# EDGAR Filing Document

**Accession Number:** 0002081119
**File Stem:** 0001213900-26-055474
**Filing Date:** 2026-5
**Character Count:** 909764
**Document Hash:** 76bad4658e2c4d336bde395722536cdc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-055474.hdr.sgml**: 20260513

**ACCESSION NUMBER**: 0001213900-26-055474

**CONFORMED SUBMISSION TYPE**: N-2

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20260513

**DATE AS OF CHANGE**: 20260513

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RoboStrategy, Inc.
- **CENTRAL INDEX KEY:** 0002081119

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-2
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24118
- **FILM NUMBER:** 26971099

**BUSINESS ADDRESS:**
- **STREET 1:** 151 CALLE DE SAN FRANCISCO
- **STREET 2:** SUITE 200
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00901
- **BUSINESS PHONE:** (787) 722-6881

**MAIL ADDRESS:**
- **STREET 1:** 151 CALLE DE SAN FRANCISCO
- **STREET 2:** SUITE 200
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00901
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RoboStrategy, Inc.
- **CENTRAL INDEX KEY:** 0002081119

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-295823
- **FILM NUMBER:** 26971098

**BUSINESS ADDRESS:**
- **STREET 1:** 151 CALLE DE SAN FRANCISCO
- **STREET 2:** SUITE 200
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00901
- **BUSINESS PHONE:** (787) 722-6881

**MAIL ADDRESS:**
- **STREET 1:** 151 CALLE DE SAN FRANCISCO
- **STREET 2:** SUITE 200
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00901

**As filed with the Securities and Exchange Commission on May 13, 2026**

**Securities Act File No. 333-[●]**

**Investment Company Act File No. 811-24118**

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

**FORM N-2**

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

**Pre-Effective Amendment No. ☐<br> Post-Effective Amendment No. ☐**

**And**

**REGISTRATION STATEMENT UNDER THE<br> INVESTMENT COMPANY ACT OF 1940 ☒**

**Amendment No. 7 ☒**

**RoboStrategy, Inc.**

**(Exact Name of Registrant as Specified in Charter)**

**151 Calle de San Francisco<br> Suite 200**

**San Juan, Puerto Rico 00901<br> (Address of Principal Executive Offices)**

**(787) 722-6881<br> (Registrant's Telephone Number, including Area Code)**

**Andrew Kang<br> 151 Calle de San Francisco<br> Suite 200<br> San Juan, Puerto Rico 00901<br> (Name and Address of Agent for Service)**

 ****

***WITH COPIES TO:***

**Owen J. Pinkerton, Esq.**

**Krisztina Nadasdy, Esq.**

**Eversheds Sutherland (US) LLP**

**700 Sixth Street, NW<br> Washington, DC 20001<br> Tel: (202) 383-0100<br> Fax: (202) 637-3593**

**THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(A) OF THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE U.S. SECURITIES AND EXCHANGE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(A), MAY DETERMINE.**

**Approximate date of proposed public offering:** As soon as practicable after the effective date of this Registration Statement.

Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans. ☐

Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 (the "Securities Act"), other than securities offered in connection with dividend or interest reinvestment plans. ☒

Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto. ☐

Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(c) under the Securities Act. ☐

Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act. ☐

It is proposed that this filing will become effective (check appropriate box):

☐ when declared effective pursuant to section 8(c) of the Securities Act.

Check each box that appropriately characterizes the Registrant:

☒ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 (the "Investment Company Act")).

☐ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).

☐ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).

☐ A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).

☐ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934).

☐ 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 7(a)(2)(B) of the Securities Act.

☒ New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

**The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the U.S. Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**SUBJECT TO COMPLETION, DATED MAY 13, 2026** 

**PRELIMINARY PROSPECTUS**

![](image_001.jpg)

**ROBOSTRATEGY, INC.**

**14,100,000 Shares of Common Stock** 

This prospectus (the "Prospectus") relates to the registration of the resale of up to 14,100,000 shares of common stock of RoboStrategy, Inc. (the "Fund") by Roth Principal Investments, LLC, which we refer to in this Prospectus as "Roth Principal Investments" or the "Selling Stockholder". On May 11, 2026, our common stock began trading on Nasdaq Global Market (the "Exchange") under the symbol "BOT." Roth Principal Investments may sell or otherwise dispose of the Common Stock described in this prospectus through a registered broker-dealer in a number of different ways and at varying prices. Sales or other dispositions made by the Selling Stockholder will be made in the manner outlined in the Plan of Distribution (Conflict of Interest) beginning on page 20 of the Prospectus.

We are not selling any shares of common stock being offered by this prospectus and will not receive any of the proceeds from the sale of such shares by Roth Principal Investments. This prospectus relates to the offer and resale of up to 14,100,000 shares of our common stock, par value $0.001 per share, by Roth Principal Investments. The shares included in this prospectus consist of shares of common stock that we may, in our discretion, issue and sell to Roth Principal Investments, from time to time after the date of this prospectus, pursuant to a Common Stock Purchase Agreement we entered into with Roth Principal Investments on May 11, 2026, or the "Purchase Agreement," in which Roth Principal Investments has committed to purchase from us, at our direction, up to $2,000,000,000 aggregate gross purchase price of our common stock, subject to terms and conditions specified in the Purchase Agreement, including the Commitment Fee (as defined in the Purchase Agreement, the "Commitment Fee"). See "Committed Equity Facility" for a description of the Purchase Agreement and "Selling Stockholder" for additional information regarding Roth Principal Investments.

Roth Principal Investments may sell or otherwise dispose of the shares of common stock included in this prospectus in a number of different ways and at varying prices. See "Plan of Distribution (Conflict of Interest)" for more information about how Roth Principal Investments may sell or otherwise dispose of the Common Stock being offered in this prospectus. Roth Principal Investments is an "underwriter" within the meaning of Section 2(a)(11) of the Securities Act of 1933, as amended, or the "Securities Act".

We determine the net asset value, or "NAV," per share of our common stock on a monthly basis. The unaudited NAV per share of our common stock on March 31, 2026 (the last date prior to the date of this prospectus as of which we determined our NAV) was $7.31. The closing price per share of our common stock was $39.00 on May 11, 2026, representing a 434% premium to our NAV per share as of March 31, 2026.

We were organized as a Maryland corporation on May 23, 2025. FP Strategies LLC, a Puerto Rico limited liability company, serves as our investment adviser (the "Adviser") and manages our investments subject to the supervision of our board of directors (the "Board" and each a "Director").

We are a recently organized, non-diversified closed-end management investment company that is registered as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). We intend to elect to be treated, and to qualify annually, as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, for U.S. federal income tax purposes; **however, we will not qualify as a RIC for our initial taxable year ending August 31, 2026**. For our initial taxable year, we will be treated as a corporation for U.S. federal income tax purposes. Accordingly, the Fund will be subject to U.S. federal income tax imposed at corporate rates on its taxable income as well as applicable state and local income taxes. Distributions from the Fund will generally be treated as taxable dividend income to the extent of the Fund's current and accumulated earnings and profits. Distributions from the Fund to non-U.S. investors will generally be subject to U.S. federal withholding tax imposed at a 30% rate or a reduced rate specified by an applicable income tax treaty. Prospective investors are urged to consult their own tax advisors with respect to the specific U.S. federal, state, local, and non-U.S. tax consequences of owning Shares.

The Fund's investment objective is to seek long-term capital appreciation, principally through capital gains on equity and equity-linked investments in robotics and embodied AI companies. The Fund focuses primarily on private, venture-capital-backed private companies with significant growth potential, many of which are not yet publicly listed or widely accessible to individual investors.

**Investing in our common stock involves a high degree of risk and is highly speculative. Before buying any shares of our common stock, you should read the discussion of the material risks of investing in our common stock in the "Types of Investments and Related Risk Factors" section beginning on page 31 of the Prospectus. In addition, investors should observe the following:**

&nbsp;&nbsp;&nbsp;&nbsp;· Shares of closed-end investment companies frequently trade at a discount to their net asset values ("NAV").

&nbsp;&nbsp;&nbsp;&nbsp;· If shares of our common stock trade at a discount to our NAV, investors will face increased risk of loss.

&nbsp;&nbsp;&nbsp;&nbsp;· We do not anticipate that we will pay distributions on a quarterly basis or become a predictable distributor
of distributions, and we expect that our distributions, if any, will be less consistent than the distributions of other registered investment
companies that primarily make debt investments.

&nbsp;&nbsp;&nbsp;&nbsp;· There are significant potential risks associated with investing in growth-stage and mid-stage technology
companies that have complex capital structures, including limited financial resources, limited operating histories, limited publicly available
information, dependence on management and talent efforts of a small group of people and the increased likelihood of unexpected problems
in areas of product development, manufacturing, marketing, financial and general management. See "Types of Investments and Related
Risk Factors - Risks Associated with Our Investments."

This Prospectus contains important information you should know before investing in our common stock. Please read this Prospectus before investing and keep it for future reference. We will also file periodic and current reports, proxy statements and other information about us with the U.S. Securities and Exchange Commission (the "SEC"). This information is available free of charge by contacting us at c/o RoboStrategy, Inc., 151 Calle de San Francisco, Suite 200, San Juan, Puerto Rico 00901, calling us at (787) 722-6881 or visiting our website located at www.robostrategy.co. Information on our website is not incorporated into or a part of this Prospectus. The SEC also maintains a website at http://www.sec.gov that contains this information.

**Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

The date of this Prospectus is _______________, 2026

**<u>**TABLE OF CONTENTS**</u>**

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| | |
|:---|:---|
|  | Page |
| [PROSPECTUS SUMMARY](#KS_001) | 1 |
| [FEES AND EXPENSES](#KS_002) | 12 |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#KS_003) | 13 |
| [COMMITTED EQUITY FACILITY](#KS_004) | 14 |
| [SELLING STOCKHOLDER](#KS_005) | 22 |
| [PLAN OF DISTRIBUTION (CONFLICT OF INTEREST)](#KS_006) | 23 |
| [USE OF PROCEEDS](#KS_007) | 27 |
| [THE FUND](#KS_008) | 27 |
| [INVESTMENT OBJECTIVE AND STRATEGIES](#KS_009) | 27 |
| [CURRENT PORTFOLIO](#KS_010) | 31 |
| [TYPES OF INVESTMENTS AND RELATED RISK FACTORS](#KS_011) | 35 |
| [MANAGEMENT OF THE FUND](#KS_012) | 55 |
| [FUND EXPENSES](#KS_013) | 57 |
| [CONTROL PERSONS](#KS_014) | 59 |
| [DESCRIPTION OF SHARES](#KS_015) | 59 |
| [CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS](#KS_016) | 65 |
| [REGULATION AS A CLOSED END FUND](#KS_017) | 76 |
| [DISTRIBUTION POLICY; DIVIDENDS](#KS_018) | 78 |
| [DISTRIBUTION REINVESTMENT PLAN](#KS_019) | 78 |
| [CALCULATION OF NET ASSET VALUE](#KS_020) | 79 |
| [LEGAL MATTERS](#KS_021) | 81 |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#KS_022) | 81 |
| [AVAILABLE INFORMATION](#KS_025) | 81 |
| [NOTICE OF PRIVACY POLICY AND PRACTICES PRIVACY NOTICE](#KS_026) | 81 |

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We have not, and the Selling Stockholder has not, authorized anyone to give you any information other than in this Prospectus, and we take no responsibility for any other information that others may give you. We are not, and the Selling Stockholder is not, making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this Prospectus is accurate only as of the date on the front cover of this Prospectus. Our business, financial condition, results of operations and prospects may have changed since that date. We will update these documents to reflect material changes only as required by law.

-i-

**PROSPECTUS SUMMARY**

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|:---|:---|
| The Fund | RoboStrategy, Inc. is a recently formed Maryland corporation that is registered as a closed-end, non-diversified management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). References herein to the "Fund," "we," "our," or "us" refer to RoboStrategy, Inc.<br>The Fund's investment adviser is FP Strategies LLC, a Puerto Rico limited liability company (the "Adviser"). The Fund intends to elect to be treated and qualify annually as a regulated investment company (a "RIC") under subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"); **however, it will not qualify as a RIC for its initial taxable year ending August 31, 2026**. |
| Market Opportunity | The Fund was formed for the purpose of investing in what the Adviser believes to be the most promising robotics and embodied artificial intelligence ("AI") companies.<br>The Adviser believes that the world is in the midst of a robotics revolution driven by advancements in embodied AI models and the hardware supply chain. The Adviser believes that the size of this tectonic shift in global industrial capacity will likely be comparable to that of the Industrial Revolution, the creation of the Internet, or the proliferation of the mobile phone. The impact of advanced robotics will extend to every sector, market, and geography. Thus, the opportunity for high-growth venture-backed robotics companies extends across a broad spectrum. The Adviser believes that robotics has the potential to produce disruptive technologies, reach a massive addressable market, and provide significant commercial opportunities. See "Investment Objective and Strategies." |
| Investment Objective | The Fund's investment objective is to seek long-term capital appreciation, principally through capital gains on equity and equity-linked investments in robotics and embodied AI companies. The Fund focuses primarily on private, venture-capital-backed private companies with significant growth potential, many of which are not yet publicly listed or widely accessible to individual investors.<br>There can be no assurance that the Fund's investment objective will be achieved or that our investment program will be successful. The investment objective may be changed by the Fund's Board without prior shareholder approval.<br>See "Investment Objective and Strategies." |
| Investment Strategy | The Fund seeks to meet its investment objective by investing primarily in equity and equity-linked securities of private and public companies operating in the fields of robotics and embodied AI. These portfolio companies may include issuers of common stock or preferred equity (and are herein collectively referred to as "equity securities"). Equity linked securities include any debt or equity securities that are convertible, exercisable or exchangeable for equity securities of the issuer, or that provide us with economic exposure to the equity securities of such issuer, such as investments through special purpose vehicles ("SPVs").<br>The Fund seeks to construct a high-conviction, thematically aligned portfolio of 20-30 positions. Under normal market conditions, the Fund will invest at least 80% of its net assets (including borrowings for investment purposes) in equity and equity-linked securities of robotics and embodied AI technology companies principally based in the United States.<br>The Adviser defines a "robotics and embodied AI" company as any company that falls into one of the following categories: |

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(i)  ***Integrated Solution Companies.*** Companies that design, create, integrate, or deliver robotics, autonomous technology, and/or AI in the form of products, software, hardware
or systems;

(ii)  ***Key Component Companies.*** Companies that develop the building block components for robotics, autonomous technology, or AI, such as advanced machinery, semiconductors,
software, and databases used for machine learning;

(iii)  ***Cognitive System Companies.*** Companies that develop computer systems that are able to perform tasks that normally require human intelligence, such as visual perception,
mechanical action, speech recognition, decision-making, and translation between languages;

(iv)  ***Critical Infrastructure Companies.*** Companies that provide material economic exposure to robotics and embodied AI through the supply of critical components,
materials, compute, energy, or manufacturing inputs used in robotic systems, including, but not limited to, rare earth minerals for electric
motors and actuators, precision actuators and drive systems, interference-grade GPUs and edge compute hardware, robotic vision sensors,
perception modules, and other motion, sensing, or control-critical inputs, where demand for such products is materially driven by the
development, scaling, or deployment of robotic systems. For companies in this category, robotics or embodied artificial intelligence
adoption must be a meaningful driver of the investment's expected growth, valuation, and risk profile, rather than an incidental
or non-core end market.

(v)  ***Frontier Systems Companies.*** Companies that create systems capable of general-purpose learning, reasoning, or motor control across environments (e.g., visual-language-action
(VLA) models, embodied agents, or neural task planners).

· The company derives at least 50%
of its revenues/profits from activities in one or more of the robotics and embodied AI categories noted above or the company devotes
at least 50% of its assets to the activities in one or more of the robotics and embodied AI categories noted above; or

· If a company does not yet have
revenue (i.e., is "pre-revenue") or under circumstances where a revenue generating company is engaging in a strategic pivot,
the company devotes at least 50% of its current research and development budget or capital expenditures to the activities in one or more
of the robotics and embodied AI categories noted above.

 The Fund generally will seek to limit its investments in each
portfolio company to no more than 20% of its assets, measured at the
time of purchase. While the Fund targets an initial investment of no
more than 20% of its assets in each portfolio company in which it
invests, the value of the Fund's investments will fluctuate so that
any one investment may represent more or less than 20% of the Fund's
assets at any given point in time.<br>The Fund
intends to primarily make direct investments in portfolio companies
and investments through SPVs in order to gain access to particular
portfolio companies. The Fund may also invest in public equities. The
Fund may also participate directly in co-investment rounds alongside
venture capital firms or syndicate-led investment groups.<br>

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|:---|
| The SPVs in which the Fund expects to invest will be private investment vehicles managed by unaffiliated managers that are designed to provide the Fund and other eligible investors access to concentrated economic exposure of a specific private company through a private offering of securities exempt from registration under the Securities Act pursuant to Regulation D. Other eligible investors in the SPVs may include high net worth individuals, family offices, and entities that satisfy "accredited investor" or "qualified purchaser" requirements, depending on the structure of the SPV. Generally, other investors in the SPV will not be affiliated with the Fund or Adviser, however, the Fund may co-invest in SPVs with affiliates in accordance with the 1940 Act, the rules thereunder, and any related guidance or exemptive relief obtained by the Fund. An SPV may source its investments in underlying private companies through a variety of methods, including through existing investment, business or other relationships that the manager of the SPV may have with a private company or its founders and/or key employees. Individual SPVs that the Fund expects to invest in may have different terms and structures, which may present unique risks and different economic experience than if the Fund were to hold interests in the underlying private companies directly. The types of SPVs in which the Fund expects to invest may charge upfront sales charges as well as management fees and/or carried interest-type fees that will impact the value of the Fund's investment and the Fund's investment return. All investors in an SPV typically will have similar rights, which are documented in the governing documents of the SPV, subject to the terms of any side letters entered between an investor (including the Fund) and the manager of the SPV that may alter such rights and/or provide certain benefits to individual SPV investors. It is expected that the SPVs in which the Fund invests will not provide the Fund with voting rights with respect to the SPVs or underlying private companies. The Fund does not intend to invest in SPVs where it would contribute substantially all of the capital raised by the SPV or have any rights that would result in the Fund controlling the SPV. As a result, SPVs managed by third parties in which the Fund may invest will typically not be "subsidiaries" of the Fund. |

| The Fund may also invest in simple agreements for future equity ("SAFE") as a principal investment strategy. A SAFE provides the Fund with certain rights for future equity in a portfolio company, similar to a warrant, except without determining a specific price per share at the time of the initial investment. The Fund's ability to receive equity under a SAFE is contingent upon the occurrence of triggering events, such as a priced financing round or a liquidation event. |
| Where appropriate, the Fund may also acquire securities in growth-stage companies via private investment in public equity ("PIPE") transactions, including those structured through special purpose acquisition companies ("SPACs"). |
| The Fund expects that most of its investments will be made in U.S. domestic portfolio companies (i.e., companies organized in the United States), but it is not prohibited from investing in portfolio companies organized in foreign jurisdictions, including those organized in emerging market countries. The Fund defines emerging market countries to mean countries included in the MSCI Emerging Markets Index. The Fund has a policy to invest at least 25% of its total assets in securities of issuers operating in the technology group of industries. |

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|:---|
| The Adviser expects that the Fund's holdings of equity securities may require several years to appreciate in value, and there can be no assurance that such appreciation will occur. Due to the illiquid nature of most of the Fund's investments and transfer restrictions that equity securities are typically subject to, the Fund may not be able to sell these securities at times when the Fund deems it necessary to do so, or at all. |
| The equity securities in which the Fund invests will often be subject to drag-along rights, which permit a majority stockholder in the company to force minority stockholders to join a company sale (which may be at a price per share lower than our initial purchase price). In addition, the Fund will often be subject to lock-up provisions that prohibit the Fund from selling its equity investments into the public market for specified periods of time after an initial public offering ("IPO") of a portfolio company, typically 180 days. As a result, the market price of securities that the Fund holds may decline substantially before the Fund is able to sell these securities following an IPO. For a complete discussion of the risks involved with the Fund's investments, please read the section entitled "Types of Investments and Related Risk Factors". |
| The Fund may opportunistically invest in private equity funds, hedge funds or venture funds that rely on Section 3(c)(1) or 3(c)(7) and are excluded from the definition of "investment company" under the 1940 Act ("Private Funds") to gain diversified exposure or co-investment rights. The Fund does not consider single-issuer SPVs formed for the express purpose of obtaining exposure to a specific private company to be "Private Funds," even if such SPVs rely on Section 3(c)(1) or 3(c)(7). The Fund does not expect investments in Private Funds to be a principal part of its strategy (i.e., over 5% of the Fund's assets). |

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| | |
|:---|:---|
| Investment Process | **Private Market Exposure Through Structured Entry** |
|  | The Fund intends to achieve its investment objective through the following core strategies: |
|  | **Identify high quality growth companies** |
|  | The Fund focuses on growth-stage and mid-stage venture-backed companies with the potential to deliver substantial long-term appreciation. The Fund defines growth stage companies as those that have obtained seed funding or Series A funding, and mid-stage companies as those that have had or are in Series B to Series E funding rounds. Target businesses operate across the robotics and embodied AI value chain, including but not limited to humanoid systems, autonomy software, sensing and perception, computer and AI hardware, electrification and power, industrial automation, fleet management, and field robotics. |
|  | The Adviser leverages a global network of founders, investors, technical experts, and ecosystem operators. Deal flow is sourced through direct founder relationships, co-investments with leading venture firms, and early-stage visibility into emerging companies. |
|  | The Adviser utilizes its collective industry knowledge and market analysis to identify companies with durable differentiation and strong operating fundamentals. Particular focus is placed on businesses that demonstrate the potential for scaled valuation growth ahead of a strategic exit or public listing. The Fund's sourcing advantage is further supported by its early participation in landmark deals, and by maintaining close engagement with prospective portfolio companies to underwrite capital deployment at key inflection points. The Adviser will expand its sourcing network in order to evaluate a wide range of investment opportunities in companies that demonstrate strong operating fundamentals. |
|  | While the Fund primarily targets U.S.-based companies, it may opportunistically invest in select high-conviction companies across developed and emerging markets. The core focus remains on early to growth-stage private companies with breakthrough potential. |

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|:---|
| **Selective Investment Acquisition** |
| The Fund strategically acquires equity positions in private and public robotics and embodied AI companies via a range of transaction structures, including but not limited to direct primary investments, secondary purchases, and participation in SPVs, or co-investment opportunities. These positions are often in companies that remain largely inaccessible to individual investors. The Adviser follows a disciplined approach to pricing and portfolio entry, seeking to invest at attractive valuations with asymmetric upside. |
| The Fund emphasizes milestone-based capital deployment, allocating follow-on investments based on the achievement of technical or commercial inflection points. This disciplined approach supports dynamic position sizing and risk-managed exposure. |
| **Diversified Portfolio Construction** |
| To mitigate portfolio concentration risk, the Fund constructs a diversified portfolio of non-controlling equity investments across multiple robotics sub-segments. This portfolio design aims to reduce exposure to adverse developments in any single company or vertical. The Fund's structure enables investors to gain exposure to a traditionally illiquid and institutionally dominated asset class-early-stage robotics and AI equity-through a professionally managed, publicly accessible vehicle. |
| The Adviser applies a multi-layered risk management framework that includes rigorous diligence, active monitoring of portfolio companies, position sizing limits, and quarterly valuation reviews. |
| **Exit Strategy** |
| The Fund anticipates liquidity and capital appreciation to be primarily realized through: |

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· IPOs or direct listings of portfolio companies;

· Mergers and acquisitions, including strategic sales of portfolio companies;

· Secondary sales of private securities to qualified buyers in the private capital markets;

· Redemptions or buybacks by portfolio companies or lead investors;

· Distributions from SPVs, PIPEs, or co-investment vehicles upon portfolio exits.

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|:---|:---|
| Common Stock Offered by Roth Principal Investments | 14,100,000 shares of common stock. |
| Use of Proceeds | We will not receive any proceeds from the resale of shares of common stock included in this prospectus by Roth Principal Investments. However, we may receive up to $2,000,000,000.00 in aggregate gross proceeds under the Purchase Agreement from sales of common stock that we may elect to make to Roth Principal Investments pursuant to the Purchase Agreement, if any, from time to time in our sole discretion, from and after the Commencement Date. See "Use of Proceeds**.**" |

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|:---|:---|
| Listing | Our common stock is traded on the Exchange under the symbol "BOT." |
| Current Portfolio | As of February 28, 2026, the Fund has $147,163,851.00 in total assets, and holds directly or has exposure to securities of the following portfolio companies: Apptronik, Inc., Figure AI, Inc., Dyna, Inc., Dexmate, Inc., Path Robotics, Inc., REK Inc., GMI Computing Holding (Cayman) Ltd., Cyan Robotics, Inc., Endiatx, Inc. Allonic, Inc., Purple Rhombus LLC.<br>See "Current Portfolio."<br>The Fund intends to calculate and publish its net asset value on its website on a monthly basis, within 30 days of month end. Additionally, all portfolio investments, including the underlying portfolio investments in the case of SPVs, including the number and type or class of shares held with respect to such underlying portfolio investments, as well as the aggregate percentage of the Fund represented by each underlying portfolio investment, on its website within 60 days of the quarter end. |
| Leverage | We may use leverage to the extent permitted by the 1940 Act. We are permitted to obtain leverage using any form of financial leverage instruments, including funds borrowed from banks or other financial institutions, margin facilities, notes or preferred stock and leverage attributable to reverse repurchase agreements or similar transactions. We may further increase our leverage through entry into a credit facility or other leveraging instruments. Instruments that create leverage are generally considered to be senior securities under the 1940 Act. With respect to senior securities that are stocks (i.e., shares of preferred stock), we are required to have an asset coverage of at least 200%, as measured at the time of the issuance of any such shares of preferred stock and calculated as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of our outstanding senior securities representing indebtedness plus the aggregate liquidation preference of any outstanding shares of preferred stock. With respect to senior securities representing indebtedness (i.e., borrowing or deemed borrowing), other than temporary borrowings as defined under the 1940 Act, we are required to have an asset coverage of at least 300%, as measured at the time of borrowing and calculated as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of our outstanding senior securities representing indebtedness. See "Risks Related to Leverage." |
| Distribution Policy | The timing and amount of our distributions, if any, will be determined by our Board. Any distributions to our stockholders will be declared out of assets legally available for distribution. As we primarily focus on making investments in equity securities that provide opportunity for capital gains, we do not anticipate that we will pay dividends on a quarterly or other basis or become a predictable distributor of dividends. The specific tax characteristics of our distributions will be reported to shareholders after the end of the calendar year. Future distributions, if any, will be determined by our Board. See "Distributions." To qualify as a RIC, we must make certain distributions. See "Certain U.S. Federal Income Tax Considerations - Taxation as a Regulated Investment Company." |
| Distribution Reinvestment Plan | We have adopted an "opt out" distribution reinvestment plan for our shareholders. As a result, if we declare a cash dividend or other distribution, each shareholder that has not "opted out" of our distribution reinvestment plan will have their dividends or distributions automatically reinvested in additional Shares of our common stock rather than receiving cash distributions. Shareholders who receive dividends and other distributions in the form of Shares of common stock generally are subject to the same U.S. federal tax consequences as shareholders who elect to receive their distributions in cash; however, since their cash dividends will be reinvested, those shareholders will not receive cash with which to pay any applicable taxes on reinvested dividends. See "Distribution Reinvestment Plan." |
| Board of Directors | The Board has overall responsibility for monitoring and overseeing the Fund's investment program and its management and operations. A majority of the Board is comprised of individuals who are not "interested persons" of the Fund or the Adviser, as such term is defined in the 1940 Act. See "Management of the Fund." |

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| The Adviser | FP Strategies LLC serves as the Fund's investment adviser pursuant to an investment advisory agreement between the Fund and the Adviser (the "Advisory Agreement"). The Adviser is a limited liability company organized under the laws of Puerto Rico. The Adviser is controlled by its voting members, Andrew Kang and Marc Weinstein. The Advisory Agreement has an initial term of two years. Thereafter, the Advisory Agreement may continue in effect from year to year if its continuation is approved annually by the Board. The Advisory Agreement may be terminated by either party on 60 days' notice. See "Management of the Fund." |

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| Management Fee | Under the Advisory Agreement, the Fund pays an investment management fee to the Adviser in consideration of the advisory and other services provided by the Adviser to the Fund. In consideration for such services the Fund pays the Adviser a fee at an annual rate of 2.5%, calculated and payable monthly in arrears based on the average value of the Fund's gross assets (including assets purchased with borrowed amounts) at the end of the two most recently completed calendar months (the "Management Fee").<br>See "Management of the Fund" and "Fees and Expenses." |
| Other Fees and Expenses | Other than those expenses specifically required to be borne by the Adviser pursuant to the Advisory Agreement, the Fund, and, therefore, the investors bear all expenses incurred in the business of the Fund, and the operating expenses of the Fund. The Fund anticipates that it will incur aggregate organizational and offering expenses of approximately $1,400,000.00 during the first twelve months of the Fund's operations. See "Summary of Fund Expenses" and "Fees and Expenses." |
| Conflicts of Interest | The Adviser and its affiliates may conduct investment activities for their own accounts and other accounts they manage that may give rise to conflicts of interest that may be disadvantageous to the Fund. The Fund and the Adviser have policies and procedures in place to mitigate the effect of any conflicts of interest. See "Conflicts of Interest." |
| Valuation | The NAV of the Fund's Shares will be computed based upon the value of the Fund's portfolio securities and other assets on a monthly basis. It is the policy of the Fund to value its portfolio securities using market quotations when readily available. For purposes of this policy, a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. If market quotations are not readily available, securities or other assets will be valued at their fair market value pursuant to the Fund's valuation policies and procedures.<br>The Fund will invest a large percentage of its assets in certain securities and other financial instruments, such as equity securities of private companies, that do not have readily ascertainable market prices. When market quotations are not readily available or are believed by the Adviser to be unreliable, the Fund's investments are valued at fair value as determined pursuant to procedures and methodologies approved by the Board. The Board has designated the Adviser to determine fair values of the Fund's investments in accordance with Rule 2a-5 under the 1940 Act and the Fund's valuation procedures and methodologies.<br>Fair values are necessarily subjective in nature, and there is no assurance that such a price will be at or close to the price at which the security would be sold in a transaction between unaffiliated third parties. See "Calculation of Net Asset Value." |

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| Summary of Taxation | We intend to elect to be treated as a RIC for U.S. federal income tax purposes, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs; however, we will not qualify as a RIC for our initial taxable year ending August 31, 2026. For our initial taxable year, we will be treated as a corporation for U.S. federal income tax purposes. Accordingly, the Fund will be subject to U.S. federal income tax imposed at corporate rates on its taxable income as well as applicable state and local income taxes. Distributions from the Fund will generally be treated as taxable dividend income to the extent of the Fund's current and accumulated earnings and profits. Distributions from the Fund to non-U.S. investors will generally be subject to U.S. federal withholding tax imposed at a 30% rate or a reduced rate specified by an applicable income tax treaty. Prospective investors are urged to consult their own tax advisors with respect to the specific U.S. federal, state, local, and non-U.S. tax consequences of owning Shares. | We intend to elect to be treated as a RIC for U.S. federal income tax purposes, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs; however, we will not qualify as a RIC for our initial taxable year ending August 31, 2026. For our initial taxable year, we will be treated as a corporation for U.S. federal income tax purposes. Accordingly, the Fund will be subject to U.S. federal income tax imposed at corporate rates on its taxable income as well as applicable state and local income taxes. Distributions from the Fund will generally be treated as taxable dividend income to the extent of the Fund's current and accumulated earnings and profits. Distributions from the Fund to non-U.S. investors will generally be subject to U.S. federal withholding tax imposed at a 30% rate or a reduced rate specified by an applicable income tax treaty. Prospective investors are urged to consult their own tax advisors with respect to the specific U.S. federal, state, local, and non-U.S. tax consequences of owning Shares. |
|  | To the extent that we qualify as a RIC in a subsequent taxable year, our tax treatment as a RIC will enable us to deduct qualifying distributions to our stockholders, so that we generally will be subject to U.S. federal income tax only in respect of earnings that we retain and do not distribute. | To the extent that we qualify as a RIC in a subsequent taxable year, our tax treatment as a RIC will enable us to deduct qualifying distributions to our stockholders, so that we generally will be subject to U.S. federal income tax only in respect of earnings that we retain and do not distribute. |
|  | To maintain our status as a RIC, we must, among other things: | To maintain our status as a RIC, we must, among other things: |
|  | · | derive in each taxable year at least 90% of our gross income from dividends, interest, gains from the sale or other disposition of stock or securities and other specified categories of investment income; and |
|  | · | maintain diversified holdings. |

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|  | In addition, to receive tax treatment as a RIC, we generally must timely distribute (or be treated as distributing) in each taxable year dividends for U.S. federal income tax purposes equal to at least the sum of (i) 90% of our investment company taxable income (which generally is our ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses) and (ii) 90% of our net tax-exempt income for that taxable year. |
|  | As a RIC, we generally will not be subject to U.S. federal income tax on our investment company taxable income and net capital gains that we timely distribute (or are deemed to distribute) to stockholders. We will be subject to U.S. federal income tax imposed at corporate rates on our investment company taxable income and net capital gains that we do not distribute to stockholders. If we fail to distribute a sufficient amount of our investment company taxable income or net capital gains on a timely basis, we may be subject to a nondeductible 4% U.S. federal excise tax. We may choose to retain all or a portion of our net capital gains or a portion of our income and pay the resulting U.S. federal income tax on such income or gains. See "Certain U.S. Federal Income Tax Considerations." |
| Risk Factors | There is no assurance that the Fund will meet its investment objective. The value of your investment in the Fund, as well as the amount of return you receive on your investment in the Fund, may fluctuate significantly. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. Therefore, you should consider carefully the following risks before investing in the Fund. Please refer to the section "Types of Investments and Related Risk Factors" for a more detailed discussion of the principal risk factors related to the Fund. |

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**Risks Related to Our Business and Our Structure**

· The Fund is a recently formed entity with limited operating history as a closed-end management investment company.

· The Fund may invest in a small number of portfolio companies resulting in a lack of investment diversification.

· Adverse market conditions may have a material adverse impact on the Fund's portfolio companies and the Fund's returns.

· Political, social and economic uncertainty risks could have a material adverse effect on the Fund.

· A cyber-attack could have a material adverse effect on the Fund.

· Changes to U.S. tariff and import/export regulations may have a negative effect on the operations of our portfolio companies and, in turn, negatively impact us.

· Exchanges of shares in portfolio companies for Shares of the Fund may create investment and economic challenges for the Fund.

· There are risks associated with relying on key personnel of the Adviser.

· The Fund's financial condition and results of operations depend on its ability to achieve its investment objective.

· The Fund will likely experience fluctuations in its quarterly results, and it may be unable to replicate past investment opportunities or make the types of investments it has made to date in future periods.

· The Fund operates in a highly competitive market for direct equity investment opportunities. If the Fund is unable to make investments, it may have an adverse effect on its performance.

· There are significant potential conflicts of interest which could impact the Fund's investment returns and limit the flexibility of its investment policies.

· In the event the value of your investment declines, the Management Fee will still be payable.

· Changes in laws or regulations governing the Fund's operations may adversely affect its business.

· The Adviser has full discretion over the Fund's portfolio, and the Fund's shareholders are not involved in investment decisions.

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| · | Our investment portfolio will be recorded at fair value as determined in good faith in accordance with procedures established by our Board and, as a result, there is and will be uncertainty as to the value of our portfolio investments. |
| · | Our portfolio may be focused on a limited number of portfolio companies, which will subject us to a risk of significant loss if the business or market position of one or more of these companies deteriorates or their particular industries experience a market downturn. |
| · | We may be more susceptible than a diversified fund to being adversely affected by any single corporate, economic, political or regulatory occurrence. |
| · | Our ability to enter into transactions with our affiliates is restricted. |
| · | We will be subject to U.S. federal income tax imposed at corporate rates on our income and gains if we are unable to qualify as a RIC. |
| · | To the extent that we qualify as a RIC in a subsequent taxable year, we may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income. |
| · | To the extent that we qualify as a RIC in a subsequent taxable year and we are not treated as a "publicly offered regulated investment company," certain shareholders will be treated as having received certain income and their allocable share of expenses, which may not be deductible. |
| · | We cannot predict how new tax legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business. |
| · | Our Board may change our non-fundamental investment policies and our investment strategies without prior notice or stockholder approval, the effects of which may be adverse. |
| · | The Fund has indemnification obligations. |
| **Risks Related to Our Investments** | **Risks Related to Our Investments** |
| · | The Fund's investments in portfolio companies may be extremely risky, and the Fund could lose all or part of its investments. |
| · | The Fund may not realize gains from its investments, may be compelled to liquidate its investments at a loss as a result of the actions of majority shareholders and, because certain of the portfolio companies may incur substantial debt to finance their operations, the Fund may experience a complete loss on its investment in the event of a bankruptcy or liquidation of any of the portfolio companies. |
| · | Because the Fund's investments are generally not in publicly traded securities, there will be uncertainty regarding the fair market value of its investments, which could adversely affect the determination of the Fund's NAV. |
| · | The lack of liquidity in, and potentially extended holding period of, many of the Fund's investments may adversely affect its business and will delay any distributions of any gains. |
| · | Technology-focused companies in which the Fund invests are subject to many risks, including volatility, intense competition, decreasing life cycles, product obsolescence, changing consumer preferences, and periodic downturns. |
| · | Investing in humanoid and embodied intelligence technology companies involves risk. |

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· Because the Fund will generally not hold controlling equity interests in its portfolio companies, the Fund will likely not be in a position to exercise control over the portfolio companies or to prevent decisions by substantial shareholders or management of the portfolio companies that could decrease the value of its investments.

· Investments in foreign companies may involve significant risks in addition to the risks inherent in U.S. investments.

· There are risks associated with investing in SPVs or similar investment structures, including that the Fund will bear its pro rata portion of expenses on investments in SPVs and will have no direct claim against underlying portfolio companies.

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| · | There are risks relating to investing in PIPE transactions offered by SPACs. |
| · | Indirect investments in portfolio companies involve substantial risks, including that the portfolio company may not recognize our investment and actively seek to obstruct it. |
| · | There are significant potential risks relating to investing in securities traded on private secondary marketplaces. |
| · | Due to transfer restrictions and the illiquid nature of the Fund's investments, the Fund may not be able to purchase or sell its investments when it determines to do so. |
| · | The Fund may be subject to lock-up provisions or agreements that could prohibit it from selling its investments for a specified period of time. |
| · | There are significant potential risks associated with investing in venture capital and private equity-backed companies with complex capital structures. |
| · | There are significant potential risks relating to holding portfolio company securities following an IPO. |
| · | There are risks relating to investing in other registered investment companies. |
| · | There are risks relating to investing in ETFs and ETPs. |
| · | Investments in Private Funds may involve significant risks. |
| **Risks Related to Leverage** | **Risks Related to Leverage** |
| · | We may borrow money, which may magnify the potential for loss and may increase the risk of investing in us. |
| ·  | Regulations governing our operation as a registered closed-end management investment company affect our ability to raise additional capital and the way in which we do so. The raising of debt capital may expose us to risks, including the typical risks associated with leverage. |

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**Risks Related to Our Securities and This Offering**

· It is not possible to predict the actual number of shares we will sell under the
 Purchase Agreement to Roth Principal Investments, or the actual gross proceeds resulting from those sales. Further, we may not have access to the full amount available under the Purchase Agreement with Roth Principal Investments.

· The sale of the shares of common stock acquired by Roth Principal
Investments (or issued pursuant to other offerings, including any future "at-the-market" program), or the perception that
such sales may occur, could cause the price of our common stock to fall.

· Investors who buy shares at different times will likely pay
different prices.

· Common stock of closed-end management investment companies has in the past frequently traded at discounts to their NAVs, and we cannotassure
you that the market price of our shares will not decline below our NAV per share.

See "Types of Investments and Related Risk Factors."

**FEES AND EXPENSES**

The following table is intended to assist you in understanding the costs and expenses that you will bear directly or indirectly. We caution you that some of the percentages indicated in the table below are estimates and may vary. The expenses shown in the table under "Annual expenses" are based on estimated amounts for our current fiscal year. The following table should not be considered a representation of our future expenses. Actual expenses may be greater or less than shown. Except where the context suggests otherwise, whenever this Prospectus contains a reference to fees or expenses paid by "us" or "the Fund" or that "we" will pay fees or expenses, you will indirectly bear these fees or expenses as an investor in the Fund.

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| &nbsp;&nbsp;***Annual expenses*** | &nbsp;&nbsp;***Percentage of Net Assets Attributable to Common Stock*** |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;2.50%<sup>(1)</sup> |
| &nbsp;&nbsp;Interest Payments on Borrowed Funds | &nbsp;&nbsp;0.00%<sup>(2)</sup> |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses | &nbsp;&nbsp;0.07%<sup>(3)</sup> |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;0.65%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;Current Income Tax Expense | &nbsp;&nbsp;0.00%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;Deferred Income Tax Expense | &nbsp;&nbsp;0.00%<sup>(6)</sup> |
| &nbsp;&nbsp;Total Annual Expenses | &nbsp;&nbsp;3.22% |

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1. Under the Advisory Agreement we
will pay the Adviser a Management Fee, payable monthly, in an amount equal to 2.50% of our average gross assets at the end of the two
most recently completed calendar months. For purposes of the Advisory Agreement, the term "gross assets" includes assets
purchased with borrowed amounts. The Management Fee reflected in the table is estimated for the Fund's current fiscal year. Additionally,
this estimate is calculated by determining the ratio that the Management Fee bears to our net assets attributable to common stock (rather
than our gross assets).

2. The Fund does not intend to incur
leverage within the next twelve months.

3. Acquired Fund Fees and Expenses
are the indirect costs of investing in other investment companies. The amount under this line item is estimated for the current fiscal
year.

4. Other expenses includes accounting, valuation, legal and auditing fees of the Fund, organizational costs, expenses related to the Fund's distribution reinvestment plan, as well as fees paid to the Administrator, the transfer agent, the custodian and the Directors. Other expenses are estimated for the current fiscal year.

5. The Fund anticipates being treated as a corporation for U.S. federal income tax purposes for its initial taxable year ending August 31, 2026. Because the Fund does not generally expect to receive interest or dividend income from its investments, the Fund does not expect to incur income tax expense for the current fiscal year.

6. Deferred income tax expense relates to the tax effect of unrealized appreciation or depreciation on the Fund's investments resulting from the Fund being treated as a corporation for U.S. federal income tax purposes for its initial taxable year. The Fund is not able to estimate any deferred income tax expense that may be incurred in future years.

The following example demonstrates the projected dollar amount of total cumulative expenses over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed we would have no additional leverage and that our annual operating expenses would remain at the levels set forth in the table above.

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| &nbsp;&nbsp;**Example** | **1 Year** | **3 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;You would pay the following expenses on a $1,000 investment, assuming a 5% annual return | $32 | $99 | $168 | $352 |

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The foregoing table is to assist you in understanding the various costs and expenses that an investor in our common stock will bear directly or indirectly. While the example assumes, as required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. In addition, while the example assumes reinvestment of all dividends and distributions at NAV, if our Board authorizes and we declare a cash dividend, participants in our distribution reinvestment plan who have not otherwise elected to receive cash will receive a number of shares of our common stock, determined by dividing the total dollar amount of the distribution payable to a participant by the market price per share of our common stock at the close of trading on the valuation date for the distribution. See "Distribution Reinvestment Plan" for additional information regarding our distribution reinvestment plan.

This example and the expenses in the table above should not be considered a representation of our future expenses, and actual expenses (including the cost of debt, if any, and other expenses) may be greater or less than those shown.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Prospectus, including the documents we incorporate by reference herein, contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the Fund, our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," and variations of these words and similar expressions are intended to identify forward-looking statements.

The forward-looking statements contained in this Prospectus involve risks and uncertainties, including statements as to:

&nbsp;&nbsp;&nbsp;&nbsp;· our future operating results, including our ability to achieve objectives;

&nbsp;&nbsp;&nbsp;&nbsp;· our business prospects and the prospects of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;· the impact of investments that we expect to make;

&nbsp;&nbsp;&nbsp;&nbsp;· our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;· the dependence of our future success on the general economy and its impact on the industries in which
we invest;

&nbsp;&nbsp;&nbsp;&nbsp;· market conditions and our ability to access capital;

&nbsp;&nbsp;&nbsp;&nbsp;· the ability of our portfolio companies to achieve their objectives

&nbsp;&nbsp;&nbsp;&nbsp;· the valuation of our portfolio companies, particularly those having no liquid trading market;

&nbsp;&nbsp;&nbsp;&nbsp;· our expected financings and investments;

&nbsp;&nbsp;&nbsp;&nbsp;· the ability of Roth Principal Investments to sell shares of our common stock in this offering in the amounts
and on the terms contemplated, or at all;

&nbsp;&nbsp;&nbsp;&nbsp;· the adequacy of our cash resources and working capital; and

&nbsp;&nbsp;&nbsp;&nbsp;· the timing of cash flows, if any, from our investments.

These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;· a contraction of available credit and/or an inability to access the equity markets could impair our investment
activities;

&nbsp;&nbsp;&nbsp;&nbsp;· interest rate volatility could adversely affect our results, particularly if we elect to use leverage
as part of our investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;· currency fluctuations could adversely affect the results of our investments in foreign companies, particularly
to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

&nbsp;&nbsp;&nbsp;&nbsp;· the impact of information technology system failures, data security breaches, data privacy compliance,
network disruptions and cybersecurity attacks; andthe risks, uncertainties and other factors we identify in "Types of Investments
and Related Risk Factors" and elsewhere in this Prospectus and in our filings with the SEC.

