.com

<u>ThinkEquity LLC</u>

Notices@think-equity.com

**SCHEDULE 4**

__________________________

**Subsidiaries**

__________________________

Incorporated by reference to Exhibit 21 of the Company's most recently filed Annual Report on Form 10-K.

BMNR Subsidiary One, LLC

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

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

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

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

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

---

| |
|:---|
| **BITMINE IMMERSION TECHNOLOGIES, INC.** |
| By: |
| Name:<u> </u> |
| Title:<u> </u> |

---

Date: [●]

**Form of Legal Opinion Pursuant to Section 7(m)**

Capitalized terms used and not defined herein shall have the meanings ascribed to them in the Sales Agreement.

1. The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware. The Company has the corporate power and authority to own, lease and operate its properties and assets and to carry on its business as now conducted (as described in the Registration Statement and the Prospectus).

2. The Sales Agreement has been duly and validly authorized, executed and delivered by the Company.

3. The Placement Shares have been duly authorized and, when issued and paid for pursuant to the terms of the Sales Agreement, will be validly issued, fully paid and nonassessable and free of any preemptive rights arising by operation of the General Corporation Law of the State of Delaware (the "DGCL") or rights of first refusal or other similar rights to subscribe for the Placement Shares pursuant to the Company's certificate of incorporation, bylaws or the DGCL, or under any material agreement listed in the exhibit index to (i) the Annual Report on Form 10-K (the "Form 10-K"), (ii) a Quarterly Report on Form 10-Q filed after the Form 10-K, or (iii) a Current Report on Form 8-K filed after the Form 10-K (a "Material Agreement").

4. The Registration Statement filed with the Commission (No. 333-[__]) which registers the sale of the Placement Shares is currently effective under the Securities Act of 1933, as amended (the "Securities Act"), and no stop order suspending the effectiveness of the Registration Statement under the Securities Act has been issued and no proceedings for that purpose have been instituted or, to our knowledge, threatened. Any required filing of the Prospectus pursuant to Rule 424(b) under the Securities Act has been made in the manner and within the time required by Rule 424(b).

5. The Registration Statement and the Prospectus (other than the financial statements and schedules and other financial data included or incorporated by reference therein, as to which we express no opinion), complied as of their respective effective or filing dates in all material respects as to form with the requirements of the Securities Act and the rules and regulations of the Commission promulgated thereunder.

6. Each of the Incorporated Documents, when it was filed with the Commission, complied as to form in all material respects with the requirements of the Exchange Act and the rules and regulations of the Commission promulgated thereunder.

7. The execution, delivery and performance by the Company of, and the compliance by the Company with the terms of, the Sales Agreement and the issuance, sale and delivery of the Placement Shares pursuant to the Sales Agreement do not (a) conflict with or result in a violation of any provision of law, rule or regulation or any rule or regulation of any securities exchange applicable to the Company or of the certificate of incorporation or bylaws of the Company, (b) conflict with, result in a breach of or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or result in or permit the termination or modification of, a Material Agreement, (c) conflict with or result in any breach or violation of or constitute a default under any order, writ, judgment or decree known to us to which the Company is a party or is subject, or (d) to our knowledge, result in the creation or imposition of any lien, claim or encumbrance on any of the assets or properties of the Company.

8. To our knowledge, except as set forth in the Company's filings with the Commission, there is (i) no claim, action, suit, proceeding, arbitration, investigation or inquiry, pending or threatened, before any Governmental Authority, against the Company, or any of its officers, directors or employees (in connection with the discharge of their duties as officers, directors and employees), of the Company, or affecting any of its properties or assets and (ii) no indenture, contract, lease, mortgage, deed of trust, note agreement, loan or other agreement or instrument of a character required to be filed as an exhibit to the Registration Statement, which is not filed as required by the Securities Act and the rules thereunder.

9. In connection with the valid execution, delivery and performance by the Company of the Sales Agreement, or the offer, sale, issuance or delivery of the Placement Shares or the consummation of the transactions contemplated thereby, no consent, license, permit, waiver, approval or authorization of, or designation, declaration, registration or filing with, any Governmental Authority is required, other than registration pursuant to the Securities Act and approval for listing of the Placement Shares on the Exchange.

10. The Company is not, and after giving effect to the offering and sale of the Placement Shares and the application of the proceeds thereof as described in the Prospectus will not be, required to register as an Investment Company within the meaning of the Investment Company Act of 1940, as amended.

11. The information included in the Registration Statement and the Prospectus under the caption "Description of Capital Stock to the extent that it constitutes matters of law, summaries of legal matters, documents referred to therein or legal conclusions, have been reviewed by us and fairly summarize the matters set forth therein in all material respects.