**COMMITTED EQUITY FACILITY**

On May 11, 2026, we entered into the Purchase Agreement and the Registration Rights Agreement with Roth Principal Investments. Under the Purchase Agreement, upon the terms and conditions set forth therein, we, at our sole option and discretion, from and after the Commencement Date, will have the right to sell to Roth Principal Investments shares of our common stock up to the lesser of (i) $2,000,000,000 and (ii) the Exchange Cap (as defined below), to the extent applicable. We have paid Roth Principal Investments a $25,000 structuring fee and will pay up to a $14,000,000 commitment fee as consideration for its commitment to purchase shares of our common stock pursuant to the Purchase Agreement.

Upon the initial satisfaction of the conditions to Roth Principal Investments' purchase obligations set forth in the Purchase Agreement, or the "Commencement," we will have the right, but not the obligation, from time to time at our sole option and discretion over the 36-month period beginning on the date the Commencement occurs, or the "Commencement Date," to direct Roth Principal Investments to purchase certain shares of our common stock unless the Purchase Agreement is terminated earlier. Sales of common stock by us to Roth Principal Investments under the Purchase Agreement, and the timing of any such sales, are solely at our option, and we are under no obligation to sell any securities to Roth Principal Investments under the Purchase Agreement.

In no event may we issue to Roth Principal Investments under the Purchase Agreement more than 4,052,806 shares of common stock, which number of shares is equal to 19.99% of the shares of our common stock outstanding immediately prior to the execution of the Purchase Agreement, or the "Exchange Cap," unless we obtain stockholder approval to issue shares of common stock in excess of the Exchange Cap in accordance with applicable Exchange rules. In addition, any sales of our common stock pursuant to the Purchase Agreement must be effected at a price no less than the higher of (i) the Base Price (as defined in the Purchase Agreement) and (ii) our net asset value per share at the time of sale. The Exchange Cap will not be applicable to issuances and sales of common stock pursuant to the Purchase Agreement to the extent that the average price per share paid by Roth Principal Investments for all of the shares of the Common Stock that we direct Roth Principal Investments to purchase from us pursuant to the Purchase Agreement, if any, equals or exceeds the "Base Price" (as defined in the Purchase Agreement), which is $13.45 per share. Moreover, Roth Principal Investments will not be required to purchase or acquire any shares of our common stock under the Purchase Agreement which, when aggregated with all other shares of common stock then beneficially owned by Roth Principal Investments and its affiliates (as calculated pursuant to Section 13(d) of the Exchange Act and Rule 13d-3 thereunder), would result in Roth Principal Investments beneficially owning more than 4.99% of the outstanding shares of common stock.

The Purchase Agreement and the Registration Rights Agreement contain customary representations, warranties, conditions and indemnification obligations of the parties. The representations, warranties and covenants contained in such agreements were made only for purposes of such agreements and as of specific dates, were solely for the benefit of the parties to such agreements and are subject to limitations agreed upon by the contracting parties.

Neither we nor Roth Principal Investments may assign or transfer any of our respective rights and obligations under the Purchase Agreement or the Registration Rights Agreement, and no provision of the Purchase Agreement or the Registration Rights Agreement may be modified or waived by the parties.

**Purchases of Common Stock Under the Purchase Agreement**

*Market Open Purchases*

From and after the Commencement Date, we will have the right, but not the obligation, from time to time at our sole discretion for a period of up to 36 months, unless the Purchase Agreement is earlier terminated, beginning on the Commencement Date, to direct Roth Principal Investments to purchase a specified number of shares of Common Stock, not to exceed the applicable Market Open Purchase Maximum Amount (as defined in the Purchase Agreement), in a Market Open Purchase under the Purchase Agreement, by timely delivering a written Market Open Purchase Notice to Roth Principal Investments, prior to 9:00 a.m., New York City time, on any trading day we select as the Purchase Date for such Market Open Purchase, so long as:

&nbsp;&nbsp;&nbsp;&nbsp;· the closing sale price of our Common Stock on the trading day immediately
prior to such Purchase Date is not less than the Threshold Price (as defined in the Purchase Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;· all shares of Common Stock subject to all prior Purchases effected by us
under the Purchase Agreement on or before the trading day immediately preceding such Purchase Date have been timely received by Roth Principal
Investments on the applicable Purchase Share Delivery Dates for such prior Purchases in accordance with the Purchase Agreement.

The Market Open Purchase Maximum Amount applicable to such Market Open Purchase will be equal to the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;· 2,000,000 shares of Common Stock; and

&nbsp;&nbsp;&nbsp;&nbsp;· the Market Open Purchase Percentage (as specified in the applicable Market
Open Purchase Notice for such Purchase) of the total aggregate number (or volume) of shares of our Common Stock traded on Nasdaq during
the applicable Market Open Purchase Period for such Market Open Purchase.

The actual number of shares of Common Stock that Roth Principal Investments will be required to purchase in a Market Open Purchase, which we refer to as the Market Open Purchase Share Amount, will be equal to the number of shares that we specify in the applicable Market Open Purchase Notice, subject to adjustment to the extent necessary to give effect to the applicable Market Open Purchase Maximum Amount and other applicable limitations set forth in the Purchase Agreement, including the Beneficial Ownership Limitation and, if then applicable, the Exchange Cap.

The per share purchase price that Roth Principal Investments will be required to pay for the Market Open Purchase Share Amount in a Market Open Purchase effected by us pursuant to the Purchase Agreement, if any, will be equal to the VWAP of our Common Stock for the applicable Market Open Purchase Period on the Purchase Date for such Market Open Purchase, less a fixed 2.0% discount to the VWAP for such Market Open Purchase Period. The Market Open Purchase Period for a Market Open Purchase is defined in the Purchase Agreement as the period on the Purchase Date for such Market Open Purchase beginning at the Market Open Purchase Commencement Time (9:30:01 a.m., New York City time, or such later time publicly announced as the official open of the regular trading session on Nasdaq on such Purchase Date), and ending at the earliest to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;· 3:59 p.m., New York City time, on such Purchase Date or such earlier time
publicly announced by the trading market as the official close of the regular trading session on such Purchase Date;

&nbsp;&nbsp;&nbsp;&nbsp;· such time that the total aggregate number (or volume) of shares of Common
Stock traded on Nasdaq during such Market Open Purchase Period reaches the applicable Market Open Purchase Share Volume Maximum for such
Market Open Purchase, which will be determined by dividing (a) the applicable Market Open Purchase Share Amount for such Market Open Purchase,
by (b) the Market Open Purchase Percentage we specified in the applicable Market Open Purchase Notice for such Market Open Purchase);
and

&nbsp;&nbsp;&nbsp;&nbsp;· if we further specify in the applicable Market Open Purchase Notice for such
Market Open Purchase that a Limit Order Discontinue Election shall apply to such Market Open Purchase, such time that the trading price
of our Common Stock on Nasdaq during such Market Open Purchase Period (calculated in accordance with the Purchase Agreement) falls below
the applicable Minimum Price Threshold.

Under the Purchase Agreement, for purposes of calculating the volume of shares of Common Stock traded during a Market Open Purchase Period, including for purposes of determining whether the applicable Market Open Purchase Share Volume Maximum for a Market Open Purchase has been reached, for purposes of calculating the VWAP of our Common Stock for the applicable Market Open Purchase Period, and to the extent that we specify in the applicable Market Open Purchase Notice that the Limit Order Discontinue Election will apply, the following transactions, to the extent they occur during such Market Open Purchase Period, shall be excluded: (x) the opening or first purchase of Common Stock at or following the official open of the regular trading session on Nasdaq on the applicable Purchase Date for such Market Open Purchase, (y) the last or closing sale of Common Stock at or prior to the official close of the regular trading session on Nasdaq on the applicable Purchase Date for such Market Open Purchase, and (z) if we have specified in the applicable Market Open Purchase Notice for such Market Open Purchase that a Limit Order Continue Election, rather than a Limit Order Discontinue Election, shall apply to such Market Open Purchase, all purchases and sales of Common Stock on Nasdaq during such Market Open Purchase Period at a price per share that is less than the applicable Minimum Price Threshold for such Market Open Purchase.

*Intraday Purchases*

In addition to the Market Open Purchases described above, from and after the Commencement Date, we will also have the right, but not the obligation, subject to the continued satisfaction of the conditions set forth in the Purchase Agreement, to direct Roth Principal Investments to make Intraday Purchases (whether or not a Market Open Purchase is effected on such Purchase Date), not to exceed the applicable Intraday Purchase Maximum Amount (as defined in the Purchase Agreement), in an Intraday Purchase under the Purchase Agreement, by timely delivering a written Intraday Purchase Notice to Roth Principal Investments, after 10:00 a.m., New York City time (and after the Market Open Purchase Period for any earlier Market Open Purchase and the Intraday Purchase Period for the most recent prior Intraday Purchase effected on the same Purchase Date if applicable, have ended), and prior to 2:00 p.m., New York City time (or, if the official close of the regular trading session is earlier than 4:00 p.m. on such Purchase Date, prior to such time that is exactly two hours immediately prior to such official close), on such Purchase Date, so long as:

&nbsp;&nbsp;&nbsp;&nbsp;· the closing sale price of our Common Stock on the trading day immediately
prior to such Purchase Date is not less than the Threshold Price; and

&nbsp;&nbsp;&nbsp;&nbsp;· all shares of Common Stock subject to all prior Market Open Purchases and
all prior Intraday Purchases (as applicable) effected by us under the Purchase Agreement, including all prior purchases effected on the
same Purchase Date as such applicable Intraday Purchase, have been received by Roth Principal Investments in the manner set forth in the
Purchase Agreement, prior to the time we deliver the Intraday Purchase Notice for such applicable Intraday Purchase to Roth Principal
Investments.

The Intraday Purchase Maximum Amount applicable to such Intraday Purchase will be equal to the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;· 2,000,000 shares of common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;· the Intraday Purchase Percentage (as specified by us in the applicable Intraday
Purchase Notice for such Intraday Purchase) of the total aggregate number (or volume) of shares of our Common Stock traded on Nasdaq during
the applicable Intraday Purchase Period for such Intraday Purchase.

The actual number of shares of Common Stock that Roth Principal Investments will be required to purchase in an Intraday Purchase, which we refer to as the Intraday Purchase Share Amount, will be equal to the number of shares that we specify in the applicable Intraday Purchase Notice, subject to adjustment to the extent necessary to give effect to the applicable Intraday Purchase Maximum Amount and other applicable limitations set forth in the Purchase Agreement.

The per share purchase price that Roth Principal Investments will be required to pay for the Intraday Purchase Share Amount in an Intraday Purchase effected by us pursuant to the Purchase Agreement, if any, will be calculated in the same manner as in the case of a Market Open Purchase (including the same fixed percentage discounts to the applicable VWAP used to calculate the per share purchase price for a Market Open Purchase as described above), provided that the VWAP used to determine the purchase price for the Intraday Purchase Share Amount to be purchased in an Intraday Purchase will be equal to the VWAP for the applicable Intraday Purchase Period on the Purchase Date for such Intraday Purchase. The Intraday Purchase Period for an Intraday Purchase is defined in the Purchase Agreement as the period during the regular trading session on Nasdaq on such Purchase Date, beginning at the latest to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;· such time of confirmation of Roth Principal Investments 's receipt
of the applicable Intraday Purchase Notice;

&nbsp;&nbsp;&nbsp;&nbsp;· such time that the Market Open Purchase Period for any prior Market Open
Purchase effected on the same Purchase Date (if any) has ended; and

&nbsp;&nbsp;&nbsp;&nbsp;· such time that the Intraday Purchase Period for the most recent prior Intraday
Purchase effected on the same Purchase Date (if any) has ended,

and ending at the earliest to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;· 3:59 p.m., New York City time, on such Purchase Date or such earlier time
publicly announced by the trading market as the official close of the regular trading session on such Purchase Date;

&nbsp;&nbsp;&nbsp;&nbsp;· such time that the total aggregate number (or volume) of shares of Common
Stock traded on Nasdaq during such Intraday Purchase Period reaches the applicable Intraday Purchase Share Volume Maximum for such Intraday
Purchase, which will be determined by dividing (a) the applicable Intraday Purchase Share Amount for such Intraday Purchase, by (b) the
Intraday Purchase Percentage we specified in the applicable Intraday Purchase Notice for determining the applicable Intraday Purchase
Share Amount for such Intraday Purchase; and

&nbsp;&nbsp;&nbsp;&nbsp;· if we further specify Limit Order Discontinue Election in the applicable
Intraday Purchase Notice for such Intraday Purchase, such time that the trading price of our Common Stock on Nasdaq during such Intraday
Purchase Period (calculated in accordance with the Purchase Agreement) falls below the applicable Minimum Price Threshold.

As with Market Open Purchases, for purposes of calculating the volume of shares of Common Stock traded during an Intraday Purchase Period, including for purposes of determining whether the applicable Intraday Purchase Share Volume Maximum for an Intraday Purchase has been reached, for purposes of calculating the VWAP of our Common Stock for the applicable Intraday Purchase Period, the following transactions, to the extent they occur during such Intraday Purchase Period, are excluded: (x) the opening or first purchase of Common Stock at or following the official open of the regular trading session on Nasdaq on the applicable Purchase Date for such Intraday Purchase, (y) the last or closing sale of Common Stock at or prior to the official close of the regular trading session on Nasdaq on the applicable Purchase Date for such Intraday Purchase, and (z) if we have specified in the applicable Intraday Purchase Notice for such Intraday Purchase that a Limit Order Continue Election, rather than a Limit Order Discontinue Election, shall apply to such Intraday Purchase, all purchases and sales of Common Stock on Nasdaq during such Intraday Purchase Period at a price per share that is less than the applicable Minimum Price Threshold for such Intraday Purchase.

We may, in our sole discretion, timely deliver multiple Intraday Purchase Notices to Roth Principal Investments prior to 2:00 p.m., New York City time, on a single Purchase Date to effect multiple Intraday Purchases on such same Purchase Date, provided that the Market Open Purchase Period for any earlier Market Open Purchase effected on the same Purchase Date (as applicable) and the Intraday Purchase Period for the most recent prior Intraday Purchase effected on the same Purchase Date have ended prior to 2:00 p.m., New York City time, on such Purchase Date, and so long as all shares of Common Stock subject to all prior Market Open Purchases and all prior Intraday Purchases (as applicable) effected by us under the Purchase Agreement, including all prior purchases effected on the same Purchase Date as such applicable Intraday Purchase, have been received by Roth Principal Investments prior to the time we deliver to Roth Principal Investments a new Intraday Purchase Notice to effect an additional Intraday Purchase on the same Purchase Date as an earlier Market Open Purchase (as applicable) and one or more earlier Intraday Purchases effected on such same Purchase Date.

The terms and limitations that will apply to each subsequent additional Intraday Purchase effected on the same Purchase Date will be the same as those applicable to any earlier Market Open Purchase (as applicable) and any earlier Intraday Purchase effected on the same Purchase Date as such subsequent additional Intraday Purchase, and the per share purchase price for the shares of Common Stock that we elect to sell to Roth Principal Investments in each subsequent additional Intraday Purchase effected on the same Purchase Date as an earlier Market Open Purchase (as applicable) and/or earlier Intraday Purchase(s) effected on such Purchase Date will be calculated in the same manner as in the case of such earlier Market Open Purchase (as applicable) and such earlier Intraday Purchase(s) effected on the same Purchase Date as such subsequent additional Intraday Purchase, with the exception that the Intraday Purchase Period for each subsequent additional Intraday Purchase will begin and end at different times (and may vary in duration) during the regular trading session on such Purchase Date, in each case as determined in accordance with the Purchase Agreement.

In the case of Market Open Purchases and Intraday Purchases effected by us under the Purchase Agreement, if any, all share and dollar amounts used in determining the purchase price per share of Common Stock to be purchased by Roth Principal Investments in a Market Open Purchase or an Intraday Purchase (as applicable), or in determining the applicable maximum purchase share amounts or applicable volume or minimum price threshold in connection with any such Market Open Purchase or Intraday Purchase (as applicable), in each case, will be equitably adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction occurring during any period used to calculate such per share purchase price, maximum purchase share amounts or applicable volume or minimum price thresholds.

At or prior to 5:30 p.m., New York City time, on the applicable Purchase Date for a Market Open Purchase and/or Intraday Purchase, Roth Principal Investments will provide us with a written confirmation for such Market Open Purchase and/or Intraday Purchase, as applicable, setting forth the applicable purchase price (both on a per share basis and the total aggregate purchase price) to be paid by Roth Principal Investments for the shares of Common Stock purchased by Roth Principal Investments in such Market Open Purchase and/or Intraday Purchase, as applicable.

The shares of Common Stock purchased by Roth Principal Investments in any Market Open Purchase or any Intraday Purchase under the Purchase Agreement will be delivered to Roth Principal Investments as DWAC Shares not later than 10:00 a.m., New York City time, on the trading day immediately following the applicable Purchase Date for such Market Open Purchase or such Intraday Purchase (as applicable) (the Purchase Share Delivery Date), and payment for such shares will be made by Roth Principal Investments not later than 5:00 p.m., New York City time, on the trading day immediately following the applicable Purchase Share Delivery Date, as set forth in the Purchase Agreement.

**Purchase Price**

The per-share purchase price that Roth Principal Investments will be required to pay for shares of common stock in a purchase directed by us pursuant to the Purchase Agreement will be determined by reference to the VWAP calculated in accordance with the Purchase Agreement, less a fixed 2.0% discount. There is no maximum price per share that Roth Principal Investments could be obligated to pay for our common stock we may elect to sell to it under the Purchase Agreement. However, the net proceeds to us from Roth Principal Investments per share of our common stock sold under the Purchase Agreement, including the 2.0% discount, will never be less than the higher of (i) $13.45 (as defined in the Purchase Agreement, the "Base Price") and (ii) the NAV per share of our common stock at the time of such sale.

**Conditions to Commencement and Each Purchase**

Roth Principal Investments' obligation to purchase shares of our common stock under the Purchase Agreement is subject to (i) the initial satisfaction, at the Commencement, and (ii) the satisfaction on the applicable purchase date of the conditions precedent thereto set forth in the Purchase Agreement, all of which are entirely outside of Roth Principal Investments' control. These conditions include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the accuracy in all material respects of the representations and warranties of the Company included
in the Purchase Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Company having performed, satisfied and complied in all material respects with all covenants, agreements
and conditions required by the Purchase Agreement to be performed, satisfied or complied with by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· trading in the common stock shall not have been suspended by the SEC or the Exchange, the Company shall
not have received any final and non-appealable notice that the listing or quotation of the common stock on the Exchange shall be terminated
on a date certain (unless, prior to such date, the common stock is listed or quoted on any Eligible Market, as such term is defined in
the Purchase Agreement), and there shall be no suspension of, or restriction on, accepting additional deposits of the common stock, electronic
trading or book-entry services by the Depository Trust Company with respect to the common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the absence of any statute, regulation, order, decree, writ, ruling or injunction by any court or governmental
authority of competent jurisdiction which prohibits the consummation of or that would materially modify or delay any of the transactions
contemplated by the Purchase Agreement or the Registration Rights Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the absence of any action, suit or proceeding before any arbitrator or any court or governmental authority
seeking to restrain, prevent or change the transactions contemplated by the Purchase Agreement or the Registration Rights Agreement, or
seeking material damages in connection with such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· no condition, occurrence, state of facts or event constituting a Material Adverse Effect (as such term
is defined in the Purchase Agreement) shall have occurred and be continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the receipt by Roth Principal Investments of the initial auditor comfort letter and any required bring-down
comfort letters, as well as legal opinions and negative assurances, and bring-down legal opinions and negative assurances, as required
under the Purchase Agreement.

**Termination of the Purchase Agreement**

Unless earlier terminated, the Purchase Agreement will terminate automatically on the earliest to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the first day of the month next following the 36-month anniversary of the effective date of the Registration
Statement of which this prospectus forms a part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date on which Roth Principal Investments shall have purchased shares of common stock under the Purchase
Agreement for an aggregate gross purchase price equal to $2,000,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date on which the common stock shall have failed to be listed or quoted on the Exchange or any other
Eligible Market for a period of one (1) trading day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the 30th trading day after the date on which a voluntary or involuntary bankruptcy proceeding involving
our company has been commenced that is not discharged or dismissed prior to such trading day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date on which a custodian is appointed for the Company in a bankruptcy proceeding for all or substantially
all of its property, or the Company makes a general assignment for the benefit of its creditors.

We have the right to terminate the Purchase Agreement at any time after Commencement, at no cost or penalty, upon ten (10) trading days' prior written notice to Roth Principal Investments. We and Roth Principal Investments may also terminate the Purchase Agreement at any time by mutual written consent.

Roth Principal Investments also has the right to terminate the Purchase Agreement upon ten (10) trading days' prior written notice to us, but only upon the occurrence of certain events, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the occurrence of a Material Adverse Effect (as defined in the Purchase Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the occurrence of a Fundamental Transaction (as defined in the Purchase Agreement) involving our company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· we fail to timely file or obtain effectiveness of any required Registration Statement (as defined in the
Registration Rights Agreement) under the Registration Rights Agreement, or are otherwise in material breach thereof, and such failure
or breach (if curable) is not cured within ten (10) trading days after notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the effectiveness of any Registration Statement (or post-effective amendment thereto) required to be maintained
under the Registration Rights Agreement lapses or such Registration Statement, the related prospectus or any prospectus supplement otherwise
becomes unavailable for the resale of all Registrable Securities, and such lapse or unavailability continues for twenty (20) consecutive
trading days or more than sixty (60) trading days in any 365-day period, in each case other than as a result of actions by Roth Principal
Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· trading in the common stock on the Exchange (or if the common stock is then listed on an Eligible Market,
trading in the common stock on such Eligible Market) has been suspended for a period of five (5) consecutive trading days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· we are in material breach or default of the Purchase Agreement, and, if such breach or default is capable
of being cured, such breach or default is not cured within ten (10) trading days after notice of such breach or default is delivered to
the Company.

No termination of the Purchase Agreement by us or by Roth Principal Investments will become effective prior to the fifth trading day immediately following the date on which any pending purchase has been fully settled in accordance with the terms and conditions of the Purchase Agreement. Furthermore, no termination of the Purchase Agreement will affect the Registration Rights Agreement, which will survive any termination of the Purchase Agreement.

**No Short-Selling or Hedging by Roth Principal Investments**

Roth Principal Investments has agreed that none of Roth Principal Investments, any of its officers or any entity managed or controlled by Roth Principal Investments will engage in or effect, directly or indirectly, for its own account or for the account of any other of such persons or entities, any (i) "short sale" (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the common stock or (ii) hedging transaction, which establishes a net short position with respect to our common stock, during the term of the Purchase Agreement.

**Prohibition on Certain Variable Rate Transactions**

Prior to termination of the Purchase Agreement, subject to certain specified exceptions, we will be prohibited from effecting or entering into certain transactions in which equity securities are sold at prices that vary based on the trading price of our common stock or entering into an "equity line of credit" or other substantially similar continuous offering with a third party, in which we may offer, issue or sell common stock or any securities exercisable, exchangeable or convertible into common stock at a future determined price.

**Effect of Sales of our Common Stock under the Purchase Agreement**

All shares of common stock that may be issued or sold by us to Roth Principal Investments under the Purchase Agreement that are being registered under the Securities Act for resale by Roth Principal Investments in this offering are expected to be freely tradable. The shares of common stock being registered for resale in this offering may be issued and sold by us to Roth Principal Investments from time to time at our discretion over a period of up to 36 months after the Commencement Date. The resale by Roth Principal Investments of a significant amount of shares, or the perception that these sales may occur, could cause the market price of shares of our common stock to decline and to be highly volatile. Sales of our common stock, if any, to Roth Principal Investments under the Purchase Agreement will depend upon market conditions and other factors to be determined by us. We may ultimately decide to sell to Roth Principal Investments all, some or none of the shares of our Common Stock that may be available for us to sell to Roth Principal Investments pursuant to the Purchase Agreement.

If and when we do elect to sell shares of our common stock to Roth Principal Investments pursuant to the Purchase Agreement, after Roth Principal Investments has acquired such shares, Roth Principal Investments may resell all, some or none of the shares of common stock that it acquires from us at any time or from time to time in its discretion and at different prices. As a result, investors who purchase shares from Roth Principal Investments in this offering at different times will likely pay different prices for those shares, and so may experience different levels of dilution, and in some cases substantial dilution, and experience different outcomes in their investment results. Investors may experience a decline in the value of the shares they purchase from Roth Principal Investments in this offering as a result of future sales made by Roth Principal Investments at prices lower than the prices such investors paid for their shares. In addition, if we sell a substantial number of shares of our common stock to Roth Principal Investments under the Purchase Agreement, or if investors expect that we will do so, the actual sales of shares or the mere existence of our arrangement with Roth Principal Investments may make it more difficult for us to sell equity or equity-related securities in the future at a time and at a price that we might otherwise wish to effect such sales.

Because the purchase price per share to be paid by Roth Principal Investments for the shares of common stock that we may elect to sell to Roth Principal Investments under the Purchase Agreement will fluctuate based on the market prices of our common stock, it is not possible for us to predict the number of shares of common stock that we will sell to Roth Principal Investments, the actual purchase price per share to be paid by Roth Principal Investments for those shares, or the actual gross proceeds to be raised by us from those sales, if any. As of May 11, 2026, there were 20,274,168 shares of our common stock outstanding, of which 9,610,170 shares were held by non-affiliates. If all of the 14,100,000 shares offered for resale by Roth Principal Investments under this prospectus were issued and outstanding as of May 11, 2026, such shares would represent approximately 41% of the total number of shares of our common stock outstanding and approximately 69% of the total number of outstanding shares held by non-affiliates.

Although the Purchase Agreement provides that we may, in our discretion, from time to time after the date of this prospectus and during the term of the Purchase Agreement, direct Roth Principal Investments to purchase shares of our common stock from us for a maximum aggregate purchase price of up to $2,000,000,000, only 14,100,000 shares of common stock are being registered for resale under the Registration Statement that includes this prospectus. Assuming all of the 14,100,000 shares offered for resale by Roth Principal Investments under this prospectus were sold by us to Roth Principal Investments for a per share price of $13.45, less a 2.0% discount (the same fixed percentage discount that will be used to calculate the applicable per share purchase price for shares of common stock that we may elect to sell to Roth Principal Investments under the Purchase Agreement), we would receive aggregate gross proceeds of approximately $138.2 million. However, because the market prices of our common stock will fluctuate from time to time after the date of this prospectus and, as a result, the actual purchase prices to be paid by Roth Principal Investments for shares of our common stock under the Purchase Agreement will fluctuate because they will be based on the market prices of our common stock. Moreover, in no event will we sell shares to Roth Principal Investments having an aggregate offering price of greater than $2,000,000,000.

If it becomes necessary for us to issue and sell to Roth Principal Investments under the Purchase Agreement more shares of our common stock than are being registered for resale under this prospectus in order to receive aggregate gross proceeds equal to $2,000,000,000 from sales of our common stock to Roth Principal Investments under the Purchase Agreement, we must first file with the SEC and have declared effective one or more additional registration statements to register under the Securities Act the resale by Roth Principal Investments of any such additional shares of our common stock. In addition, if it becomes necessary for us to issue and sell to Roth Principal Investments under the Purchase Agreement an aggregate number of shares that would exceed the Exchange Cap share issuance limit of 4,052,806 shares (excluding any issuances and sales of common stock pursuant to the Purchase Agreement at a price equal to or in excess of the applicable base price for the common stock calculated in accordance with applicable Exchange listing rules), then before we could issue any shares of common stock in excess of the Exchange Cap share issuance limit under the Purchase Agreement (assuming such shares do not qualify for exclusion from the Exchange Cap share limit because the average price at which they were sold exceeded the adjusted base price referred to above), we would also need to obtain the requisite stockholder approval to issue any such shares of common stock in excess of the Exchange Cap under the Purchase Agreement in accordance with applicable Exchange listing rules. The number of shares of our common stock ultimately offered for sale by Roth Principal Investments is dependent upon the number of shares of common stock, if any, we ultimately sell to Roth Principal Investments under the Purchase Agreement.

The number of shares of common stock ultimately offered for resale by Roth Principal Investments through this prospectus is dependent upon the number of shares of common stock, if any, we elect to sell to Roth Principal Investments under the Purchase Agreement from and after the Commencement Date. The issuance of our common stock to Roth Principal Investments pursuant to the Purchase Agreement will not affect the rights or privileges of our existing stockholders, except that the economic and voting interests of each of our existing stockholders will be diluted. Although the number of shares of our common stock that our existing stockholders own will not decrease, the shares of our common stock owned by our existing stockholders will represent a smaller percentage of our total outstanding shares of our common stock after any such issuance.

**SELLING STOCKHOLDER**

This prospectus relates to the offer and sale by Roth Principal Investments, LLC ("Roth Principal Investments") of up to 14,100,000 shares of our common stock that have been and may be issued by us to Roth Principal Investments under the Purchase Agreement. For additional information regarding the shares of our common stock included in this prospectus, see the section titled "Committed Equity Facility" above. We are registering the shares of our common stock included in this prospectus pursuant to the provisions of the Registration Rights Agreement we entered into with Roth Principal Investments on May 11, 2026 in order to permit the selling stockholder to offer the shares included in this prospectus for resale from time to time. Except for the transactions contemplated by the Purchase Agreement and the Registration Rights Agreement and as set forth in the section titled "Plan of Distribution (Conflict of Interest)" in this prospectus, Roth Principal Investments has not had any material relationship with us within the past three years. As used in this prospectus, the term "selling stockholder" means Roth Principal Investments, LLC.

The table below presents information regarding the selling stockholder and the shares of our common stock that may be resold by the selling stockholder from time to time under this prospectus. This table is prepared based on information supplied to us by the selling stockholder and reflects holdings as of May 11, 2026. The number of shares in the column "Maximum Number of Shares of Common Stock to be Offered Pursuant to this Prospectus" represents all of the shares of our common stock being offered for resale by the selling stockholder under this prospectus. The selling stockholder may sell some, all or none of the shares being offered for resale in this offering. We do not know how long the selling stockholder will hold the shares before selling them and, except as set forth in the section titled "Plan of Distribution (Conflict of Interest)" in this prospectus, we are not aware of any existing arrangements between the selling stockholder and any other stockholder, broker, dealer, underwriter or agent relating to the sale or distribution of the shares of our common stock being offered for resale by this prospectus.

Beneficial ownership is determined in accordance with Rule 13d-3(d) promulgated by the SEC under the Exchange Act and includes shares of our common stock with respect to which the selling stockholder has sole or shared voting and investment power. The percentage of shares of our common stock beneficially owned by the selling stockholder prior to the offering shown in the table below is based on an aggregate of 20,274,168 shares of our common stock outstanding on May 11, 2026. Because the purchase price to be paid by the selling stockholder for shares of our common stock, if any, that we may elect to sell to the selling stockholder in one or more VWAP Purchases and one or more Intraday VWAP Purchases from time to time under the Purchase Agreement will be determined on the applicable Purchase Dates therefor, the actual number of shares of our common stock that we may sell to the selling stockholder under the Purchase Agreement may be fewer than the number of shares being offered for resale under this prospectus. The fourth column assumes the resale by the selling stockholder of all of the shares of our common stock being offered for resale pursuant to this prospectus.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of Shares of<br> Common Stock<br> Beneficially Owned<br> Prior to Offering**  | **Number of Shares of<br> Common Stock<br> Beneficially Owned<br> Prior to Offering**  | | **Number of Shares of<br> Common Stock<br> Beneficially Owned<br> After Offering**  | **Number of Shares of<br> Common Stock<br> Beneficially Owned<br> After Offering**  |
| <br>**Name of Selling Stockholder** | **Number<sup>(1)</sup>** | **Percent<sup>(2)</sup>** | **Maximum<br> Number of<br> Shares of<br> Common<br> Stock to be<br> Offered<br> Pursuant to<br> this**<br>**Prospectus** | **Number<sup>(3)</sup>** | **Percent<sup>(2)</sup>** |
| Roth Principal Investments, LLC<sup>(4)</sup> | 0 |  | 14100000 | 0 |  |

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\* Represents beneficial ownership of less than 1% of the outstanding shares of our common stock.

(1) In accordance with Rule 13d-3(d) under the Exchange Act, we have excluded
from the number of shares beneficially owned prior to the offering all of the shares of our common stock that Roth Principal Investments
may be required to purchase under the Purchase Agreement, because the issuance of such shares is solely at our discretion and is subject
to conditions contained in the Purchase Agreement, the satisfaction of which are entirely outside of Roth Principal Investments'
control, including the Registration Statement that includes this prospectus becoming and remaining effective. Furthermore, the VWAP Purchases
and the Intraday VWAP Purchases of common stock under the Purchase Agreement are subject to certain agreed upon maximum amount limitations
set forth in the Purchase Agreement. Also, the Purchase Agreement prohibits us from issuing and selling any shares of our common stock
to Roth Principal Investments to the extent such shares, when aggregated with all other shares of our common stock then beneficially
owned by Roth Principal Investments, would cause Roth Principal Investments' beneficial ownership of our common stock to exceed
the 4.99% Beneficial Ownership Limitation. The Purchase Agreement also prohibits us from issuing or selling shares of our common stock
under the Purchase Agreement in excess of the 19.99% Exchange Cap, unless we obtain stockholder approval to do so, or unless the average price per share paid by Roth Principal Investments for all of the shares of Common Stock that we direct Roth Principal Investments
to purchase from us pursuant to the Purchase Agreement, if any, equals or exceeds the base price (as defined in the Purchase Agreement),
which is $13.45 per share, such that the Exchange Cap limitation would not apply under applicable Exchange rules. Neither the Beneficial Ownership Limitation
nor the Exchange Cap (to the extent applicable under Exchange rules) may be amended or waived under the Purchase Agreement.

(2) Applicable percentage ownership is based on 20,274,168 shares of our
common stock outstanding as of May 11, 2026.

(3) Assumes the sale of all shares of our common stock being offered pursuant
to this prospectus.

(4) The business address of Roth Principal Investments, LLC ("Roth Principal Investments") is 2340 Collins Avenue, Suite 402, Miami Beach, Florida 33139. The principal business of Roth Principal Investments is that of a private investor. Roth Principal Investments is a wholly owned subsidiary of CR Financial Holdings, Inc. ("CRFH"). CRFH expressly disclaims beneficial ownership of securities held of record by Roth Principal Investments, except to the extent of its pecuniary interest therein. All voting and investment decisions with respect to securities held of record by Roth Principal Investments are made by majority vote of an investment policy committee of Roth Principal Investments composed of five individuals, each of whom is not involved in the management of CRFH and at least three of whom are not affiliates or associated persons of Roth Capital Partners, LLC ("RCP"), a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. ("FINRA"), and a wholly owned subsidiary of CRFH. We have been advised that neither CRFH nor Roth Principal Investments is a FINRA member or an independent broker-dealer. Because each of Roth Principal Investments and RCP is a wholly owned subsidiary of CRFH, Roth Principal Investments is deemed to be an affiliate of RCP. RCP will act as an executing broker that will effectuate resales of our Common Stock that may be acquired by Roth Principal Investments from us pursuant to the Purchase Agreement to the public in this offering. See "Plan of Distribution (Conflict of Interest)" for more information about the relationship between Roth Principal Investments and RCP.

**PLAN OF DISTRIBUTION (CONFLICT OF INTEREST)**

The shares of our common stock offered by this prospectus are being offered by the selling stockholder, Roth Principal Investments. The shares may be sold or distributed from time to time by the selling stockholder directly to one or more purchasers or through brokers, dealers, or underwriters who may act solely as agents at market prices prevailing at the time of sale, at prices related to the prevailing market prices, at negotiated prices, or at fixed prices, which may be changed. The sale of the shares of our common stock offered by this prospectus could be effected in one or more of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;· ordinary brokers' transactions;

&nbsp;&nbsp;&nbsp;&nbsp;· transactions involving cross or block trades;

&nbsp;&nbsp;&nbsp;&nbsp;· through brokers, dealers, or underwriters who may act solely as agents;

&nbsp;&nbsp;&nbsp;&nbsp;· "at the market" into an existing market for our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;· in other ways not involving market makers or established business markets, including direct sales to purchasers
or sales effected through agents;

&nbsp;&nbsp;&nbsp;&nbsp;· in privately negotiated transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;· any combination of the foregoing.

In order to comply with the securities laws of certain states, if applicable, the shares may be sold only through registered or licensed brokers or dealers. In addition, in certain states, the shares may not be sold unless they have been registered or qualified for sale in the state or an exemption from the state's registration or qualification requirement is available and complied with.

Roth Principal Investments is an "underwriter" within the meaning of Section 2(a)(11) of the Securities Act.

Roth Principal Investments has informed us that it presently anticipates using, but is not required to use, Roth Capital Partners, LLC ("RCP"), a registered broker-dealer and FINRA member and an affiliate of Roth Principal Investments, as a broker to effectuate resales, if any, of our common stock that it may acquire from us pursuant to the Purchase Agreement, and that it may also engage one or more other registered broker-dealers to effectuate resales, if any, of such common stock that it may acquire from us, although, as of the date of this prospectus, it does not anticipate engaging any such other registered broker-dealers. Such resales will be made at prices and at terms then prevailing or at prices related to the then current market price. Each such registered broker-dealer, including RCP, will be an underwriter within the meaning of Section 2(a)(11) of the Securities Act. Roth Principal Investments has informed us that RCP, and any other broker-dealer it may engage to effectuate resales of our common stock on its behalf (as the case may be), may receive commissions from Roth Principal Investments for executing such resales for Roth Principal Investments and, if so, such commissions will not exceed customary brokerage commissions.

Roth Principal Investments is an affiliate of RCP, a registered broker-dealer and FINRA member, which will act as an executing broker that will effectuate resales of our common stock that may be acquired by Roth Principal Investments from us pursuant to the Purchase Agreement to the public in this offering. Because Roth Principal Investments will receive all the net proceeds from such resales of our common stock made to the public through RCP, RCP is deemed to have a "conflict of interest" within the meaning of FINRA Rule 5121. Consequently, this offering will be conducted in compliance with the provisions of FINRA Rule 5121, which requires that a "qualified independent underwriter," as defined in FINRA Rule 5121, participate in the preparation of the registration statement that includes this prospectus and exercise the usual standards of "due diligence" with respect thereto. Accordingly, we have engaged Digital Offering, LLC, a registered broker-dealer and FINRA member ("Digital Offering"), to be the qualified independent underwriter in this offering and, in such capacity, participate in the preparation of the registration statement that includes this prospectus and exercise the usual standards of "due diligence" with respect thereto. We have agreed to pay directly to Digital Offering an aggregate cash fee of $50,000, as consideration for its services in connection with acting as the qualified independent underwriter in this offering. Digital Offering will receive no other compensation for acting as the qualified independent underwriter in this offering. In accordance with FINRA Rule 5110, such cash fee to be paid to Digital Offering for acting as the qualified independent underwriter in this offering, is deemed to be underwriting compensation in connection with sales of our common stock by Roth Principal Investments to the public. In accordance with FINRA Rule 5121, RCP is not permitted to sell shares of our common stock in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the account holder.

Except as set forth above, we know of no existing arrangements between the selling stockholder and any other stockholder, broker, dealer, underwriter or agent relating to the sale or distribution of the shares of our common stock offered by this prospectus.

Brokers, dealers, underwriters or agents participating in the distribution of the shares of our common stock offered by this prospectus may receive compensation in the form of commissions, discounts, or concessions from the purchasers, for whom the broker-dealers may act as agent, of the shares sold by the selling stockholder through this prospectus. The compensation paid to any such particular broker-dealer by any such purchasers of shares of our common stock sold by the selling stockholder may be less than or in excess of customary commissions. Neither we nor the selling stockholder can presently estimate the amount of compensation that any agent will receive from any purchasers of shares of our common stock sold by the selling stockholder.

We may from time to time file with the SEC one or more supplements to this prospectus or amendments to the Registration Statement of which this prospectus forms a part to amend, supplement or update information contained in this prospectus, including, if and when required under the Securities Act, to disclose certain information relating to a particular sale of shares offered by this prospectus by the selling stockholder, including with respect to any compensation paid or payable by the selling stockholder to any brokers, dealers, underwriters or agents that participate in the distribution of such shares by the selling stockholder, and any other related information required to be disclosed under the Securities Act.

We will pay the expenses incident to the registration under the Securities Act of the offer and sale of the shares of our common stock by the selling stockholder covered by this prospectus. We estimate that the total expenses for the offering will be approximately $414,120.

As consideration for its irrevocable commitment to purchase our common stock at our direction under the Purchase Agreement, we agreed to (i) pay to Roth Principal Investments a cash "structuring fee" of $25,000, at or prior to the execution of the Purchase Agreement and the Registration Rights Agreement, and (ii) pay to Roth Principal Investments a cash commitment fee in the amount of $14,000,000, which is equal to 0.7% of Roth Principal Investments' $2,000,000,000 total dollar amount purchase commitment under the Purchase Agreement. The $14,000,000 cash commitment fee will be paid over time by Roth Principal Investments withholding cash amounts equal to 10% of the total aggregate purchase price payable by Roth Principal Investments to us in connection with each purchase of shares of our common stock effected under the Purchase Agreement, at the rate of $3,500,000 withheld for every $500,000,000 of common stock purchased by Roth Principal Investments under the Purchase Agreement, until such time as Roth Principal Investments shall have received from such cash withholdings a total aggregate amount in cash equal to $14,000,000, representing the entire cash commitment fee payable to Roth Principal Investments for the maximum $2,000,000,000 of common stock, in the aggregate, purchased by Roth Principal Investments under the Purchase Agreement. In accordance with FINRA Rule 5110, the $25,000 cash "structuring fee" we paid to Roth Principal Investments at or prior to our execution of the Purchase Agreement and Registration Rights Agreement and the $14,000,000 cash commitment fee are deemed to be underwriting compensation in connection with sales of our common stock by Roth Principal Investments to the public.

In addition, we have agreed to reimburse Roth Principal Investments (i) up to $75,000 upon our execution of the Purchase Agreement and Registration Rights Agreement for legal fees and disbursements of Roth Principal Investments' legal counsel and (ii) up to $7,500 per fiscal quarter in connection with Roth Principal Investments' ongoing due diligence and review of deliverables, in each case in connection with the transactions contemplated by the Purchase Agreement and the Registration Rights Agreement. In accordance with FINRA Rule 5110, these reimbursed fees and expenses are deemed to be underwriting compensation in connection with sales of our common stock by Roth Principal Investments to the public. Moreover, in accordance with FINRA Rule 5110, the 2.0% fixed discount to current market prices of our common stock reflected in the purchase prices payable by Roth Principal Investments for our common stock that we may require it to purchase from us from time to time in one or more purchases under the Purchase Agreement is deemed to be underwriting compensation in connection with sales of our common stock by Roth Principal Investments to the public.

We also have agreed to indemnify Roth Principal Investments and certain other persons against certain liabilities in connection with the offering of shares of our common stock offered hereby, including liabilities arising under the Securities Act or, if such indemnity is unavailable, to contribute amounts required to be paid in respect of such liabilities. Roth Principal Investments has agreed to indemnify us against liabilities under the Securities Act that may arise from certain written information furnished to us by Roth Principal Investments specifically for use in this prospectus or, if such indemnity is unavailable, to contribute amounts required to be paid in respect of such liabilities. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers, and controlling persons, we have been advised that in the opinion of the SEC this indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

Roth Principal Investments has represented to us that at no time prior to the date of the Purchase Agreement has Roth Principal Investments, any of its officers, or any entity managed or controlled by Roth Principal Investments, engaged in or effected, in any manner whatsoever, directly or indirectly, for Roth Principal Investments' own principal account or for the principal account of any such entity managed or controlled by Roth Principal Investments, any short sale (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of our Common Stock or any hedging transaction, which establishes a net short position with respect to our Common Stock that remained in effect as of the date of the Purchase Agreement. Roth Principal Investments has agreed that during the term of the Purchase Agreement, none of Roth Principal Investments, any of its officers, or any entity managed or controlled by Roth Principal Investments, will enter into or effect, directly or indirectly, any of the foregoing transactions either for Roth Principal Investments' own principal account or for the principal account of any such entity managed or controlled by Roth Principal Investments.

We have advised the selling stockholder that it is required to comply with Regulation M promulgated under the Exchange Act. With certain exceptions, Regulation M precludes the selling stockholder, any affiliated purchasers, and any broker-dealer or other person who participates in the distribution from bidding for or purchasing, or attempting to induce any person to bid for or purchase any security which is the subject of the distribution until the entire distribution is complete. Regulation M also prohibits any bids or purchases made in order to stabilize the price of a security in connection with the distribution of that security. All of the foregoing may affect the marketability of the securities offered by this prospectus.

This offering will terminate on the date that all shares of our common stock offered by this prospectus have been sold by the selling stockholder.

Our common stock is currently listed on the Exchange under the symbol "BOT".

RCP, an affiliate of Roth Principal Investments, has provided, currently provides and/or from time to time in the future may provide various investment banking and other financial services for us and/or one or more of our affiliates that are unrelated to the transactions contemplated by the Purchase Agreement and Registration Rights Agreement and the offering of shares for resale by Roth Principal Investments to which this prospectus relates, for which investment banking and other financial services RCP has received and may continue to receive customary fees, commissions and other compensation from us, aside from any discounts, fees and other compensation that Roth Principal Investments and RCP have received and may receive in connection with the transactions contemplated by the Purchase Agreement, including (i) the $25,000 cash "structuring fee" we paid to Roth Principal Investments and the $14,000,000 cash commitment fee we have agreed to pay or cause to be paid to Roth Principal Investments, in each case as consideration for its irrevocable commitment to purchase shares of our Common Stock from us at our direction under the Purchase Agreement, (ii) the 2.0% fixed discount to current market prices of our Common Stock reflected in the purchase prices payable by Roth Principal Investments for our Common Stock that we may require it to purchase from us from time to time in one or more purchases under the Purchase Agreement, (iii) our reimbursement of Roth Principal Investments' legal fees up to $165,000 in the aggregate ($75,000 upon execution of the Purchase Agreement and $7,500 per fiscal quarter for the maximum three-year term of the Purchase Agreement) in connection with the transactions contemplated by the Purchase Agreement and the Registration Rights Agreement, and (iv) any customary brokerage commissions that may be received by RCP from Roth Principal Investments for executing resales of our Common Stock purchased or acquired by Roth Principal Investments from us pursuant to the Purchase Agreement to the public in this offering.

The total underwriting compensation to be received by all participating FINRA members, in the aggregate, in connection with this offering, as determined under FINRA Rule 5110, will not exceed 8.0% of the maximum aggregate offering price of all shares of our common stock that may be resold by Roth Principal Investments to the public through this prospectus. Accordingly, the total amount of any specific item of underwriting compensation described herein that may be received by any participating FINRA member in connection with this offering shall, in each case, be subject to the limitation on the total underwriting compensation to be received by all participating FINRA members, in the aggregate, in connection with this offering, as determined under FINRA Rule 5110, described in the immediately preceding sentence.

**USE OF PROCEEDS**

This prospectus relates to shares of our common stock that may be offered and sold from time to time by Roth Principal Investments. All of the common stock offered by Roth Principal Investments pursuant to this prospectus will be sold by Roth Principal Investments for its own account. We will not receive any of the proceeds from these sales.

We may receive up to $2,000,000,000 aggregate gross proceeds under the Purchase Agreement from any sales we make to Roth Principal Investments pursuant to the Purchase Agreement. The net proceeds from sales, if any, under the Purchase Agreement, will depend on the frequency and prices at which we sell shares of common stock to Roth Principal Investments after the date of this prospectus. See "Plan of Distribution (Conflict of Interest)". We intend to use the net proceeds from the sale of our common stock to Roth Principal Investments pursuant to the Purchase Agreement to acquire investments in accordance with our investment objectives and strategies described in this prospectus and for general working capital purposes. We cannot estimate the approximate amount intended to be used for each of these purposes. Such amounts will depend on our cashflow needs after the closing of the offering, market conditions, and other factors. We currently anticipate that it will take approximately three to six months after completion of any sale pursuant to the Purchase Agreement to invest substantially all of the net proceeds in our targeted investments or otherwise utilize such proceeds, although such period may vary and depends on the size of the applicable sale and the availability of appropriate investment opportunities consistent with our investment objectives and market conditions. We cannot assure you we will achieve our targeted investment pace, which may negatively impact our returns. Until appropriate investments or other uses can be found, we may invest in temporary investments, such as cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less, which we expect will have returns substantially lower than the returns that we anticipate earning from investments in pursuit of our investment objective. Investors should expect, therefore, that before we have fully invested the proceeds of any sales pursuant to the Purchase Agreement in accordance with our investment objectives and strategies, assets invested in these instruments would earn interest income at a modest rate, which may not exceed our expenses during this period. To the extent that we declare a distribution at a time when proceeds from sales pursuant to the Purchase Agreement or other available funds have not been fully invested in accordance with our investment objectives and strategies, a portion of such distribution may be funded from those proceeds, which would reduce the amount of capital available for investment and may constitute a return of capital.

**THE FUND**

The Fund is a non-diversified closed-end management investment company registered under the 1940 Act. The Fund was organized as a Maryland corporation on May 23, 2025. The Fund's principal address is 151 Calle de San Francisco, Suite 200, San Juan, Puerto Rico 00901, and its telephone number is 787-722-6881. Investment advisory services are provided to the Fund by the Adviser pursuant to the Advisory Agreement. The individuals who serve on the Board are responsible for monitoring and overseeing the Fund's investment program. See "Management of the Fund."

**INVESTMENT OBJECTIVE AND STRATEGIES**

**Investment Objective**

The Fund's investment objective is to seek long-term capital appreciation primarily through an actively-managed portfolio that provides investors with combined exposure to private, venture capital, and public equity investments. The Fund seeks to meet its investment objective by investing primarily in equity and equity-linked securities of private and public companies operating in the fields of robotics and embodied AI.

Venture capital is characterized by equity investments in early-stage startup companies with high growth potential, often in the technology sector. Companies financed by venture capital are generally not cash flow positive at the time of investment and may require several rounds of financing before the companies can be sold privately or taken public.

Traditionally, venture capital investments have come largely from accredited "angel" investors or from venture capital firms where accredited investors and institutions pool capital into a professionally managed fund that diversifies invested capital across a portfolio of companies. Most often, these venture capital funds are privately offered and limited to institutions and high-net-worth individuals.

The Fund is intended to offer Eligible Investors an opportunity to gain exposure to a range of global venture capital investment opportunities typically only available to institutional investors and high-net-worth individuals.

There can be no assurance that the Fund will achieve its investment objective or that any capital appreciation will be realized.

**Investment Strategy**

The Fund seeks to construct a high-conviction, thematically aligned portfolio of 20-30 positions. Under normal market conditions, the Fund will invest at least 80% of its net assets (including borrowings for investment purposes) in equity and equity-linked securities of robotics and embodied AI technology companies principally based in the United States.

The Adviser defines a "robotics and embodied AI" company as any company that falls into one of the following categories:

(i)  ***Integrated Solution Companies.*** Companies that design, create, integrate, or deliver robotics, autonomous technology, and/or AI in the form of products, software, hardware
or systems;

(ii)  ***Key Component Companies.*** Companies that develop the building block components for robotics, autonomous technology, or AI, such as advanced machinery, semiconductors,
software, and databases used for machine learning;

(iii)  ***Cognitive System Companies*.** Companies that develop computer systems that are able to perform tasks that normally require human intelligence, such as visual perception,
mechanical action, speech recognition, decision-making, and translation between languages;

(iv)  ***Critical Infrastructure Companies.*** Companies that provide material economic exposure to robotics and embodied AI through the supply of critical components,
materials, compute, energy, or manufacturing inputs used in robotic systems, including, but not limited to, rare earth minerals for electric
motors and actuators, precision actuators and drive systems, interference-grade GPUs and edge compute hardware, robotic vision sensors,
perception modules, and other motion, sensing, or control-critical inputs, where demand for such products is materially driven by the
development, scaling, or deployment of robotic systems. For companies in this category, robotics or embodied artificial intelligence
adoption must be a meaningful driver of the investment's expected growth, valuation, and risk profile, rather than an incidental
or non-core end market.

(v)  ***Frontier Systems Companies.*** Companies that create systems capable of general-purpose learning, reasoning, or motor control across environments (e.g., visual-language-action
(VLA) models, embodied agents, or neural task planners).

In addition to operating in one of the categories above, a robotics and embodied AI company must satisfy at least one of the following quantitative criteria:

&nbsp;&nbsp;&nbsp;&nbsp;· The company derives at least 50% of its revenues/profits from activities in one or more of the robotics
and embodied AI categories noted above or the company devotes at least 50% of its assets to the activities in one or more of the robotics
and embodied AI categories noted above; or

&nbsp;&nbsp;&nbsp;&nbsp;· If a company does not yet have revenue (i.e., is "pre-revenue") or under circumstances where
a revenue generating company is engaging in a strategic pivot, the company devotes at least 50% of its current research and development
budget or capital expenditures to the activities in one or more of the robotics and embodied AI categories noted above.

The Fund generally will seek to limit its investments in each portfolio company to no more than 20% of its assets, measured at the time of purchase. While the Fund targets an initial investment of no more than 20% of its assets in each portfolio company in which it invests, the value of the Fund's investments will fluctuate so that any one investment may represent more or less than 20% of the Fund's assets at any given point in time.

The Fund will invest, under normal circumstances, primarily in equity securities of early stage and growth companies that are relevant to the Fund's investment theme of robotics and embodied artificial intelligence. The Fund intends to primarily make direct investments in portfolio companies and investments through SPVs in order to gain access to particular portfolio companies. The Fund may also invest in public equities. The Fund may acquire interests in these private investments both directly from the issuer, including through co-investing with unaffiliated venture capital funds and other investors, or from third party holders of these interests in secondary transactions. The Fund may also participate in co-investment syndicates or secondary opportunities sourced through its network of institutional investors, founders, and SPV organizers.

The SPVs in which the Fund expects to invest will be private investment vehicles managed by unaffiliated managers that are designed to provide the Fund and other eligible investors access to concentrated economic exposure of a specific private company through a private offering of securities exempt from registration under the Securities Act pursuant to Regulation D. Other eligible investors in the SPVs may include high net worth individuals, family offices, and entities that satisfy "accredited investor" or "qualified purchaser" requirements, depending on the structure of the SPV. Generally, other investors in the SPV will not be affiliated with the Fund or Adviser, however, the Fund may co-invest in SPVs with affiliates in accordance with the 1940 Act, the rules thereunder, and any related guidance or exemptive relief obtained by the Fund. An SPV may source its investments in underlying private companies through a variety of methods, including through existing investment, business or other relationships that the manager of the SPV may have with a private company or its founders and/or key employees. Individual SPVs that the Fund expects to invest in may have different terms and structures, which may present unique risks and different economic experience than if the Fund were to hold interests in the underlying private companies directly. The types of SPVs in which the Fund expects to invest may charge upfront sales charges as well as management fees and/or carried interest-type fees that will impact the value of the Fund's investment and the Fund's investment return. All investors in an SPV typically will have similar rights, which are documented in the governing documents of the SPV, subject to the terms of any side letters entered between an investor (including the Fund) and the manager of the SPV that may alter such rights and/or provide certain benefits to individual SPV investors. It is expected that the SPVs in which the Fund invests will not provide the Fund with voting rights with respect to the SPVs or underlying private companies. The Fund does not intend to invest in SPVs where it would contribute substantially all of the capital raised by the SPV or have any rights that would result in the Fund controlling the SPV. As a result, SPVs managed by third parties in which the Fund may invest will typically not be "subsidiaries" of the Fund.

The Fund may also invest in SAFEs as a principal investment strategy. A SAFE provides the Fund with certain rights for future equity in a portfolio company, similar to a warrant, except without determining a specific price per share at the time of the initial investment. The Fund's ability to receive equity under a SAFE is contingent upon the occurrence of triggering events, such as a priced financing round or a liquidation event.

Where appropriate, the Fund may also acquire securities in growth-stage companies via PIPE transactions, including those structured through SPACs. The Fund primarily invests in technology companies, and has a fundamental policy to invest at least 25% of its total assets in securities of issuers operating in the technology group of industries. The Fund may opportunistically invest in Private Funds; the Fund does not consider single-issuer SPVs formed for the express purpose of obtaining exposure to a specific private company to be "Private Funds," even if such SPVs rely on Section 3(c)(1) or 3(c)(7). The Fund does not expect investments in Private Funds to be a principal part of its strategy (i.e., over 5% of the Fund's assets).

The Fund expects that most of its investments will be made in U.S. domestic portfolio companies (i.e., companies organized in the United States), but it is not prohibited from investing in portfolio companies organized in foreign jurisdictions, including those organized in emerging market countries. The Fund defines emerging market countries to mean countries included in the MSCI Emerging Markets Index.

In seeking to achieve its investment objective, the Fund may invest, without limit, in privately placed or restricted securities (including in Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting, pursuant to the Exchange Act. These investments may involve significant due diligence, longer time horizons for value realization, and limited liquidity. The Fund may invest in such securities without limitation

For liquidity management or in connection with implementation of changes in asset allocation or when identifying private investments for the Fund during periods of large cash inflows (such as upon the Fund's launch) or otherwise for temporary defensive purposes, the Fund may hold a substantial portion of its assets in cash or cash equivalents, liquid fixed-income securities and other credit instruments, publicly-traded equity securities, mutual funds, money market funds, exchange-traded funds ("ETFs") and exchange-traded products ("ETPs"). To the extent that the Fund invests defensively, it will likely will not achieve its investment objective.

**Investment Process**

The Fund's investment process is designed to identify, evaluate, acquire, monitor and ultimately exit positions in innovative robotics and embodied AI companies in a manner that balances attractive return potential with prudent risk management and the liquidity considerations attendant to a closed-end fund structure.

**Deal Origination and Pipeline Management.** The Adviser employs an integrated sourcing program that combines:

(i) direct relationships with founders,
employees, venture-capital sponsors, corporate strategic investors and university research accelerators active in embodied AI, robotics,
industrial automation, autonomous mobility and related software;

(ii) targeted outreach to secondary
intermediaries and tender-offer platforms for liquidity-driven deal flow; and

(iii) participation in late-stage private
placements, public PIPE transactions and reverse-merger bridge financings.

All prospective transactions are entered into a proprietary deal-tracking database and initially screened by the investment team each week to confirm alignment with the Fund's investment mandate and diversification parameters before resources are devoted to diligence.

**Initial Screening.** The first level of review is intended to confirm that each opportunity: (a) is squarely within the Fund's thematic focus on robotics and enabling technologies; (b) is at a developmental stage ranging from mid-to-late stage product pilots through pre-public listing and is expected to have at least 18 months of liquidity on its balance sheet following the contemplated capital raise; (c) does not present material governance, regulatory or ethical impediments. Opportunities that satisfy the foregoing criteria proceed to comprehensive diligence; those that do not are declined with the rationale recorded in the database.

In selecting portfolio companies that are within the Fund's thematic focus, the Adviser seeks to identify, using its own internal research and analysis, companies capitalizing on disruptive innovation across the robotics and embodied AI value chain. These may include, but are not limited to, companies engaged in visual-language-action (VLA) model development; autonomous mobility and task planning; energy systems and battery innovation; edge computing and semiconductors; motion control and actuation systems; tele-operation and fleet orchestration; industrial automation; sensing and perception hardware; and scalable robotic manufacturing platforms. The Adviser's internal research and analysis leverages insights from diverse sources to develop and refine its investment themes and identify and take advantage of trends that have ramifications for individual companies or entire industry sub-categories.

**Comprehensive Due Diligence.** For each transaction that passes initial screening, the Adviser conducts a multi-disciplinary diligence program covering: (i) technical validation with internal and external robotics experts, focusing on defensibility, system maturity, and roadmap clarity; (ii) commercial analysis of addressable market size, unit economics, customer adoption and competitive positioning; (iii) financial modelling incorporating multiple funding and exit scenarios and sensitivity to macro-economic variables; (iv) legal, regulatory and compliance review, including but not limited to export-control, anti-boycott, CFIUS and sanctions considerations; and (v) valuation analysis using a combination of recent third-party transaction pricing, comparable-company multiples, option-pricing techniques and discounted-cash-flow methodologies, as appropriate.

**Portfolio Construction and Risk Limits.** The Adviser seeks to maintain a concentrated yet diversified portfolio with securities of 20-30 issuers. The Fund generally will seek to limit its investments in each portfolio company to no more than 20% of its assets, measured at the time of purchase. While the Fund targets an initial investment of no more than 20% of its assets in each portfolio company in which it invests, the value of the Fund's investments will fluctuate so that any one investment may represent more or less than 20% of the Fund's assets at any given point in time. The Fund will generally have non-controlling positions in portfolio companies. Cash and cash equivalents will generally range between zero and 20 percent of total assets, sufficient to opportunistically deploy capital into compelling transactions (with the exception of fund launch in which there will be a larger cash position as a portion of total assets). The Fund reserves the right to allocate a larger percentage of funds to cash and cash equivalents when the management team believes the market to be over-extended, or at near-term risk of downside volatility. Follow-on investment decisions are permitted only if the applicable concentration limits will continue to be observed.

**Transaction Execution.** Primary investments are typically structured as series-preferred equity issued pursuant to National Venture Capital Association form documentation, tailored to include information rights, pro rata pre-emption rights, board-observer privileges and protective provisions customary for institutional investors. Secondary transactions are effected through purchase-and-sale agreements that incorporate issuer consent and any applicable rights-of-first-refusal or co-sale mechanics. All closings are subject to completion of know-your-customer and anti-money-laundering procedures, tax and beneficial-ownership certifications and wire instruction verifications. Securities are held in custody with a qualified custodian or prime broker, and private certificates (or electronic share entitlements) are registered in the name of the Fund or its nominee to ensure legal title.

**Ongoing Monitoring and Active Ownership.** The Adviser monitors each portfolio company continuously through board or observer participation, periodic management meetings and receipt of monthly or quarterly reporting packages that include financial statements, backlog metrics, safety statistics and research-and-development milestones. Material adverse changes trigger either an immediate impairment test or a full re-underwriting of the position. The Adviser provides strategic support to portfolio companies in areas such as talent acquisition, supply-chain optimization, customer introductions, financial management, and exit readiness.

**Liquidity Management and Exit Strategy.** The Adviser anticipates that most portfolio companies will reach a liquidity event within seven to ten years of the Fund's initial investment. Realizations may occur via strategic sale to an industrial or technology acquirer, traditional initial public offering, direct listing, de-SPAC transaction or negotiated secondary block sale. Distributions of realized proceeds may be re-deployed into new opportunities in accordance with the investment guidelines described above.

**CURRENT PORTFOLIO**

As of February 28, 2026, the Fund has exposure to 11 portfolio companies. The table below provides additional information regarding each portfolio company. The Fund intends to deploy existing cash and future proceeds into additional investments that meet its investment objective and strategy.

The Fund intends to calculate and publish its net asset value on its website on a monthly basis, within 30 days of month end. Additionally, all portfolio investments, including the underlying portfolio investments in the case of SPVs, including the number and type or class of shares held with respect to such underlying portfolio investments, as well as the aggregate percentage of the Fund represented by each underlying portfolio investment, on its website within 60 days of the quarter end.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Company** | &nbsp;&nbsp;**Nature of <br> Business** | &nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Cost of <br> Investment<sup>(1)</sup>** |
| &nbsp;&nbsp;Apptronik, Inc. | &nbsp;&nbsp;Humanoid Robotics | &nbsp;&nbsp;Direct ownership of Series Seed 1 Preferred Stock<sup>(6)</sup> | &nbsp;&nbsp;$17746859.00 |
| &nbsp;&nbsp;Apptronik, Inc. | &nbsp;&nbsp;Humanoid Robotics | &nbsp;&nbsp;LP Interest in AP 1125 Fund V, a series of Capital Factory, LP<sup>(2)</sup> invested in Apptronik, Inc. Series A-1, A-2 and Seed 1 Preferred Stock<sup>(5)</sup> | &nbsp;&nbsp;$19503143.00 |
| &nbsp;&nbsp;Figure AI, Inc. | &nbsp;&nbsp;Humanoid Robotics | &nbsp;&nbsp;LP Interest in NV FigureAI Series B QP Partners LLC has economic exposure to Figure AI, Inc. Series B Preferred Stock<sup>(3)(6)</sup> | &nbsp;&nbsp;$37250000.00 |
| &nbsp;&nbsp;Dyna, Inc. | &nbsp;&nbsp;General Purpose Robotics | &nbsp;&nbsp;Direct ownership of Series A Preferred Stock | &nbsp;&nbsp;$37249997.33 |
| &nbsp;&nbsp;Dexmate, Inc. | &nbsp;&nbsp;General Purpose Robotics | &nbsp;&nbsp;Direct ownership of Series D Preferred Stock | &nbsp;&nbsp;$9999996.94 |
| &nbsp;&nbsp;Path Robotics, Inc. | &nbsp;&nbsp;Industrial Automation | &nbsp;&nbsp;Direct ownership of Series D-2 Preferred Stock | &nbsp;&nbsp;$5999996.00 |
| &nbsp;&nbsp;REK, Inc. | &nbsp;&nbsp;Humanoid Robotics | &nbsp;&nbsp;Direct ownership of Series Seed Preferred Stock | &nbsp;&nbsp;$2499999.94 |
| &nbsp;&nbsp;GMI Computing Holding (Cayman) Ltd. | &nbsp;&nbsp;Cloud Infrastructure | &nbsp;&nbsp;Direct ownership SAFE instrument convertible into Series B Preferred Stock at next financing round | &nbsp;&nbsp;$2000000.00 |
| &nbsp;&nbsp;Cyan Robotics, Inc. (dba CoCo Robotics) | &nbsp;&nbsp;Logistics | &nbsp;&nbsp;RoboStrategy DDGR LLC invested in Cyan Robotics, Inc.<sup>(5)</sup> | &nbsp;&nbsp;$1500000 |
| &nbsp;&nbsp;Endiatx, Inc. | &nbsp;&nbsp;Medical Robotics | &nbsp;&nbsp;Direct ownership of Series A Preferred Stock | &nbsp;&nbsp;$499998.28 |
| &nbsp;&nbsp;Allonic, Inc. | &nbsp;&nbsp;Robotics Infrastructure | &nbsp;&nbsp;Direct ownership of Pre-seed Preferred Stock | &nbsp;&nbsp;$297348.54 |
| &nbsp;&nbsp;Purple Rhombus LLC | &nbsp;&nbsp;Defense Robotics | &nbsp;&nbsp;LP Interest in PU-1003 Fund I, a series of MV Funds, LP with exposure to Purple Rhombus LLC<sup>(4)</sup> | &nbsp;&nbsp;$250000.00 |

---

(1) Securities acquired at the fair
market value on the date of acquisition based on valuation determined by independent third party valuation firm.

(2) AP 1125 Fund V, a series of Capital
Factory, LP, has direct investment in Apptronik, Inc. equity via Series A-1, A-2 (80%), and Seed 1 (20%) Preferred Stock.

(3) NV FigureAI Series B QP Partners
LLC has economic exposure to Figure AI, Inc. via a direct investment in an SPV that has a direct investment in Figure AI, Inc. Series
B Preferred Stock.

(4) PU-1003 Fund 1, a series of MV Funds, LP, direct investment in Purple Rhombus LLC via a SAFE instrument.

(5) RoboStrategy DDGR LLC direct investment in Cyan Robotics, Inc. via a SAFE instrument.

(6) These securities were contributed in-kind to the Fund by entities controlled by Marc Weinstein and Andrew Kang prior to the registration of the Fund under the 1940 Act. The securities contributed consisted of (i) shares Series Seed 1 Preferred Stock of Apptronik Inc. and limited partnership interests in a special purpose vehicle invested in Series A-1, A-2 and Seed 1 Preferred Stock of Apptronik Inc, with all Apptronik investments together preliminarily valued at $37,250,000, and (ii) limited partnership interests in a special purpose vehicle invested in Series B Preferred Stock of Figure AI, preliminary valued at $37,250,000. The securities were exchanged for a total of 7,449,998 shares of the Fund. These securities were acquired by the Fund at the fair market value on the date of acquisition based on valuation determined by an independent third-party valuation firm. Fair value determinations are inherently subjective and reflect good faith judgments based on available information. Accordingly, there may be uncertainty regarding the price of the securities acquired by the Fund prior to the Fund registering under the 1940 Act, and there can be no assurance that the determination of the fair value of the contributed securities would approximate the price at which the Fund could sell the securities at the time of the fair valuation. For additional information regarding fair valuation, see "Calculation of Net Asset Value" and "Types of Investments and Related Risk Factors - *Our investment portfolio will be recorded at fair value as determined in good faith in accordance with procedures established by our Board and, as a result, there is and will be uncertainty as to the value of our portfolio investments*."

***Apptronik, Inc.*** is building scalable, versatile humanoid robots capable of addressing labor shortages across various industries and disrupting the largest market on earth: labor. The company was founded in 2016, as a spin out of the Human Centered Robotics Lab at UT Austin. The company is led by Jeff Cardenas, its co-founder and CEO, who has been with the company as CSO and VP of Strategy for the last eight years; as well as Nicholas Paine, the company's CTO, who holds a PhD in Electrical and Computer Engineering from UT Austin and has over a decade of robotics expertise. Since its inception, the company has developed 15 robotic systems, including the NASA Valkyrie, before unveiling Apollo-an AI-powered humanoid that is a modular, scalable, and highly capable humanoid solution designed to meet the diverse demands of the modern workforce. With advanced linear actuators, AI-driven learning systems, and swappable batteries enabling 24/7 operation, Apollo combines unmatched versatility, energy efficiency and safety. Apptronik's investors include Facebook founder, Eduardo Saverin's venture capital fund, B Capital, Google, Capital Factory, Mercedes, and ARK Ventures. The company's clients include multiple Fortune 500 companies including Mercedes-Benz. In 2025, the company announced it entered a strategic partnership with the Google DeepMind robotics team advancing humanoid robots that can be more helpful to people in dynamic environments.

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***Figure AI, Inc.*** was founded in 2022 by Brett Adcock, the founder of Archer Aviation (NYSE:ACHR) which had a $2.7 billion IPO and Vettery which was acquired by Adecco in 2018. Figure AI is pioneering the development of AI-powered humanoid robots to address global labor shortages and redefine automation. The company has transitioned from R&D to commercialization in under three years, setting an industry benchmark. The company has already secured major commercial partnerships with BMW and Brookfield. Figure has scaled its engineering, AI, and design team to over 200 people and recently expanded to a new facility in San Jose that has capacity to manufacture over 12,000 robots per year. The company has produced pioneering work in the development of Helix, its proprietary generalized Vision-Language-Action (VLA) model that unifies perception, language understanding, and learned control to overcome multiple longstanding challenges in robotics. Figure's goal is to become the largest manufacturer of humanoids worldwide. The company boasts investors like Microsoft, OpenAI, Nvidia, Parkway Capital, and Jeff Bezos.

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***Dyna, Inc.*** is an embodied AI company building DYNA-1, a high-throughput bimanual mobile manipulation platform designed to handle hundreds of real-world tasks (folding, sorting, packing, prep) with near-human speed and precision. In under nine months, Dyna has assembled a 30-person team from DeepMind, Meta, Amazon Robotics, Cruise, and others, deployed live systems, and demonstrated superior performance, uptime, and generalization versus traditional industrial robots and early humanoid platforms. Rather than chasing speculative AGI or costly bipedal systems, Dyna targets the $6T+, massively repetitive labor market with a single autonomous system optimized for reliability, task diversity, and unit economics. Founded by serial entrepreneur Lindon Gao (Caper AI; $350M exit to Instacart), with research leadership from Jason Ma (Eureka, DrEureka; Apple Scholar; OpenAI Superalignment grantee) and co-founder York Yang (former Caper CTO, Instacart principal engineer), Dyna's advantage stems from world-class robot learning expertise, a disciplined, margin-aware design philosophy, and a fast data flywheel that compounds capabilities across deployments via over-the-air updates. Backed by strategic investors including Nvidia, Amazon, Samsung, and Salesforce, Dyna is emerging as a category-defining universal manipulation layer for embodied AI-one of the few robotics companies globally with real, revenue-generating deployments at an early-stage entry point.

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***Dexmate, Inc.*** is a Silicon Valley-based robotics company building a full-stack platform for physical AI and dexterous manipulation. The company's architecture comprises three integrated layers: its Vega mobile manipulation robot; DexOS, a Python-first deployment and infrastructure layer designed as an alternative to traditional robotics middleware; and proprietary vision-language-action (VLA) models trained through reinforcement learning, GPU-accelerated simulation, and large-scale teleoperation data. Rather than pursuing bipedal locomotion, the company prioritizes dexterous manipulation as the binding constraint for industrial automation, pairing a wheeled mobility base with a dual-arm humanoid upper body engineered for extended-duration operation in logistics and manufacturing environments. The company has iterated through multiple hardware generations of its robot platform and is a member of the NVIDIA Inception program. Founded in 2024 by CEO Tao Chen (PhD, MIT CSAIL; recipient of the CoRL 2021 Best Paper Award; author of more than 30 publications across leading robotics and AI venues including CoRL, RSS, NeurIPS, and Science Robotics), CTO Yuzhe Qin (PhD, UC San Diego; co-creator of the SAPIEN robotics simulation environment; author of more than 30 publications in reinforcement learning and dexterous manipulation), and COO Chongyang Wang (M.Sc., MIT; MBA, INSEAD), Dexmate is supported by a senior engineering team drawn from MIT, CMU, Stanford, UCSD, and KUKA.

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***REK, Inc.*** is building a next-generation combat sports entertainment league based on real-time, VR-controlled humanoid robot fights. Its proprietary teleoperation system lets human pilots control humanoid robots through VR headsets, blending motion mirroring with AI-assisted "fight primitives" to produce natural, cinematic strikes and dynamic, VR-driven broadcast angles. Led by serial VR founder Cix Liv ("Six") alongside ex-Oculus engineer Amanda Watson and product leader Nima Zeighami, REK is positioning itself as the "UFC of robots" with standardized humanoid platforms, a 2025 event roadmap (REK0 in San Francisco, an eight-city U.S. tour, and REK1 as a large-scale arena event), and a multi-layered model spanning ticketed events, sponsorships, media rights, merchandise, and licensing of its teleoperation and AI stack.

***GMI Computing Holding (Cayman) Ltd.*** is a vertically integrated, AI-native cloud platform founded in 2023 that combines high-performance GPU infrastructure with proprietary orchestration and inference software. As an NVIDIA Neo Cloud Partner with H100-, H200-, and GB300-class GPUs deployed across eight data centers in APAC and the U.S., GMI enables enterprises, AI startups, and robotics teams to train and serve models without managing low-level infrastructure. Its Cluster Engine and Inference Engine provide Kubernetes-native scheduling, global autoscaling, and optimized model serving at lower latency and cost than traditional hyperscalers, backed by SOC 2 and GDPR compliance, confidential compute, and an "AI factory" approach that unifies hardware, software, and expert support.

***Cyan Robotics, Inc.*** builds autonomous sidewalk delivery robots designed for dense urban environments. Their fleet integrates lightweight hardware, remote autonomy infrastructure, and delivery platform partnerships to move food and goods at scale. With signed enterprise contracts and real revenue, Coco is focused on becoming the default last-mile robotics layer for major delivery networks across global cities.

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***Endiatx, Inc.*** is a microrobotics company developing PillBot™, an investigational, low-cost, disposable, remotely controlled endoscopy pill designed to replace many traditional upper GI procedures with a ten-minute, anesthesia-free, teleoperated exam. Combining self-propulsion, live video, and intuitive remote control, PillBot aims to let physicians navigate the stomach in real time from anywhere, dramatically expanding access to diagnostics, reducing cost and complexity, and establishing a new category at the intersection of robotics, telemedicine, and digital endoscopy.

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***Allonic, Inc.*** builds a new manufacturing platform for robotics using 3D tissue braiding to produce soft, load-bearing structures in a single automated process. By replacing complex supply chains with integrated, monolithic designs, they enable faster, cheaper, and more scalable production of compliant, human-compatible robotic systems.

***Purple Rhombus LLC*** builds fixed-wing unmanned aircraft systems engineered for wartime-scale production and affordable mass production. Its family of Group 3 unmanned aircraft systems is designed for long-range intelligence, surveillance, reconnaissance and strike, using proven U.S. sheet-metal manufacturing to rapidly produce rugged, attritable, modular drones that can launch from austere environments. By prioritizing scalability, manufacturability, and real operational use over bespoke showpieces, Purple Rhombus closes the gap between urgent combat needs and slow-moving legacy defense suppliers.

**TYPES OF INVESTMENTS AND RELATED RISK FACTORS**

 

*Investing in our common stock involves a number of significant risks. Before you invest in our common stock, you should be aware of various risks associated with the investment, including those described below. You should carefully consider these risk factors, together with all of the other information included in this Prospectus, before you decide whether to make an investment in our common stock. The risks set out below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition and results of operations could be materially and adversely affected. In such case, you may lose all or part of your investment.*

**Risks Related to Our Business and Our Structure**

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***The Fund is a recently formed entity with limited operating history as a closed-end management investment company.***

The Fund is a recently formed entity with limited operating history as a closed-end management investment company. As such, there is a very limited basis upon which a potential investor can evaluate the Fund's ability to achieve its stated investment objective. Additionally, the Fund is subject to all of the business risks and uncertainties associated with any new business, including the risk that the Fund will not achieve its investment objective and that the value of your investment could decline substantially or become worthless.

The past investment performance of any entities with which the principals have been associated may not be indicative of the future results of an investment in the Fund. In other words, considering the prior performance information contained herein and contained in other materials provided, all prospective investors should bear in mind that past performance is not necessarily indicative of future results, and there can be no assurance that the company will achieve comparable results. Actual results could differ materially from those realized in the prior funds.

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***The Fund may invest in a small number of portfolio companies resulting in a lack of investment diversification.***

The Fund will not have any specific limits on the holdings in securities of issuers, or in any one industry or size of issuer, except as described in this Registration Statement. Additionally, the Fund intends to primarily focus on companies located in the United States. Accordingly, the equity and equity-related securities in which the Fund invests may not be diversified across many sectors and will be concentrated in specific regions or countries, such as the United States. The Fund may also have a significant portion of investments in the securities of a single issuer.

A relatively high concentration of assets could result in a portfolio that may be more vulnerable to fluctuations in value resulting from adverse conditions that may affect the economy, a particular industry, or a segment of issuers than would otherwise be the case if the Fund were required to maintain wide diversification. Consequently, significant declines in the fair value of the Fund's larger investments will produce a material decline in the Fund's NAV.

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***Adverse market conditions may have a material adverse impact on the Fund's portfolio companies and the Fund's returns.***

The value of, and the income generated by, the securities in which the Fund invests may decline, sometimes rapidly or unpredictably, due to factors affecting certain issuers, particular industries or sectors, or the overall markets, such as inflation (or expectations for inflation), deflation (or expectations for deflation), interest rate changes, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, exchange trading suspensions and closures, infectious disease outbreaks, or pandemics. Rapid or unexpected changes in market conditions could cause the Fund to liquidate its holdings at inopportune times or at a loss or depressed value. The value of a particular holding may decrease due to developments related to that issuer, but also due to general market conditions, including real or perceived economic developments such as changes in interest rates, credit quality, inflation or currency rates, or generally adverse investor sentiment. The value of a holding may also decline due to factors that negatively affect a particular industry or sector, such as labor shortages, increased production costs, or competitive conditions.

Governmental and quasi-governmental authorities may take a number of actions designed to support local and global economies and the financial markets in response to economic disruptions. Such actions may include a variety of significant fiscal and monetary policy changes, including, for example, direct capital infusions into companies, new monetary programs, and significantly lower interest rates. These actions may result in significant expansion of public debt and greater market risk. Additionally, an unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could negatively impact overall investor sentiment and further increase volatility in securities markets.

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***Political, social and economic uncertainty risks could have a material adverse effect on the Fund.***

Social, political, economic, and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts, and social unrest) that occur from time to time will create uncertainty and may have significant impacts on issuers, industries, governments, and other systems, including the financial markets, to which the Fund and the issuers in which it invests are exposed. As global systems, economies, and financial markets are increasingly interconnected, events that once had only local impacts are now more likely to have regional or even global effects. Events that occur in one country, region, or financial market will, more frequently, adversely impact issuers in other countries, regions, or markets, including in established markets such as the United States. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat.

Uncertainty can result in or coincide with: increased volatility in the global financial markets, including those related to equity and debt securities, loans, credit, derivatives, and currency; a decrease in the reliability of market prices and difficulty in valuing assets; greater fluctuations in currency exchange rates; increased risk of default (by both government and private issuers); further social, economic, and political instability; nationalization of private enterprises; greater governmental involvement in the economy or in social factors that impact the economy; greater, less, or different governmental regulation and supervision of the securities markets and market participants and increased, decreased, or different processes for and approaches to monitoring markets and enforcing rules and regulations by governments or self-regulatory organizations; limited, or limitations on the, activities of investors in such markets; controls or restrictions on foreign investment, capital controls, and limitations on repatriation of invested capital; inability to purchase and sell assets or otherwise settle transactions *(i.*e., a market freeze); unavailability of currency hedging techniques; substantial, and in some periods extremely high, rates of inflation, which can last many years and have substantial negative effects on markets as well as the economy as a whole; recessions; and difficulties in obtaining and/or enforcing legal judgments.

Recent examples of the above include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel and Iran and Israel in the Middle East. Russia's invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. Additionally, the ongoing armed conflict between Israel and Hamas and other militant groups in the Middle East and the hostilities between Israel and Iran and related events may cause significant market disruptions and volatility. These events may adversely affect regional and global economies, including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas, and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Fund invests in securities of issuers located in Russia, Ukraine, Israel, and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Fund's investments.

U.S. and global markets have experienced increased volatility, including as a result of failures of certain U.S. and non-U.S. banks, which could be harmful to the Fund and companies in which it invests. For example, if a bank in which the Fund or a portfolio company has an account fails, any cash or other assets in bank accounts may be temporarily inaccessible or permanently lost by the Fund or portfolio company. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility, and/or other services to a portfolio company fails, the portfolio company could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms. Even if banks used by portfolio companies remain solvent, continued volatility in the banking sector could cause or intensify an economic recession, increase the costs of banking services, or result in the portfolio companies being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Fund and portfolio companies, both from market conditions and potential legislative or regulatory responses, are uncertain. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, due to developments in the banking industry or otherwise (including because of delayed access to cash or credit facilities), could have an adverse impact on the Fund and its portfolio companies.

Although it is impossible to predict the precise nature and consequences of these events, or of any political or policy decisions and regulatory changes occasioned by emerging events or uncertainty on applicable laws or regulations that impact the Fund's investments, it is clear that these types of events will impact the Fund and the issuers in which it invests. The issuers in which the Fund invests could be significantly impacted by emerging events and uncertainty of this type, and the Fund will be negatively impacted if the value of its portfolio holdings decreases as a result of such events and the uncertainty they cause. There can be no assurance that emerging events will not cause the Fund to suffer a loss of any or all of its investments or interest thereon. The Fund will also be negatively affected if the operations and effectiveness of the Adviser, its affiliates, the issuers in which the Fund invests, or their key service providers are compromised or if necessary or beneficial systems and processes are disrupted.

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***A cyber-attack could have a material adverse effect on the Fund.***

Like other business enterprises, the use of the internet and other electronic media and technology exposes the Fund and its service providers to potential operational and information security risks from cyber-security incidents, including cyber-attacks. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release or misuse of confidential information, or various other forms of cybersecurity breaches. Cyber-attacks affecting the Fund or the Adviser, custodian, transfer agent, intermediaries, and other third-party service providers may adversely impact the Fund. For instance, cyber-attacks may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential (including proprietary) company information, impede trading, subject the Fund to regulatory fines or financial losses, cause reputational damage, and/or otherwise disrupt normal business operations. The Fund may also incur additional costs for cybersecurity risk management purposes. Similar types of cybersecurity risks are also present for trading counterparties and issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers and may cause the Fund's investment in such portfolio companies to lose value. The Adviser has established business continuity plans and risk management systems reasonably designed to seek to reduce the risks associated with cyber-attacks, but there is no guarantee the Adviser's efforts will succeed either entirely or partially because, among other reasons: the nature of malicious cyber-attacks is becoming increasingly sophisticated; the Adviser cannot control the cyber-security systems of issuers or third-party service providers; and there are inherent limitations to risk management plans and systems, including that certain current risks may not have been identified and additional unknown threats may emerge in the future. There is also a risk that cybersecurity breaches may not be detected.

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***Changes to U.S. tariff and import/export regulations may have a negative effect on the operations of our portfolio companies and, in turn, negatively impact us.***

The U.S. government continues to enact and propose the imposition of new tariffs on specific countries and commodities, and may in the future increase or propose additional tariffs. In response, certain foreign trading partners, and others in the future, may impose retaliatory tariffs on certain U.S. goods or take other actions with respect to U.S. trade barriers. Although the Supreme Court recently invalidated the tariffs imposed under the International Emergency Economic Powers Act ("IEEPA"), certain tariff rates and obligations established through trade agreements that were negotiated during active IEEPA tariffs remain in effect, and the current administration has announced widely applicable tariffs pursuant to the Trade Act of 1974, effective February 24, 2026. The administration has indicated that it will continue seeking to implement tariffs through other statutory authorities as well. The scope of the Supreme Court's decision may create market uncertainty as it relates to the availability of refunds for prior tariffs and the imposition of new tariffs to replace those imposed under IEEPA. The foregoing trade policy landscape has created significant uncertainty about the future relationship between the United States and certain other countries with respect to trade policies, treaties and new and increased tariffs. These developments, or the continued uncertainty relating to U.S. trade policies, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade. The uncertainty relating to U.S. trade policies has increased market volatility. Any of these factors could depress economic activity and restrict the Fund's portfolio companies' access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact the Fund's business.

***Exchanges of shares in portfolio companies for Shares of the Fund may create investment and economic challenges for the Fund.***

When an owner of shares of a portfolio company exchanges their shares for Shares of the Fund, it is possible that such owner, if they are actively involved in the portfolio company, will have more information about that company than the Adviser. In valuing such shares for purposes of the exchange, the Adviser will analyze all information available about the company, including data concerning any secondary trading activity in shares of the company, but there can be no assurance that the Adviser will have access to all information that might have a bearing on the appropriate value of the shares for purposes of the exchange.

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***There are risks associated with relying on key personnel of the Adviser.***

The management and governance of the Fund depends on the services of certain key personnel of the Adviser. The loss of the services of any key personnel could have a material adverse effect on the Adviser and materially adversely affect the Fund's financial condition and results of operations.

The Fund will rely on the Adviser to manage the Fund's investments, including sourcing and due diligence. Consequently, the Fund's ability to achieve its investment objective depends in large part on the Adviser and its ability to identify and advise the Fund on attractive investment opportunities. This means that the Fund's investments are dependent upon the Adviser business contacts, its ability to successfully hire, train, supervise, manage and retain its personnel and its ability to maintain its operating systems. If the Fund were to lose the services provided by the Adviser or its key personnel or if the Adviser fails to satisfactorily perform its obligations under the Advisory Agreement, the Fund's investments and growth prospects may decline.

Certain personnel of the Adviser hold shares of the Fund. If personnel of the Adviser hold more than 25% of the voting securities of the Fund, they may be deemed to control the Fund, and affect the outcome of certain matters presented for a shareholder vote.

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***The Fund's financial condition and results of operations depend on its ability to achieve its investment objective.***

The Fund's ability to achieve its investment objective depends on the Adviser's ability to identify, analyze, and invest in portfolio companies that meet its investment criteria. Accomplishing this result on a cost-effective basis is largely a function of the Adviser's structuring of the investment process and its ability to provide competent, attentive, and efficient services to the Fund. There can be no assurance that the Adviser will be successful in investing in portfolio companies that meet the Fund's investment criteria, or that the Fund will achieve its investment objective. It may be difficult to implement the Fund's strategy unless the Fund maintains a meaningful amount of assets. The success of the Fund will depend in part upon the skill and expertise of the Adviser. Even if the Fund is able to grow and build upon its investment operations, any failure to manage growth effectively could have a material adverse effect on the Fund's business, financial condition, results of operations and prospects. The Fund's results depend on many factors, including the availability of opportunities for investment, readily accessible short and long-term funding alternatives in the financial markets, and economic conditions. Furthermore, if the Fund cannot successfully operate its business or implement the Fund's investment policies and strategies as described herein, it could negatively impact the ability to make distributions.

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***The Fund will likely experience fluctuations in its quarterly results, and it may be unable to replicate past investment opportunities or make the types of investments it has made to date in future periods.***

The Fund will likely experience fluctuations in its quarterly operating results due to a number of factors, including the rate at which it makes new investments, the level of its expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which it encounters competition in the markets, and general economic and market conditions. These fluctuations may, in certain cases, be exaggerated as a result of the Fund's focus on realizing capital gains rather than current income from its investments. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods.

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***The Fund operates in a highly competitive market for direct equity investment opportunities. If the Fund is unable to make investments, it may have an adverse effect on its performance.***

A large number of entities compete with the Fund to make the types of direct equity investments that the Fund targets as part of its business strategy. The Fund competes for such investments with a large number of private equity and venture capital funds, secondary market funds, other equity and non-equity-based investment funds, investment banks, and other sources of financing, including traditional financial services companies such as commercial banks and specialty finance companies. Many of the Fund's competitors are substantially larger than the Fund and have considerably greater financial, technical, and marketing resources than the Fund does. For example, some competitors may have a lower cost of funds and access to funding sources that are not available to the Fund. In addition, some of the Fund's competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. There can be no assurance that the competitive pressures the Fund faces will not have a material adverse effect on its business, financial condition, and results of operations. Also, as a result of this competition, the Fund may not be able to take advantage of attractive investment opportunities from time to time, and the Fund can offer no assurance that the Adviser will be able to identify and make direct equity investments that are consistent with the Fund's investment objective. To the extent the Fund is unable to make investments in portfolio companies, an over-allocation of its assets in cash could have an adverse effect on the overall performance of the Fund, as investments in cash and cash equivalents may not earn significant returns.

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***There are significant potential conflicts of interest which could impact the Fund's investment returns and limit the flexibility of its investment policies.***

Certain members of the Adviser's team serve or can serve as officers or director of entities that operate in a line of business similar to the Fund's, including new entities that may be formed in the future. Accordingly, they may have obligations to investors in those entities, the fulfillment of which might not be in the best interests of the Fund or the Fund's shareholders.

While the investment focus of each of these entities may be different from the Fund's investment objective, it is likely that new investment opportunities that meet the Fund's investment objective will come to the attention of one of these entities, or new entities that will likely be formed in the future in connection with another investment advisory client or program, and, if so, such opportunity might not be offered, or otherwise made available, to the Adviser or the Fund. However, the Fund's executive officers and Adviser intend to treat the Fund in a fair and equitable manner consistent with their applicable duties under law so that the Fund will not be disadvantaged in relation to any other particular client. In addition, while the Adviser anticipates that it will from time to time identify investment opportunities that are appropriate for both the Fund and the other funds or accounts that in the future may be managed by the Adviser or an affiliate of the Adviser, to the extent it does identify such opportunities, the Adviser will establish a written allocation policy to ensure that the Fund is not disadvantaged with respect to the allocation of investment opportunities among the Fund and such other funds and accounts. The Adviser and its affiliates, as applicable, will allocate investment opportunities among its managed funds and accounts, including the Fund, in accordance with its fiduciary duties to all the funds and accounts managed by the Adviser or its affiliates.