12. Except as set forth in the Registration Statement and the Prospectus, no holders of securities of the Company have rights to require the registration under the Securities Act of resales of such securities under any Material Agreement.

The opinion of counsel will be accompanied by a standard Rule 10b-5 negative assurance letter, including the following:

Based on our participation, review and reliance as described above, we advise you that no facts came to our attention that caused us to believe that:

● the Registration Statement, as of its most recent effective date, including the information deemed to be a part of the Registration Statement pursuant to Rule 430B under the Securities Act (together with the Incorporated Documents at that time), contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading; or

● the Prospectus, as of its date or as of the date hereof (together with the Incorporated Documents at those dates), contained or contains an untrue statement of a material fact or omitted or omits 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; it being understood that we express no belief with respect to the financial statements and schedules, or other financial or accounting data included in or incorporated by reference into, or omitted from, the Registration Statement, the Prospectus or the Incorporated Documents.

**<u>Exhibit 21</u>**

**Permitted Free Writing Prospectus**

None.

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

July 9, 2025

Bitmine Immersion Technologies, Inc.

10845 Griffith Peak Dr. #2

Las Vegas, NV 89135

Re: <u>Sales Agreement</u>

Ladies and Gentlemen:

We have acted as counsel to Bitmine Immersion Technologies, Inc., a Delaware corporation (the "***Company***"), in connection with the preparation and filing with the Securities and Exchange Commission (the "***Commission***") under the Securities Act of 1933, as amended (the "***Securities Act***"), of (i) the registration statement on Form S-3ASR (File No. 333-[•]) (the "***Registration Statement***") initially filed with the Commission on July 9, 2025, (ii) the base prospectus dated July 9, 2025, forming a part of the Registration Statement (the "***Base Prospectus***") and (iii) the prospectus supplement dated July 9, 2025 contained in the Registration Statement (together with the Base Prospectus, the "***Prospectus Supplement***") in connection with an "at the market offering" by the Company of shares of the Company's common stock, par value $0.0001 per share, having an aggregate offering price of up to $2,000,000,000 (the "***Shares***"), covered by the Registration Statement. The Shares are being sold pursuant to a Sales Agreement, dated July 9, 2025 (the "***Sales Agreement***"), by and between the Company and each of Cantor Fitzgerald & Co. and ThinkEquity LLC, as the Sales Agents (each, a "***Sales Agent***" and together, the "***Sales Agents***"). We understand that the Shares are to be offered and sold in the manner described in the Prospectus Supplement. This opinion is being delivered in accordance with the requirements of Item 601(b)(5) of Regulation S-K promulgated under the Securities Act.

In rendering the opinion set forth below, we have examined and relied upon such certificates, corporate records, agreements, instruments and other documents that we considered necessary or appropriate as a basis for the opinion, including (i) the Registration Statement, (ii) the Prospectus Supplement, (iii) the Sales Agreement, (iv) resolutions adopted by the Board of Directors of the Company on July 8, 2025, (v) the certificate of incorporation of the Company and all amendments thereto and the bylaws of the Company, in each case, as in effect on the date hereof, (vi) a certificate of good standing from the Secretary of State of the State of Delaware as to the Company, dated as of a recent date, (vii) an officer's certificate, dated as of the date hereof, of the Chief Executive Officer of the Company, and (viii) such other laws, records, documents, certificates, opinions, and instruments as we have deemed necessary to render this opinion.

July 9, 2025

In our examination, we have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as certified or photostatic copies, the authenticity of the originals of such latter documents and that the Sales Agreement constitutes the valid and binding obligation of each party thereto (other than the Company) enforceable against each such party in accordance with its terms. As to any facts material to this opinion that we did not independently establish or verify, we have relied upon oral or written statements and representations of officers and other representatives of the Company and others.

Based upon the foregoing and subject to the assumptions, qualifications and limitations set forth herein, we are of the opinion that the Shares have been duly authorized and, when the Shares are delivered against payment of the agreed consideration therefor in accordance with the Sales Agreement, the Shares will be validly issued, fully paid and nonassessable.

The foregoing opinion is limited to the General Corporation Law of the State of Delaware, as currently in effect. We express no opinion with respect to any other laws, statutes, regulations or ordinances.

We hereby consent to the filing of this opinion as an exhibit to the Company's Current Report on Form 8-K to be filed with the Commission on July 9, 2025 and its incorporation by reference into the Registration Statement and to the reference to our firm under the caption "Legal Matters" in the Prospectus Supplement included in the Registration Statement. In giving such consent, we do not concede that we are experts within the meaning of the Securities Act or the rules and regulations thereunder or that this consent is required by Section 7 of the Securities Act.

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| Very truly yours,<br>|
| /s/ Winston & Strawn LLP |

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