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***In the event the value of your investment declines, the Management Fee will still be payable.***

The Management Fee is payable regardless of whether the NAV of the Fund or your investment declines. As a result, the Fund will owe the Adviser a Management Fee regardless of whether it incurred significant realized capital losses and unrealized capital depreciation (losses) during the fiscal period for which the Management Fee is paid.

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***Changes in laws or regulations governing the Fund's operations may adversely affect its business.***

The Fund and its portfolio companies are subject to regulation by laws at the local, state, and federal levels. These laws and regulations, as well as their interpretations, may be changed from time to time. Any change in these laws or regulations could have a material adverse effect on the Fund's business and the value of your investment.

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***The Adviser has full discretion over the Fund's portfolio, and the Fund's shareholders are not involved in investment decisions.***

Subject to the implementation of the investment limitations described herein, the Adviser has complete discretion in managing the Fund's portfolio. The Fund's shareholders will not make decisions with respect to the management, disposition, or other realization of any investment made by the Fund, or other decisions regarding the Fund's business and affairs.

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***Our investment portfolio will be recorded at fair value as determined in good faith in accordance with procedures established by our Board and, as a result, there is and will be uncertainty as to the value of our portfolio investments.***

Under the 1940 Act, we are required to carry our portfolio investments at market value or, if there is no readily available market value, at fair value as determined in accordance with procedures established by our Board. There may not be a public market or active secondary market for certain of the types of investments that we hold and intend to make. Our investments may not be publicly traded or actively traded on a secondary market but, instead, may be traded on a privately negotiated over-the-counter secondary market for institutional investors, if at all. As a result, we will value these investments monthly at fair value as determined in good faith in accordance with valuation policies and procedures approved by our Board.

The determination of fair value, and thus the amount of unrealized appreciation or depreciation we may recognize in any reporting period, is to a degree subjective, and our Adviser has a conflict of interest in making recommendations of fair value. We will value our investments monthly at fair value in accordance with valuation policies and procedures approved by our Board, based on, among other things, input of the Adviser and independent third-party valuation firm(s) engaged at the direction of the Board. The types of factors that may be considered in determining the fair values of our investments include the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flow, current market interest rates and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, the valuations may fluctuate significantly over short periods of time due to changes in current market conditions. The determinations of fair value in accordance with procedures established by our Board may differ materially from the values that would have been used if an active market and market quotations existed for such investments. The methodologies used to determine fair value involve significant subjective judgments and estimates, which may differ materially from values that could ultimately be realized upon a liquidity event or other disposition. Our NAV could be adversely affected if the determinations regarding the fair value of the investments were materially higher than the values that we ultimately realize upon the disposal of such investments.

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***Our portfolio may be focused on a limited number of portfolio companies, which will subject us to a risk of significant loss if the business or market position of one or more of these companies deteriorates or their particular industries experience a market downturn.***

To the extent we limit our number of investments, the aggregate returns we realize may be significantly adversely affected if a small number of investments perform poorly or if we need to write down the value of any one investment. Subject to our RIC asset diversification requirements, our requirements as a diversified investment company, our investments could be focused on relatively few issuers. As a result, a downturn in any particular industry in which a significant number of our portfolio companies operate could materially adversely affect us.

The Fund's strategy of maintaining a highly concentrated portfolio is designed to offer substantial benefits but also entails significant risks. Concentration allows the Fund to focus its investments on a select number of high-conviction companies, optimizing the potential for outsized returns and maximizing the beneficial impact of successful portfolio outcomes. Furthermore, this approach facilitates deeper due diligence, enhanced strategic oversight, and dedicated resources per investment, supporting informed decision-making and effective monitoring. Additionally, investors benefit from clarity and transparency regarding the Fund's targeted investment thesis and specific exposure to industry-leading companies.

However, maintaining a concentrated portfolio increases certain risks. A limited number of investments heightens the potential impact of individual company underperformance or adverse developments, increasing overall portfolio volatility. Moreover, reduced diversification amplifies the Fund's exposure to sector-specific, company-specific, and systemic risks, potentially magnifying negative outcomes during market downturns or disruptions. Additionally, concentrated portfolios may face liquidity challenges, particularly when holding privately held companies, potentially complicating exit strategies or the ability to realize investments at desired valuations. Lastly, concentration can elevate regulatory, valuation, and market risks, especially when the Fund invests primarily in companies within a single industry or sector.

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***We may be more susceptible than a diversified fund to being adversely affected by any single corporate, economic, political or regulatory occurrence.***

We are classified as "non-diversified" under the 1940 Act. As a result, we will be able to invest a greater portion of our assets in obligations of a single issuer than a "diversified" fund. We may therefore be more susceptible than a diversified fund to being adversely affected by any single corporate, economic, political or regulatory occurrence.

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***Our ability to enter into transactions with our affiliates is restricted.***

We are prohibited under the 1940 Act from participating in certain transactions with our affiliates without the prior approval of the SEC. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities will be our affiliate for purposes of the 1940 Act and we are generally prohibited from buying or selling any securities from or to such affiliate. The 1940 Act also prohibits certain "joint" transactions with certain of our affiliates, which could include investments in the same portfolio company without prior approval of the SEC. If a person acquires more than 25% of our voting securities, we will be prohibited from buying or selling any security from or to such person or certain of that person's affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates. As a result of these restrictions, we may be prohibited from buying or selling any security from or to any investment fund managed by our Adviser or its affiliates without the prior approval of the SEC, which may limit the scope of investment opportunities that would otherwise be available to us. We may co-invest with our Adviser or our officers and directors in a manner consistent with guidance promulgated under the no-action position of the SEC set forth in Mass Mutual Life Ins. Co. (SEC No-Action Letter, June 7, 2000), on which similarly situated funds like us rely in order to co-invest in a single class of privately placed securities so long as certain conditions are met, including that our investment adviser or an affiliate, acting on our behalf and on behalf of other clients, negotiates no term other than price.

Our Adviser and other related entities have been granted an exemptive order from the SEC, which permits the Fund to co-invest alongside other funds and accounts managed and controlled by our Adviser and its affiliates in privately-negotiated investments, in a manner consistent with its investment objective, policies and restrictions as well as applicable regulatory requirements (the "Co-Investment Exemptive Order"). Pursuant to the Co-Investment Exemptive Order, the Fund generally will be permitted to co-invest alongside certain of its affiliates if the Fund and each affiliate participating in the transaction acquire, or dispose of, as the case may be, the same class of securities, at the same time, for the same price and with the same conversion, financial reporting and registration rights, and generally with substantially the same other terms. In addition, the Fund's independent directors will be required to make certain findings in connection with certain co-investment transactions. The Co-Investment Exemptive Order contains certain conditions that limit or restrict the Fund's ability to participate in such investment opportunities. In such cases, the Fund may participate in an investment to a lesser extent or, under certain circumstances, may not participate in the investment.

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***We will be subject to U.S. federal income tax imposed at corporate rates on our income and gains if we are unable to qualify as a RIC.***

We intend to elect to be treated as a RIC and intend to operate in a manner so as to continue to qualify for the U.S. federal income tax treatment applicable to RICs; however, we will not qualify as a RIC for our initial taxable year ending August 31, 2026. For our initial taxable year, we will be treated as a corporation for U.S. federal income tax purposes. Accordingly, the Fund will be subject to U.S. federal income tax imposed at corporate rates on its taxable income as well as applicable state and local income taxes. Distributions from the Fund will generally be treated as taxable dividend income to the extent of the Fund's current and accumulated earnings and profits. Distributions from the Fund to non-U.S. investors will generally be subject to U.S. federal withholding tax imposed at a rate of 30% or a reduced rate specified by an applicable income tax treaty. Taxation as a corporation will reduce the amount of cash available to pay distributions to holders of the Shares, which will mean that investors in the Fund will likely receive lower distributions than they otherwise would if the Fund qualified as a regulated investment company for U.S. federal income tax purposes.

To the extent that we qualify as a RIC in a subsequent taxable year, we generally will not be subject to U.S. federal income tax on our income and gain that we timely distribute (or are deemed to distribute) to our stockholders as dividends. We will be subject to U.S. federal income tax imposed at corporate rates on any income or gains that we do not timely distribute (or are deemed to distribute) to our shareholders. To qualify as a RIC, we must meet several requirements, including certain source of income, asset diversification and annual distribution requirements. In addition, we may also be subject to certain U.S. federal excise taxes, as well as state, local and foreign taxes (including withholding taxes).

We will satisfy the source of income requirement if we obtain at least 90% of our annual gross income from dividends, interest, payments with respect to securities loans, gains from the sale of stock or securities, net income from an interest in a qualified publicly traded partnership, or other income derived from the business of investing in stock or securities.

We will satisfy the annual distribution requirement if we distribute to our stockholders on a timely basis generally an amount equal to at least 90% of our investment company taxable income for each year. Under certain circumstances, we may be restricted from making distributions necessary to qualify as a RIC. If we are unable to obtain cash from other sources, we may fail to qualify as a RIC. Because we must make distributions to our stockholders as described above, such amounts, to the extent a stockholder is not participating in our dividend reinvestment option, will not be available to us to make investments.

We will satisfy the asset diversification requirement if, at the end of each quarter of our taxable year:

● At least 50% of the value of our total assets consists of cash, cash equivalents (including receivables), U.S. government securities, securities of other RICs, and other securities, provided that such other securities of any one issuer do not represent more than 5% of the value of our total assets or more than 10% of the outstanding voting securities of the issuer; and

● No more than 25% of the value of our assets can be invested in (i) the securities, other than U.S. government securities or securities of other RICs, of one issuer, (ii) the securities, other than securities of other RICs, of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses, or (iii) the securities of certain "qualified publicly traded partnerships" (as defined in the Code).

To the extent that we qualify as a RIC in a subsequent taxable year, failure to meet these tests may result in our having to (a) dispose of certain investments quickly or (b) raise additional capital to prevent the loss of RIC status. Because most of our investments are in private companies and are generally illiquid, any such dispositions may be at disadvantageous prices and may result in losses. Also, the rules applicable to our qualification as a RIC are complex with many areas of uncertainty. Accordingly, no assurance can be given that we will qualify as a RIC.

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***To the extent that we qualify as a RIC in a subsequent taxable year, we may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income.*** 

For U.S. federal income tax purposes, we may be required to recognize taxable income in circumstances in which we do not receive a corresponding payment in cash. We may also have to include in income other amounts that we have not yet received in cash, such as unrealized appreciation for foreign currency forward contracts and deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. Furthermore, we may invest in non-U.S. corporations (or other non-U.S. entities treated as corporations for U.S. federal income tax purposes) that could be treated under the Code and U.S. Treasury regulations as "passive foreign investment companies" or "controlled foreign corporations." The rules relating to investment in these types of non-U.S. entities are designed to limit deferral and generally require the current inclusion of income derived by the entity. In certain circumstances, this could require us to recognize income where we do not receive a corresponding payment in cash.

We anticipate that a portion of our income may constitute income required to be included in taxable income prior to receipt of cash. To the extent that we qualify as a RIC in a subsequent taxable year, such amounts accrued would be included in our investment company taxable income for the year of the accrual, and consequently, we may be required to make a distribution to our shareholders in order to satisfy the Annual Distribution Requirement (defined below), even if we will not have received any corresponding cash amount. As a result, we may have difficulty meeting the Annual Distribution Requirement necessary to maintain RIC tax treatment under the Code. We may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital, make a partial share distribution, or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, and choose not to make a qualifying share distribution, we may fail to qualify for RIC tax treatment and thus become subject to U.S. federal income tax.

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***To the extent that we qualify as a RIC in a subsequent taxable year and we are not treated as a "publicly offered regulated investment company," certain shareholders will be treated as having received certain income and their allocable share of expenses, which may not be deductible.***

A "publicly offered regulated investment company" is a RIC whose shares are either (i) continuously offered pursuant to a public offering within the meaning of Section 4 of the Securities Act, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year. We anticipate that we will not be treated as a publicly offered RIC prior to any public listing of our shares. To the extent that we qualify as a RIC in a subsequent taxable year and we are not treated as a publicly offered RIC for any calendar year, each U.S. shareholder that is an individual, trust or estate will be treated as having received a dividend from us in the amount of such U.S. shareholder's allocable share of certain of our expenses for the calendar year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. shareholder. Miscellaneous itemized deductions generally are not deductible by a U.S. shareholder that is an individual, trust or estate.

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***We cannot predict how new tax legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business.***

Legislative or other actions relating to taxes could have a negative effect on us. The laws pertaining to U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. The likelihood of any such legislation being enacted is uncertain. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could have adverse tax consequences, such as significantly and negatively affecting our ability to qualify for tax treatment as a RIC or negatively affecting the U.S. federal income tax consequences of an investment in our Shares.

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***Our Board may change our non-fundamental investment policies and our investment strategies without prior notice or stockholder approval, the effects of which may be adverse.***

Our Board has the authority to modify or waive our non-fundamental investment policies, and our investment criteria and strategies without stockholder approval and without prior notice. We cannot predict the effect any changes to our current non-fundamental operating policies, investment criteria and strategies would have on our business, NAV of the Fund and operating results. However, the effects might be adverse, which could negatively impact our ability to make distributions to stockholders and cause you to lose all or part of your investment.

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***The Fund has indemnification obligations.***

We have indemnification obligations. Such liabilities may be material and have an adverse effect on the returns to investors. Our indemnification obligations would be payable from our assets, and such indemnification obligations will survive the winding-up and dissolution of the Fund.

**Risks Related to Our Investments**

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***The Fund's investments in portfolio companies may be extremely risky, and the Fund could lose all or part of its investments.***

Investment in portfolio companies involves a number of significant risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;· these portfolio companies may have limited financial resources and may be unable to meet their obligations
with their existing working capital, which may lead to equity financings, possibly at discounted valuations, in which the Fund's
holdings could be substantially diluted if the Fund does not or cannot participate, bankruptcy or liquidation, and the reduction or loss
of the Fund's investment;

&nbsp;&nbsp;&nbsp;&nbsp;· these portfolio companies typically have limited operating histories, less-established and comprehensive
product lines, and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions,
market conditions, and consumer sentiment in respect of their products or services, as well as general economic downturns;

&nbsp;&nbsp;&nbsp;&nbsp;· because the portfolio companies are privately owned, there is usually little publicly available information
about these businesses; therefore, although the Adviser and its agents perform due diligence on these portfolio companies, their operations,
and their prospects, including review of independent research reports and market valuations of securities of such companies on alternative
trading systems and other private secondary markets, the Adviser may not be able to obtain all of the material information that would
be generally available for public company investments, including financial or other information regarding the portfolio companies in which
the Fund invests. Furthermore, there can be no assurance that the information that the Adviser does obtain with respect to any investment
is reliable. The Fund will invest in portfolio companies for which current, up-to-date financial information is not available if the Adviser
determines, based on the results of its due diligence review, that such investment is in the best interests of the Fund and its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;· Portfolio companies are more likely to depend on the management talents and efforts of a small group of
persons; therefore, the death, disability, resignation, or termination of one or more of these persons could have a material adverse impact
on a portfolio company and, in turn, on the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;· Portfolio companies generally have less predictable operating results, may from time to time be parties
to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require
substantial additional capital to support their operations, finance expansion, or maintain their competitive position.

***The Fund may not realize gains from its investments, may be compelled to liquidate its investments at a loss as a result of the actions of majority shareholders and, because certain of the portfolio companies may incur substantial debt to finance their operations, the Fund may experience a complete loss on its investment in the event of a bankruptcy or liquidation of any of the portfolio companies.***

The Fund invests principally in the equity securities (common and/or preferred stock, or equity-linked securities convertible into such equity securities) of operating private companies. However, the securities the Fund acquires may not appreciate in value and, in fact, may decline in value. In addition, the private company securities the Fund acquires (or into which they are convertible) are often subject to drag-along rights. Drag-along rights are rights granted to a majority stockholder in a particular company that enable such shareholder to force minority stockholders to join in the sale of a company on the same price, terms, and conditions as any other seller in the sale. Such drag-along rights could permit other stockholders, under certain circumstances, to force the Fund to liquidate its position in a portfolio company at a specified price, which could be, in the Adviser's opinion, inadequate or undesirable or even below the Fund's cost basis. In this event, the Fund could realize a loss or fail to realize gain in an amount that the Adviser deems appropriate on the Fund's investment. Further, capital market volatility and the overall market environment may preclude the portfolio companies from realizing liquidity events and impede the Fund's exit from these investments. The portfolio companies may make business decisions to forego or delay potential liquidity events, such as an initial public offering, which could delay the Fund's realization of value. Accordingly, the Fund may not be able to realize gains from its investments, and any gains that it does realize on the disposition of any investments may not be sufficient to offset any other losses it experiences. The Fund will generally have little, if any, control over the timing of any gains it may realize from its investments. In addition, the portfolio companies in which the Fund invests may have substantial debt loads. In such cases, the Fund would typically be last in line behind any creditors in a bankruptcy or liquidation and would likely experience a complete loss on its investment.

The Fund may enter into SAFEs with portfolio companies, which give the Fund certain rights for future equity in such portfolio companies similar to a warrant, except without determining a specific price per share at the time of the initial investment. The Fund's ability to receive portfolio company equity under a SAFE is contingent upon the occurrence of triggering events set forth in the applicable SAFE, such as a priced round of investment or liquidation event, which may never materialize. In addition, SAFE terms may vary from agreement to agreement and may provide a right to the portfolio company to repurchase the Fund's future right to equity before a triggering event occurs. There is no guarantee that the Fund will receive favorable terms when entering into a SAFE or that the Fund will recover its investment in a portfolio company made under such agreement.

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***Because the Fund's investments are generally not in publicly traded securities, there will be uncertainty regarding the fair market value of its investments, which could adversely affect the determination of the Fund's NAV.***

The Fund's portfolio investments are generally not in publicly traded securities (unless one of the portfolio companies goes public, and then only to the extent the Fund has not yet liquidated its securities holdings therein). The Adviser prepares portfolio company valuations using the most recent portfolio company financial statements and forecasts, if available. The Adviser may utilize the services of an independent valuation firm, which, if engaged, may prepare or review valuations for all or some of the Fund's portfolio investments that are not publicly traded or for which the Adviser does not have readily available market quotations. The types of factors that the Adviser will take into account in providing its fair value determination with respect to such portfolio company valuation will include, as relevant and, to the extent available, the portfolio company's earnings, the markets in which the portfolio company does business, comparison to valuations of publicly traded companies in the portfolio company's industry, comparisons to recent sales of comparable companies, the discounted value of the cash flows of the portfolio company, and other relevant factors. It is difficult to obtain financial and other information with respect to private companies, and even where the Adviser is able to obtain such information, there can be no assurance that it is complete or accurate. Because such valuations are inherently uncertain and may be based on estimates, the Adviser's determinations of fair market value may differ materially from the values that would be assessed if a readily available market for these securities existed. Due to this uncertainty, the Adviser's fair market value determinations with respect to any non-publicly traded portfolio company investment the Fund holds may cause the Fund's NAV on a given date to materially understate or overstate the value that the Fund may ultimately realize on one or more of its investments. As a result, investors purchasing the Fund's Shares based on an overstated NAV would pay a higher price than the value of its investments might warrant.

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***The lack of liquidity in, and potentially extended holding period of, many of the Fund's investments may adversely affect its business and will delay any distributions of any gains.***

The Fund's investments are generally in non-publicly traded securities (unless one of the portfolio companies goes public, and then only to the extent the Fund has not yet liquidated its securities holdings therein).

Although the Adviser expects that most of the Fund's equity investments will trade on private secondary marketplaces, certain of the securities held may be subject to legal and other restrictions on resale or may otherwise be less liquid than publicly traded securities. In addition, while some portfolio companies may trade on private secondary marketplaces, the Fund can provide no assurance that such a trading market will continue or remain active, or that the Fund will be able to sell its position in any portfolio company at the time the Adviser desires to do so and at the price the Adviser anticipates. The illiquidity of the Fund's investments, including those that are traded on private secondary marketplaces, may make it difficult for it to sell such investments if the need arises. Also, if the Fund is required to liquidate all or a portion of its portfolio quickly, it may realize significantly less than the carrying value of its investments. There is no limitation on the portion of the Fund's portfolio that may be invested in illiquid securities, and a substantial portion or all of its portfolio may be invested in such illiquid securities from time to time.

In addition, because the Fund deploys its capital to invest primarily in equity securities of private companies (or equity-linked securities convertible into such equity securities), realization events, if any, are unlikely to occur in the near term with respect to the majority of the portfolio companies. The Fund expects that its holdings of securities may require several years to appreciate in value and can offer no assurance that such appreciation will occur. Even if such appreciation does occur, it is likely that the Fund's shareholders could wait for an extended period of time before any appreciation or sale of the Fund's investments, and any attendant distributions of gains, may be realized.

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***Technology-focused companies in which the Fund invests are subject to many risks, including volatility, intense competition, decreasing life cycles, product obsolescence, changing consumer preferences, and periodic downturns.***

The Adviser expects that a number of the portfolio companies in which the Fund invests will be technology-focused companies. The revenues, income (or losses), and valuations of technology-related companies can and often do fluctuate suddenly and dramatically. In addition, because of rapid technological change, the average selling prices of products and some services provided by technology-focused companies have historically decreased over their productive lives. As a result, the average selling prices of products and services offered by the portfolio companies that are technology-focused companies may decrease over time, which could adversely affect their operating results and, correspondingly, the value of any equity securities that the Fund may hold. This could, in turn, materially adversely affect the Fund's business, financial condition, and results of operations.

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***Investing in Humanoid and embodied intelligence technology companies involves risk.***

Humanoid and embodied intelligence technology companies typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers' products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer's product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as a humanoid and embodied intelligence technology company.

Certain humanoid and embodied intelligence technology companies may face special risks that their products or services may not prove to be commercially successful. Such companies are also strongly affected by worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. In addition, certain of such companies in which the Fund may invest may not currently be profitable and there can be no assurance that such companies will be profitable in the future.

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***Because the Fund will generally not hold controlling equity interests in its portfolio companies, the Fund will likely not be in a position to exercise control over the portfolio companies or to prevent decisions by substantial shareholders or management of the portfolio companies that could decrease the value of its investments.***

The Fund has not, does not intend to, and does not anticipate that it will take controlling equity positions in the portfolio companies. As a result, it will be subject to the risk that a portfolio company may make business decisions with which the Adviser disagrees, and the stockholders and management of a portfolio company may take risks or otherwise act in ways that are adverse to the Fund's interests. In addition, other shareholders, such as venture capital and private equity sponsors, that have substantial investments in the portfolio companies may have interests that differ from that of the portfolio company or its minority shareholders, which may lead them to take actions that could materially and adversely affect the value of the Fund's investment in the portfolio company. Due to the lack of liquidity for the equity investments that the Fund will typically hold in the portfolio companies, it may not be able to dispose of its investments in the event the Adviser disagrees with the actions of a portfolio company or its substantial shareholders and may therefore suffer a decrease in the value of its investments.

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***Investments in foreign companies may involve significant risks in addition to the risks inherent in U.S. investments.***

While the Fund intends to invest primarily in U.S. companies, it may invest on an opportunistic basis in certain non-U.S. companies, including those located in emerging markets, that otherwise meet its investment criteria. Investing in foreign companies, and particularly those in emerging markets, may expose the Fund to additional risks not typically associated with investing in U.S. issuers. These risks include changes in exchange control regulations; political and social instability; expropriation; nationalization of companies by foreign governments; capital repatriation regulations; restrictions on foreign investment in certain jurisdictions; imposition of foreign taxes (including withholding taxes) at potentially confiscatory levels; fluctuating currency exchange rates; less liquid markets and less available information than is generally the case in the United States; higher transaction costs; less government supervision of exchanges, brokers, and issuers; less developed bankruptcy laws; difficulty in enforcing contractual obligations; extended or delayed settlements of transactions; lack of uniform accounting and auditing standards; and greater price volatility. Further, the Fund may have difficulty enforcing its rights as an equity holder in foreign jurisdictions. In addition, to the extent the Fund invests in non-U.S. companies, it may face greater exposure to foreign economic developments.

International trade tensions may arise from time to time which could result in trade tariffs, embargos or other restrictions or limitations on trade. The imposition of any actions on trade could trigger a significant reduction in international trade, an oversupply of certain manufactured goods, substantial price reductions of goods, and possible failure of individual companies or industries which could have a negative impact on the Fund's performance. Events such as these are difficult to predict and may or may not occur in the future.

In addition, the Fund's investments in foreign companies may be subject to economic sanctions or other government restrictions. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is difficult to ascertain. These types of measures may include, but are not limited to, banning a sanctioned country or certain persons or entities associated with such country from global payment systems that facilitate cross-border payments, restricting the settlement of securities transactions by certain investors, and freezing the assets of particular countries, entities, or persons. The imposition of sanctions and other similar measures could, among other things, result in a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country, downgrades in the credit ratings of the sanctioned country's securities or those of companies located in or economically tied to the sanctioned country, currency devaluation or volatility, and increased market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could directly or indirectly limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and adversely impact the Fund's liquidity and performance.

Although the Fund expects that most of its investments will be U.S. dollar-denominated, any investments denominated in a foreign currency will be subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Changes in foreign currency exchange rates may affect the value of securities held by the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore may affect the value of securities denominated in such currencies, which means that the Fund's NAV could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. The Adviser may, but is not required to, elect for the Fund to seek to protect itself from changes in currency exchange rates through hedging transactions depending on market conditions. In addition, certain countries, particularly emerging market countries, may impose foreign currency exchange controls or other restrictions on the transferability, repatriation or convertibility of currency.

***There are risks associated with investing in SPVs or similar investment structures, including that the Fund will bear its pro rata portion of expenses on investments in SPVs and will have no direct claim against underlying portfolio companies.***

The Adviser may invest in portfolio companies indirectly through investing in SPVs. Investors should be aware that the use of SPVs introduces additional layers of structural complexity, and additional risks related to liquidity, transparency, and valuation may exist.

The Fund, as a holder of securities issued by an SPV or similar investment structure, will bear its pro rata portion of such SPV or investment structure's expenses. The fees we pay to invest in an SPV may be higher than if we invested in the single underlying portfolio company directly. These acquired fund fee expenses are in addition to the direct expenses of the Fund's own operations, thereby increasing costs and/or potentially reducing returns to investors.

Investments in SPVs are generally illiquid, and the Fund may invest in SPVs managed by external managers. When investing in an SPV managed by an unaffiliated manager, the Adviser will not have any control over the management of the SPV. In addition, the Fund's investments in SPVs may be subject to investment lock-up periods or other transfer restrictions and may require the approval of an external manager to transfer our interests or obtain stock following an IPO. As such, the Fund may not be able to withdraw or transfer its investment at a desirable time. Even if the Fund is able to withdraw from an SPV, it may take a considerable amount of time for the SPV to redeem or liquidate the Fund's position. An SPV's withdrawal limitations may also restrict the Adviser's ability to reallocate or terminate investments in SPVs that are poorly performing or have otherwise had adverse changes. We do not control the timing of cash or stock distributions from external managers. The Fund will have no direct claims against any portfolio company held by an SPV.

SPVs may also present valuation and transparency challenges. For SPVs managed by unaffiliated entities, the Fund may have little to not transparency regarding the SPVs financial position or holdings. Information provided by the SPV may be minimal, and may not be provided in a timely manner. For information about the value of the Fund's investment in an SPV managed by an unaffiliated entity, the Adviser will be dependent on information provided by the manager of the SPV, including unaudited financial statements, which, if inaccurate, could adversely affect the Adviser's ability to accurately value the Fund's Shares and to manage the Fund's investment portfolio in accordance with its investment objective. Moreover, the Adviser's due diligence efforts may not necessarily detect fraud, malfeasance, inadequate back-office systems, or other flaws or problems with respect to the SPV manager. Stockholders have no individual right to receive information about the SPVs or their managers, will not be stockholders in the SPVs, and will have no rights with respect to or standing or recourse against the SPVs, their managers, or any of their respective affiliates. Stockholders should recognize that valuations of illiquid assets, including interests in SPVs, involve various judgments and consideration of factors that may be subjective.

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***There are risks relating to investing in PIPE transactions offered by SPACs.***

The Fund may invest in PIPE transactions where the issuer of the security is a SPAC established to facilitate the acquisition and future financing of certain private late-stage operating growth companies in anticipation of such private company entering the public markets. In a PIPE transaction, investors purchase securities directly from a publicly traded company in a private placement transaction, typically at a discount to the market price of the company's common stock. When participating in a PIPE transaction, the Fund may bear the price risk from the time of pricing until the time of closing. In addition, the Fund may have to commit to purchase a specified number of shares at a fixed price, with the closing conditioned upon, among other things, the SEC's preparedness to declare effective a resale registration statement covering the resale, from time to time, of the shares sold in the private financing. Because the sale of the securities is not registered under the Securities Act, the securities are "restricted" and cannot be immediately resold by the investors into the public markets. Accordingly, the company typically agrees as part of the PIPE deal to register the restricted securities with the SEC. PIPE transactions are subject to the risk that the issuer may be unable to register the securities for public resale in a timely manner, or at all, in which case the securities could be sold only in a privately negotiated transaction and, potentially, at a price less than that paid by the Fund. Disposing of such securities may involve negotiation and legal expenses. Even if such securities are registered for public sale, the resulting market for the securities may be thin or illiquid, which could make it difficult for the Fund to dispose of such securities at an acceptable price.

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***Indirect investments in portfolio companies involve substantial risks, including that the portfolio company may not recognize our investment and actively seek to obstruct it.***

The Fund may obtain exposure to portfolio companies indirectly by investing through SPVs or other such instruments. The underlying portfolio company may not be a party to and may not have approved or been informed of the SPV's transactions with us, unless otherwise disclosed. The portfolio company may, upon learning of the SPV's transactions, take steps to invalidate or frustrate them, demand that we stop purchasing portfolio company's securities, or seek redress or retaliation against SPV sponsors, us, or others. Should the portfolio company object to the existence of the creation of the SPV, it may take any number of steps to discourage or obstruct the transactions, including claiming that the SPV transactions violate the portfolio company's agreements, claiming causes of action SPV sponsors or us, defensive measures intended to discourage SPV sponsors from selling the portfolio company's securities to us, refusing to accept or process securities transfers, or claiming rights to rescind our transactions or trigger rights of refusal to purchase the portfolio company's securities involved in our transactions. Should a portfolio company wish to prospectively discourage secondary transactions by us, it may adopt policies or securities-related documents that makes such transactions impractical. A portfolio company may also object to use of its name, intellectual property, or public or non-public information about it. A portfolio company may be under no obligation to approve or recognize transactions involving the portfolio company's securities that occur through SPVs. Conversely, a portfolio company that does wish to endorse, approve, or participate in the transactions may face complex and costly regulatory requirements and exposure to risk for doing so, which could discourage it from approving or participating in the transaction.

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***There are significant potential risks relating to investing in securities traded on private secondary marketplaces.***

The Fund may utilize alternative trading systems and other private secondary markets to acquire equity securities of portfolio companies. The Fund generally has little or no direct access to financial or other information from the portfolio companies in which it invests through such private secondary marketplaces. As a result, the Fund is dependent upon the relationships and contacts of the Adviser to perform research and due diligence, and to monitor the Fund's investments after they are made. However, there can be no assurance that the Adviser will be able to acquire adequate information on which to make an investment decision with respect to any private secondary marketplace purchases, or that the information the Adviser is able to obtain is accurate or complete. Any failure to obtain full and complete information regarding the portfolio companies in which the Fund invests could cause the Fund to lose part or all of its investment in such companies, which would have a material and adverse effect on its NAV and results of operations.

In addition, there can be no assurance that portfolio companies in which the Fund invests through private secondary marketplaces will have or maintain active trading markets, and the prices of those securities may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods. Wide swings in market prices, which are typical of irregularly traded securities, could cause significant and unexpected declines in the value of our portfolio investments. Further, prices on alternative trading systems and other private secondary markets, where limited information is available, may not accurately reflect the true value of a portfolio company, and may in certain cases overstate a portfolio company's actual value, which may cause the Fund to realize future capital losses on its investment in that portfolio company. If any of the foregoing were to occur, it would likely have a material and adverse effect on the Fund's NAV and results of operations.

Investments in private companies, including through private secondary marketplaces, also entail additional legal and regulatory risks which expose participants to the risk of liability due to the imbalance of information among participants and participant qualification and other transactional requirements applicable to private securities transactions. Failure to comply with such requirements could result in rescission rights and monetary and other sanctions. The application of these laws within the context of private secondary marketplaces and related market practices are still evolving, and, despite the Fund's efforts to comply with applicable laws, the Fund could be exposed to liability. The regulation of private secondary marketplaces is also evolving. Additional state or federal regulation of these markets could result in limits on the operation of or activity on those markets. Conversely, deregulation of these markets could make it easier for investors to invest directly in private companies and affect the attractiveness of the Fund as an access vehicle for investment in private shares. Private companies may also increasingly seek to limit secondary trading in their stock, through such methods as contractual transfer restrictions and employment policies. To the extent that these or other developments result in reduced trading activity and/or availability of private company shares, the Fund's ability to find investment opportunities and to liquidate its investments could be adversely affected.

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***Due to transfer restrictions and the illiquid nature of the Fund's investments, the Fund may not be able to purchase or sell its investments when it determines to do so.***

The Fund's investments are, and are expected to continue to be, primarily in equity securities *(e.g.,* common and/or preferred stock, or equity-linked securities convertible into such equity securities) of privately held companies. Such equity securities are typically subject to contractual transfer limitations, which may include prohibitions on transfer without the company's consent. In order to complete a purchase of shares, the Fund may need to, among other things, give the issuer or its stockholders a particular period of time, often 30 days, in which to exercise a veto right, or a right of first refusal over, the sale of such securities. The Fund may be unable to complete a purchase transaction if the subject company or its stockholders chooses to exercise a veto right or right of first refusal. When the Fund completes an investment (or upon conversion of equity-linked securities), it generally becomes bound to the contractual transfer limitations imposed on the subject company's stockholders as well as other contractual obligations, such as tag-along rights *(i.e.,* rights of a company's minority stockholders to participate in a sale of such company's shares on the same terms and conditions as a company's majority shareholder, if the majority stockholder sell its shares of the company). These obligations generally expire only upon an IPO by the subject company. As a result, prior to an IPO of a particular portfolio company, the Fund's ability to liquidate such securities may be constrained. Transfer restrictions could limit the Fund's ability to liquidate its positions in these securities if it is unable to find buyers acceptable to its portfolio companies, or, where applicable, their stockholders. Such buyers may not be willing to purchase the Fund's investments at adequate prices or in volumes sufficient to liquidate its position, and even where they are willing, other stockholders could exercise their tag-along rights to participate in the sale, thereby reducing the number of shares sellable by the Fund. Furthermore, prospective buyers may be deterred from entering into purchase transactions with the Fund due to the delay and uncertainty that these transfer and other limitations create.

The Fund intends to adhere to its primary investment strategy to "buy and hold" the portfolio company securities. However, although the Adviser believes alternative trading systems and other private secondary markets may offer an opportunity to liquidate the Fund's private company investments, in the event the Fund needs to liquidate such securities prior to a portfolio company's liquidity event *(i.e.,* IPO or merger or acquisition transaction), there can be no assurance that a trading market will develop for the securities that it liquidates or that the subject companies will permit their shares to be sold through such platforms.

Due to the illiquid nature of most of the Fund's investments, the Fund may not be able to sell these securities at times when the Adviser deems it necessary to do so or at all. Due to the difficulty of assessing the Fund's NAV, the NAV for the Fund's shares may not fully reflect the illiquidity of the Fund's portfolio, which may change on a daily basis, depending on many factors, including the status of the alternative trading systems and other private secondary markets on which the Fund's portfolio securities may trade and the Fund's particular portfolio at any given time.

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***The Fund may be subject to lock-up provisions or agreements that could prohibit it from selling its investments for a specified period of time.***

Even if some of the portfolio companies complete IPOs, the Fund will often be subject to lock-up provisions that prohibit it from selling its investments into the public market for specified periods of time after an IPO, typically 180 days. As a result, the market price of securities that the Fund holds may decline substantially before it is able to sell these securities following an IPO.

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***There are significant potential risks associated with investing in venture capital and private equity-backed companies with complex capital structures.***

A primary feature of the Fund's investment objective is to invest in private late-stage growth companies, either through private secondary transactions or direct investments in such companies, and to hold such securities until a liquidity event with respect to such portfolio company occurs, such as an initial public offering or a merger or acquisition transaction. Such private companies frequently have much more complex capital structures than traditional publicly traded companies and may have multiple classes of equity securities with differing rights, including rights with respect to voting and distributions. In addition, it is often difficult to obtain information with respect to private companies' capital structures, and even where the Fund is able to obtain such information, there can be no assurance that it is complete or accurate. In certain cases, such private companies may also have preferred stock or senior debt outstanding, which may heighten the risk of investing in the underlying equity of such private companies, particularly in circumstances when the Adviser has limited information with respect to such capital structures. Although the Adviser has experience evaluating and investing in private companies with such complex capital structures, there can be no assurance that we will be able to adequately evaluate the relative risks and benefits of investing in a particular class of a portfolio company's equity securities. Any failure on our part to properly evaluate the relative rights and value of a class of securities in which the Fund invests could cause the Fund to lose part or all of its investment, which in turn could have a material and adverse effect on the Fund's NAV and results of operations.

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***There are significant potential risks relating to holding portfolio company securities following an IPO.***

The value of shares of a portfolio company following an IPO may and likely will fluctuate considerably more than during the private phase of their offering. Additionally, due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading, and limited information about a company's business model, quality of management, earnings growth potential, and other criteria used to evaluate its investment prospects, the shares of portfolio companies following an IPO may experience high amounts of volatility generally. Investments in companies that have recently sold securities through an IPO involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time. In addition, the market for IPO shares can be speculative and/or inactive for extended periods of time. The limited number of shares available for trading in some IPOs may make it more difficult for the Fund to sell significant amounts of shares without an unfavorable impact on prevailing prices. As a result, the market price of securities that the Fund holds may decline substantially before the Adviser is able to sell these securities following an IPO. In addition, issuers frequently impose lock-ups that prohibit sales of their shares for a period of time after an IPO.

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***There are risks relating to investing in other registered investment companies.***

The Fund may invest in registered investment companies to obtain exposure to private, early stage, emerging growth companies. The risks of investing in a particular investment company will generally reflect the risks of the securities in which it invests and the investment techniques it employs. The Fund, as a holder of securities issued by investment companies, will bear its pro rata portion of such investment company's operating expenses. These operating expenses are in addition to the direct expenses of the Fund's own operations, thereby increasing costs and/or potentially reducing returns to investors.

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***There are risks relating to investing in ETFs and ETPs.***

ETFs are investment companies that typically are registered under the 1940 Act as open-end funds. ETFs are actively traded on national securities exchanges and may track specific domestic and foreign market indices. Shares of an ETF may be bought and sold throughout the day at market prices, which may be higher or lower than the shares' NAV. Market prices of ETF shares will fluctuate, sometimes rapidly and materially, in response to various factors including changes in the ETF's NAV, the value of ETF holdings, and supply of and demand for ETF shares. Although the creation/redemption feature of ETFs generally makes it more likely that ETF shares will trade close to their NAV, market volatility, lack of an active trading market for ETF shares, disruptions at market participants (such as authorized participants or market makers), and any disruptions in the ordinary functioning of the creation/redemption process may result in ETF shares trading significantly above (at a "premium") or below (at a "discount") their NAV. ETFs, like mutual funds, have expenses associated with their operation, including advisory fees. When the Fund invests in an ETF, in addition to directly bearing expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Therefore, it may be more costly to own an ETF than to own the underlying securities directly. As with any exchange-listed security, ETF shares purchased in the secondary market are subject to customary brokerage charges. Certain ETFs in which the Fund may invest may not be registered under the 1940 Act (such ETFs referred to herein as ETPs). Because ETPs are not registered under the 1940 Act, they are not required to comply with the 1940 Act and holders of ETP shares are not afforded the protections of the 1940 Act. Additionally, ETPs are not eligible to be taxed as regulated investment companies.

***Investments in Private Funds may involve significant risks.***

To the extent the Fund invests in any Private Funds, such investments may involve significant risks. The Fund's investments in Private Funds subject it to the risks associated with direct ownership of the securities in which the underlying funds invest. Private Funds are also subject to operational risks, such as the Private Fund manager's ability to maintain operations, including back-office functions, property management, accounting, administration, risk management, valuation services, and reporting. The Fund may be required to indemnify certain of the Private Funds and/or their service providers from liability, damages, costs, or expenses. In addition, the Fund, as a holder of securities issued by the Private Funds, will bear its pro rata portion of such Private Fund's expenses. The fees we pay to invest in a Private Fund may be higher than if the manager of the Private Fund managed our assets directly. Incentive fees charged by certain Private Funds may incentivize its manager to make investments that are riskier and/or more speculative than those it might have made in the absence of an incentive fee. These acquired fund fee expenses are in addition to the direct expenses of the Fund's own operations, thereby increasing costs and/or potentially reducing returns to investors.

Private Funds are not registered as investment companies under the 1940 Act and, therefore, the Fund will not be afforded the protections of the 1940 Act with respect to its Private Fund investments. For example, Private Funds may employ higher and/or more complex fee structures, may not have independent boards, may not require stockholder approval of advisory contracts, may employ leverage higher than other investment vehicles such as mutual funds, may engage in joint transactions with affiliates, and are not obligated to file financial reports with the SEC.

Although the Adviser will evaluate each Private Fund and its manager to determine whether its investment programs are consistent with the Fund's investment objective and whether the Private Fund's investment performance is satisfactory, the Adviser will not have any control over the investments made by a Private Fund. In addition, the Fund's investments in Private Funds may be subject to investment lock-up periods, during which the Fund may not be able to withdraw its investment. Even if the Fund's investment in a Private Fund is not subject to lock-up, it will take a significant amount of time to redeem or otherwise liquidate such a position. Such withdrawal limitations may also restrict the Adviser's ability to reallocate or terminate investments in Private Funds that are poorly performing or have otherwise had adverse changes. No market for the interests in a Private Fund exists or is expected to develop, and it may be difficult or impossible to transfer the interests in such Private Fund, even in an emergency.

For information about the value of the Fund's investment in Private Funds, the Adviser will be dependent on information provided by the Private Funds, including unaudited financial statements, which, if inaccurate, could adversely affect the Adviser's ability to accurately value the Fund's Shares and to manage the Fund's investment portfolio in accordance with its investment objective. A Private Fund may not provide us audited financials, and, in the absence of such audited financials, we will not have an independent third party verifying financial reports. Moreover, the Adviser's due diligence efforts may not necessarily detect fraud, malfeasance, inadequate back-office systems, or other flaws or problems with respect to the underlying Private Fund managers. In purchasing a Private Fund interest, we entrust all aspects of the management of the Private Fund to its manager, and are subject to the risks inherent in relying on a third party manager. Stockholders have no individual right to receive information about the Private Funds or their managers, will not be stockholders in the Private Funds, and will have no rights with respect to or standing or recourse against the Private Funds, their managers, or any of their respective affiliates. Stockholders should recognize that valuations of illiquid assets, including interests in Private Funds, involve various judgments and consideration of factors that may be subjective.

Each Private Fund will be subject to a variety of litigation risks. A Private Fund's assets, including any investments made by the Private Fund and the portfolio companies held by the Private Fund, are available to satisfy all liabilities and other obligations of the Private Fund and we could find our interest in the Private Fund's assets adversely affected by a liability arising out of an investment of the Private Fund.

**Risks Related to Leverage**

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***We may borrow money, which may magnify the potential for loss and may increase the risk of investing in us.***

As part of our business strategy, we may borrow from and issue senior debt securities to banks, insurance companies and other lenders or investors. Holders of these senior securities will have fixed-dollar claims on our assets that are superior to the claims of our stockholders. If the value of our assets decreases, leverage would cause our NAV to decline more sharply than it otherwise would have if we did not employ leverage. Similarly, any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to make common stock dividend payments. Additionally, the costs of borrowing may exceed the income from the portfolio securities purchased with the borrowed money. A decline in net asset value of the Fund will result if the investment performance of the additional securities purchased fails to cover their cost to the Fund (including any interest paid on the money borrowed or dividend requirements of preferred stock).

Our ability to service any borrowings that we incur will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. Moreover, the Management Fee will be payable based on our average gross assets including assets purchased with borrowed amounts, if any, which may give our Adviser an incentive to use leverage to make additional investments. The amount of leverage that we employ will depend on our Adviser's and our Board's assessment of market and other factors at the time of any proposed borrowing. We cannot assure you that we will be able to obtain credit at all or on terms acceptable to us, which could affect our return on capital.

In addition to having fixed-dollar claims on our assets that are superior to the claims of our common stockholders, obligations to lenders may be secured by a first priority security interest in our portfolio of investments and cash.

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***Regulations governing our operation as a registered closed-end management investment company affect our ability to raise additional capital and the way in which we do so. The raising of debt capital may expose us to risks, including the typical risks associated with leverage.***

We may in the future issue debt securities or additional preferred stock and/or borrow money from banks or other financial institutions, which we refer to collectively as "senior securities," up to the maximum amount permitted by the 1940 Act. Under the provisions of the 1940 Act, we are permitted, as a registered closed-end management investment company, to issue senior securities provided we meet certain asset coverage ratios *(i.e.,* 300% for senior securities representing indebtedness and 200% in the case of the issuance of preferred stock). If the value of our assets declines, we may be unable to satisfy this test. If that happens, we may be required to sell a portion of our investments and, depending on the nature of our leverage, repay a portion of our indebtedness at a time when such sales may be disadvantageous. Also, any amounts that we use to service our indebtedness would not be available for distributions to our stockholders. Furthermore, if we issue senior securities, we will be exposed to typical risks associated with leverage, including an increased risk of loss. If we issue preferred stock, such stock would rank "senior" to our shares of common stock, preferred stockholders would have separate voting rights on certain matters and have other rights, preferences and privileges more favorable than those of our stockholders, and we could be required to delay, defer or prevent a transaction or a change of control that might involve a premium price for holders of our common stock or otherwise be in your best interest.

We are not generally able to issue and sell our common stock at a price below the then current NAV per share (exclusive of any distributing commission or discount). We may, however, sell our common stock at a price below the then current NAV per share if the Board determines that such sale is in our best interests and a majority of our stockholders approves such sale. In addition, we may generally issue additional shares of common stock at a price below NAV in rights offerings to existing stockholders, in payment of dividends and in certain other limited circumstances. If we raise additional funds by issuing more common stock, then the percentage ownership of our stockholders at that time will decrease, and you may experience dilution.

**Risks Related to the Offering** 

***It is not possible to predict the actual number of shares we will sell under the Purchase Agreement to Roth Principal Investments, or the actual gross proceeds resulting from those sales. Further, we may not have access to the full amount available under the Purchase Agreement with Roth Principal Investments.***

We entered into the Purchase Agreement with Roth Principal Investments, pursuant to which Roth Principal Investments has committed to purchase up to $2,000,000,000 of our common stock, subject to certain limitations and conditions set forth in the Purchase Agreement. The shares of our common stock that may be issued under the Purchase Agreement may be sold by us to Roth Principal Investments at our discretion from time to time over a 36-month period commencing on the Commencement Date unless the Purchase Agreement is terminated earlier.

We generally have the right to control the timing and amount of any sales of our shares of common stock to Roth Principal Investments under the Purchase Agreement. Sales of our common stock, if any, to Roth Principal Investments under the Purchase Agreement will depend upon market conditions and other factors to be determined by us. We may ultimately decide to sell to Roth Principal Investments all, some or none of the shares of our common stock that may be available for us to sell to Roth Principal Investments pursuant to the Purchase Agreement. Depending on market liquidity at the time, resales of those shares by Roth Principal Investments may cause the public trading price of our common stock to decrease.

Because the purchase price per share to be paid by Roth Principal Investments for the shares of common stock that we may elect to sell to Roth Principal Investments under the Purchase Agreement will fluctuate based on the market prices of our common stock, it is not possible for us to predict, as of the date of this prospectus and prior to any such sales, the number of shares of common stock that we will sell to Roth Principal Investments, the purchase price per share that Roth Principal Investments will pay for shares purchased from us under the Purchase Agreement, or the aggregate gross proceeds that we will receive from those purchases by Roth Principal Investments under the Purchase Agreement, if any.

Any issuance and sale by us under the Purchase Agreement of a substantial amount of shares of common stock in addition to the 14,100,000 shares of common stock being registered for resale by Roth Principal Investments under this prospectus could cause downward selling pressure on our common stock.

Our inability to access a portion or the full amount available under the Purchase Agreement, in the absence of any other financing sources, could have a material adverse effect on our business.

***The sale of the shares of common stock acquired by Roth Principal Investments, or the perception that such sales may occur, could cause the price of our common stock to fall.***

The purchase price for the shares that we may sell to Roth Principal Investments under the Purchase Agreement will fluctuate based on the price of our common stock. Depending on market liquidity at the time, sales of such shares or any other sales of our common stock may cause the trading price of our common stock to fall.

If and when we do sell shares to Roth Principal Investments, after Roth Principal Investments has acquired the shares, Roth Principal Investments may resell all, some, or none of those shares at any time or from time to time in its discretion. Therefore, sales to Roth Principal Investments by us could result in substantial dilution to the interests of other holders of our common stock. Additionally, the sale of a substantial number of shares of our common stock to Roth Principal Investments, or the anticipation of such sales, could make it more difficult for us to sell equity securities in the future at a time and at a price that we might otherwise wish to effect sales.

***Investors who buy shares at different times will likely pay different prices.***

Pursuant to the Purchase Agreement, we will have discretion, subject to market demand, to vary the timing, prices, and numbers of shares sold to Roth Principal Investments. If and when we do elect to sell shares of our common stock to Roth Principal Investments pursuant to the Purchase Agreement, after Roth Principal Investments has acquired such shares, Roth Principal Investments may resell all, some or none of such shares at any time or from time to time in its discretion and at different prices. As a result, investors who purchase shares from Roth Principal Investments in this offering at different times will likely pay different prices for those shares, and have different outcomes in their investment results. Investors may experience a decline in the value of the shares they purchase from Roth Principal Investments in this offering as a result of future sales made by us to Roth Principal Investments at prices lower than the prices such investors paid for their shares in this offering. In addition, if we sell a substantial number of shares to Roth Principal Investors under the Purchase Agreement, or if investors expect that we will do so, the actual sales of shares or the mere existence of our arrangement with Roth Principal Investors may make it more difficult for us to sell equity or equity-related securities in the future at a time and at a price that we might otherwise wish to effect such sales.

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**Risks Related to Our Securities and This Offering**

 

***Common stock of closed-end management investment companies has in the past frequently traded at discounts to their NAVs, and we cannot assure you that the market price of our shares will not decline below our NAV per share.***

Common stock of closed-end management investment companies have in the past frequently traded at discounts to their respective NAVs and our common stock may also be discounted in the market. This characteristic of closed-end management investment companies is separate and distinct from the risk that our NAV per share may decline. We cannot predict whether shares of our common stock will trade above, at or below our NAV per share. In addition, if our common stock trades below our NAV per share, we will generally not be able to sell additional common stock to the public at market price except (1) in connection with a rights offering to our existing stockholders, (2) with the consent of the majority of our common stockholders, (3) upon the conversion of a convertible security in accordance with its terms or (4) under such circumstances as the SEC may permit.

**MANAGEMENT OF THE FUND**

**The Board of Directors**

The Board has overall responsibility for monitoring the Fund's investment program and its management and operations. At least a majority of the Board is comprised of persons who are not "interested persons" of the Fund or the Adviser (as such term is defined in Section 2(a)(19) of the 1940 Act, each, an "Independent Director" and, collectively, the "Independent Directors"). Any vacancy on the Board may be filled by the remaining Directors, except to the extent the 1940 Act requires the election of Directors by stockholders. Subject to the provisions of Maryland law, the Directors will have all powers necessary and convenient to carry out this responsibility. The name and business address of the Directors and officers of the Fund and their principal occupations and other affiliations during the past five years, as well as a description of committees of the Board, are set forth under "Management" in the Statement of Additional Information ("SAI").

**The Investment Adviser**

The Adviser was formed on June 16, 2025 as a limited liability company under the laws of Puerto Rico and is a registered investment adviser. The principal address of the Adviser is 151 Calle de San Francisco, Suite 200, San Juan, Puerto Rico 00901, and its phone number is (787) 722-6881. The Adviser is owned and controlled by its voting members, Andrew Kang and Marc Weinstein.

The Adviser serves as investment adviser to the Fund pursuant to the Advisory Agreement. Under the Advisory Agreement, the Adviser will provide investment advice to, and manage the day-to-day business and affairs of the Fund, in each case under the ultimate supervision of, and subject to any policies established by the Board.

Pursuant to the Advisory Agreement, the Adviser will be responsible, subject to the supervision of the Board, for formulating a continuing investment program for the Fund. The Advisory Agreement has an initial two-year term and thereafter will continue in effect from year to year if its continuance is approved annually by the Board. The Advisory Agreement is terminable without penalty on 60 days' prior written notice by the Board or by the Adviser.

In consideration of the management and administrative services provided by the Adviser to the Fund, the Fund pays on a monthly basis, out of its assets, the Management Fee at the annual rate of 2.5% of the Fund's average value of the Fund's gross assets (including assets purchased with borrowed amounts) at the end of the two most recently completed calendar months.

The Advisory Agreement provides that, in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations to the Fund, the Adviser and any director, officer, member or employee thereof, or any of their affiliates, executors, heirs, assigns, successors or other legal representatives, will not be liable to the Fund, for any error of judgment, for any mistake of law or for any act or omission by such person in connection with the performance of services under the Advisory Agreement. The Advisory Agreement also provides for indemnification, to the fullest extent permitted by law, by the Fund of the Adviser, or any director, member, officer or employee thereof, and any of their affiliates, executors, heirs, assigns, successors or other legal representatives, against any liability or expense to which such person may be liable which arises in connection with the performance of services to the Fund, as the case may be, provided that the liability or expense is not incurred by reason of the person's willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations to the Fund.

A discussion regarding the Board's basis for approving the Advisory Agreement was included in the Fund's semi-annual report to shareholders for the fiscal period ending February 28, 2026.

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***Portfolio Managers***

The portfolio managers who are primarily responsible for the day-to-day management of our portfolio are as follows:

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***Andrew Kang*** has served as a portfolio manager of the Fund since its inception. Mr. Kang is a respected investor and entrepreneur known for his analytical rigor and deep expertise in digital asset markets. Mr. Kang founded Mechanism Capital in 2020. As the Founding Partner of Mechanism Capital, he has played a pivotal role in identifying and supporting early-stage blockchain ventures and DeFi protocols.

In recent years, Mr. Kang has expanded Mechanism's mandate into frontier technologies, leading investments across artificial intelligence, robotics, longevity, and advanced energy systems. He was an early investor in Figure AI and Apptronik, two of the world's leading humanoid robotics companies.

Mr. Kang's background in structured finance and derivatives informs his data-driven approach to financial due diligence, consistently guiding sound investment decisions that at the cutting edge of technology. His commitment to transparent research and high-conviction investing continues to influence both emerging projects and established institutions across the digital finance and deep tech ecosystems. He holds a degree from Emory University.

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***Marc Weinstein*** has served as a portfolio manager of the Fund since its inception. Mr. Weinstein is a seasoned finance professional and investor with a proven track record across capital markets and early-stage ventures. He started his career in investment banking at Jefferies and Morgan Stanley, then became an entrepreneur with his first company, TINCO. TINCO was built to protect investors from the inflationary impact of quantitative easing.

After TINCO, Mr. Weinstein built and sold 90sFest, a leading business in the live entertainment industry. In 2017, after selling 90sFest, Mr. Weinstein joined the cryptocurrency industry full time as Principal at Wave Financial, one of the first registered investment advisors focused on digital assets. He led Wave's venture capital business leading investments into dozens of protocols like NEAR and Securitize.

In 2020, Mr. Weinstein joined Mechanism Capital as a General Partner where he leads the venture investment team. For the last five years, Mr. Weinstein has also been an active angel investor in deep tech sectors-including robotics, AI, longevity, and national defense. He has led investments into nearly two hundred portfolio companies since his start as a venture capital investor. Mr. Weinstein graduated from Wharton with a BSc in Economics in 2010.

The SAI provides additional information about our portfolio managers' compensation, other accounts managed and ownership of our shares.

**License Agreement**

We entered into a license agreement (the "License Agreement") with the Adviser, pursuant to which the Adviser has granted us a non-exclusive license to use the name "RoboStrategy." Under the License Agreement, we will have a right to use the "RoboStrategy" name for so long as the Adviser or one of its affiliates remains our investment adviser. Other than with respect to this limited license, we have no legal right to the "RoboStrategy" name.

**Administrator**

U.S. Bancorp Fund Services, LLC doing business as U.S. Bancorp Global Fund Services, LLC (the "Administrator") with offices located at 777 East Wisconsin Avenue, 4th Floor, Milwaukee, WI 53212, serves as administrator and accounting agent for the Fund. For its services, the Administrator is paid a fee based upon a percentage of the average net assets of the Fund, subject to a minimum annual fee, as well as certain fixed fees and expenses.

**Custodian, Transfer Agent and Dividend Paying Agent**

Our securities are held by U.S. Bank National Association pursuant to a custodian agreement. The principal business address of U.S. Bank National Association is 5065 Wooster Road, Cincinnati, Ohio 45226. Computershare Trust Company, N.A. serves as our transfer agent, distribution paying agent and registrar. The principal business address of Computershare Trust Company, N.A. is 150 Royall Street, Canton, Massachusetts 02021.

**FUND EXPENSES**

The Adviser bears all of its own costs incurred in providing investment advisory services to the Fund. As described below, however, the Fund bears all other expenses incurred in the business and operation of the Fund, including:

(i) any non-investment related interest
expense;

(ii) calculating the Fund's net
asset value and expenses incurred by the Adviser or any sub-adviser in conjunction with the valuation services (including the cost and
expenses of any third-party valuation firms) requested by the Adviser or the Fund;

(iii) all expenses related to its investment
program, including, but not limited to, expenses borne indirectly through the Fund's investments in subsidiaries or SPVs, all costs
and expenses directly related to portfolio transactions and positions for the Fund's account, such as direct and indirect expenses
associated with the Fund's investments, including its investments in subsidiaries or SPVs (whether or not consummated), and enforcing
the Fund's rights in respect of such investments, transfer taxes and premiums, taxes withheld on non-U.S. dividends, fees for data
and software providers, research expenses, professional fees (including, without limitation, the fees and expenses of consultants, attorneys
and experts) and, if applicable, brokerage commissions, interest and commitment fees on loans and debit balances, borrowing charges on
securities sold short, dividends on securities sold but not yet purchased and margin fees;

(iv) the organization of the Fund,
including the organization of any feeder fund;

(v) direct and indirect expenses incurred
by the Adviser or members of its investment teams or payable to third parties in evaluating, developing, negotiating, structuring and
performing due diligence on prospective portfolio companies, including such expenses related to potential investments that were not consummated,
and, if necessary, enforcing the Fund's rights, including (a) travel, entertainment, lodging and meal expenses, (b) origination
fees, syndication fees, research costs, due diligence costs, and bank service fees and (c) fees and expenses related to the organization
or maintenance of any intermediate entity used to acquire, hold or dispose of any portfolio company or otherwise facilitating the Fund's
investment activities;

(vi) fees and expenses incurred by
the Adviser (and its affiliates) payable to third parties, including agents, consultants or other advisers, in monitoring financial and
legal affairs for the Fund and in conducting research and due diligence on prospective investments and equity sponsors, analyzing investment
opportunities, structuring the Fund's investments and monitoring investments and portfolio companies on an ongoing basis;

(vii) any and all fees, costs and expenses
incurred in connection with the Fund's incurrence of leverage or other indebtedness, including, but not limited to, borrowings,
dollar rolls, reverse purchase agreements, credit facilities, securitizations, margin financing and derivatives and swaps, and including
any principal or interest on the Fund's borrowings and indebtedness (including, without limitation, any fees, costs, and expenses
incurred in obtaining lines of credit, loan commitments, and letters of credit for the Fund's account and in making, carrying,
funding and/or otherwise resolving investment guarantees);

(viii) offerings, sales, and repurchases
of the Shares and other securities;

(ix) fees and expenses payable under
any underwriting, dealer manager or placement agent agreements, if any;

(x) all costs of registration and
listing of the Fund's Shares on any securities exchange;

(xi) fees and expenses payable under
the Advisory Agreement;

(xii) administration fees and expenses,
if any, payable under an administration agreement;

(xiii) the Fund's allocable portion
of the compensation of the Fund's chief financial officer, treasurer, chief compliance officer, and their respective staffs;

(xiv) costs incurred in connection with
investor relations and Board relations;

(xv) any applicable administrative
agent fees or loan arranging fees incurred with respect to the Fund's portfolio investments by the Adviser, the Fund's administrator,
or any of their affiliates;

(xvi) any and all fees, costs and expenses
incurred in implementing or maintaining third-party or proprietary software tools, programs or other technology for the Fund's
benefit (including, without limitation, any and all fees, costs and expenses of any investment, books and records, portfolio compliance
and reporting systems, general ledger or portfolio accounting systems and similar systems and services, including without limitation,
consultant, software licensing, data management and recovery service fees and expenses);

(xvii) transfer agent, dividend agent
and custodial fees and expenses;

(xviii) federal and state registration
fees, including notice filing fees;

(xix) U.S. federal, state and local
taxes;

(xx) fees and expenses of Independent
Directors including reasonable travel, entertainment, lodging and meal expenses, and any legal counsel or other advisers retained by,
or at the discretion or for the benefit of, the Independent Directors;

(xxi) costs of preparing and filing
reports or other documents required by the SEC, Financial Industry Regulatory Authority, Inc., U.S. Commodity Futures Trading Commission,
or other regulators and all fees, costs and expenses related to compliance-related matters (such as developing and implementing specific
policies and procedures in order to comply with certain regulatory requirements) and regulatory filings related to the Fund's activities
and/or other regulatory filings, notices or disclosures of the Adviser, any sub-adviser and their respective affiliates relating to the
Fund and its activities;

(xxii) costs of any reports, proxy statements,
or other notices to shareholders, including printing costs;

(xxiii) fidelity bond, directors and officers/errors
and omissions liability insurance and any other insurance premiums;

(xxiv) direct costs and expenses of administration,
including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors, tax preparers and outside
legal costs;

(xxv) proxy voting expenses;

(xxvi) all expenses relating to payments
of dividends or interest or distributions in cash or any other form made or caused to be made by the Board to or on account of holders
of the securities of the Fund, including in connection with the distribution reinvestment plan or the share repurchase program;

(xxvii) costs incurred in connection with
the formation or maintenance of entities or vehicles to hold the Fund's assets for tax or other purposes;

(xxviii) to the extent permitted by the
1940 Act or any exemptive relief obtained thereunder, allocable fees and expenses associated with marketing efforts on behalf of the
Fund; and

(xxix) any extraordinary expenses, or
those expenses incurred by the Fund outside of the ordinary course of its business, including, without limitation, costs incurred in
connection with any claim, litigation, arbitration, mediation, government investigation or similar proceeding, indemnification expenses
and expenses in connection with holding and/or soliciting proxies for a meeting of the Fund's shareholders, including indemnification
expenses as provided for in the Fund's organizational documents.

Except as set forth above, during the term of the Advisory Agreement, the Adviser shall bear all compensation expenses (including health insurance, pension benefits, payroll taxes and other compensation-related matters) of its employees and shall bear the costs of any salaries of any officers or Directors of the Fund who are affiliated persons (as defined in the 1940 Act) of the Adviser.

The Fund reimburses the Adviser for any of the above expenses that the Adviser pays on behalf of the Fund.

**CONTROL PERSONS**

A control person is one who owns, either directly or indirectly, more than 25% of the voting securities of a company or acknowledges the existence of control. As of April 29, 2026, Andrew Kang beneficially owned 47.55% of the voting securities of the Fund, and is considered a control person of the Fund.

**DESCRIPTION OF SHARES**

 

*The following description is based on relevant portions of the Maryland General Corporation Law (the "MGCL") and on the Fund's Charter and Bylaws ("Bylaws"). This summary may not contain all of the information that is important to a* shareholder*. Please refer to the Fund's Charter and Bylaws for a more detailed description of the provisions summarized below.*

**General**

Under the terms of the Charter, the Fund's authorized capital stock consists of 500,000,000 shares of common stock, par value $0.001 per share, and no shares of preferred stock. There are no outstanding options or warrants to purchase the Fund's stock. Under Maryland law, the Fund's shareholders generally are not personally liable for the Fund's debts or obligations. Under the Fund's Charter, the Board is authorized to classify and reclassify any unissued shares of stock into other classes or series of stock and authorize the issuance of the shares of stock without obtaining shareholder approval. As permitted by the MGCL, the Fund's Charter provides that the Board, without any action by our shareholders, may amend the Charter from time to time to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have authority to issue.

The following presents our outstanding classes of securities as of April 29, 2026:

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| | | | |
|:---|:---|:---|:---|
| **Title of Class** | &nbsp;&nbsp;**Amount Authorized** | &nbsp;&nbsp;**Amount Held by Us or for <br> Our Account** | &nbsp;&nbsp;**Amount Outstanding<br> Exclusive of Amount Held <br> by Us or for Our Account** |
| Common Stock | &nbsp;&nbsp;500,000,000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;20,274,168 |

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**Common Stock**

All Shares of the Fund's common stock will have equal rights as to earnings, assets, voting, and distributions and other distributions and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable. Distributions may be paid to the holders of the Fund's common stock if, as and when authorized by the Board and declared by the Fund out of funds legally available therefor. Shares of the Fund's common stock have no preemptive, exchange, conversion or redemption rights and are freely transferable, except where their transfer is restricted by federal and state securities laws or by contract. In the event of the Fund's liquidation, dissolution or winding up, each Share of the Fund's common stock would be entitled to share ratably in all of the Fund's assets that are legally available for distribution after the Fund pays all debts and other liabilities and subject to any preferential rights of holders of the Fund's preferred stock, if any preferred stock is outstanding at such time. Each Share of the Fund's common stock is entitled to one vote on all matters submitted to a vote of shareholders, including the election of directors. Except as provided with respect to any other class or series of stock, the holders of the Fund's common stock possess exclusive voting power.

**Preferred Stock**

The Fund's charter authorizes the Board to classify and reclassify any unissued shares of stock into other classes or series of stock, including preferred stock. The cost of any such reclassification would be borne by the Fund's existing common stockholders. Prior to issuance of shares of each class or series, the Board is required by Maryland law and by the Fund's charter to set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each class or series. Thus, the Board could authorize the issuance of shares of preferred stock with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or a change in control that might involve a premium price for holders of the Fund's common stock or otherwise be in their best interest. The Fund believes that the availability for issuance of preferred stock will provide it with increased flexibility in structuring future financings and acquisitions. However, it does not currently have any plans to issue preferred stock.

**Limitation on Liability of Directors and Officers; Indemnification and Advance of Expenses**

Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its shareholders for money damages except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate dishonesty established by a final judgment as being material to the cause of action. The Fund's Charter contains such a provision which eliminates directors' and officers' liability to the maximum extent permitted by Maryland law.

The Fund's Charter authorizes it, to the maximum extent permitted by Maryland law, to indemnify any present or former director or officer or any individual who, while serving as its director or officer and at the Fund's request, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner or trustee, from and against any claim or liability to which that person may become subject or which that person may incur by reason of his or her service in any such capacity and to pay or reimburse their reasonable expenses in advance of final disposition of a proceeding. The Fund's Bylaws obligate it, to the maximum extent permitted by Maryland law, to indemnify any present or former director or officer or any individual who, while serving as the Fund's director or officer and at its request, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner or trustee and who is made, or threatened to be made, a party to the proceeding by reason of his or her service in that capacity from and against any claim or liability to which that person may become subject or which that person may incur by reason of his or her service in any such capacity and to pay or reimburse his or her reasonable expenses in advance of final disposition of a proceeding. The Fund's Bylaws also provide that, to the maximum extent permitted by Maryland law, with the approval of the Board and provided that certain conditions described in the Bylaws are met, it may pay certain expenses incurred by any such indemnified person in advance of the final disposition of a proceeding upon receipt of an undertaking by or on behalf of such indemnified person to repay amounts the Fund has so paid if it is ultimately determined that indemnification of such expenses is not authorized under the Bylaws.

Maryland law requires a corporation (unless its charter provides otherwise, which the Fund's Charter does not) to indemnify a director or officer who has been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made, or threatened to be made, a party by reason of his or her service in that capacity. Maryland law permits a corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made, or threatened to be made, a party by reason of their service in those or other capacities unless it is established that (a) the act or omission of the director or officer was material to the matter giving rise to the proceeding and (1) was committed in bad faith or (2) was the result of active and deliberate dishonesty, (b) the director or officer actually received an improper personal benefit in money, property or services or (c) in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. However, under Maryland law, a Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis that a personal benefit was improperly received unless, in either, case a court orders indemnification, and then only for expenses. In addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer in advance of final disposition of a proceeding upon the corporation's receipt of (a) a written affirmation by the director or officer of his or her good-faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.

The Fund's insurance policy does not currently provide coverage for claims, liabilities and expenses that may arise out of activities that its present or former directors or officers have performed for another entity at the Fund's request. There is no assurance that such entities will in fact carry such insurance. However, the Fund does not expect to request its present or former directors or officers to serve other entities as directors, officers, partners or trustees unless the Fund can obtain insurance providing coverage for such persons for any claims, liabilities or expenses that may arise out of their activities while serving in such capacities.

**Certain Provisions of the MGCL and Our Charter and Bylaws; Anti-Takeover Measures**

The MGCL and the Fund's Charter and Bylaws contain provisions that could make it more difficult for a potential acquirer to acquire the Fund by means of a tender offer, proxy contest or otherwise. These provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of the Fund to negotiate first with the Board. These measures may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of the Fund's shareholders. These provisions could have the effect of depriving shareholders of an opportunity to sell their Shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control over the Fund. Such attempts could have the effect of increasing the Fund's expenses and disrupting its normal operations. The Fund believes that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because, among other things, the negotiation of such proposals may improve their terms. The Board has considered these provisions and has determined that the provisions are in the best interests of the Fund and its shareholders generally.

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***Classified Board of Directors***

The Board intends to structure itself to be divided into three classes of directors serving staggered three-year terms. Directors of each class are elected to serve for three-year terms and until their successors are duly elected and qualify, and each year, one class of directors is elected by the shareholders. A classified board may render a change in control of the Fund or removal of its incumbent management more difficult. The Fund believes, however, that the longer time required to elect a majority of a classified Board will help to ensure the continuity and stability of its management and policies.

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***Election of Directors***

The Bylaws provide that, subject to the special rights of the holders of any class or series of preferred stock to elect directors, each director is elected by a plurality of the votes cast with respect to such director's election. There is no cumulative voting in the election of directors. Pursuant to the Fund's Charter, the Board may amend the Bylaws to alter the vote required to elect directors.

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***Number of Directors; Vacancies; Removal***

The Fund's Charter provides that the number of directors will be set by the Board in accordance with the Bylaws. The Bylaws provide that a majority of the entire Board may at any time increase or decrease the number of directors, provided however, that the number of directors may never be less than the minimum number required by the MGCL nor more than nine. The Bylaws provide that, except as may be provided by the Board in setting the terms of any class or series of preferred stock, any and all vacancies on the Board may be filled only by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum, and any director elected to fill a vacancy will serve for the remainder of the full term of the class in which the vacancy occurred and until a successor is elected and qualifies.

Our Charter provides that a Director may be removed only for cause, as defined in our Charter, and then only by the affirmative vote of at least two-thirds of the votes entitled to be cast in the election of Directors.

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***Action by Shareholders***

Under the MGCL, shareholder action can be taken only at an annual or special meeting of shareholders or by unanimous written consent in lieu of a meeting (unless the charter provides for shareholder action by less than unanimous written consent). These provisions, combined with the requirements of the Bylaws regarding the calling of a shareholder-requested special meeting of shareholders discussed below, may have the effect of delaying consideration of a shareholder proposal indefinitely.

The presence in person or by proxy of the holders of one-third of the votes entitled to be cast (without regard to class) shall constitute a quorum at any meeting of stockholders, except with respect to any such matter that, under applicable statutes or regulatory requirements or the Charter, requires approval by a separate vote of one or more classes or series of stock, in which case the presence in person or by proxy of the holders of shares entitled to cast a majority of the votes entitled to be cast by such classes or series on such a matter shall constitute a quorum.

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***Advance Notice Provisions for Shareholder Nominations and Shareholder Proposals***

The Fund's Bylaws provide that with respect to an annual meeting of shareholders, nominations of persons for election to the Board and the proposal of business to be considered by shareholders may be made only (1) pursuant to the Fund's notice of the meeting, (2) by the Board or (3) by a shareholder who is entitled to vote at the meeting, who has complied with the advance notice procedures of the Bylaws and who is a shareholder of record at the time of the annual meeting and at the time of giving notice pursuant to the advance notice procedures of the Bylaws. With respect to special meetings of shareholders, only the business specified in the Fund's notice of the meeting may be brought before the meeting. Nominations of persons for election to the Board at a special meeting may be made only (1) pursuant to our notice of the meeting, (2) by the Board or (3) provided that the Board has determined that directors will be elected at the meeting, by a shareholder who is entitled to vote at the meeting, who has complied with the advance notice provisions of the Bylaws and who is a shareholder of record at the time of the special meeting and at the time of giving notice pursuant to the advance notice procedures of the Bylaws.

The purpose of requiring shareholders to give the Fund advance notice of nominations and other business is to afford the Board a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by the Board, to inform shareholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting meetings of shareholders. Although the Bylaws do not give the Board any power to disapprove shareholder nominations for the election of directors or proposals recommending certain action, they may have the effect of precluding a contest for the election of directors or the consideration of shareholder proposals if proper procedures are not followed and of discouraging or deterring a third-party from conducting a solicitation of proxies to elect its own slate of directors or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to the Fund and its shareholders.

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***Calling of Special Meetings of Shareholders***

The Fund's Bylaws provide that special meetings of shareholders may be called by the Board and certain of the Fund's officers. Additionally, the Bylaws provide that, subject to the satisfaction of certain procedural and informational requirements by the shareholders requesting the meeting, a special meeting of shareholders will be called by the secretary of the corporation upon the written request of shareholders entitled to cast not less than a majority of all the votes entitled to be cast at such meeting.

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***Approval of Extraordinary Corporate Action; Amendment of Charter and Bylaws***

Under Maryland law, a Maryland corporation generally cannot dissolve, amend its charter, merge, sell all or substantially all of its assets, engage in a share exchange or engage in similar transactions outside the ordinary course of business, unless approved by the affirmative vote of shareholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter. However, a Maryland corporation may provide in its charter for approval of these matters by a lesser percentage, but not less than a majority of all of the votes entitled to be cast on the matter. The Fund's Charter generally provides for approval of charter amendments and extraordinary transactions by the shareholders entitled to cast at least a majority of the votes entitled to be cast on the matter. The Fund's Charter also provides that certain charter amendments, any proposal for the Fund's conversion, whether by charter amendment, merger or otherwise, from a closed-end company to an open-end company and any proposal for the Fund's liquidation or dissolution requires the approval of the shareholders entitled to cast at least 80% of the votes entitled to be cast on such matter. However, if such amendment or proposal is approved by a majority or more of the Fund's continuing directors (in addition to approval by the Board), such amendment or proposal may be approved by a majority of the votes entitled to be cast on such a matter. The "continuing directors" are defined in the Fund's Charter as (1) the Fund's current directors, (2) those directors whose nomination for election by the shareholders or whose election by the directors to fill vacancies is approved by a majority of the current directors then on the Board or (3) any successor directors whose nomination for election by the shareholders or whose election by the directors to fill vacancies is approved by a majority of continuing directors or the successor continuing directors then in office.

The Fund's Charter and Bylaws provide that the Board will have the exclusive power to adopt, alter, amend or repeal any provision of the Bylaws and to make new Bylaws.

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***No Appraisal Rights***

Except with respect to appraisal rights arising in connection with the Maryland Control Share Acquisition Act discussed below, as permitted by the MGCL, the Fund's Charter provides that shareholders will not be entitled to exercise appraisal rights unless a majority of the Board determines such rights apply.

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***Control Share Acquisitions***

The MGCL allows closed-end funds to opt into the Maryland's control share statute (the "Control Share Acquisition Act"), which allows a corporation to limit the voting rights of shares acquired by certain large stockholders. We have not opted into, and do not expect to opt into, the Control Share Acquisition Act unless the Board determines (which it presently has not) that doing so is not inconsistent with the 1940 Act. However, the Board may adopt a resolution at any time choosing to opt into and make us subject to, the Control Share Acquisition Act. Important provisions of the Control Share Acquisition Act, which would apply if the Fund opted to be subject to the act, are described below.

The Control Share Acquisition Act provides that control shares of a Maryland corporation acquired in a control share acquisition have no voting rights except to the extent approved by a vote of two-thirds of the votes entitled to be cast on the matter. Shares owned by the acquiror, by officers or by directors who are employees of the corporation are excluded from shares entitled to vote on the matter. Control shares are voting shares of stock which, if aggregated with all other shares of stock owned by the acquiror or in respect of which the acquiror is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquiror to exercise voting power in electing directors within one of the following ranges of voting power:

● one-tenth or more but less than one-third;

● one-third or more but less than a majority; or

● a majority or more of all voting power.

The requisite stockholder approval must be obtained each time an acquiror crosses one of the thresholds of voting power set forth above. Control shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval. A control share acquisition means the acquisition of control shares, subject to certain exceptions.

A person who has made or proposes to make a control share acquisition may compel the board of directors of the corporation to call a special meeting of stockholders to be held within 50 days of demand to consider the voting rights of the shares. The right to compel the calling of a special meeting is subject to the satisfaction of certain conditions, including an undertaking to pay the expenses of the meeting. If no request for a meeting is made, the corporation may itself present the question at any stockholders meeting.

If voting rights are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required by the statute, then the corporation may redeem for fair value any or all of the control shares, except those for which voting rights have previously been approved. The right of the corporation to redeem control shares is subject to certain conditions and limitations. Fair value is determined, without regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquirer or of any meeting of stockholders at which the voting rights of the shares are considered and not approved. If voting rights for control shares are approved at a stockholders meeting and the acquirer becomes entitled to vote a majority of the shares entitled to vote, all other stockholders may exercise appraisal rights. The fair value of the shares as determined for purposes of appraisal rights may not be less than the highest price per share paid by the acquirer in the control share acquisition.

Potentially inhibiting a closed-end investment company's ability to utilize the Control Share Acquisition Act is Section 18(i) of the 1940 Act which provides that "every share of stock . . . issued by a registered management company . . . shall be a voting stock and have equal voting rights with every other outstanding voting stock," thereby preventing the Fund from issuing a class of shares with voting rights that vary within that class. There are currently different views, however, on whether or not the Control Share Acquisition Act conflicts with Section 18(i) of the 1940 Act. One view is that implementation of the Control Share Acquisition Act would conflict with the 1940 Act because it would deprive certain shares of their voting rights. Another view is that implementation of the Control Share Acquisition Act would not conflict with the 1940 Act because it would limit the voting rights of shareholders who choose to acquire shares of stock that put them within the specified percentages of ownership rather than limiting the voting rights of the shares themselves. The Control Share Acquisition Act does not apply (a) to shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction or (b) to acquisitions approved or exempted by the charter or bylaws of the corporation.

A November 15, 2010 letter from the staff of the SEC's Division of Investment Management took the position that a closed-end fund, by opting in to the Control Share Acquisition Act, would be acting in a manner inconsistent with Section 18(i) of the 1940 Act. However, on May 27, 2020, the staff of the SEC's Division of Investment Management published an updated statement (the "2020 Control Share Statute Relief") withdrawing the November 15, 2010 letter and replacing it with a new no-action position allowing a closed-end fund under Section 18(i) to opt-in to the Control Share Acquisition Act, provided that the decision to do so was taken with reasonable care in light of (1) the board's fiduciary duties, (2) applicable federal and state law, and (3) the particular facts and circumstances surrounding the action. The 2020 Control Share Statute Relief reflects only the enforcement position of the Staff and is not binding on the SEC or any court. Recent federal court decisions, however, have found that an opt into the Maryland Control Share Acquisition Act violates the 1940 Act.

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***Business Combinations***

Under Maryland law, "business combinations" between a corporation and an interested shareholder or an affiliate of an interested shareholder are prohibited for five years after the most recent date on which the interested shareholder becomes an interested shareholder. These business combinations include a merger, consolidation, share exchange or, in circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities. An interested shareholder is defined as:

● any person who beneficially owns 10% or more of the voting power of the corporation's outstanding voting stock; or

● an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then-outstanding voting stock of the corporation.

A person is not an interested shareholder under this statute if the board of directors approved in advance the transaction by which the shareholder otherwise would have become an interested shareholder. However, in approving a transaction, the board of directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the board.

After the five-year prohibition, any business combination between the corporation and an interested shareholder generally must be recommended by the board of directors of the corporation and approved by the affirmative vote of at least:

● 80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and

● two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested

● shareholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested shareholder.

These super-majority vote requirements do not apply if the corporation's common shareholders receive a minimum price, as defined under Maryland law, for their shares in the form of cash or other consideration in the same form as previously paid by the interested shareholder for its shares.

The statute permits various exemptions from its provisions, including business combinations that are exempted by the board of directors before the time that the interested shareholder becomes an interested shareholder.

**Exclusive Forum**

The Fund's Charter requires that, unless the Fund consents in writing to the selection of an alternative forum, the Circuit Court for Baltimore City (or, if that Court does not have jurisdiction, the United States District Court for the District of Maryland, Northern Division) shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Fund; (ii) any action asserting a claim of breach of any standard of conduct or legal duty owed by any of the Fund's directors, officers or other agents to the Fund or to its shareholders, (iii) any action asserting a claim arising pursuant to any provision of the MGCL or the Charter or the Bylaws (as either may be amended from time to time), or (iv) any action asserting a claim governed by the internal affairs doctrine. This exclusive forum selection provision in the Fund's Charter does not apply to claims arising under the federal securities laws, including the Securities Act and the Exchange Act.

There is uncertainty as to whether a court would enforce such a provision, and investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. In addition, this provision may increase costs for shareholders in bringing a claim against the Fund or its directors, officers or other agents. Any investor purchasing or otherwise acquiring the Fund's shares is deemed to have notice of and consented to the foregoing provision.

The exclusive forum selection provision in the Fund's Charter may limit its shareholders' ability to obtain a favorable judicial forum for disputes with the Fund or its directors, officers or other agents, which may discourage lawsuits against the Fund and such persons. It is also possible that, notwithstanding such exclusive forum selection provision, a court could rule that such provision is inapplicable or unenforceable.

**CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS**

The following discussion is a general summary of certain U.S. federal income tax considerations applicable to us and to an investment in our common stock. This discussion does not purport to be a complete description of the income tax considerations applicable to such an investment. For example, this discussion does not describe tax consequences that we have assumed to be generally known by investors or certain considerations that may be relevant to certain types of holders subject to special treatment under U.S. federal income tax laws, including persons who hold our common stock as part of a straddle or a hedging, integrated or constructive sale transaction, persons subject to the alternative minimum tax, tax-exempt organizations, insurance companies, brokers or dealers in securities, pension plans and trusts, persons whose functional currency is not the U.S. dollar, certain former citizens and long-term residents of the United States, regulated investment companies, real estate investment trusts, personal holding companies, persons who acquire an interest in the Fund in connection with the performance of services, persons required to accelerate the recognition of any item of gross income as a result of such income being taken into account on an applicable financial statement, and financial institutions. Such persons should consult with their own tax advisors as to the U.S. federal income tax consequences of an investment in our common stock, which may differ substantially from those described herein. This discussion assumes that stockholders hold our common stock as capital assets (within the meaning of the Code).

The discussion is based upon the Code, Treasury regulations, and administrative and judicial interpretations, each as of the date of this Registration Statement and all of which are subject to change, possibly retroactively, which could affect the continuing validity of this discussion. We have not sought and will not seek any ruling from the Internal Revenue Service ("IRS") regarding any matter discussed herein. Prospective investors should be aware that, although we intend to adopt positions we believe are in accord with current interpretations of the U.S. federal income tax laws, the IRS may not agree with the tax positions taken by us and that, if challenged by the IRS, our tax positions might not be sustained by the courts. This summary does not discuss any aspects of U.S. estate, alternative minimum, or gift tax or non-U.S., state or local tax. It also does not discuss the special treatment under U.S. federal income tax laws that could result if we invested in tax-exempt securities or certain other investment assets.

For purposes of this discussion, a "U.S. Shareholder" is a beneficial owner of our common stock that is for U.S. federal income tax purposes:

● a citizen or individual resident of the United States;

● a corporation (or other entity treated as a corporation) organized in or under the laws of the United States, any state thereof, or the District of Columbia;

● a trust that (i) is subject to the primary supervision of a court within the U.S. and one or more U.S. persons have the authority to control all substantial decisions of the trust, or (ii) has a valid election in effect under applicable U.S. Treasury Regulations to be treated as a U.S. person; or

● an estate, the income of which is subject to U.S. federal income taxation regardless of its source.

A "Non-U.S. Shareholder" is a beneficial owner of our common stock that is neither a U.S. Shareholder nor a partnership for U.S. tax purposes.

If a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds our common stock, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Any partner of a partnership holding our common stock should consult its tax advisors with respect to the purchase, ownership and disposition of such shares.

Tax matters are very complicated and the tax consequences to an investor of an investment in our common stock will depend on the facts of his, her or its particular situation.

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***Taxation of the Fund***

While we intend to elect to be treated, and intend to qualify annually thereafter, as a RIC, we will not qualify as a RIC for our initial taxable year ending August 31, 2026. Consequently, we will be treated as a corporation for the current taxable year. As a corporation, we will be subject to U.S. federal income tax imposed at a 21% rate with respect to our taxable income, including any gain realized on the sale or other taxable disposition of our assets. This tax would be payable by us prior to any distributions to our stockholders. As such, our profits will be subject to "double taxation" which would materially reduce the cash available to pay dividends to stockholders.

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***Taxation of U.S. Shareholders***

Distributions by us generally will constitute dividends for U.S. federal income tax purposes to the extent of our current and accumulated earnings and profits, which are taxable to U.S. Shareholders as ordinary dividend income. Provided that certain holding period and other requirements are met, non-corporate U.S. Shareholders may be eligible for reduced rates of U.S. federal income tax with respect to such distributions, and corporate U.S. Shareholders may be eligible for a dividends-received deduction with respect to such distributions. Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of capital to the extent of the U.S. Shareholder's adjusted tax basis in our common stock, and any remaining distributions would be treated as gain from the sale of shares of our common stock.

A U.S. Shareholder generally will recognize taxable gain or loss if the U.S. Shareholder sells or otherwise disposes of his, her or its shares of our common stock. The amount of gain or loss will be measured by the difference between such stockholder's adjusted tax basis in the shares sold and the amount of the proceeds received in exchange. Any gain or loss arising from such sale or disposition generally will be treated as long-term capital gain or loss if the U.S. Shareholder has held his, her or its shares for more than one year. Otherwise, it will be classified as short-term capital gain or loss. All or a portion of any loss recognized upon a disposition of shares of our common stock may be disallowed if other shares of our common stock are purchased (whether through reinvestment of distributions or otherwise) within 30 days before or after the disposition.

The maximum rate on long-term capital gains for non-corporate taxpayers is currently 20%. In addition, individuals with modified adjusted gross incomes in excess of $200,000 ($250,000 in the case of married individuals filing jointly) and certain estates and trusts are subject to an additional 3.8% surtax on their "net investment income," which generally includes net income from interest, dividends, annuities, royalties, and rents, and net capital gains (other than certain amounts earned from trades or businesses). Corporate U.S. Shareholders currently are subject to U.S. federal income tax on net capital gain at the maximum 21% rate also applied to ordinary income. Non-corporate U.S. Shareholders with net capital losses for a year (i.e., capital losses in excess of capital gains) generally may deduct up to $3,000 of such losses against their ordinary income each year; any net capital losses of a non-corporate stockholder in excess of $3,000 generally may be carried forward and used in subsequent years as provided in the Code. Corporate U.S. Shareholders generally may not deduct any net capital losses for a year, but may carry back such losses for three years or carry forward such losses for five years.

We may be required to backup withhold from all distributions paid to any U.S. Shareholder (other than a corporation, a financial institution, or a U.S. Shareholder that otherwise qualifies for an exemption) (1) who fails to furnish us with a correct taxpayer identification number or a certificate that such U.S. Shareholder is exempt from backup withholding or (2) with respect to whom the IRS notifies us that such U.S. Shareholder has failed to properly report certain interest and dividend income to the IRS and to respond to notices to that effect. An individual's taxpayer identification number generally is his or her social security number. Any amount withheld under backup withholding is allowed as a credit against the U.S. Shareholder's U.S. federal income tax liability, provided that proper information is provided to the IRS.

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***Taxation of Non-U.S. Shareholders***

Subject to the discussions below concerning backup withholding and FATCA (defined below), distributions by us will be subject to U.S. federal withholding tax imposed at a 30% rate (or lower rate provided by an applicable income tax treaty) to the extent of our current and accumulated earnings and profits, unless an applicable exception applies. Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of capital to the extent of the Non-U.S. Shareholder's adjusted tax basis, and any remaining distributions would be treated as a gain from the sale of the Non-U.S. Shareholder's shares of our common stock.

If the distributions are effectively connected with the conduct of a trade or business in the United States by the Non-U.S. Shareholder (and, if an income tax treaty applies, such distributions are attributable to a permanent establishment maintained by such Non-U.S. Shareholder in the United States), we will not be required to withhold U.S. federal income tax if the Non-U.S. Shareholder complies with applicable certification and disclosure requirements, although the distributions will be subject to U.S. federal income tax at the rates applicable to U.S. persons. Special certification requirements apply to a Non-U.S. Shareholder that holds its shares of our common stock through a foreign partnership or a foreign trust, and such Non-U.S. Shareholders are urged to consult their own tax advisors.

Subject to the discussion below concerning backup withholding and FATCA (defined below), gains realized by a Non-U.S. Shareholder upon the sale of shares of our common stock will not be subject to U.S. federal withholding tax and generally will not be subject to U.S. federal income tax unless (i) the gains are effectively connected with the conduct of a trade or business in the United States by the Non-U.S. Shareholder (and, if an income tax treaty applies, such gains are attributable to a permanent establishment maintained by the Non-U.S. Shareholder in the United States) or (ii) such Non-U.S. Shareholder is an individual present in the United States for 183 days or more during the year of the gain.

For a corporate Non-U.S. Shareholder, distributions and gains realized upon the sale of shares of our common stock that are effectively connected to the conduct of a trade or business in the United States by such a Non-U.S. Shareholder may, under certain circumstances, be subject to an additional "branch profits tax" at a 30% rate (or at a lower rate if provided for by an applicable income tax treaty).

We generally must report to our documented Non-U.S. Shareholders and the IRS the amount of dividends paid during each calendar year and the amount of any tax withheld. Information reporting requirements may apply even if no withholding was required because the distributions were effectively connected with the Non-U.S. Shareholder's conduct of a trade or business in the United States or withholding was reduced or eliminated by an applicable income tax treaty. This information also may be made available under a specific treaty or agreement with the tax authorities in the country in which the Non-U.S. Shareholder resides or is established. Backup withholding, however, generally will not apply to distributions to a Non-U.S. Shareholder, provided the Non-U.S. Shareholder furnishes to us or the dividend paying agent the required certification as to its non-U.S. status, such as by providing a valid IRS Form W-8BEN or IRS Form W-8BEN-E (or an acceptable substitute form) establishing that it is a Non-U.S. Shareholder or otherwise establishing an exemption from backup withholding. Amounts withheld under the backup withholding rules are not additional taxes and may be refunded or credited against a Non-U.S. Shareholder's U.S. federal income tax liability, if any, provided the required information is timely furnished to the IRS.

Non-U.S. Shareholders should consult their own tax advisors with respect to the U.S. federal income tax and withholding tax, and state, local and non-U.S. tax consequences of an investment in shares of our common stock.

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***FATCA***

Legislation commonly referred to as the "Foreign Account Tax Compliance Act," or "FATCA," generally imposes a 30% withholding tax on payments of certain types of income to foreign financial institutions ("FFIs") unless such FFIs either (i) enter into an agreement with the U.S. Treasury to report certain required information with respect to accounts held by certain specified U.S. persons (or held by foreign entities that have certain specified U.S. persons as substantial owners) or (ii) reside in a jurisdiction that has entered into an intergovernmental agreement ("IGA") with the United States to collect and share such information and are in compliance with the terms of such IGA and any related laws or regulations implementing such IGA. The types of income subject to the tax include U.S. source interest and dividends. While the Code would also require withholding on payments of the gross proceeds from the sale of any property that could produce U.S. source interest or dividends, the U.S. Treasury Department has indicated its intent to eliminate this requirement in subsequent proposed regulations, which state that taxpayers may rely on the proposed regulations until final regulations on issued. The information required to be reported includes the identity and taxpayer identification number of each account holder that is a specified U.S. person and certain financial information associated with the holder's account. In addition, subject to certain exceptions, this legislation also imposes a 30% withholding on certain payments to certain foreign entities that are not FFIs unless the foreign entity certifies that it does not have a greater than 10% owner that is a specified U.S. person or provides the withholding agent with identifying information on each greater than 10% owner that is a specified U.S. person. Depending on the status of a Non-U.S. Shareholder and the status of the intermediaries through which they hold their shares, Non-U.S. Shareholders could be subject to this 30% withholding tax with respect to distributions on their shares. Under certain circumstances, a Non-U.S. Shareholder might be eligible for refunds or credits of such taxes.

Non-U.S. Shareholders should consult their own tax advisors with respect to the U.S. federal income tax and withholding tax, and state, local and foreign tax consequences of an investment in the shares.

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***Conversion from a Corporation to a RIC***

To the extent that we qualify as a RIC in a subsequent taxable year, we will be required to pay a corporate-level tax on the net amount of any built-in gains on our assets that are attributable to the period during which we did not qualify as a RIC and that we recognize during the five-year period beginning on the date on which we qualified as a RIC. Any corporate-level built-in gain tax is payable at the time the built-in gains are recognized (which generally will be the years in which the built-in gain assets are sold by us in a taxable transaction). The amount of this tax will vary depending on the assets that are actually sold by us in the five-year period, the actual amount of net built-in gain or loss present in those assets as of the date on which we qualify as a RIC, and effective tax rates. The payment of any such corporate-level tax on built-in gains will be a Fund-level expense that will be borne by all shareholders and will reduce the amount available for distribution to shareholders. Alternatively, we may make a special election to cause the gain to be recognized immediately prior to the date on which we qualify as a RIC, in which case, we would recognize any net built-in gain as if we sold our assets at fair market value at the end of the last day of the taxable year before the first taxable year in which we qualified as a RIC.

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***Taxation as a Regulated Investment Company***

We will not qualify as a RIC for our initial taxable year ending August 31, 2026. In a subsequent taxable year, we intend to elect to be treated, and intend to qualify each year thereafter, as a RIC. There can be no assurance that we will qualify as a RIC in future years or be able to maintain our RIC tax treatment following our qualification as a RIC.

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition, in order to obtain RIC tax benefits, we generally must timely distribute to our stockholders, for each taxable year, at least 90% of our "investment company taxable income," which is generally our ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses (the "Annual Distribution Requirement").

The following discussion describes the requirements for us to qualify as a RIC, as well as the U.S. federal income tax consequences of such treatment to our shareholders. The discussion assumes that we qualify for RIC tax treatment for each taxable year, unless otherwise noted.

If we:

● qualify as a RIC; and

● satisfy the Annual Distribution Requirement,

then we will not be subject to U.S. federal income tax on the portion of our income and capital gains that we timely distribute (or are deemed to distribute) to our stockholders. We will be subject to U.S. federal income tax imposed at the regular corporate rates on any income or capital gains not distributed (or deemed distributed) to our stockholders.

We will be subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income unless we distribute in a timely manner an amount at least equal to the sum of (i) 98% of our net ordinary income for each calendar year, (ii) 98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year and (iii) any ordinary income and net capital gain income that we recognized in preceding years, but were not distributed during such years, and on which we paid no U.S. federal income tax (the "Excise Tax Distribution Requirement"). While we intend to distribute sufficient income and capital gains in order to avoid imposition of this 4% U.S. federal excise tax, we may not be successful in avoiding entirely the imposition of this tax.

In order to qualify as a RIC for U.S. federal income tax purposes, we must, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;· derive in each taxable year at least 90% of our gross income from dividends, interest, payments with respect
to loans of certain securities, gains from the sale of stock or other securities or foreign currencies, net income from certain "qualified
publicly traded partnerships" (as defined in the Code) or other income derived with respect to our business of investing in such
stock or securities (the "90% Income Test"); and

&nbsp;&nbsp;&nbsp;&nbsp;· diversify our holdings so that at the end of each quarter of the taxable year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o at least 50% of the value of our assets consists of cash, cash equivalents, U.S. Government securities,
securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of
our assets or more than 10% of the outstanding voting securities of the issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o no more than 25% of the value of our assets is invested in the (i) securities, other than U.S. government
securities or securities of other RICs, of one issuer, (ii) securities, other than securities of other RICs, of two or more issuers that
are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses
or (iii) securities of one or more "qualified publicly traded partnerships" (the "Diversification Tests").

We may be required to recognize taxable income in circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (such as debt instruments with paid-in-kind ("PIK") interest or, in certain cases, increasing interest rates or issued with warrants), we must include in income each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in our taxable income other amounts that we have not yet received in cash, such as PIK interest and deferred loan origination fees that are paid after origination of the loan. Because any original issue discount or other amounts accrued will be included in our investment company taxable income for the year of accrual, we may be required to make a distribution to our stockholders in order to satisfy the Annual Distribution Requirement, even though we will not have received the corresponding cash amount.

Although we do not presently expect to do so, we are authorized to borrow funds, to sell assets, and to make taxable distributions of our stock and debt securities in order to satisfy distribution requirements. Our ability to dispose of assets to meet our distribution requirements may be limited by (i) the illiquid nature of our portfolio and/or (ii) other requirements relating to our status as a RIC, including the Diversification Tests. If we dispose of assets in order to meet the Annual Distribution Requirement or the Excise Tax Distribution Requirement, we may make such dispositions at times that, from an investment standpoint, are not advantageous. If we are unable to obtain cash from other sources to satisfy the Annual Distribution Requirement, we may fail to qualify for tax treatment as a RIC and become subject to U.S. federal income tax.

Under the 1940 Act, we are not permitted to make distributions to our stockholders while our debt obligations and other senior securities are outstanding unless certain "asset coverage" tests are met. If we are prohibited from making distributions, we may fail to qualify for tax treatment as a RIC and become subject to U.S. federal income tax.

Certain of our investment practices may be subject to special and complex U.S. federal income tax provisions that may, among other things: (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions; (ii) convert lower taxed long-term capital gain into higher taxed short-term capital gain or ordinary income; (iii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited); (iv) cause us to recognize income or gain without a corresponding receipt of cash; (v) adversely affect the time as to when a purchase or sale of securities is deemed to occur; (vi) adversely alter the characterization of certain complex financial transactions; and (vii) produce income that will not be qualifying income for purposes of the 90% Income Test described above. We will monitor our transactions and may make certain tax decisions in order to mitigate the potential adverse effect of these provisions.

A RIC is limited in its ability to deduct expenses in excess of its "investment company taxable income" (which is, generally, ordinary income plus the excess of net short-term capital gains over net long-term capital losses). If our expenses in a given year exceed investment company taxable income, we would experience a net operating loss for that year. However, a RIC is not permitted to carry forward net operating losses to subsequent years. In addition, expenses can be used only to offset investment company taxable income, not net capital gain. A RIC may not use any net capital losses (that is, realized capital losses in excess of realized capital gains) to offset the RIC's investment company taxable income, but may carry forward such losses indefinitely and use them to offset capital gains. Due to these limits on the deductibility of expenses, over the course of one or more taxable years, we may have, for U.S. federal income tax purposes, taxable income that we are required to distribute and that is taxable to our stockholders even if such income is greater than the aggregate net income we actually earned during those years. Such required distributions may be made from our cash assets or by liquidation of investments, if necessary. We may realize gains or losses from such liquidations. In the event we realize net capital gains from such transactions, a stockholder may receive a larger capital gain distribution than it would have received in the absence of such transactions.

Investment income received from sources within foreign countries, or capital gains earned by investing in securities of foreign issuers, may be subject to foreign income taxes withheld at the source. In this regard, withholding tax rates in countries with which the United States does not have a tax treaty may be 35% or more. The United States has entered into tax treaties with many foreign countries that may entitle us to a reduced rate of tax or exemption from tax on this related income and gains. The effective rate of foreign tax cannot be determined at this time since the amount of our assets to be invested within various countries is not now known. We do not anticipate being eligible for the special election that allows a RIC to treat foreign income taxes paid by such RIC as paid by its stockholders.

If we purchase shares in a "passive foreign investment company," or PFIC, we may be subject to U.S. federal income tax on any "excess distribution" received on, or any gain from the disposition of such shares. Additional charges in the nature of interest generally will be imposed on us in respect of deferred taxes arising from any such excess distributions or gains. This additional tax and interest may apply even if we make a distribution as a taxable dividend by us to our stockholders in an amount equal to (1) any excess distribution, or (2) the gain from the dispositions of such shares. If we invest in a PFIC and elect to treat the PFIC as a "qualified electing fund," or QEF, in lieu of the foregoing requirements, we will be required to include in income each year our proportionate share of the ordinary earnings and net capital gain of the QEF, even if such income is not distributed by the QEF. Alternatively, we may be able to elect to mark-to-market at the end of each taxable year our shares in a PFIC; in this case, we will recognize as ordinary income any increase in the value of such shares and as ordinary loss any decrease in such value to the extent that any such decrease does not exceed prior increases included in our income. Under either election, we may be required to recognize income in excess of distributions from PFICs and our proceeds from dispositions of PFIC stock during that year, and such income will nevertheless be subject to the Annual Distribution Requirement and will be taken into account for purposes of the 4% U.S. federal excise tax. We intend to limit and/or manage our holdings in PFICs to minimize our liability for any taxes and related interest charges.

If we are a U.S. Shareholder (as defined below) of a foreign corporation that is treated as a controlled foreign corporation ("CFC"), we may be treated as receiving a deemed distribution (taxable as ordinary income) each year from such foreign corporation in an amount equal to our pro rata share of certain of the corporation's income for the tax year (including both ordinary earnings and capital gains), whether or not the corporation makes an actual distribution during such year. In general, a foreign corporation will be classified as a CFC if more than 50% of the shares of the corporation, measured by reference to combined voting power or value, is owned (directly, indirectly, or by attribution) by U.S. Shareholders. A "U.S. Shareholder," for this purpose, is any U.S. person that possesses (actually or constructively) 10% or more of the combined voting power of all classes of shares of a corporation or 10% or more of the total value of shares of all classes of shares of such corporation. If we are treated as receiving a deemed distribution from a CFC, we will be required to include such distribution in our investment company taxable income regardless of whether we receive any actual distributions from such CFC, and we must distribute such income to satisfy the Annual Distribution Requirement and the Excise Tax Distribution Requirement.

Income inclusions from a QEF or CFC will be "good income" for purposes of the 90% Income Test provided that they are derived in connection with our business of investing in stocks and securities or the QEF or the CFC distributes such income to us in the same taxable year to which the income is included in our income.

Foreign exchange gains and losses realized by us in connection with certain transactions involving non-dollar debt securities, certain foreign currency futures contracts, foreign currency option contracts, foreign currency forward contracts, foreign currencies, or payables or receivables denominated in a foreign currency are subject to Code provisions that generally treat such gains and losses as ordinary income and losses and may affect the amount, timing and character of distributions to our stockholders. Any such transactions that are not directly related to our investment in securities (possibly including speculative currency positions or currency derivatives not used for hedging purposes) could, under future Treasury regulations, produce income not among the types of "qualifying income" from which a RIC must derive at least 90% of its annual gross income.

In accordance with certain applicable Treasury regulations and guidance published by the IRS, a RIC that is publicly offered may treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder may elect to receive his or her entire distribution in either cash or stock of the RIC, subject to a limitation that the aggregate amount of cash to be distributed to all stockholders must be at least 20% of the aggregate declared distribution. If too many stockholders elect to receive cash, the cash available for distribution must be allocated among stockholders electing to receive cash (with the balance of the distribution paid in stock). In no event will any stockholder, electing to receive cash, receive less than the lesser of (a) the portion of the distribution such stockholder elected to receive in cash, or (b) an amount equal to his or her entire distribution times the percentage limitation on cash available for distribution. If these and certain other requirements are met, for U.S. federal income tax purposes, the amount of the dividend paid in stock will be equal to the amount of cash that could have been received instead of stock. We have no current intention of paying dividends in shares of our stock in accordance with these Treasury regulations or published guidance.

***Failure to Qualify as a RIC***

If we fail to qualify for treatment as a RIC, and certain cure provisions are not applicable, we would be subject to U.S. federal tax on all of our taxable income (including our net capital gains) imposed at corporate rates. We would not be able to deduct distributions to our stockholders, nor would they be required to be made. Distributions, including distributions of net long-term capital gain, would generally be taxable to our stockholders as ordinary dividend income to the extent of our current and accumulated earnings and profits. Subject to certain holding period and other limitations under the Code, our corporate stockholders would be eligible to claim a dividend received deduction with respect to such dividend, and our non-corporate stockholders would generally be able to treat such dividends as "qualified dividend income," which is subject to reduced rates of U.S. federal income tax. Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of capital to the extent of the stockholder's adjusted tax basis, and any remaining distributions would be treated as a capital gain. In order to requalify as a RIC, in addition to the other requirements discussed above, we would be required to distribute all of our previously undistributed earnings attributable to the period we failed to qualify as a RIC by the end of the first year that we intend to requalify as a RIC. If we fail to requalify as a RIC for a period greater than two taxable years, we may be subject to U.S. federal income tax imposed at corporate tax rates on any net built-in gains with respect to certain of our assets *(i.e.,* the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if we had been liquidated) that we elect to recognize on requalification or when recognized over the next five years.

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***Taxation of U.S. Shareholders***

Distributions by us generally are taxable to U.S. Shareholders as ordinary income or capital gains. Distributions of our "investment company taxable income" (which is, generally, our net ordinary income plus realized net short-term capital gains in excess of realized net long-term capital losses) will be taxable as ordinary income to U.S. Shareholders to the extent of our current or accumulated earnings and profits, whether paid in cash or reinvested in additional shares of our common stock. To the extent such distributions paid by us to our stockholders taxed at individual rates are attributable to dividends from U.S. corporations and certain qualified foreign corporations, such distributions ("Qualifying Dividends") may be eligible for a reduced rate of U.S. federal income tax. In this regard, it is anticipated that distributions paid by us will generally not be attributable to dividends and, therefore, generally will not qualify for the reduced rate of U.S. federal income tax applicable to Qualifying Dividends. Distributions of our net capital gains (which are generally our realized net long-term capital gains in excess of realized net short-term capital losses) properly reported by us as "capital gain dividends" will be taxable to a U.S. Shareholder as long-term capital gains that are currently eligible for a reduced rate of U.S. federal income tax in the case of our stockholders taxed at individual rates, regardless of the U.S. Shareholder's holding period for his, her or its shares of our common stock and regardless of whether paid in cash or reinvested in additional common stock. Distributions in excess of our earnings and profits first will reduce a U.S. Shareholder's adjusted tax basis in such stockholder's shares of our common stock and, after the adjusted tax basis is reduced to zero, will constitute capital gains to such U.S. Shareholder.

We may retain some or all of our realized net long-term capital gains in excess of realized net short-term capital losses, but designate the retained net capital gain as a "deemed distribution." In that case, among other consequences, we will pay tax on the retained amount, each U.S. Shareholder will be required to include his, her or its share of the deemed distribution in income as if it had been actually distributed to the U.S. Shareholder, and the U.S. Shareholder will be entitled to claim a credit equal to his, her or its allocable share of the tax paid thereon by us. If the amount of tax that a U.S. Shareholder is treated as having paid exceeds the tax such stockholder owes on the capital gain distribution, such excess generally may be refunded or claimed as a credit against the U.S. Shareholder's other U.S. federal income tax obligations. The amount of the deemed distribution net of such tax will be added to the U.S. Shareholder's adjusted tax basis for his, her or its shares of our common stock. In order to utilize the deemed distribution approach, we must provide written notice to our stockholders prior to the expiration of 60 days after the close of the relevant taxable year. We cannot treat any of our investment company taxable income as a deemed distribution.

For purposes of determining (i) whether the Annual Distribution Requirement is satisfied for any year and (ii) the amount of capital gain dividends paid for that year, we may, under certain circumstances, elect to treat a dividend that is paid during the following taxable year as if it had been paid during the taxable year in question. If we make such an election, the U.S. Shareholder will still be treated as receiving the dividend in the taxable year in which the distribution is made. However, any dividend declared by us in October, November or December of any calendar year, payable to our stockholders of record on a specified date in such a month and actually paid during January of the following year, will be treated as if it had been received by our U.S. Shareholders on December 31 of the year in which the dividend was declared.

With respect to the reinvestment of dividends, if a U.S. Shareholder owns shares of our common stock registered in its own name, the U.S. Shareholder will have all cash distributions automatically reinvested in additional shares of our common stock unless the U.S. Shareholder opts out of the reinvestment of dividends by delivering a written notice to our dividend paying agent prior to the record date of the next dividend or distribution. Any distributions reinvested will nevertheless remain taxable to the U.S. Shareholder. The U.S. Shareholder will have an adjusted tax basis in the additional shares of our common stock purchased through the reinvestment equal to the amount of the reinvested distribution. The additional shares will have a new holding period commencing on the day following the day on which the shares are credited to the U.S. Shareholder's account.

If an investor purchases shares of our common stock after a dividend has been declared and shortly before the record date of a distribution, the price of the shares will include the value of the distribution. However, the stockholder will be taxed on the distribution as described above, despite the fact that, economically, it may represent a return of his, her or its investment.

A U.S. Shareholder generally will recognize taxable gain or loss if the U.S. Shareholder sells or otherwise disposes of his, her or its shares of our common stock. The amount of gain or loss will be measured by the difference between such U.S. Shareholder's adjusted tax basis in our common stock sold and the amount of the proceeds received in exchange. Any gain arising from such sale or disposition generally will be treated as long-term capital gain or loss if the U.S. Shareholder has held his, her or its shares for more than one year. Otherwise, it will be classified as short-term capital gain or loss. However, any capital loss arising from the sale or disposition of shares of our common stock held for six months or less will be treated as long-term capital loss to the extent of the amount of capital gain dividends received, or undistributed capital gain deemed received, with respect to such shares. In addition, all or a portion of any loss recognized upon a disposition of shares of our common stock may be disallowed if other shares of our common stock are purchased (whether through reinvestment of distributions or otherwise) within 30 days before or after the disposition.

In general, U.S. Shareholders taxed at individual rates currently are subject to a maximum U.S. federal income tax rate of 20% on their recognized net capital gain (i.e., the excess of recognized net long-term capital gains over recognized net short-term capital losses, subject to certain adjustments), including any long-term capital gain derived from an investment in our shares. Such rate is lower than the maximum rate on ordinary income currently payable by such U.S. Shareholders. In addition, individuals with modified adjusted gross incomes in excess of $200,000 ($250,000 in the case of married individuals filing jointly and $125,000 in the case of married individuals filing separately) and certain estates and trusts are subject to an additional 3.8% tax on their "net investment income," which generally includes gross income from interest, dividends, annuities, royalties, and rents, and net capital gains (other than certain amounts earned from trades or businesses), reduced by certain deductions allocable to such income. Corporate U.S. Shareholders currently are subject to U.S. federal income tax on net capital gain at the maximum 21% rate also applied to ordinary income. Non-corporate U.S. Shareholders with net capital losses for a year (i.e., capital losses in excess of capital gains) generally may deduct up to $3,000 of such losses against their ordinary income each year. Any net capital losses of a non-corporate U.S. Shareholder in excess of $3,000 generally may be carried forward and used in subsequent years as provided in the Code. Corporate U.S. Shareholders generally may not deduct any net capital losses for a year, but may carry back such losses for three years or carry forward such losses for five years.

Under applicable Treasury regulations, if a U.S. Shareholder recognizes a loss with respect to shares of $2 million or more for a non-corporate U.S. Shareholder or $10 million or more for a corporate U.S. Shareholder in any single taxable year (or a greater loss over a combination of years), the U.S. Shareholder must file with the IRS a disclosure statement on Form 8886. Direct U.S. Shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, U.S. Shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to U.S. Shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. U.S. Shareholders should consult their own tax advisors to determine the applicability of these regulations in light of their individual circumstances.

We (or the applicable withholding agent) will send to each of our U.S. Shareholders, as promptly as possible after the end of each calendar year, a notice reporting the amounts includible in such U.S. Shareholder's taxable income for such year as ordinary income and as long-term capital gain. In addition, the U.S. federal tax status of each year's distributions generally will be reported to the IRS (including the amount of dividends, if any, eligible for the 20% maximum rate). Dividends paid by us generally will not be eligible for the dividends-received deduction or the preferential tax rate applicable to Qualifying Dividends because our income generally will not consist of dividends.

We may be required to withhold U.S. federal income tax ("backup withholding") from all distributions to certain U.S. Shareholders (i) who fail to furnish us with a correct taxpayer identification number or a certificate that such stockholder is exempt from backup withholding or (ii) with respect to whom the IRS notifies us that such stockholder furnished an incorrect taxpayer identification number or failed to properly report certain interest and dividend income to the IRS and to respond to notices to that effect. An individual's taxpayer identification number generally is his or her social security number. Any amount withheld under backup withholding is allowed as a credit against the U.S. Shareholder's federal income tax liability, provided that proper information is provided to the IRS.

U.S. Shareholders that hold their common stock through foreign accounts or intermediaries will be subject to U.S. withholding tax at a rate of 30% on dividends if certain disclosure requirements related to U.S. accounts are not satisfied.

If we are not a "publicly offered regulated investment company" for any period, a non-corporate U.S. Shareholder's pro rata portion of certain of our expenses will be treated as an additional dividend to the shareholder and will not be deductible for non-corporate U.S. taxpayers. A "publicly offered regulated investment company" is a RIC whose shares are either (i) continuously offered pursuant to a public offering, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year. We may not qualify as a publicly offered RIC during subsequent taxable years.

A U.S. Shareholder that is a tax-exempt organization for U.S. federal income tax purposes and therefore generally exempt from U.S. federal income taxation may nevertheless be subject to taxation to the extent that it is considered to derive unrelated business taxable income ("UBTI").

The direct conduct by a tax-exempt U.S. Shareholder of the activities we propose to conduct could give rise to UBTI. However, a RIC is a corporation for U.S. federal income tax purposes and its business activities generally will not be attributed to its stockholders for purposes of determining their treatment under current law. Therefore, a tax-exempt U.S. Shareholder generally should not be subject to U.S. taxation solely as a result of the shareholder's ownership of our common stock and receipt of dividends with respect to such common stock. Moreover, under current law, if we incur indebtedness, such indebtedness will not be attributed to a tax-exempt U.S. Shareholder. Therefore, a tax-exempt U.S. Shareholder should not be treated as earning income from "debt-financed property" and dividends we pay should not be treated as "unrelated debt-financed income" solely as a result of indebtedness that we incur. Legislation has been introduced in Congress in the past, and may be introduced again in the future, which would change the treatment of "blocker" investment vehicles interposed between tax-exempt investors and non-qualifying investments if enacted. In the event that any such proposals were to be adopted and applied to RICs, the treatment of dividends payable to tax-exempt investors could be adversely affected. In addition, special rules would apply if we were to invest in certain real estate mortgage investment conduits or taxable mortgage pools, which we do not currently plan to do, that could result in a tax-exempt U.S. Shareholder recognizing income that would be treated as UBTI.

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***Taxation of Non-U.S. Shareholders***

The following discussion only applies to certain Non-U.S. Shareholders. Whether an investment in our common stock is appropriate for a Non-U.S. Shareholder will depend upon that person's particular circumstances. An investment in our common stock by a Non-U.S. Shareholder may have adverse tax consequences. Non-U.S. Shareholders should consult their tax advisors before investing in our common stock.

Subject to the discussions below concerning backup withholding and FATCA (defined below), distributions of our "investment company taxable income" to Non-U.S. Shareholders (including interest income and realized net short-term capital gains in excess of realized long-term capital losses) will be subject to withholding of U.S. federal tax at a 30% rate (or lower rate provided by an applicable treaty) to the extent of our current and accumulated earnings and profits unless an exception applies. No withholding is required with respect to certain distributions if (i) the distributions are properly reported as "interest-related dividends" or "short-term capital gain dividends," (ii) the distributions are derived from sources specified in the Code for such dividends and (iii) certain other requirements are satisfied. No assurance can be provided as to whether any of our distributions will be reported as eligible for this exemption. If the distributions are effectively connected with the conduct of a trade or business in the United States (a "U.S. trade or business") by the Non-U.S. Shareholder (and if an income tax treaty applies, such distributions are attributable to a permanent establishment maintained by the Non-U.S. Shareholder within the United States), we will not be required to withhold U.S. federal tax if the Non-U.S. Shareholder complies with applicable certification and disclosure requirements, although the distributions will be subject to U.S. federal income tax at the rates applicable to U.S. persons. (Special certification requirements apply to a Non-U.S. Shareholder that is a foreign trust, and to a foreign partnership and such entities are urged to consult their own tax advisors.)

Subject to the discussions below concerning backup withholding and FATCA (defined below), actual or deemed distributions of our net capital gains to a Non-U.S. Shareholder, and gains realized by a Non-U.S. Shareholder upon the sale of our common stock, will generally not be subject to U.S. federal withholding tax and generally will not be subject to U.S. federal income tax unless the distributions or gains, as the case may be, are effectively connected with a U.S. trade or business of the Non-U. S. Shareholder (and if an income tax treaty applies, such distributions or gains, as applicable, are attributable to a permanent establishment maintained by the Non-U.S. Shareholder within the United States).

Under our reinvestment of dividends policy, a Non-U.S. Shareholder will have all cash distributions automatically reinvested in additional shares of our common stock unless the Non-U.S. Shareholder opts out of the reinvestment of dividends by delivering a written notice to our dividend paying agent prior to the record date of the next dividend or distribution. If the distribution is a distribution of our investment company taxable income, is not reported by us as a short-term capital gains dividend or interest-related dividend and it is not effectively connected with a U.S. trade or business of the Non-U.S. Shareholder (or, if required by an applicable income tax treaty, is not attributable to a U.S. permanent establishment maintained by the Non-U.S. Shareholder within the United States), the amount distributed (to the extent of our current or accumulated earnings and profits) will be subject to withholding of U.S. federal income tax at a 30% rate (or lower rate provided by an applicable income tax treaty) and only the net after-tax amount will be reinvested in our common stock. The Non-U.S. Shareholder will have an adjusted tax basis in the additional shares of common stock purchased through the reinvestment equal to the amount reinvested. The additional shares will have a new holding period commencing on the day following the day on which the shares are credited to the Non-U.S. Shareholder's account.

The tax consequences to Non-U.S. Shareholders entitled to claim the benefits of an applicable tax treaty or that are individuals that are present in the U.S. for 183 days or more during a taxable year may be different from those described herein. Non-U.S. Shareholders are urged to consult their tax advisors with respect to the procedure for claiming the benefit of a lower treaty rate and the applicability of foreign taxes.

If we distribute our net capital gains in the form of deemed rather than actual distributions, a Non-U.S. Shareholder will be entitled to a U.S. federal income tax credit or tax refund equal to the stockholder's allocable share of the tax we pay on the capital gains deemed to have been distributed. In order to obtain the refund, the Non-U.S. Shareholder must obtain a U.S. taxpayer identification number and file a refund claim even if the Non-U.S. Shareholder would not otherwise be required to obtain a U.S. taxpayer identification number or file a U.S. federal income tax return. For a corporate Non-U.S. Shareholder, distributions (both actual and deemed), and gains realized upon the sale of our common stock that are effectively connected to a U.S. trade or business may, under certain circumstances, be subject to an additional "branch profits tax" at a 30% rate (or at a lower rate if provided for by an applicable treaty). Accordingly, investment in the shares may not be advisable for a Non-U.S. Shareholder.

We must generally report to our documented Non-U. S. Shareholders and the IRS the amount of dividends paid during each calendar year and the amount of any tax withheld. Information reporting requirements may apply even if no withholding was required because the distributions were effectively connected with the Non-U.S. Shareholder's conduct of a United States trade or business or withholding was reduced or eliminated by an applicable income tax treaty. This information also may be made available under a specific treaty or agreement with the tax authorities in the country in which the Non-U.S. Shareholder resides or is established. Under U.S. federal income tax law, interest, dividends and other reportable payments may, under certain circumstances, be subject to "backup withholding" at the then applicable rate (currently 24%). Backup withholding, however, generally will not apply to distributions to a Non-U.S. Shareholder of our common stock, provided the Non-U.S. Shareholder furnishes to us the required certification as to its non U.S. status, such as by providing a valid IRS Form W-8BEN, IRS Form W-8BEN-E, or IRS Form W-8ECI, or certain other requirements are met. Backup withholding is not an additional tax but can be credited against a Non-U.S. Shareholder's federal income tax, and may be refunded to the extent it results in an overpayment of tax and the appropriate information is timely supplied to the IRS.

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***FATCA***

Legislation commonly referred to as the "Foreign Account Tax Compliance Act," or "FATCA," generally imposes a 30% withholding tax on payments of certain types of income to foreign financial institutions ("FFIs") unless such FFIs either (i) enter into an agreement with the U.S. Treasury to report certain required information with respect to accounts held by certain specified U.S. persons (or held by foreign entities that have certain specified U.S. persons as substantial owners) or (ii) reside in a jurisdiction that has entered into an intergovernmental agreement ("IGA") with the United States to collect and share such information and are in compliance with the terms of such IGA and any related laws or regulations implementing such IGA. The types of income subject to the tax include U.S. source interest and dividends. While the Code would also require withholding on payments of the gross proceeds from the sale of any property that could produce U.S. source interest or dividends, the U.S. Treasury Department has indicated its intent to eliminate this requirement in subsequent proposed regulations, which state that taxpayers may rely on the proposed regulations until final regulations on issued. The information required to be reported includes the identity and taxpayer identification number of each account holder that is a specified U.S. person and certain financial information associated with the holder's account. In addition, subject to certain exceptions, this legislation also imposes a 30% withholding on certain payments to certain foreign entities that are not FFIs unless the foreign entity certifies that it does not have a greater than 10% owner that is a specified U.S. person or provides the withholding agent with identifying information on each greater than 10% owner that is a specified U.S. person. Depending on the status of a Non-U.S. Shareholder and the status of the intermediaries through which they hold their shares, Non-U.S. Shareholders could be subject to this 30% withholding tax with respect to distributions on their shares. Under certain circumstances, a Non-U.S. Shareholder might be eligible for refunds or credits of such taxes.

Non-U.S. Shareholders should consult their own tax advisors with respect to the U.S. federal income tax and withholding tax, and state, local and foreign tax consequences of an investment in the shares.

**REGULATION AS A CLOSED END FUND**

We are a non-diversified, closed-end management investment company that has registered as an investment company under the 1940 Act. As a registered closed-end management investment company, we are subject to regulation under the 1940 Act. Under the 1940 Act, unless authorized by vote of a majority of the outstanding voting securities, we may not:

● change our classification to an open-end management investment company;

● except in each case in accordance with our policies with respect thereto set forth in this Registration Statement, borrow funds, issue senior securities, underwrite securities issued by other persons, purchase or sell real estate or commodities or make loans to other persons;

● deviate from any policy in respect of concentration of investments in any particular industry or group of industries as recited the SAI or Prospectus, deviate from any investment policy which is changeable only if authorized by stockholder vote under the 1940 Act, or deviate from any fundamental policy recited in its Registration Statement in accordance with the requirements of the 1940 Act;

● change the nature of our business so as to cease to be an investment company.

A majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of: (a) 67% or more of such company's voting securities present at a meeting if more than 50% of the outstanding voting securities of such company are present or represented by proxy, or (b) more than 50% of the outstanding voting securities of such company.

A majority of our Directors must be persons who are not interested persons, as that term is defined in the 1940 Act. Additionally, we are required to provide and maintain a bond issued by a reputable fidelity insurance company to protect the closed-end management investment company. Furthermore, as a registered closed-end management investment company, we are prohibited from protecting any Director or officer against any liability to us or our stockholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office. We may also be prohibited under the 1940 Act from knowingly participating in certain transactions with our affiliates without the prior approval of the SEC.

As a registered closed-end management investment company, we are generally required to meet an asset coverage ratio with respect to our outstanding senior securities representing indebtedness, defined under the 1940 Act as the ratio of our gross assets (less all liabilities and indebtedness not represented by senior securities) to our outstanding senior securities representing indebtedness, of at least 300% after each issuance of senior securities representing indebtedness. In addition, we are generally required to meet an asset coverage ratio with respect to our outstanding preferred shares, as defined under the 1940 Act as the ratio of our gross assets (less all liabilities and indebtedness not represented by senior securities) to our outstanding senior securities representing indebtedness, plus the aggregate involuntary liquidation preference of our outstanding preferred shares, of at least 200% immediately after each issuance of such preferred shares. We are also prohibited from issuing or selling any senior security if, immediately after such issuance, we would have outstanding more than (i) one class of senior security representing indebtedness, exclusive of any promissory notes or other evidences of indebtedness issued in consideration of any loan, extension, or renewal thereof, made by a bank or other person and privately arranged, and not intended to be publicly distributed, or (ii) one class of senior security which is equity, except that in each case any such class of indebtedness or equity may be issued in one or more series.

We are generally not able to issue and sell our shares at a price below NAV per share. We may, however, sell our shares at a price below the then-current NAV of our shares if the Board determines that such sale is in our best interests and the best interests of our stockholders, and our stockholders approve such sale. In addition, we may generally issue new shares at a price below NAV in rights offerings to existing stockholders, in payment of distributions and in certain other limited circumstances.

As a registered closed-end management investment company, we are subject to certain risks and uncertainties. See "Types of Investments and Related Risk Factors - Risks Related to Our Business and Our Structure."

**Senior Securities**

We may borrow funds to make investments. Although we do not expect to do so, we may also borrow funds, consistent with the limitations of the 1940 Act, in order to make the distributions required to maintain our status as a RIC under Subchapter M of the Code. We are permitted, under specified conditions, to issue one class of indebtedness and one class of equity senior to the shares offered hereby if our asset coverage with respect thereto, as defined in the 1940 Act, is at least equal to 300% immediately after such issuance of senior securities representing indebtedness, and 200% immediately after each issuance of senior securities which are shares of beneficial interest. We are also permitted to issue promissory notes or other evidences of indebtedness in consideration of a loan, extension, or renewal thereof, made by a bank or other person and privately arranged, and not intended to be publicly distributed, provided that our asset coverage with respect to our outstanding senior securities representing indebtedness is at least equal to 300% immediately thereafter. In addition, while any senior securities remain outstanding, we must make provisions to prohibit any distribution to our stockholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. We may also borrow amounts up to 5% of the value of our gross assets for temporary or emergency purposes without regard to asset coverage.

**Compliance Policies and Procedures**

We and our Adviser have adopted and implemented written policies and procedures reasonably designed to prevent violation of the federal securities laws and are required to review these compliance policies and procedures annually for their adequacy and the effectiveness of their implementation. Our chief compliance officer is responsible for administering these policies and procedures.

**Other**

We will be periodically examined by the SEC for compliance with the 1940 Act.

We are required to provide and maintain a bond issued by a reputable fidelity insurance company to protect us against larceny and embezzlement. We are prohibited from protecting any Director or officer against any liability to us or our stockholders arising from willful misconduct, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

**Sarbanes-Oxley Act of 2002**

The Sarbanes-Oxley Act of 2002 imposes a wide variety of regulatory requirements on publicly-held companies and their insiders. Many of these requirements affect us. For example:

● pursuant to Rule 30a-2 of the 1940 Act, our chief executive officer and chief financial officer must certify the accuracy of the financial statements contained in our periodic reports;

● pursuant to Item 16 of Form N-CSR, our periodic reports must disclose our conclusions about the effectiveness of our disclosure controls and procedures; and

● pursuant to Item 16 of Form N-CSR, our periodic reports must disclose whether there were significant changes in our internal controls over financial reporting or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

The Sarbanes-Oxley Act requires us to review our current policies and procedures to determine whether we comply with the Sarbanes-Oxley Act and the regulations promulgated thereunder. We will continue to monitor our compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions necessary to ensure that we are in compliance therewith.

**DISTRIBUTION POLICY; DIVIDENDS**

The timing and amount of our distributions, if any, will be determined by our Board. Any distributions to our shareholders will be declared out of assets legally available for distribution. We intend to focus on making investments that provide the opportunity for capital gains. As a consequence, we do not anticipate that we will pay distributions on a quarterly or other basis or become a predictable distributor of distributions, and we expect that our distributions, if any, will be much less consistent than the distributions of companies that primarily make debt investments. The specific tax characteristics of our distributions will be reported to shareholders after the end of the calendar year. Future dividends, if any, will be determined by our Board.

**DISTRIBUTION REINVESTMENT PLAN**

We have established an "opt-out" distribution reinvestment plan that provides for reinvestment of our dividends and other distributions on behalf of our shareholders in additional Shares. As a result, if our Board authorizes, and we declare, a cash dividend or other distribution, our shareholders' distributions will be automatically reinvested in additional Shares, unless they specifically opt-out of the distribution reinvestment plan to receive their cash dividends or distributions in cash.

No action will be required on part of a shareholder to have its cash dividends or distributions reinvested in Shares. A shareholder may elect to have its entire distribution reinvested in cash by electing to opt out of the Fund's distribution reinvestment plan. To opt out of the plan, a shareholder must provide notice to the Computershare Trust Company, N.A. (the "Plan Administrator") prior to any dividend/distribution record date. If the Plan Administrator receives your request to opt-out on or after the record date for a dividend, the Plan Administrator may either pay the dividend in cash or reinvest it under the Plan on the next investment date on your behalf. If reinvested, the Plan Administrator may sell the shares purchased and send the proceeds to you, less any applicable fees. Shareholders may contact the Plan Administrator as follows: at <u>www.computershare.com/investor;</u> by calling 1-877-373-6374 (U.S. and Canada) or 1-781-575-2879 (outside U.S. and Canada); or by writing Computershare Trust Company, N.A., P.O. Box 43006, Providence, RI 02940-3006. Be sure to include your name, address, daytime phone number, account social security or tax I.D. number and a reference to RoboStrategy, Inc. on all correspondence.

Those shareholders whose Shares are held by a broker or other financial intermediary may also opt out of the distribution reinvestment plan by notifying their broker or other financial intermediary of their election.

Shareholders who receive dividends and other distributions in the form of Shares are generally subject to the same U.S. federal, state and local tax consequences as are shareholders who elect to receive their dividends and distributions in cash. However, for shareholders whose cash distributions are reinvested in Shares, such shareholder will not receive cash with which to pay applicable taxes on reinvested dividends and distributions. A shareholder's adjusted tax basis for determining gain or loss upon the sale of Shares received in a dividend or distribution from us will generally be equal to the cash that would have been received if the shareholder had received the dividend or distribution in cash Any Shares received in a dividend or distribution will have a new holding period for tax purposes commencing on the day following the day on which the Shares are credited to the U.S. shareholder's account.

The distribution reinvestment plan will be terminable by us upon notice in writing mailed to each shareholder of record.

**CALCULATION OF NET ASSET VALUE**

The Fund calculates its NAV as of the close of business on the last business day of each month, as of each date that a Share is offered or repurchased, as of the date of any distribution, and at such other times as the Board shall determine (each, a "Determination Date"). In determining its NAV, the Fund values its investments as of the relevant Determination Date. The NAV of the Fund equals, unless otherwise noted, the value of the total assets of the Fund, less all of its liabilities, including accrued fees and expenses, each determined as of the relevant Determination Date.

The 1940 Act requires the Fund to determine the value of its portfolio securities using market quotations when "readily available," and when market quotations are not readily available, portfolio securities must be valued at fair value, as determined in good faith by the Fund's Board. As stated in Rule 2a-5 under the 1940 Act, determining fair value in good faith requires (i) assessment and management of risks, (ii) establishment of fair value methodologies, (iii) testing of fair value methodologies, and (iv) evaluation of pricing services. Under Rule 2a-5, a fund's board may designate the fund's adviser as "valuation designee" to perform fair value determinations. The Board, including a majority of the Directors who are not "interested persons" of the Fund, as such term is defined in the 1940 Act, has designated the Adviser to perform fair value determinations and act as "valuation designee" for the Fund's investments.

<u>Standards For Fair Value Determinations</u>. As a general principle, the fair value of a security is the amount that the Fund might reasonably expect to realize upon its current sale. The Fund has adopted Financial Accounting Standards Board Statement of Financial Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures ("ASC 820"). In accordance with ASC 820, fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability, developed based on the best information available under the circumstances.

Various inputs are used in determining the value of each of the Fund's investments relating to ASC 820. These inputs are summarized in the three broad levels listed below.

Level 1 quoted prices in active markets for identical securities.

Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The values of the Fund's portfolio securities will be based on market prices if readily available. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Price information on listed securities will be taken from the exchange where the security is primarily traded.

If a market quotation for a security is not readily available (as is generally the case with private companies) or the Adviser believes it does not otherwise accurately reflect the market value of the security at the time the Fund calculates its NAV, the security will be fair valued by the Adviser in accordance with the valuation policies and procedures approved by the Board. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. If the Adviser determines that fair valuation would be appropriate and would result in a measurement that is equally or more representative of fair value or is required, the Adviser may value the security or asset based on its consideration of one or more of a proscribed set of factors, to the extent relevant and available under the circumstance. The valuation policies and procedures govern the Adviser's selection and application of methodologies for determining and calculating the fair value of Fund investments. Fair value pricing involves subjective judgments and it is possible that a fair value determination for a security may be materially different than the value that could be realized upon the sale of the security.

With respect to the Fund's investments in SPVs, the Adviser values such investments based on the same methodologies used to value direct equity investments in private companies. The Adviser considers information including, but not limited to, the financial condition of the underlying portfolio company, recent financing rounds, current and forecasted earnings, any private secondary market trading activity, industry and business prospects, and any broker quotes to the extent available. Valuations of SPV investments are adjusted to account for management fees and any carried interest associated with the SPV and are further adjusted based on the volume of secondary market activity.

In considering whether fair valuation is required and in determining fair values, the Adviser may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the New York Stock Exchange close. A significant event is an event that will, with a reasonably high probability, materially affect the value of a security since the closing price of the security was established on an exchange or market, but before the Fund's NAV calculation. Significant events may relate to a single issuer, multiple issuers or to an entire market sector. Significant events generally would be those that are readily ascertainable in the ordinary course of business.

The Valuation Designee may also utilize one or more pricing services or valuation firms to assist in determining a fair value for a security or asset, and may obtain the assistance of others, including, without limitation, the Fund's accounting agent and an outside independent pricing services in fulfilling its responsibilities.

Prospective investors should be aware that situations involving uncertainties as to the value of portfolio positions could have an adverse effect on the Fund's NAV and the Fund if the judgments of the Board or the Adviser regarding appropriate valuations should prove incorrect.

**LEGAL MATTERS**

Eversheds Sutherland (US) LLP, located at 700 Sixth Street, N.W., Suite 700, Washington, DC 20001, serves as our legal counsel. Certain legal matters regarding the validity of the shares offered hereby will be passed upon for us by [ ].

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Grant Thornton LLP, whose principal business address is located at 2001 Market St Suite 800, Philadelphia, PA 19103, serves as the Fund's independent registered public accounting firm, providing audit services and review of certain documents to be filed with the SEC.

**AVAILABLE INFORMATION**

We have filed with the SEC a Registration Statement on Form N-2, together with all amendments and related exhibits, under the Securities Act, with respect to the shares of our common stock offered by this Prospectus. The Registration Statement contains additional information about us and the shares of our common stock being offered by this Prospectus.

We file with or submit to the SEC annual, semi-annual, and monthly reports, proxy statements and other information meeting the informational requirements of the Exchange Act and the 1940 Act. The SEC maintains an internet site that contains reports, proxy and information statements and other information filed electronically by us with the SEC which are available on the SEC's website at http://www.sec.gov. This information will also be available free of charge by contacting us by telephone at 787-722-6881, or on our website at https://www.robostrategy.co.

**NOTICE OF PRIVACY POLICY AND PRACTICES<br> PRIVACY NOTICE**

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| | |
|:---|:---|
| FACTS | **WHAT DOES ROBOSTRATEGY, INC. (THE "FUND") DO WITH YOUR PERSONAL INFORMATION?** |
| WHY? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| WHAT? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br> ● Social security number<br> ● Income<br> ● Assets<br> ● Risk tolerance<br> ● Wire transfer instructions<br> ● Transaction history<br> When you are no longer our customer, we continue to share information about you as described in this notice. |
| HOW? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Fund chooses to share; and whether you can limit this sharing. |

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| | | |
|:---|:---|:---|
| **Reasons we can share your personal information** | **Does the Fund Share?** | **Can you limit this sharing?** |
| **For our everyday business purposes** - such as to process your transactions, maintain your accounts(s) or respond to court orders and legal investigations. | Yes | No |
| **For our marketing purposes** - to offer our products and services to you | No | We don't share |
| **For joint marketing with other financial companies** | No | We don't share |
| **For our affiliates' everyday business purposes** - information about your transactions and experiences | Yes | No |
| **For our affiliates' everyday business purposes** - information about your creditworthiness | No | We don't share |
| **For our affiliates to market to you** | No | We don't share |
| **For non-affiliates to market to you** | No | We don't share |

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| | |
|:---|:---|
| **Questions?** | Call: (787) 722-6881 or go to<br> https://www.robostrategy.co/ |
| **Who we are** | **Who we are** |
| **Who is providing this notice?** | • RoboStrategy, Inc. |
| **What we do** | **What we do** |
| **How does the Fund protect my personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
| **How does the Fund collect my personal information?** | We collect your personal information, for example, when you<br> 1. Enter into an investment advisory contract<br> 2. Seek financial advice<br> 3. Make deposits or withdrawals from your account<br> 4. Tell us about your investment or retirement portfolio<br> 5. Give us your employment history<br> We may also collect your personal information from others, such as credit bureaus, affiliates or other companies. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp; Federal law gives you the right to limit only<br> 1. sharing for affiliates' everyday business purposes-information about your creditworthiness<br> 2. affiliates from using your information to market to you<br> 3. sharing for non-affiliates to market to you<br> State laws and individual companies may give you additional rights to limit sharing. |
| &nbsp;&nbsp;**What happens when I limit sharing for an account I hold jointly with someone else?** | &nbsp;&nbsp;Your choices will apply to everyone on your account - unless you tell us otherwise. |
| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp; Companies related by common ownership or control. They can be financial and nonfinancial companies.<br> *• Our affiliates include companies with a common corporate identity'.* |
| &nbsp;&nbsp;**Non-affiliates** | &nbsp;&nbsp; Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br> *• The Fund does not share with non-affiliates so they can market to you* |
| &nbsp;&nbsp;**Joint Marketing** | &nbsp;&nbsp; A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br> *• The Fund does not jointly market.* |

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**PROSPECTUS**

**ROBOSTRATEGY, INC.**

**14,100,000 Shares of Common Stock**

**[ ], 2026**

**FP Strategies LLC<br> Investment Adviser**

**The information in this preliminary statement of additional information is not complete and may be changed. We may not sell these securities until the registration statement filed with the U.S. Securities and Exchange Commission is effective. This preliminary statement of additional information is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**SUBJECT TO COMPLETION, DATED MAY 13, 2026**![](image_001.jpg)

**RoboStrategy, Inc.**

**14,100,000 Shares of Common Stock**

**STATEMENT OF ADDITIONAL INFORMATION**

RoboStrategy, Inc. (the "Fund") is a non-diversified, closed-end management investment company with a limited operating history. This Statement of Additional Information ("SAI") relating to shares of common stock does not constitute a prospectus, but should be read in conjunction with the prospectus relating thereto dated [ ], 2026. This SAI, which is not a prospectus, does not include all information that a prospective investor should consider before purchasing common shares, and investors should obtain and read the prospectus prior to purchasing such shares. A copy of the prospectus may be obtained without charge by calling 787-722-6881. You may also obtain a copy of the prospectus on the Securities and Exchange Commission's (the "SEC") website (http://www.sec.gov). Capitalized terms used but not defined in this SAI have the meanings ascribed to them in the prospectus.

References to the Investment Company Act of 1940, as amended (the "1940 Act"), or other applicable law, include any rules promulgated thereunder and any guidance, interpretations or modifications by the SEC, SEC staffer or other authority with appropriate jurisdiction, including court interpretations, and exemptive, no-action or other relief or permission from the SEC, SEC staff or other authority.

**<u>**TABLE OF CONTENTS**</u>**

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| | |
|:---|:---|
|  | Page |
| [GENERAL INFORMATION ABOUT THE FUND](#KS_027) | 1 |
| [INVESTMENT RESTRICTIONS](#KS_050) | 1 |
| [MANAGEMENT OF THE FUND](#KS_028) | 3 |
| [CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS](#KS_029) | 11 |
| [INVESTMENT ADVISER AND OTHER SERVICE PROVIDERS](#KS_030) | 12 |
| [CONFLICTS OF INTEREST](#KS_031) | 13 |
| [PORTFOLIO TRANSACTIONS AND BROKERAGE](#KS_032) | 15 |
| [PROXY VOTING POLICIES AND PROCEDURES](#KS_033) | 15 |
| [LEGAL MATTERS](#KS_034) | 16 |
| [ADMINISTRATOR, CUSTODIAN AND TRANSFER AGENT](#KS_035) | 16 |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#KS_036) | 16 |
| [FINANCIAL STATEMENTS](#KS_037) | F-1 |

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i

**GENERAL INFORMATION ABOUT THE FUND**

The Fund is a non-diversified closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund was organized as a Maryland corporation on May 23, 2025. The Fund's principal address is 151 Calle de San Francisco, suite 200, San Juan, Puerto Rico 00901, and its telephone number is 787-722-6881.

**INVESTMENT RESTRICTIONS**

The Fund's stated fundamental policies, which may only be changed by the affirmative vote of a majority of the outstanding Shares of the Fund are listed below. For the purposes of this SAI, "majority of the outstanding Shares of the Fund" means the vote, at an annual or special meeting of investors, duly called, (a) of 67% or more of the Shares present at such meeting, if the holders of more than 50% of the outstanding Shares are present or represented by proxy; or (b) of more than 50% of the outstanding Shares of the Fund, whichever is less. The Fund:

&nbsp;&nbsp;&nbsp;&nbsp;(1) May not borrow money, except as permitted by (i) the 1940 Act, or interpretations or modifications by
the SEC, SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC
staff or other authority with appropriate jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;(2) May not issue senior securities, except to the extent permitted by (i) the 1940 Act, or interpretations
or modifications by the SEC, the SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission
from the SEC, SEC staff or other authority with appropriate jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;(3) May not engage in the business of underwriting securities issued by others, except to the extent that
we may be deemed to be an underwriter in connection with the disposition of portfolio securities;

&nbsp;&nbsp;&nbsp;&nbsp;(4) May not make loans, except to the extent permitted by (i) the 1940 Act, or interpretations or modifications
by the SEC, SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC,
SEC staff or other authority with appropriate jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;(5) May not purchase or sell real estate, which term does not include securities of companies which deal in
real estate or mortgages or investments secured by real estate or interests therein, except that we reserve freedom of action to hold
and to sell real estate acquired as a result of our ownership of securities;

&nbsp;&nbsp;&nbsp;&nbsp;(6) May not purchase or sell physical commodities or contracts for the purchase or sale of physical commodities.
Physical commodities do not include futures contracts with respect to securities, securities indices, currency or other financial instruments;

&nbsp;&nbsp;&nbsp;&nbsp;(7) May not invest in any security if as a result of such investment, 25% or more of the value of our total
assets, taken at market value at the time of each investment, are in the securities of issuers in any particular industry or group of
industries, except that we will invest more than 25% of the value of our total assets in companies operating in one or more industries
within the technology group of industries. For purposes of this limitation, securities of the U.S. government (including its agencies
and instrumentalities), repurchase agreements collateralized by U.S. government securities and tax-exempt securities of state or municipal
governments and their political subdivisions are not considered to be issued by members of any industry

&nbsp;&nbsp;&nbsp;&nbsp;(8) Will not mortgage, pledge, hypothecate or in any manner transfer, as security for indebtedness, any assets
of the Fund except as may be necessary in connection with borrowings described in the fundamental limitation (1) above. Margin deposits,
security interests, liens and collateral arrangements with respect to transactions involving options, futures contracts, short sales and
other permitted investments and techniques are not deemed to be a mortgage, pledge or hypothecation of assets for purposes of this limitation.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Will not purchase securities or evidences of interest thereon on "margin." This limitation
is not applicable to short-term credit obtained by a Fund for the clearance of purchases and sales or redemption of securities, or to
arrangements with respect to transactions involving options, futures contracts, short sales and other permitted investment techniques.

The latter part of certain of our fundamental investment restrictions (i.e., the references to "except to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, the SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority with appropriate jurisdiction") provides us with flexibility to change our limitations in connection with changes in applicable law, rules, regulations or exemptive relief. The language used in these restrictions provides the necessary flexibility to allow our Board to respond efficiently to these kinds of developments without the delay and expense of a stockholder meeting.

Whenever an investment policy or investment restriction states a maximum percentage of assets that may be invested in any security or other asset or describes a policy regarding quality standards, such percentage limitation or standard shall be determined immediately after and as a result of our acquisition of such security or asset. Accordingly, any later increase or decrease resulting from a change in values, assets or other circumstances or any subsequent rating change made by a rating agency (or as determined by the Adviser if the security is not rated by a rating agency) will not compel us to dispose of such security or other asset. Notwithstanding the foregoing, we must always be in compliance with the borrowing policies set forth above.

Except as otherwise indicated, the Fund may change its investment objective and any of its policies, restrictions, strategies, and techniques without shareholder approval, including the Fund's 80% policy to invest in robotics and embodied AI technology companies. The Fund's investment objective and investment strategies are not fundamental policies of the Fund and may be changed by the Board without the vote of a majority (as defined in the 1940 Act) of the Fund's outstanding Shares provided that any changes to the Fund's investment objective or 80% policy are communicated to shareholders at least 60 days prior to such change taking place.

The following descriptions of 1940 Act may assist investors in understanding the above policies and restrictions.

**<u>Borrowing</u>**. The 1940 Act restricts an investment company from borrowing in excess of 33 1/3% of its total assets (including the amount borrowed, but excluding temporary borrowings not in excess of 5% of its total assets). Transactions that are fully collateralized in a manner that does not involve the prohibited issuance of a "senior security" within the meaning of Section 18(f) of the 1940 Act shall not be regarded as borrowings for the purposes of the Fund's investment restriction.

**<u>Commodities</u>.** The 1940 Act does not directly restrict an investment company's ability to invest in commodities or contracts related to commodities, but does require that every investment company have a fundamental investment policy governing such investments. The extent to which the Fund can invest in commodities or contracts related to commodities is set out in the investment strategies and policies described in the Prospectus and this SAI.

**<u>Concentration</u>**. The SEC staff has defined concentration as investing 25% or more of an investment company's total assets in any particular industry or group of industries, with certain exceptions such as with respect to investments in obligations issued or guaranteed by the U.S. Government or its agencies and instrumentalities. For purposes of the Fund's concentration policy, the Fund may classify and re-classify companies in a particular industry and define and re-define industries in any reasonable manner, consistent with SEC guidance. The Adviser may, but need not, consider industry classifications provided by third parties.

**<u>Real Estate</u>.** The 1940 Act does not directly restrict an investment company's ability to invest in real estate or interests in real estate, but does require that every investment company have a fundamental investment policy governing such investments. The Fund can invest in real estate or interest in real estate to the extent set out in the investment strategies and policies described in the Prospectus and this SAI.

**<u>Senior Securities</u>**. Senior securities may include any obligation or instrument issued by a fund evidencing indebtedness. The 1940 Act generally prohibits funds from issuing senior securities, although it does not treat certain transactions as senior securities, such as certain borrowings, short sales, reverse repurchase agreements, firm commitment agreements and standby commitments, with appropriate earmarking or segregation of assets to cover such obligation. Further, under the 1940 Act, the Fund is not permitted to issue preferred stock unless immediately after such issuance the value of the Fund's total assets is at least 200% of the liquidation value of the outstanding preferred stock (i.e., the liquidation value may not exceed 50% of the Fund's total assets). In addition, Rule 18f-4 under the Investment Company Act permits the Fund to enter into derivatives transactions, notwithstanding the prohibitions and restrictions on the issuance of senior securities under the 1940 Act, provided that the Fund complies with the conditions of Rule 18f-4.

**<u>Underwriting</u>**. Under the 1940 Act, underwriting securities involves an investment company purchasing securities directly from an issuer for the purpose of selling (distributing) them or participating in any such activity either directly or indirectly.

**<u>Lending</u>**. Under the 1940 Act, an investment company may only make loans if expressly permitted by its investment policies.

**MANAGEMENT OF THE FUND**

 ****

***Board Composition***

Our Board consists of five members. The Board is divided into three classes, with the members of each class serving staggered, three-year terms; however, the initial members of the three classes have initial terms of one, two and three years, respectively. The term of our Class I Directors will expire at the 2026 annual meeting of stockholders; the term of any Class II Director will expire at the 2027 annual meeting of stockholders; and the terms of our Class III Directors will expire at the 2028 annual meeting of stockholders.

Nicolas Carter serves as a Class I Director (with a term expiring in 2026); Marc Weinstein and Alex Yeh serve as Class II Directors (with terms expiring 2027); Andrew Kang and J. Michael Fields serve as Class III Directors (with terms expiring in 2028).

A majority of the Board consists of Directors who are not "interested persons" of the Fund, of the Adviser, or of any of their respective affiliates, as defined in Section 2(a)(19) of the 1940 Act ("Independent Directors").

Consistent with these considerations, after review of all relevant transactions and relationships between each Director, or any of his or her family members, and the Fund, the Adviser, or of any of their respective affiliates, the Board has determined that J. Michael Fields, Nicolas Carter, and Alex Yeh each qualify as Independent Directors. Each Director who serves on the Audit Committee is an "independent director" for purposes of Rule 10A-3 under the Exchange Act.

 ****

***Directors and Officers***

The following tables provide information regarding each of our Directors and Officers.

 ****

***Independent Directors***

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; ****<br> ***Name,<br> Address\*,<br> Year of Birth*** | &nbsp;&nbsp;***Position(s) with<br> the Fund, Term<br> and Length of <br> Time Served*** | &nbsp;&nbsp;***Principal Occupation(s) During<br> Past 5 Years*** | &nbsp;&nbsp;***Number of<br> Portfolios<br> in Fund <br> Complex<br> Overseen <br> by Director*** | &nbsp;&nbsp;***Other Directorships Held <br> by Director<br> During Past 5 Years*** |
| &nbsp;&nbsp; Nicolas Carter<br> 1992 | &nbsp;&nbsp;Director, term expiring 2026, since March 2026 | &nbsp;&nbsp;General Partner, Castle Island Ventures (since 2018); Cofounder and Chairman, Coin Metrics (2017-2025) | &nbsp;&nbsp;1 | &nbsp;&nbsp;Surus; Mountain Protocol; Mash; Hata; Project Eleven |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;J. Michael Fields <br> 1973 | &nbsp;&nbsp;Director, term expires 2028, since August 2025 | &nbsp;&nbsp;Independent Consultant (since 2023); Chief Operating Officer, The Strategic Group (2017-2023) | &nbsp;&nbsp;1 | &nbsp;&nbsp; Constitutional Capital Access Fund; Redwood Private Real Estate Private Debt Fund;<br> Aether Infrastructure & Natural Resources Fund;<br> Callodine Specialty Income Fund;<br> Megacorn Fund;<br> Pursuit Asset-Based Income Fund; Equi Multi-Strategy Fund |
| &nbsp;&nbsp; Alex Yeh<br> 1995 | &nbsp;&nbsp;Director, term expires 2027, since August 2025 | &nbsp;&nbsp;Founder & CEO, GMI Cloud (Since 2021); Director, Globaltec Capital (2019 - Present); Partner, Infinity Ventures Capital (2021-2025) | &nbsp;&nbsp;1 |  |

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\* The address of each Director is 151 Calle de San Francisco, Suite 200, San Juan, Puerto Rico 00901, unless otherwise noted.

 **

***Interested Directors***

 **

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; ****<br> ***Name,<br> Address\*,<br> Year of Birth*** | &nbsp;&nbsp;***Position(s) with<br> the Fund, Term<br> and Length of<br> Time Served*** | &nbsp;&nbsp;***Principal Occupation(s) <br> During Past 5 Years*** | &nbsp;&nbsp;***Number of <br> Portfolios in Fund <br> Complex Overseen <br> by Director*** | &nbsp;&nbsp;***Other Directorships<br> Held by<br> Director During <br> Past 5 Years*** |
| &nbsp;&nbsp; Andrew Kang<br> 1993 | &nbsp;&nbsp;Director, term expires 2028, since May 2025; President, since May 2025 | &nbsp;&nbsp; Founding Partner, Mechanism Capital (since 2020);<br> Managing Member, FP Strategies LLC (since 2025) | &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp; Marc Weinstein<br> 1988 | &nbsp;&nbsp;Director, term expires 2027, since May 2025; Secretary, since May 2025; Chief Operating Officer, since April 2026 | &nbsp;&nbsp;Partner, Mechanism Capital (since 2020); Manager, Satya Advisory LLC (since 2021); Managing Member, FP Strategies LLC (since 2025) | &nbsp;&nbsp;1 |  |

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\* The address of each Director is 151 Calle de San Francisco, Suite 200, San Juan, Puerto Rico 00901, unless otherwise noted.

\*\* Andrew Kang and Marc Weinstein are interested directors because of their positions with the Adviser.

***Officers who are not Directors***

 ****

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;***Name,<br> Address\*,<br> Year of Birth*** | &nbsp;&nbsp;***Position(s) with the Fund, <br> Term and Length of Time <br> Served*** | &nbsp;&nbsp;***Principal Occupation(s) During Past 5 Years*** |
| &nbsp;&nbsp; Lance Baker<br> 1971 | &nbsp;&nbsp;Treasurer, Principal Financial Officer, since August 2025 | &nbsp;&nbsp;Founding Partner, NexTier Solutions Inc. (since 2017) |
| &nbsp;&nbsp; Andy Chica<br> 1975 | &nbsp;&nbsp;Chief Compliance Officer, since August 2025 | &nbsp;&nbsp; Principal, NexTier Solutions (since 2022); Chief Compliance Officer and<br> Compliance Director, Cipperman Compliance Services, LLC (2019 to 2022) |

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\*The address of each officer is P.O. Box 847, Morrisville, North Carolina 27560, unless otherwise noted.

 ****

***Biographical Information***

Brief biographies of our officers and Directors are set forth below. Also included below following each biography is a brief discussion of the specific experience, qualifications, attributes or skills that led our Board to conclude that the applicable Director should serve on our Board at this time.

***Nicolas Carter*** serves as a Director. He has served as General Partner of Castle Island Ventures, a blockchain-focused venture capital fund based in Boston, Massachusetts, since June 2018. He co-founded and was Chairman of Coin Metrics, a crypto capital markets data and analytics platform, between January 2017 and July 2025. Mr. Carter currently serves as a board member of Project Eleven (since January 2026), Surus (since February 2025), Mountain Protocol (since August 2024), and Mash (since February 2023). He previously served as a compensated advisor to Core Scientific from June 2022 to December 2024 and was on the board of Hata between October 2024 and March 2026. Mr. Carter holds a Master of Science in Finance and Investment from the University of Edinburgh and a Bachelor of Arts in Philosophy and International Relations from the University of St Andrews (2010-2014).

 ****

***J. Michael Fields*** serves as a Director. Mr. Fields has more than 20 years of experience in the financial services industry, including experience serving as a consultant and executive officer of financial services companies. Mr. Fields also serves on multiple registered investment company boards as an independent director. Mr. Fields currently serves as an independent consultant. Prior to this, from 2017 to 2023, Mr. Fields was the Chief Operating Officer at the Strategic Group, a holding company for private real estate assets. Mr. Fields' extensive experience in the financial services sector, and as a member of various investment company boards make him qualified to serve as a director of the Fund. Mr. Fields holds an MBA from University of Central Florida and Bachelor of Science from the University of Florida.

 ****

***Alex Yeh*** serves as a Director. Mr. Yeh is an entrepreneur and investor with a broad range of experience across venture capital, financial services, and cloud infrastructure. He is currently the Founder and Chief Executive Officer of GMI Cloud, an AI-native cloud infrastructure provider serving enterprise customers in the United States and Asia. Since 2019, he has also been a Director at Globaltec Capital, where he oversees portfolio management and asset allocation across direct investments and fund-of-fund strategies. Mr. Yeh previously served as a Partner at IVC, a Web3-focused venture firm, and as an Entrepreneur in Residence at HOF Capital. Earlier in his career, he worked in venture and investment banking roles at Mesh Ventures and Credit Suisse. Mr. Yeh holds a Bachelor of Applied Science in Materials Science Engineering from The Johns Hopkins University, with a minor in Entrepreneurship and Management. Mr. Yeh's operational leadership, cross-border investment experience, and deep understanding of emerging technologies qualify him to serve as a Director of the Fund.

 ****

***Andrew Kang*** serves as a Director, the Chair of the Board, and as the President of the Fund. Mr. Kang is a respected investor and entrepreneur known for his analytical rigor and deep expertise in digital asset markets. Mr. Kang founded Mechanism Capital in 2020. As the Founding Partner of Mechanism Capital, he has played a pivotal role in identifying and supporting early-stage blockchain ventures and DeFi protocols.

In recent years, Mr. Kang has expanded Mechanism's mandate into frontier technologies, leading investments across artificial intelligence, robotics, longevity, and advanced energy systems. He was an early investor in Figure AI and Apptronik, two of the world's leading humanoid robotics companies.

Mr. Kang's background in structured finance and derivatives informs his data-driven approach to financial due diligence, consistently guiding sound investment decisions that at the cutting edge of technology. His commitment to transparent research and high-conviction investing continues to influence both emerging projects and established institutions across the digital finance and deep tech ecosystems. He holds a degree from Emory University.

 ****

***Marc Weinstein*** serves as a Director and as the Chief Operating Officer and Secretary of the Fund. Mr. Weinstein is a seasoned finance professional and investor with a proven track record across capital markets and early-stage ventures. He started his career in investment banking at Jefferies and Morgan Stanley, then became an entrepreneur with his first company, TINCO. TINCO was built to protect investors from the inflationary impact of quantitative easing.

After TINCO, Mr. Weinstein built and sold 90sFest, a leading business in the live entertainment industry. In 2017, after selling 90sFest, Mr. Weinstein joined the digital assets industry full time as Principal at Wave Financial, one of the first registered investment advisors focused on digital assets. He led Wave's venture capital business leading investments into dozens of protocols like NEAR and Securitize.

In 2020, Mr. Weinstein joined Mechanism Capital as a General Partner where he leads the venture investment team. For the last five years, Mr. Weinstein has also been an active angel investor in deep tech sectors-including robotics, AI, longevity, and national defense. He has led investments into nearly two hundred portfolio companies since his start as a venture capital investor. Mr. Weinstein graduated from Wharton with a BSc in Economics in 2010.

 ****

***Lance Baker*** serves as Chief Financial Officer of the Fund, and is the Founder, Principal, and President of NexTier Solutions. He has over 25 years of professional experience in financial management and corporate accounting. Mr. Baker attended UNC Kenan-Flagler Business School, with a BS in Business Administration and an MAC in Accounting.

 ****

***Andy Chica*** serves as Chief Compliance Officer of the Fund, and is a Principal of NexTier Solutions and is responsible for the growth and development of the outsourced Chief Compliance Officer solution service offering. Mr. Chica has over 20 years of experience in the financial services industry working in dedicated compliance roles for asset managers and registered funds. From 2019 until he joined NexTier Solutions in January 2022, Mr. Chica was the Director of Compliance at a compliance consulting firm where he was responsible for serving over 15 clients with over 9 separate CCO engagements. Prior to serving as an outsourced CCO, Mr. Chica served as in-house Chief Compliance Officer of Hatteras Investment Partners from 2007 to 2019 where he was also a partner and member of the firm's Executive Management Committee. Prior to his role at Hatteras, Mr. Chica was the Compliance Director for UMB Fund Services, Inc., and Vice President of Compliance with U.S. Bank Global Fund Services. Mr. Chica is a graduate of the University of Notre Dame with a BBA in Accounting.

The directors shall serve until the completion of their respective terms, and until their successors are duly elected and qualify. A Board member may resign upon written notice to the other members and may only be removed for cause by a vote of the investors holding not less than two-thirds of the total number of votes eligible to be cast by all investors. Any and all vacancies on the Board may be filled only by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum, and any director elected to fill a vacancy will serve for the remainder of the full term of the departing board member, and until a successor is elected and qualifies.

 ****

***Board Leadership Structure and Role in Risk Oversight***

Overall responsibility for our oversight rests with the Board. We have entered into the Advisory Agreement pursuant to which the Adviser will manage the Fund on a day-to-day basis. The Board is responsible for overseeing the Adviser and our other service providers in accordance with the provisions of the 1940 Act, applicable provisions of state and other laws and our charter. The Board is composed of five members, three of whom are Independent Directors. The Board meets at regularly scheduled quarterly meetings each year. In addition, the Board may hold special in-person or telephonic meetings or informal conference calls to discuss specific matters that may arise or require action between regular meetings. As described below, the Board has established a Nominating and Corporate Governance Committee, a Compensation Committee and an Audit Committee, and may establish ad hoc committees or working groups from time to time, to assist the Board in fulfilling its oversight responsibilities.

The Board has appointed Andrew Kang to serve in the role of Chair of the Board. The Chair's role is to preside at all meetings of the Board and to act as a liaison with the Adviser, counsel and other Directors generally between meetings. The Chair serves as a key point person for dealings between management and the Directors. The Chair also may perform such other functions as may be delegated by the Board from time to time. The Board reviews matters related to its leadership structure annually. The Board believes that its leadership structure is appropriate in light of the Fund's characteristics and circumstances because the structure allocates areas of responsibility among the individual Directors and the committees in a manner that encourages effective oversight. The Board also believes that its size creates a highly efficient governance structure that provides ample opportunity for direct communication and interaction between the Adviser and the Board.

We are subject to a number of risks, including investment, compliance, operational and valuation risks, among others. Risk oversight forms part of the Board's general oversight of the Fund and is addressed as part of various Board and committee activities. Day-to-day risk management functions are subsumed within the responsibilities of the Adviser and other service providers (depending on the nature of the risk), which carry out our investment management and business affairs. The Adviser and other service providers employ a variety of processes, procedures and controls to identify various events or circumstances that give rise to risks, to lessen the probability of their occurrence and to mitigate the effects of such events or circumstances if they do occur. Each of the Adviser and other service providers has their own independent interest in risk management, and their policies and methods of risk management will depend on their functions and business models. The Board recognizes that it is not possible to identify all of the risks that may affect the Fund or to develop processes and controls to eliminate or mitigate their occurrence or effects. As part of its regular oversight of the Fund, the Board interacts with and reviews reports from, among others, the Adviser, our Chief Compliance Officer, our independent registered public accounting firm and counsel, as appropriate, regarding risks faced by the Fund and applicable risk controls. The Board may, at any time and in its discretion, change the manner in which it conducts risk oversight.

 ****

***Communications with Directors***

Stockholders and other interested parties may contact any member (or all members) of the Board by mail. To communicate with the Board, any individual Directors or any group or committee of Directors, correspondence should be addressed to the Board or any such individual Directors or group or committee of Directors by either name or title. All such correspondence should be sent to RoboStrategy Inc., 151 Calle de San Francisco, Suite 200, San Juan Puerto Rico 00901, Attention: Chair of the Audit Committee.

**Board Committees**

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***Audit Committee Governance, Responsibilities and Meetings***

In accordance with its written charter adopted by the Board, the Audit Committee:

● assists the Board's oversight of the integrity of our financial statements, the independent registered public accounting firm's qualifications and independence, our compliance with legal and regulatory requirements and the performance of our independent registered public accounting firm;

● prepares an Audit Committee report, if required by the SEC, to be included in our annual proxy statement;

● oversees the scope of the annual audit of our financial statements, the quality and objectivity of our financial statements;

● accounting and financial reporting policies and internal controls;

● determines the selection, appointment, retention and termination of our independent registered public accounting firm, as well as approving the compensation thereof;

● pre-approves all audit and non-audit services provided to us and certain other persons by such independent registered public accounting firm; and

● acts as a liaison between our independent registered public accounting firm and the Board.

J. Michael Fields, Nicolas Carter, and Alex Yeh are members of the Audit Committee and J. Michael Fields serves as Chair.

Our Board has determined that each Audit Committee member meets the current independence and experience requirements of Rule 10A-3 of the Exchange Act. Our Board has determined that J. Michael Fields is an audit committee financial expert as defined under SEC rules.

 ****

***Nominating and Corporate Governance Committee Governance, Responsibilities and Meetings***

In accordance with its written charter adopted by the Board, the Nominating and Corporate Governance Committee:

● recommends to the Board persons to be nominated by the Board for election at the Fund's meetings of our stockholders, special or annual, if any, or to fill any vacancy on the Board that may arise between stockholder meetings;

● makes recommendations with regard to the tenure of the Directors;

● is responsible for overseeing an annual evaluation of the Board and its committee structure to determine whether the structure is operating effectively; and

● advises the Board on corporate governance matters generally.

The Nominating and Corporate Governance Committee will consider for nomination to the Board candidates submitted by our stockholders or from other sources it deems appropriate.

J. Michael Fields, Nicolas Carter, and Alex Yeh are members of the Nominating and Corporate Governance Committee and Alex Yeh serves as Chair.

**Compensation Committee**

In accordance with its written charter adopted by the Board, the Compensation Committee (i) reviews and approves the compensation, if any, paid by the Fund to each of the Fund's executive officers, including reimbursement by the Fund of the allocable portion of the compensation of the Fund's Chief Financial Officer and Chief Compliance Officer, (ii) has primary responsibility for periodically reviewing and recommending for approval by the Board the compensation, if any, paid to directors who are not "interested persons" of the Fund (as defined in Section 2(a)(19) of the 1940 Act), and (iii) oversees the Fund's compensation policies generally and makes recommendations to the Board regarding any incentive compensation and equity-based plans of the Fund that are subject to Board approval.

J. Michael Fields, Nicolas Carter, and Alex Yeh are members of the Compensation Committee and the Chair of the committee is Nicolas Carter.

**Director Nominations**

Nomination for election as a Director may be made by, or at the direction of, the Nominating and Corporate Governance Committee or by stockholders in compliance with the procedures set forth in our bylaws. Our Nominating and Corporate Governance Committee will consider qualified Director nominees recommended by stockholders when such recommendations are submitted in accordance with our bylaws and any applicable law, rule or regulation regarding Director nominations. When submitting a nomination for consideration, a stockholder must provide certain information that would be required under applicable SEC rules, including the following minimum information for each Director nominee: full name, age and address; principal occupation during the past five years; current directorships on publicly held companies and investment companies; number of our securities owned, if any; and, a written consent of the individual to stand for election if nominated by our Board and to serve if elected by our stockholders.

Stockholder proposals or director nominations to be presented at the annual meeting of stockholders, other than stockholder proposals submitted pursuant to the SEC's Rule 14a-8, must be submitted in accordance with the advance notice procedures and other requirements set forth in our bylaws. These requirements are separate from the requirements discussed above to have the stockholder nomination or other proposal included in our proxy statement and form of proxy/voting instruction card pursuant to the SEC's rules.

Our bylaws require that the proposal or recommendation for nomination must be delivered to, or mailed and received at, the principal executive offices of the Fund not earlier than the 150th day prior to the one year anniversary of the date the Fund's proxy statement for the preceding year's annual meeting, or later than the 120th day prior to the first anniversary of the date of the proxy statement for the preceding year's annual meeting. If the date of the annual meeting has changed by more than 30 days from the first anniversary of the date of the preceding year's annual meeting, stockholder proposals or director nominations must be so received not earlier than the 150th day prior to the date of such annual meeting and not later than the 120th day prior to the date of such annual meeting or the tenth day following the day on which public announcement of the date of such meeting is first made.

In evaluating director nominees, the Nominating and Corporate Governance Committee considers, among others, the following factors:

● whether the individual possesses high standards of character and integrity, relevant experience, a willingness to ask hard questions and the ability to work well with others;

● whether the individual is free of conflicts of interest that would violate applicable law or regulation or interfere with the proper performance of the responsibilities of a director;

● whether the individual is willing and able to devote sufficient time to the affairs of the Fund and be diligent in fulfilling the responsibilities of a director and Board committee member;

● whether the individual has the capacity and desire to represent the balanced, best interests of the stockholder as a whole and not a special interest group or constituency; and

● whether the individual possesses the skills, experiences (such as current business experience or other such current involvement in public service, academia or scientific communities), particular areas of expertise, particular backgrounds, and other characteristics that will help ensure the effectiveness of the Board and Board committees.

The Nominating and Corporate Governance Committee's goal is to assemble a board that brings to the Fund a variety of perspectives and skills derived from high-quality business and professional experience.

Other than the foregoing, there are no stated minimum criteria for director nominees, although the Nominating and Corporate Governance Committee may also consider other factors as they may deem are in the best interests of the Fund and its stockholders. The Board also believes it appropriate for certain key members of our management to participate as members of the Board.

The Nominating and Corporate Governance Committee identifies nominees by first evaluating the current members of the Board willing to continue in service. Current members of the Board with skills and experience that are relevant to our business and who are willing to continue in service are considered for re-nomination. If any member of the Board does not wish to continue in service or if the Nominating and Corporate Governance Committee decides not to re-nominate a member for re-election, the Nominating and Corporate Governance Committee identify the desired skills and experience of a new nominee in light of the criteria above. The members of the Board are polled for suggestions as to individuals meeting the aforementioned criteria. Research may also be performed to identify qualified individuals. To date, we have not engaged third parties to identify or evaluate or assist in identifying potential nominees, although we reserve the right in the future to retain a third-party search firm, if necessary.

**Director Compensation**

The following table sets forth the compensation expected to be received by our Directors for the year ending August 31, 2026. The Fund does not maintain a pension plan or retirement plan for any of the Directors.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Aggregate Compensation From <br> Fund** | &nbsp;&nbsp;**Total Compensation from Fund and Fund<br> Complex Paid to Directors** |
| &nbsp;&nbsp;*Interested Directors* | &nbsp;&nbsp;*Interested Directors* | &nbsp;&nbsp;*Interested Directors* |
| &nbsp;&nbsp;Andrew Kang | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Marc Weinstein | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;*Independent Directors* | &nbsp;&nbsp;*Independent Directors* | &nbsp;&nbsp;*Independent Directors* |
| &nbsp;&nbsp;Nicolas Carter | &nbsp;&nbsp;$40000 | &nbsp;&nbsp;$40000 |
| &nbsp;&nbsp;J. Michael Fields | &nbsp;&nbsp;$50000 | &nbsp;&nbsp;$50000 |
| &nbsp;&nbsp;Alex Yeh | &nbsp;&nbsp;$50000 | &nbsp;&nbsp;$50000 |

---

No compensation is paid to our Directors considered to be "interested persons" as defined in the 1940 Act. Our Independent Directors who do not also serve in an officer capacity for us or the Adviser are entitled to receive annual cash retainer fees, fees for participating in in-person Board and committee meetings and annual fees for serving as a committee chairperson.

The Independent Directors receive an annual fee of $40,000, with the Chair of the Audit Committee and Nominating Committee each receiving an additional $10,000 fee. The Independent Directors do not receive additional fees for attending regular quarterly meetings, however, Independent Directors will receive an additional fee of $2,500 for any special meeting. They also receive reimbursements of reasonable out-of-pocket expenses incurred in connection with attending in person or telephonically each regular Board meeting.

**Officer Compensation**

Except as specified in the Advisory Agreement, none of our officers who are also officers or employees of our Adviser will receive direct compensation from us. We do not currently have any employees and do not expect to have any employees. Services necessary for our business are provided by individuals who are employees or officers of our Adviser or by individuals who were contracted by us or our Adviser to work on our behalf.

**Director Ownership of Common Stock**

The table below sets forth the dollar range of the value of our common stock that is owned beneficially by each Director as of April 29, 2026. For purposes of this table, beneficial ownership is defined to mean a direct or indirect pecuniary interest.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;***Name of Director*** | &nbsp;&nbsp;***Dollar Range of Equity Securities in the <br> Fund<sup>(1)</sup>*** | &nbsp;&nbsp;***Dollar Range of Equity Securities in the<br> Fund Complex<sup>(1)</sup>*** |
| &nbsp;&nbsp;*Interested Directors* |  |  |
| &nbsp;&nbsp;Andrew Kang | &nbsp;&nbsp;Over $100,000 | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;Marc Weinstein | &nbsp;&nbsp;Over $100,000 | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;*Independent Directors* |  |  |
| &nbsp;&nbsp;J. Michael Fields | &nbsp;&nbsp;$50001 - $100000 | &nbsp;&nbsp;$50001 - $100000 |
| &nbsp;&nbsp;Alex Yeh |  |  |
| &nbsp;&nbsp;Nicolas Carter | &nbsp;&nbsp;$50001 - $100000 | &nbsp;&nbsp;$50001 - $100000 |

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(1) Dollar ranges are as follows: None; $1 - $10,000; $10,001 - $50,000; $50,001 - $100,000; or over $100,000.

**Code of Ethics**

We and the Adviser have each adopted a code of ethics pursuant to Rule 17j-l under the 1940 Act that establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to each code may invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made in accordance with the code's requirements. Our code of ethics is available, free of charge, on our website at https://www.robostrategy.co/. The code of ethics is attached as an exhibit hereto and is available on the EDGAR Database on the SEC's website at http://www.sec.gov.

**CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS**

Beneficial ownership is determined in accordance with the rules and regulations of the SEC. These rules generally provide that a person is the beneficial owner of securities if such person has or shares the power to vote or direct the voting thereof, or to dispose or direct the disposition thereof or has the right to acquire such powers within 60 days. The following table sets forth the beneficial ownership as indicated in the Fund's books and records of each current Director, the Fund's officers, the officers and Directors as a group, and each person known to us to beneficially own 5% or more of the outstanding shares of our common stock.

The table shows such ownership as of April 29, 2026.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;***Name and Address*** | &nbsp;&nbsp;***Shares owned*** | &nbsp;&nbsp;***Percentage<sup>(1)</sup>*** |
| &nbsp;&nbsp;*Interested Directors* |  |  |
| &nbsp;&nbsp;&nbsp;Andrew Kang<sup>(2)\*</sup> | &nbsp;&nbsp;9640467 | &nbsp;&nbsp;47.55% |
| &nbsp;&nbsp;&nbsp;Marc Weinstein<sup>(3)\*</sup> | &nbsp;&nbsp;1003531 | &nbsp;&nbsp;4.95% |
| &nbsp;&nbsp;*Independent Directors* |  |  |
| &nbsp;&nbsp;&nbsp;Nicolas Carter\* | &nbsp;&nbsp;10000 | &nbsp;&nbsp;0.05% |
| &nbsp;&nbsp;&nbsp;J. Michael Fields\* | &nbsp;&nbsp;10000 | &nbsp;&nbsp;0.05% |
| &nbsp;&nbsp;&nbsp;Alex Yeh\* | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;*Officers* |  |  |
| &nbsp;&nbsp;&nbsp;Lance Baker<br> P.O. Box 847 <br> Morrisville, North Carolina 27560 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;Andy Chica<br> P.O. Box 847<br> Morrisville, North Carolina 27560 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;*All officers and Directors as a group (7 persons)* | &nbsp;&nbsp;10663998 | &nbsp;&nbsp;52.60% |

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\*The address for this Director and/or officer is c/o 151 Calle de San Francisco, Suite 200, San Juan Puerto Rico 00901.

(1) Percentage based on 20,274,168
shares issued and outstanding as of April 29, 2026.

(2) Andrew Kang is the beneficial
owner of 3,725,000 shares of the Fund through Dry Thunder LLC, 1,774,685 shares of the Fund through Android 20 LLC and, 1,755,282 shares
of the Fund through Android 21 LLC, and 331,500 shares of the Fund through FP Strategies LLC, each of which he controls.

(3) Marc Weinstein is the beneficial
owner of 750,000 shares of the Fund through Satya Management LLC and 195,031 shares of the Fund through Satya Robo Holdings LLC, each
of which he controls. He is also the beneficial owner of 58,500 shares of the Fund through FP Strategies LLC.

**INVESTMENT ADVISER AND OTHER SERVICE PROVIDERS**

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***The Adviser***

The Adviser was formed on June 16, 2025 as a limited liability company under the laws of Puerto Rico. The principal address of the Adviser is 151 Calle de San Francisco, Suite 200, San Juan, Puerto Rico 00901, and its phone number is (787) 722-6881. The Adviser is owned and controlled by its members, Andrew Kang and Marc Weinstein.

The Adviser serves as investment adviser to the Fund pursuant to the Advisory Agreement. Under the Advisory Agreement, the Adviser will provide investment advice to, and manage the day-to-day business and affairs of the Fund, in each case under the ultimate supervision of, and subject to any policies established by the Board.

Pursuant to the Advisory Agreement, the Adviser will be responsible, subject to the supervision of the Board, for formulating a continuing investment program for the Fund. The Advisory Agreement has an initial two-year term and thereafter will continue in effect from year to year if its continuance is approved annually by the Board. The Advisory Agreement is terminable without penalty on 60 days' prior written notice by the Board or by the Adviser.

In consideration of the management and administrative services provided by the Adviser to the Fund, the Fund pays on a monthly basis, out of its assets, the Management Fee at the annual rate of 2.5% of the Fund's average value of the Fund's gross assets (including assets purchased with borrowed amounts) at the end of the two most recently completed calendar months.

***Portfolio Management***

Andrew Kang and Marc Weinstein are responsible for the day-to-day management of the Fund's portfolio.

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***Other Accounts Managed by the Portfolio Managers***

The following table sets forth information about funds and accounts other than the Fund for which the portfolio managers are primarily responsible for the day-to-day portfolio management as of April 29, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br>| &nbsp;&nbsp;**Number of <br> Accounts** | &nbsp;&nbsp;**Total Assets in<br> Accounts ($ million)** | &nbsp;&nbsp;**Number of <br> Accounts Subject to<br> a Performance-<br> Based Advisory Fee** | &nbsp;&nbsp;**Total Assets in<br> Accounts Subject to<br> a Performance-<br> Based Advisory Fee<br> ($ million)** |
| &nbsp;&nbsp;***Andrew Kang*** |  |  |  |  |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;- | &nbsp;&nbsp;$- | &nbsp;&nbsp;- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;9 | &nbsp;&nbsp;$129.4 | &nbsp;&nbsp;7 | &nbsp;&nbsp;$90.6 |
| &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;- | &nbsp;&nbsp;$- | &nbsp;&nbsp;- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;***Marc Weinstein*** |  |  |  |  |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;- | &nbsp;&nbsp;$- | &nbsp;&nbsp;- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;- | &nbsp;&nbsp;$- | &nbsp;&nbsp;- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;- | &nbsp;&nbsp;$- | &nbsp;&nbsp;- | &nbsp;&nbsp;$- |

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***Portfolio Manager Compensation Overview***

The discussion below describes the portfolio managers' compensation:

The portfolio managers currently receive no compensation beyond their ownership in the Adviser and the Fund.

***Securities Ownership of Portfolio Managers***

The table below shows the dollar range of shares of our common stock be beneficially owned by the portfolio managers as of April 29, 2026 stated as one of the following dollar ranges: None; $1-$10,000; $10,001-$50,000; $50,001-$100,000; $100,001-$500,000; $500,001-$1,000,000; or over $1,000,000.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;***Dollar Range of Equity Securities in the Fund<sup>(1)(2)</sup>*** |
| &nbsp;&nbsp;Andrew Kang | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Marc Weinstein | &nbsp;&nbsp;Over $1,000,000 |

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1. Beneficial ownership determined in accordance with Rule 16a-1(a)(2) promulgated under the Exchange Act.

2. The dollar range of equity securities of the Fund beneficially owned by the portfolio managers is based on the net asset value per share of $7.34 as of February 28, 2026.

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***Portfolio Manager Conflicts of Interest***

The Fund's portfolio managers have several conflicts of interest as a result of the other activities in which they engage. The Adviser is affiliated with other entities engaged in the financial services business. These other relationships may cause the Adviser's and certain of its affiliates' interests, and the interests of their officers and employees, including the portfolio managers, to diverge from our interests and may result in conflicts of interest that may not be foreseen or resolved in a manner that is always or exclusively in our best interest. The Adviser and its affiliates have entered into, and may in the future enter into, additional business arrangements with certain of our stockholders. More information regarding conflicts of interest is included in the section below entitled "Conflicts of Interest."

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***Administrator and Accounting Agent***

U.S. Bancorp Fund Services, LLC doing business as U.S. Bancorp Global Fund Services, LLC (the "Administrator") with offices located at 777 East Wisconsin Avenue, 4<sup>th</sup> Floor, Milwaukee, WI 53212, serves as administrator and accounting agent for the Fund. For its services, the Administrator is paid a fee based upon a percentage of the average net assets of the Fund, subject to a minimum annual fee, as well as certain fixed fees and expenses.

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***Transfer Agent***

Computershare Trust Company, N.A. (the "Transfer Agent") located at 150 Royall Street, Canton, Massachusetts 02021, serves as transfer agent and registrar for the Fund pursuant to a Transfer Agency and Service Agreement between the Fund, the Transfer Agent and Computershare, Inc.

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***Custodian***

U.S. Bank, N.A. (the "Custodian"), with principal offices at 1555 North RiverCenter Drive, Suite 302, Milwaukee, WI 53212, serves as custodian for the securities and cash of the Fund's portfolio. Under a Custody Agreement, the Custodian holds the Fund's assets in safekeeping and keeps all necessary records and documents relating to its duties.

**CONFLICTS OF INTEREST**

The Adviser or its affiliates provide or may provide investment advisory and other services to various entities. The Adviser, and certain of its investment professionals and other principals, may also carry on substantial investment activities for their own accounts, for the accounts of family members and for other accounts (collectively, with the other accounts advised by the Adviser and its affiliates, "Other Accounts"). The Fund has no interest in these activities. The Adviser and its affiliates may receive payments from private equity sponsors or others in connection with such activities. As a result of the foregoing, the Adviser and the investment professionals who, on behalf of the Adviser, manage the Fund's investment portfolio will be engaged in substantial activities other than on behalf of the Fund, may have differing economic interests in respect of such activities, and may have conflicts of interest in allocating their time and activity between the Fund and Other Accounts. Such persons will devote only so much of their time as in their judgment is necessary and appropriate.

There also may be circumstances under which the Adviser will cause one or more Other Accounts to commit a larger percentage of its assets to an investment opportunity than to which the Adviser will commit the Fund's assets. There also may be circumstances under which the Adviser will consider participation by Other Accounts in investment opportunities in which the Adviser does not intend to invest on behalf of the Fund, or vice versa.

The Adviser also intends to compensate, from its own profits from managing the Fund or other resources, brokers, dealers or other financial intermediaries in connection with the distribution of Shares and also in connection with various other services including those related to the support and conduct of due diligence, investor account maintenance, the provision of information and support services to clients and the inclusion on preferred provider lists. Such compensation may take various forms, including a fixed fee, a fee determined by a formula that takes into account the amount of client assets invested in the Fund, the timing of investment or the overall NAV of the Fund, the success or overall net revenues of the Fund, or a fee determined in some other method by negotiation between the Adviser and such financial intermediaries. Each financial intermediary also may charge investors, at the financial intermediary's discretion, a placement fee based on the purchase price of Shares purchased by the investor. All or a portion of such compensation may be paid by a financial intermediary to the financial advisory personnel involved in the sale of Shares. As a result of the various payments that broker-dealer, investment advisor or financial intermediaries may receive from investors and the Adviser, the amount of compensation that any financial intermediary may receive in connection with the sale of Shares in the Fund may be greater than the compensation it may receive for the distribution of other investment products. This difference in compensation may create an incentive for financial intermediaries to recommend the Fund over another investment product.

Financial intermediaries may be subject to certain conflicts of interest with respect to the Fund. For example, the Fund, the Adviser, portfolio companies or investment vehicles managed or sponsored by the Adviser may (i) purchase securities or other assets directly or indirectly from, (ii) enter into financial or other transactions with or (iii) otherwise convey benefits through commercial activities to a financial intermediary. As such, certain conflicts of interest may exist between such persons and a financial intermediary. Such transactions may occur in the future and generally there is no limit to the amount of such transactions that may occur.

Financial intermediaries may perform investment advisory and other services for other investment entities with investment objectives and policies similar to those of the Fund. Such entities may compete with the Fund for investment opportunities and may invest directly in such investment opportunities. Financial intermediaries that invest in portfolio companies may do so on terms that are more favorable than those of the Fund.

A financial intermediary may provide financing, investment banking services or other services to third parties and receive fees therefor in connection with transactions in which such third parties have interests, which may conflict with those of the Fund. A financial intermediary may give advice or provide financing to such third parties that may cause them to take actions adverse to the Fund. A financial intermediary may directly or indirectly provide services to, or serve in other roles for compensation for, the Fund. These services and roles may include (either currently or in the future) managing trustee, managing member, general partner, investment manager or advisor, investment sub-advisor, placement agent, broker, dealer, selling agent and investor servicer, custodian, transfer agent, fund administrator, prime broker, recordkeeper, shareholder servicer, interfund lending servicer, Fund accountant, transaction (e.g., a swap) counterparty and/or lender. A financial intermediary may provide certain such services to the Fund in connection with the Fund obtaining a credit facility, if any.

In addition, issuers of securities held by the Fund may have publicly or privately traded securities in which a financial intermediary is an investor or makes a market. The trading activities of financial intermediaries generally will be carried out without reference to positions held by the Fund and may have an effect on the value of the positions so held or may result in a financial intermediary having an interest in the issuer adverse to the Fund. No financial intermediary is prohibited from purchasing or selling the securities of, otherwise investing in or financing issuers in which the Fund has an interest.

A financial intermediary may sponsor, organize, promote or otherwise become involved with other opportunities to invest directly or indirectly in the Fund. Such opportunities may be subject to different terms than those applicable to an investment in the Fund, including with respect to fees and the right to receive information.

Set out below in "Participation in Investment Opportunities" and "Other Matters" are practices that the Adviser may follow.

**Participation in Investment Opportunities**

Directors, principals, officers, employees and affiliates of the Adviser may buy and sell securities or other investments for their own accounts and may have actual or potential conflicts of interest with respect to investments made on behalf of the Fund. As a result of differing trading and investment strategies or constraints, positions may be taken by directors, principals, officers, employees and affiliates of the Adviser, or by the Adviser for the Other Accounts, or any of their respective affiliates on behalf of their own other accounts that are the same as, different from or made at a different time than positions taken for the Fund.

**Other Matters**

The Adviser and its affiliates will not purchase securities or other property from, or sell securities or other property to, the Fund, except that the Fund may, in accordance with rules under the 1940 Act, engage in transactions with accounts that are affiliated with the Fund as a result of common officers, directors, Advisers, members or managing general partners. These transactions would be effected in circumstances in which the Adviser determined that it would be appropriate for the Fund to purchase and another client to sell, or the Fund to sell and another client to purchase, the same security or instrument on the same day.

Future investment activities of the Adviser and its affiliates and their principals, partners, members, directors, officers or employees may give rise to conflicts of interest other than those described above.

**PORTFOLIO TRANSACTIONS AND BROKERAGE**

Since the Fund intends to generally acquire and dispose of its investments in privately negotiated transactions, it expects to infrequently use brokers in the normal course of its business. Subject to policies established by the Board, the Adviser will be responsible for the execution of the publicly traded securities portion of the Fund's portfolio transactions, if any, and the allocation of brokerage commissions. The Adviser will seek to obtain the best net results for the Fund, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution and operational facilities of the firm and the firm's risk and skill in positioning blocks of securities. While the Adviser will generally seek reasonably competitive trade execution costs, the Fund will not necessarily pay the lowest spread or commission available. Subject to applicable legal requirements, the Adviser may select a broker based partly upon brokerage or research services provided to it and the Fund and any other clients. In return for such services, the Fund may pay a higher commission than other brokers would charge if the Adviser determines in good faith that such commission is reasonable in relation to the services provided.

**PROXY VOTING POLICIES AND PROCEDURES**

The Fund has delegated the voting of proxies in respect of portfolio holdings to the Adviser to vote the proxies in accordance with the Adviser's proxy voting guidelines and procedures. In general, the Adviser believes that voting proxies in accordance with the policies described below will be in the best interests of the Fund.

The Adviser generally votes to support management recommendations relating to routine matters, such as the election of board members (where no corporate governance issues are implicated) or the selection of independent auditors. The Adviser generally votes in favor of management or investor proposals that the Adviser believes will maintain or strengthen the shared interests of investors and management, increase value for investors and maintain or increase the rights of investors. On non-routine matters, the Adviser generally votes in favor of management proposals for mergers or reorganizations and investor rights plans, so long as it believes such proposals are in the best economic interests of the Fund. In exercising its voting discretion, the Adviser seeks to avoid any direct or indirect conflict of interest presented by the voting decision.

Information regarding how the Fund voted proxies relating to portfolio securities held by the Fund during the most recent 12-month period ending June 30 will be available (1) without charge, upon request, by calling the Fund at 787-722-6881; (2) on the Fund's website (https://www.robostrategy.co/); (3) by emailing ir@fpstrategies.io; and (4) on the SEC's website at www.sec.gov. In addition, copies of the Fund's proxy voting policies and procedures are also available by calling 787-722-6881 and will be sent within three business days of receipt of a request.

**LEGAL MATTERS**

Eversheds Sutherland (US) LLP, located at 700 Sixth Street, N.W., Suite 700, Washington, DC 20001, serves as our legal counsel. Certain legal matters regarding the validity of the shares offered hereby will be passed upon for us by [ ].

**ADMINISTRATOR, CUSTODIAN AND TRANSFER AGENT**

U.S. Bancorp Fund Services, LLC doing business as U.S. Bancorp Global Fund Services, LLC serves as our administrator and fund accountant. U.S. Bancorp Global Fund Services has its principal offices at 777 East Wisconsin Avenue, 4th Floor, Milwaukee, WI 53212.

Our portfolio securities are held pursuant to a custodian agreement between us and U.S. Bank National Association. The principal business address of U.S. Bank National Association is 5065 Wooster Road, Cincinnati, Ohio 45226.

Computershare Trust Company, N.A., serves as our transfer agent, distribution paying agent and registrar. The principal business address of Computershare Trust Company, N.A. is 150 Royall Street, Canton Massachusetts 02021.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Grant Thornton LLP is the independent registered public accounting firm for the Fund and audits the Fund's financial statements. Grant Thornton LLP is located at 2001 Market St Suite 800, Philadelphia, PA 19103.

**FINANCIAL STATEMENTS**

The following financial statements of RoboStrategy, Inc. are included in this statement of additional information:

---

| | |
|:---|:---|
| Unaudited Financial Statements | Page |
| [Schedule of Investments as of February 28, 2026](#sai_013) | F-3 |
| [Statement of Assets and Liabilities as of February 28, 2026](#sai_014) | F-4 |
| [Statement of Operations for the For the Period From September 5, 2025 through February 28, 2026](#sai_015) | F-5 |
| [Statements of Changes in Net Assets For the Period From September 5, 2025 through February 28, 2026](#sai_016) | F-6 |
| [Statement of Cash Flows for the For the Period From September 5, 2025 through February 28, 2026](#sai_017) | F-7 |
| [Notes to the Financial Statements](#sai_018) | F-8 |

---

---

| | |
|:---|:---|
| Audited Financial Statements | Page |
| [Report of Independent Registered Accounting Firm](#sai_019) | F-17 |
| [Statement of Assets and Liabilities as of September 5, 2025](#sai_020) | F-18 |
| [Statement of Operations for the For the Period from May 23, 2025 (Date of Organization) to September 5, 2025](#sai_021) | F-19 |
| [Statements of Changes in Net Assets for the Period from May 23, 2025 (Date of Organization) to September 5, 2025](#sai_022) | F-20 |
| [Notes to the Financial Statements](#sai_023) | F-21 |

---

**Table of Contents**

RoboStrategy, Inc.

---

| | |
|:---|:---|
| [Schedule of Investments](#sai_013) | F-3 |
| [Statement of Assets and Liabilities](#sai_014) | F-4 |
| [Statement of Operations](#sai_015) | F-5 |
| [Statement of Changes in Net Assets](#sai_016) | F-6 |
| [Statement of Cash Flows](#sai_017) | F-7 |
| [Notes to Financial Statements](#sai_018) | F-8 |

---

**RoboStrategy Inc.**

**Schedule of Investments**

**As of February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description:** | ***Shares*** | ***Fair Value<br> $*** |
| |  |  |
| **Private Investments, at fair value 92.19%** |  |  |
| |  |  |
| ***Preferred Stock — 52.18%*** |  |  |
| ***Robotics — 50.81%*** |  |  |
| &nbsp;&nbsp;&nbsp;*Allonic, Inc. - Pre-seed Preferred Stock <sup>(a)(b)(c)</sup>* | 154798 | $297349 |
| &nbsp;&nbsp;&nbsp;*Apptronik, Inc - Series 1 Seed Preferred Stock <sup>(a)(b)(c)</sup>* | 513046 | 17746859 |
| &nbsp;&nbsp;&nbsp;*Dexmate Inc. - Series 1 Seed Preferred Stock <sup>(a)(b)(c)</sup>* | 1740280 | 9999997 |
| &nbsp;&nbsp;&nbsp;*Dyna Robotics Inc. - Series A Preferred Stock<sup>(a)(b)(c)</sup>* | 1491163 | 37249997 |
| &nbsp;&nbsp;&nbsp;*Endiatx Inc. - Series A Preferred Stock<sup>(a)(b)(c)</sup>* | 285322 | 499998 |
| &nbsp;&nbsp;&nbsp;*Path Robotics, Inc. - Series D Preferred Stock<sup>(a)(b)(c)</sup>* | 773660 | 5999996 |
| &nbsp;&nbsp;&nbsp;*REK, Inc. - Series 1 Seed Preferred Stock<sup>(a)(b)(c)</sup>* | 1875891 | 2500000 |
| |  | 74294196 |
| |  |  |
| ***Artificial Intelligence — 1.37%*** |  |  |
| &nbsp;&nbsp;&nbsp;*GMI Cloud SAFE <sup>(a)(b)(c)</sup>* | 1 | 2000000 |
| |  | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Preferred Stock*** |  | **76294196** |
| |  |  |
| ***Special Purpose Vehicles — 40.01%*** |  |  |
| ***Robotics — 40.01%*** |  |  |
| &nbsp;&nbsp;&nbsp;*AP-1125 Fund V, a series of Capital Factory, LP (invested in Apptronik Inc Series A-1, A-2, and Seed 1 Preferred Stock) <sup>(a)(b)(c)(d)</sup>* | 2 | 19503143 |
| &nbsp;&nbsp;&nbsp;*NV Figure AI Series B QP Partners, LLC (economic exposure to Figure AI, Inc. Series B Preferred Stock) <sup>(a)(b)(c)(d)</sup>* | 1 | 37250000 |
| &nbsp;&nbsp;&nbsp;*PU-1003 Fund I, a Series of the Master partnership (invested in Purple Rhombus LLC SAFE Note) <sup>(a)(b)(c)(d)</sup>* | 1 | 250000 |
| &nbsp;&nbsp;&nbsp;*Robostrategy DDGT LLC (invested in Cyan Robotics, Inc. SAFE) <sup>(a)(b)(c)(d)</sup>* | 1 | 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Special Purpose Vehicles*** |  | **58503143** |
| |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Private Investments*** |  | $**134797339** |
| |  |  |
| ***Common Stock — 0.00%*** |  |  |
| ***Retail — 0.00%*** |  |  |
| &nbsp;&nbsp;&nbsp;*Berkshire Hathaway Inc-Cl B <sup>(a)</sup>* | 1 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Common Stock*** |  | **500** |
| |  |  |
| **Total Investments — (Cost - $134,797,839) - 92.19%** |  | **134797839** |
| |  |  |
| **Other Assets/Other Liabilities — 7.81%** |  | **11415541** |
| **Net Assets Applicable to Common Shares — 100.0%** |  | $**146213380** |

---

At February 28, 2026, the tax basis cost of the Fund's investments was $134,797,839 and the unrealized appreciation was $0.

(a) Non-income producing
 security.

(b) Level 3 securities
 fair valued using significant unoberservable inputs.

(c) Restricted investments
 as to resale.

(d) The Fund has a
 direct investment in an SPV which has invested in an underlying portfolio company. The number
 of units presented, if applicable, are the units in the SPV owned by the Fund, which represents
 the equivalent number of securities of the underlying portfolio company for which the investment
 has economic exposure.

**RoboStrategy, Inc.**

**Statement of Assets and Liabilities**

**As of February 28, 2026 (Unaudited)**

---

| | |
|:---|:---|
| **ASSETS** | |
| Investments at fair value (cost $134,797,839) | $134797839 |
| Cash | 12029353 |
| Deferred Offering Costs, Net (Note 5) | 327723 |
| Prepaid Expenses | 8936 |
| Total assets | $147163851 |
| **LIABILITIES** |  |
| Accrued Expenses | $357143 |
| Payable to Investment Adviser | 593328 |
| Total liabilities | $950471 |
| Net assets | $146213380 |
| **TOTAL EQUITY:** |  |
| Subscriptions | $149082251 |
| Accumulated Deficit | $(2868871) |
| Total equity | $146213380 |
| Shares of common stock outstanding, (500,000,000 shares authorized with par value of $0.001 per share) | 19908968 |
| Net asset value per share | $7.34 |

---

**RoboStrategy, Inc.**

**Statement of Operations**

**For the Period From September 5, 2025 (Commencement of Operations) through <br> February 28, 2026 (Unaudited)**

---

| | |
|:---|:---|
| **EXPENSES:** | |
| Management Fees | $1732125 |
| Organizational Expenses (Note 5) | 498783 |
| Amortization of Deferred Offering Costs (Note 5) | 147423 |
| Professional Fees | 126283 |
| Fund Administrator Expenses | 74781 |
| Directors' Fees | 69607 |
| Legal Expenses | 64588 |
| Portfolio Expenses | 41579 |
| Transfer Agent Fees | 36874 |
| Insurance | 9863 |
| Custody Expenses | 4900 |
| Other Expenses | 62065 |
| Total expenses | 2868871 |
| Net investment loss | $(2868871) |
| Net decrease in net assets resulting from operations | $(2868871) |

---

**RoboStrategy, Inc.**

**Statement of Changes in Net Assets**

**For the period September 5, 2025 (Commencement of Operations) through<br> February 28, 2026 (Unaudited)**

---

| | |
|:---|:---|
| **Net assets, September 5, 2025 (Commencement of Operations)** | |
| Proceeds from Issuance of Shares | $149082251 |
| Net investment income (loss) | (2868871) |
| Net decrease in net assets from operations | (2868871) |
| **Net assets, February 28, 2026** | $146213380 |
| **Capital share activity** |  |
| Issuance of shares | 19908968 |
| **Shares outstanding, February 28, 2026** | 19908968 |

---

**RoboStrategy, Inc.**

**Statement of Cash Flows**

**For the period September 5, 2025 (Commencement of Operations) through <br> February 28, 2026 (Unaudited)**

---

| | |
|:---|:---|
| **Cash flows from operating activities** | |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from operations | $(2868871) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net decrease in net assets from operations to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of privately held investments | (134797839) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of Deferred Offering Costs | 147423 |
| &nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | (8936) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to Investment Adviser | 593328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 357143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (136577752) |
| **Cash flows from financing activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Proceeds from Issuance of Shares** | 149082251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred offering costs paid | (475146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 148607105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in cash and cash equivalents | 12029353 |
| Cash and cash equivalents, beginning of period | - |
| Cash and cash equivalents, end of period | $12029353 |

---

**RoboStrategy, Inc.**

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)

February 28, 2026

**1.** **Organization** 

RoboStrategy, Inc. (the "Fund") was organized as a Maryland corporation on May 23, 2025, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end management investment company. The Fund is non-diversified for the purposes of the 1940 Act. The Fund is governed by its Board of Directors (the "Board"). The Investment adviser to the Fund is FP Strategies LLC (the "Adviser").

The Fund's authorized capital stock consists of 500,000,000 shares of common stock, par value $0.001 per share and no shares of preferred stock. All shares of the Fund's common stock have equal rights as to earnings, assets, voting, and other distributions and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable. Distributions may be paid to the holders of the Fund's common stock if, as and when authorized by the Board and declared by the Fund out of the funds legally available.

The Fund seeks to meet its investment objective by investing primarily in equity and equity-linked securities of private and public companies operating in the fields of robotics and embodied AI. These portfolio companies may include issuers of common stock, preferred equity, or convertible debt instruments that can convert into such equity interests (and are herein collectively referred to as "equity securities"). The Fund seeks to construct a high-conviction, thematically aligned portfolio of 20 to 30 positions. Under normal market conditions, the Fund will invest at least 80% of its net assets (including borrowings for investment purposes) in equity and equity-linked securities of robotics and embodied AI technology companies principally based in the United States.

**2.** **Summary of Significant Accounting Policies** 

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Fund is an investment company and applies specific accounting and financial reporting requirements under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services-Investment Companies*.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Use of Estimates

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Cash

On February 28, 2026, the Fund held cash of $12,029,353 in a custody account at U.S. Bank N.A., which is insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC). The Fund maintains its cash and cash equivalents in financial institutions at levels that have historically exceeded federally-insured limits.

**RoboStrategy, Inc.**

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)

February 28, 2026

**2.** **Summary of Significant Accounting Policies** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(c) Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements cannot be known; however, the Fund expects any risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Federal Income
 Taxes

The Fund's first tax year end will be August 31, 2026. While the Fund intends to be taxed as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended ("RIC") the Fund has yet to meet the diversification requirements in order to be taxed as a RIC as of February 28, 2026. The Fund is currently a corporation for U.S. federal income tax purposes. In the future, if the Fund qualifies as a RIC, the Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required. When the Fund qualifies as a RIC, no federal income tax provision will be required.

The Fund has not determined the financial impact of the current classification as a corporation for U.S. federal income tax purposes. The financial impact of this classification cannot currently be estimated, as the Fund is currently in a net loss situation.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Distribution
 of Income and Capital Gains

The timing and amount of distributions, if any, will be determined by the Board. Any distributions to the shareholders will be declared out of assets legally available for distribution. The Fund intends to focus on making investments that provide the opportunity for capital gains. As a consequence, the Fund does not anticipate that it will pay distributions on a quarterly or other basis or become a predictable distributor of distributions, and the Fund expects that distributions, if any, will be much less consistent than the distributions of companies that primarily make debt investments. The specific tax characteristics of any distributions will be reported to shareholders after the end of the calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Commitments,
 Contingencies, and Indemnification

The Fund indemnifies its officers and directors for certain liabilities that may arise from the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on industry experience, the Fund expects this risk of loss due to these warranties and indemnities to be remote.

**RoboStrategy, Inc.**

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)

February 28, 2026

**3.** **Fair Value Measurements** 

**Fair Value Measurement**

ASC 820 defines fair value as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date (i.e., an exit price). The Fund determines the fair value of its investments consistent with ASC 820 and Rule 2a-5 under the 1940 Act.

Pursuant to Rule 2a-5, the Board has designated the Adviser as the Fund's Valuation Designee to perform fair value determinations in good faith, subject to the Board's oversight.

**Fair Value Hierarchy**

ASC 820 establishes a three-level hierarchy for inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and the lowest priority to unobservable inputs.

The three levels of inputs are defined as follows:

**Level 1—Quoted Prices in Active Markets**

Unadjusted quoted prices in active markets for identical assets that the Fund has the ability to access at the measurement date.

**Level 2—Other Significant Observable Inputs**

Inputs other than quoted prices included in Level 1 that are observable for the asset, either directly or indirectly. These inputs may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quoted prices
 for similar assets in active markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quoted prices
 for identical or similar assets in markets that are not active

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest
 rates, yield curves, credit spreads, prepayment speeds, default rates, or other observable
 market data

**Level 3—Significant Unobservable Inputs**

Inputs that are unobservable and reflect the Adviser's own assumptions about the assumptions market participants would use in pricing the asset. These valuations require significant judgment.

The level in the fair value hierarchy within which an investment is classified is based on the lowest level input that is significant to the fair value measurement in its entirety.

**RoboStrategy, Inc.**

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)

February 28, 2026

**3.** **Fair Value Measurements** (cont.)

**Valuation Techniques**

 ****

***Publicly Traded Securities***

Investments in publicly traded securities are generally valued at the official closing price (or last reported sale price) on the primary exchange on which the security is traded as of the close of business on the valuation date. These investments are typically classified within Level 1 of the fair value hierarchy unless trading activity is limited or the market is not active.

***Investments Valued Using Observable Inputs***

 ****

Investments for which quoted prices are not readily available but for which observable inputs exist are valued using market-based approaches, including reference to comparable securities or other observable market data. These investments are generally classified within Level 2.

***Private Investments and Other Illiquid Securities***

Private investments and other securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Adviser, as Valuation Designee, in accordance with the Fund's valuation policies and procedures.

Valuation methodologies may include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discounted
 cash flow analyses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income or
 market approaches

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recent third-party
 transactions in the subject investment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparable
 company or transaction multiples

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Independent
 third-party appraisals

Such investments are generally classified within Level 3 of the fair value hierarchy due to the use of significant unobservable inputs.

In certain circumstances, the Fund may elect to measure the fair value of investments in other funds or pooled investment vehicles using the net asset value ("NAV") per share (or its equivalent) as a practical expedient in accordance with ASC 820. Investments valued using NAV as a practical expedient are not categorized within the fair value hierarchy.

**Fair Value Adjustments**

In determining fair value, adjustments may be made to reflect factors including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital structure
 and priority of securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Credit and
 market risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restrictions
 on resale or transfer

**RoboStrategy, Inc.**

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)

February 28, 2026

**3.** **Fair Value Measurements** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Control or
 minority ownership considerations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liquidity
 considerations

Because of the inherent uncertainty of valuation, the values determined may differ materially from the values that would have been realized had a ready market existed for such investments.

**Net Asset Value**

The Fund determines the fair value of its investments and calculates its net asset value ("NAV") as of the close of business on the last business day of each fiscal quarter, or at such other times as determined in accordance with the Fund's governing documents and valuation policies.

**Realized and Unrealized Gains and Losses**

Investment transactions are recorded on the trade date. Realized gains and losses from investment transactions are determined using the specific identification method for financial reporting purposes.

Changes in the fair value of investments are recorded as unrealized appreciation or depreciation in the Statement of Operations. Upon disposition of an investment, the difference between the net proceeds received and the cost of the investment is recognized as a realized gain or loss in the Statement of Operations.

The following table summarizes the levels within the fair value hierarchy for the Fund's assets measured at fair value as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks | $500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;- | $500 |
| Convertible Notes |  |  |  |  |
| Preferred Stocks |  |  | 76294196 | 76294196 |
| Special Purpose Vehicles <sup>(a)</sup> |  |  | 58503143 | 58503143 |
| Money Market Funds | - | - | - | - |
| **Total** | $**500** | $**-** | $**134797339** | $**134797839** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Investments
 in securities may include private investments vehicles formed to invest in a particular portfolio
 company that rely on an exemption from the 1940 Act pursuant to section 3(c)(1) or section
 3(c)(7) ("special purpose vehicles" or "SPVs"). These investments
 are recorded on the trade date, the date on which the Fund agrees to purchase or sell the
 securities.

**RoboStrategy, Inc.**

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)

February 28, 2026

**3.** **Fair Value Measurements** (cont.)

The changes in fair value of investments and liabilities for which the Fund has used Level 3 inputs to determine the fair value are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 3 ROLLFORWARD TABLE** | **LEVEL 3 ROLLFORWARD TABLE** | **LEVEL 3 ROLLFORWARD TABLE** | |
|  | **Common Stock** | **Preferred Stock** | **Special Purpose Vehicles** |<br>**Total** |
| Balance as of September 5, 2025 (Commencement of Operations) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $- | $- |
| Change in Unrealized Appreciation (Depreciation) on Investments |  |  |  |  |
| Net Realized Gain (Loss) on Investments |  |  |  |  |
| Purchases of Investments |  | 76294196 | 58503143 | 134797339 |
| Sales of Investments |  |  |  |  |
| Transfer into Level 3 |  |  |  |  |
| Transfer out of Level 3 | - | - | - | - |
| Balance as of February 28, 2026 | $- | $76294196 | $58503143 | $134797339 |
| Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at February 28, 2026 |  |  |  |  |

---

Investments classified within Level 3 of the fair value hierarchy represent securities for which significant unobservable inputs are used in determining fair value.

During the reporting period, the fair value of all Level 3 investments was determined based on the price established in the most recent financing round completed by the respective portfolio company, when such transaction was determined to represent an orderly transaction between market participants.

**RoboStrategy, Inc.**

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)

February 28, 2026

**3.** **Fair Value Measurements** (cont.)

In evaluating whether the most recent financing round was representative of fair value as of the measurement date, the Adviser, as Valuation Designee, considered factors including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The proximity
 of the financing transaction to the measurement date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the
 transaction was conducted at arm's length

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nature
 and terms of the securities issued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The rights
 and preferences of the securities relative to the Fund's holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any changes
 in the portfolio company's financial condition, operations, or market conditions since
 the transaction date

If relevant events or changes in circumstances occurred subsequent to the financing round that were deemed to materially impact value, appropriate adjustments were made to reflect such changes.

Because valuations of Level 3 investments incorporate significant unobservable inputs and involve the application of professional judgment, the resulting fair values may differ materially from the values that would have been realized had a ready market existed for such investments.

**4.** **Agreements** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Advisory Agreement

Under the terms of the Advisory Agreement between the Fund and the Adviser (the "Agreement"), the Adviser provides investment advice and manage the day-to-day business and affairs of the Fund, in each case under the ultimate supervision of the Board. Pursuant to the Advisory Agreement, the Fund pays out of its assets, the Management Fee at the annual rate of 2.5% of the Fund's average value of the Fund's gross assets (including assets purchased with borrowed amounts) at the end of the two most recently completed calendar month-ends.

The Advisory Agreement was approved at the Fund's organizational Board meeting on August 21, 2025, and was amended at a Board meeting on January 23, 2026. The Advisory Agreement became effective as of September 5, 2025, the date the Fund commenced operations, and shall remain in effect for an initial two-year term, through September 5, 2027 and may be renewed on an annual basis subject to approval from the Board.

As of February 28, 2026, certain Officers of the Fund were also officers or employees of the Adviser. They are as follows: Andrew Kang and Marc Weinstein.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Administrator,
 Custodian and Transfer Agent

The custodian to the Fund is U.S. Bank, N.A., at 1555 North RiverCenter Drive, Suite 302, Milwaukee, WI 53212. The administrator to the Fund is U.S. Bancorp Fund Services, LLC (doing business as U.S. Bank Global Fund Services), an affiliate of U.S. Bank, N.A., located at 777 E. Wisconsin Ave., 4th Floor, Milwaukee, WI 53212. The transfer agent to the Fund is Computershare Trust Company, N.A., at 150 Royall Street, Canton, MA 02021.

**RoboStrategy, Inc.**

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)

February 28, 2026

**5.** **Organization and Offering Costs** 

Organizational expenses are expensed as incurred, and totaled $498,783 from the date of organization through February 28, 2026.

Offering costs are currently being amortized over a period of 12 months. As of February 28, 2026, the Company had accumulated deferred offering costs totaling $475,147, and $147,423 of related amortization has been recorded within the Statement of Operations through 2/28/26. All remaining offering costs incurred prior to effectiveness of the Registration Statement will be expensed through the Statement of Operations upon effectiveness.

Upon the effectiveness of the Registration Statement, any subsequent deferred offering costs incurred will be charged directly to paid-in-capital.

**6.** **Related Party Transactions** 

In connection with the formation of the Fund on May 23, 2025, certain employees of the Adviser and related parties of the Adviser purchased an aggregate of 5,000,000 shares of common stock. These shares were purchased at the par value, $0.001 per share, for a total contribution of $5,000.

The Adviser has paid and has been reimbursed a portion of the organization, registration and offering costs of the Fund. As of February 28, 2026, the Fund owed the Adviser $593,327 in management fees for the months of January and February 2026.

**7.** **Principal Risks** 

There is no assurance that the Fund will meet its investment objective. The value of your investment in the Fund, as well as the amount of return you receive on your investment in the Fund, may fluctuate significantly. You may lose part of all your investment in the Fund or your investment may not perform as well as other similar investments.

*Liquidity and Valuation Risk* - Liquidity risk is the risk that securities may be difficult or impossible to sell at the time the Adviser would like or at the price it believes the security is currently worth. Liquidity risk may be increased for certain Fund investments, including those investments in funds with gating provisions or other limitations on investor withdrawals and restricted or illiquid securities. Some SPVs in which the Fund invests may impose restrictions on when an investor may withdraw its investment or limit the amounts an investor may withdraw. To the extent that the Adviser seeks to reduce or sell out of its investment at a time or in an amount that is prohibited, the Fund may not have the liquidity necessary to participate in other investment opportunities or may need to sell other investments that it may not have otherwise sold.

A substantial portion of the Fund's investments are illiquid, as determined by using the SEC standard applicable to registered investment companies (i.e., securities that cannot be disposed of by the Fund within seven calendar days in the ordinary course of business at approximately the amount at which the Fund has valued the securities). Illiquid and restricted securities may be difficult to dispose of at a fair price at the times when the Fund believes it is desirable to do so. The market price of illiquid and restricted securities generally is more volatile than that of more liquid securities, which may adversely affect the price that the Fund pays for or recovers upon the sale of such securities. Investment of the Fund's assets in illiquid and restricted securities may also restrict the Fund's ability to take advantage of market opportunities.

*Valuation risk* is the risk that one or more of the securities in which the Fund invests are priced differently than the value realized upon such security's sale. In times of market instability, valuation may be more difficult, in which case the Adviser's judgment may play a greater role in the valuation process.

 

*Concentration Risk* - Many of the Fund's investments will be in U.S. private companies operating in the fields of robotics and embodied AI, and therefore will be particularly exposed to the risks attendant to investments in that sector. Investors generally have no assurance as to the degree of diversification of the Fund's investments, either by geographic region, asset type or sector. Accordingly, a significant portion of the Fund's investments may be made in relatively few geographic regions, asset types, security types or industry sectors. For example, as of February 28, 2026, approximately 92% of the investment portfolio is invested in private companies operating in the robotics and embodied AI industries. Any such concentration of risk may increase losses suffered by the Fund, which could have a material adverse effect on the Fund's overall financial condition.

**8.** **Subsequent Events** 

Management has evaluated subsequent events through the date these financial statements were issued and has determined that there were no subsequent events to report through the issuance of these financial statements except as noted below.

On April 7, 2026, the Fund held an additional closing, accepting new cash subscriptions totaling $3,652,000, of this amount $3,150,000 related to subscriptions from related parties.

**Table of Contents**

RoboStrategy, Inc.

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#sai_019) | F-17 |
| [Statement of Assets and Liabilities](#sai_020) | F-18 |
| [Statement of Operations](#sai_021) | F-19 |
| [Statement of Changes in Net Assets](#sai_022) | F-20 |
| [Notes to Financial Statements](#sai_023) | F-21 |

---

![](image_002.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

---

| | |
|:---|:---|
| **grant thornton llp**<br> Two Commerce Square<br> 2001 Market St.,<br> Suite 800<br> Philadelphia,<br> PA 19103<br>**D** +1 215 561 4200<br> **F** +1 215 561 1066 | Board of Directors and Shareholders<br> RoboStrategy, Inc.<br>**Opinion on the financial statements** <br>We have audited the accompanying statement of assets and liabilities of RoboStrategy, Inc. (the "Fund") as of September 5, 2025, the related statements of operations and changes in net assets for the period from May 23, 2025 (date of organization) through September 5, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 5, 2025, and the results of its operations for the period from May 23, 2025 (date of organization) through September 5, 2025, in conformity with accounting principles generally accepted in the United States of America.<br>**Basis for opinion** <br>These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.<br>We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.<br>Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provide a reasonable basis for our opinion.<br>|

---

/s/ GRANT THORNTON LLP

We have served as the Fund's auditor since 2025.

Philadelphia, Pennsylvania

January 26, 2026

---

| | |
|:---|:---|
| **GT.COM** | Grant Thornton LLP is a U.S. member firm of Grant Thornton International Ltd (GTIL). GTIL and each of its member firms are separate legal entities and are not a worldwide partnership. |

---

**RoboStrategy, Inc.**

**STATEMENT OF ASSETS AND LIABILITIES**

**September 5, 2025**

---

| | |
|:---|:---|
| **Assets** | |
| &nbsp;&nbsp;&nbsp;Cash | $56527732 |
| &nbsp;&nbsp;&nbsp;Deferred offering costs (Note 4) | 175517 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 28798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 56732047 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $255453 |
| &nbsp;&nbsp;&nbsp;Payable to Investment Adviser (Note 4) | 94714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 350167 |
| **Commitments and Contingencies (Note 2)** |  |
| **Net Assets** | $56381880 |
| **Total Equity** |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | $56527732 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (145852) |
| **Total Equity** | $56381880 |
| &nbsp;&nbsp;&nbsp;Shares of common stock outstanding, (500,000,000 shares authorized with par value of $0.001 per share) | 10653500 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $5.29 |

---

*The accompanying notes are an integral part of these financial statements.*

**RoboStrategy, Inc.**

**STATEMENT OF OPERATIONS**

**For the Period from May 23, 2025 (Date of Organization) to September 5, 2025**

 

---

| | |
|:---|:---|
| **Expenses:** | |
| &nbsp;&nbsp;&nbsp;Organizational expenses (Note 4) | $145852 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 145852 |
| **Net Decrease in Net Assets Resulting from Operations** | $145852 |

---

*The accompanying notes are an integral part of these financial statements.*

 

**RoboStrategy, Inc.**

**STATEMENT OF CHANGES IN NET ASSETS**

**For the Period from May 23, 2025 (Date of Organization) to September 5, 2025**

 

---

| | |
|:---|:---|
| Change in Net Assets Resulting from Operations |  |
| &nbsp;&nbsp;&nbsp;Net Decrease in Net Assets Resulting from Operations | $(145852) |
| Change in Net Assets Resulting from Capital Transactions Subscriptions | 56527732 |
| Net Increase in Net Assets | 56381880 |
| **Net Assets, Beginning of Period** | - |
| **Net Assets, End of Period** | $56381880 |

---

*The accompanying notes are an integral part of these financial statements.*

 

**RoboStrategy, Inc.**

NOTES TO THE FINANCIAL STATEMENTS

September 5, 2025

**1.** **Organization** 

RoboStrategy, Inc. (the "Fund") was organized as a Maryland corporation on May 23, 2025, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end management investment company. The Fund is non-diversified for the purposes of the 1940 Act. The Fund is governed by its Board of Directors (the "Board"). The Investment adviser to the Fund is FP Strategies LLC (the "Adviser").

The Fund's authorized capital stock consists of 500,000,000 shares of common stock, par value $0.001 per share and no shares of preferred stock. All shares of the Fund's common stock will have equal rights as to earnings, assets, voting, and other distributions and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable. Distributions may be paid to the holders of the Fund's common stock if, as and when authorized by the Board and declared by the Fund out of the funds legally available. There are 10,653,500 shares of common stock outstanding as of September 5, 2025.

The Fund seeks to meet its investment objective by investing primarily in equity and equity-linked securities of private and public companies operating in the fields of robotics and embodied AI. These portfolio companies may include issuers of common stock, preferred equity, or convertible debt instruments that can convert into such equity interests (and are herein collectively referred to as "equity securities"). The Fund seeks to construct a high-conviction, thematically aligned portfolio of 20 to 30 positions, with no more than 25% of net asset value invested in any single company. Under normal market conditions, the Fund will invest at least 80% of its net assets (including borrowings for investment purposes) in equity and equity-linked securities of robotics and embodied AI technology companies principally based in the United States.

The Fund has no operations as of September 5, 2025, other than matters relating to its registration and sale of 10,653,500 shares of the Fund to investors.

**2.** **Summary of Significant Accounting Policies** 

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Fund is an investment company and applies specific accounting and financial reporting requirements under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services-Investment Companies.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Use of Estimates

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Cash

On September 5, 2025, the Fund held cash of $56,527,732 in a custody account at U.S. Bank N.A. which is insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements cannot be known; however, the Fund expects any risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Federal Income Taxes

The Fund is currently a corporation (C-corporation) for tax purposes. The Fund intends to qualify in a subsequent taxable year as a "regulated investment company' under subchapter M of the Internal Revenue Code of 1986, as amended. If so qualified, the Fund will not be subject to U.S. federal income tax on its income or gains that it timely distributes (or is deemed to distribute) to shareholders. Therefore, no U.S. federal income tax provision is required. When the Fund qualifies as a regulated investment company, no U.S. federal income tax provision will be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Distribution of Income and Capital Gains

The timing and amount of dividends, if any, will be determined by the Fund Board. Any dividends to our shareholders will be declared out of assets legally available for distribution. We intend to focus on making investments that provide the opportunity for capital gains. As a consequence, we do not anticipate that we will pay distributions on a quarterly or other basis or become a predictable distributor of distributions, and we expect that our distributions, if any, will be much less consistent than the distributions of companies that primarily make debt investments. The specific tax characteristics of our distributions will be reported to shareholders after the end of the calendar year. Future dividends, if any, will be determined by our Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Commitments, Contingencies, and Indemnification

The Fund indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on industry experience, the Fund expects this risk of loss due to these warranties and indemnities to be remote.

**3.** **Agreements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Advisory Agreement

Under the terms of the Advisory Agreement between the Fund and the Adviser (the "Agreement"), the Adviser will provide investment advice and manage the day-to-day business and affairs of the Fund, in each case under the ultimate supervision of the Board. Pursuant to the Advisory Agreement, the Fund pays out of its assets, the Management Fee at the annual rate of 2.5% of the Fund's average value of the Fund's gross assets (including assets purchased with borrowed amounts) at the end of the two most recently completed calendar quarters.

The Advisory Agreement, was approved at the Fund's organizational Board meeting on August 21, 2025. The Advisory Agreement became effective as of September 5, 2025, the date the Fund commenced operations, and shall remain in effect for an initial two-year term, through September 5, 2027 and may be renewed on an annual basis subject to approval from the Board.

As of September 5, 2025, certain Officers of the Fund were also officers or employees of the Adviser. They are as follows: Andrew Kang and Marc Weinstein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Administrator, Custodian and Transfer Agent

At commencement of the Fund's investment operations, the custodian to the Fund will be U.S. Bank, N.A., at 1555 North RiverCenter Drive, Suite 302, Milwaukee, WI 53212. At commencement of the Fund's investment operations, the administrator to the Fund will be U.S. Bancorp Fund Services, LLC (doing business as U.S. Bank Global Fund Services), an affiliate of U.S. Bank, N.A., located at 777 E. Wisconsin Ave., 4<sup>th</sup> Floor, Milwaukee, WI 53212. At commencement of the Fund's investment operations, the transfer agent to the Fund will be Computershare Trust Company, N.A., at 150 Royall Street, Canton, MA 02021.

**4.** **Organization and Offering Costs** 

Organizational costs are expensed as incurred, and totaled $145,852 from the date of organization through September 5, 2025. As of September 5, 2025, the Company had capitalized deferred offering costs of $175,517, which are expected to be amortized over the first 12 months of the Fund's operations.

**5.** **Related Party Transactions** 

In connection with the formation of the Fund on June 17, 2025, certain employees of the Adviser and related parties of the Adviser purchased an aggregate of 5,000,000 shares of common stock. These shares were purchased at the par value per share.

The Adviser has paid and will be reimbursed the organization, registration and offering costs of $94,714 on behalf of the Fund. This amount is presented on the Statement of Assets and Liabilities as Payable to Investment Adviser.

**6.** **Principal Risks** 

There is no assurance that the Fund will meet its investment objective. The value of your investment in the Fund, as well as the amount of return you receive on your investment in the Fund, may fluctuate significantly. You may lose part of all your investment in the Fund or your investment may not perform as well as other similar investments.

**7.** **Subsequent Events** 

Management has evaluated subsequent events through January 26, 2026, the date the financial statements were available for issuance. Based on this evaluation, no adjustments to the financial statements were required.

On September 8, 2025, the Fund accepted in-kind subscriptions totaling $74,500,000. The securities contributed consisted shares of common stock of Apptronik Inc. and limited partnership interests in special purpose vehicles formed to invest in Apptronic Inc, preliminarily valued at $37,250,000, and limited partnership interests in a special purpose vehicle formed to invest in Figure AI, preliminarily valued at $37,250,000. These securities were acquired at the fair market value on the date of acquisition based on valuation determined by independent third-party valuation firm. The values of these interests are estimated and may be subject to change. The in-kind subscriptions were exchanged for a total of 7,449,998 shares of the fund.

Figure and Apptronik are two leading companies in the commercialization and development of humanoid robots in the United States. The securities were contributed by multiple related entities to the Adviser including contributions from three entities wholly-owned by Andrew Kang and one entity wholly-owned by Marc Weinstein.

On November 1, 2025, the Fund held a second closing, accepting additional cash subscriptions totaling approximately $15,800,000.

On December 1, 2025, the Fund held an additional closing, accepting cash subscriptions totaling approximately $1,500,000.

**PART C - OTHER INFORMATION**

**ITEM 25. FINANCIAL STATEMENTS AND EXHIBITS**

(1) Financial Statements:

Part A: None

---

| | |
|:---|:---|
| Part B: | Schedule of Investments as of February 28, 2026 (Unaudited) |
|  | Statement of Assets and Liabilities as of February 28, 2026 (Unaudited) |
|  | Statement of Operations for the For the Period From September 5, 2025 through February 28, 2026 (Unaudited) |
|  | Statements of Changes in Net Assets For the Period From September 5, 2025 through February 28, 2026 (Unaudited) |
|  | Statement of Cash Flows For the Period From September 5, 2025 through February 28, 2026 (Unaudited) |
|  | Statement of Assets and Liabilities as of September 5, 2025 |
|  | Statement of Operations for the period May 23, 2025 to September 5, 2025 |
|  | Statement of Changes in Net Assets for the period May 23, 2025 to September 5, 2025 |

---

(2) Exhibits:

---

| | |
|:---|:---|
| (a) | [Articles of Amendment and Restatement<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2081119/000121390025086229/ea025632501_ex99a.htm) |
| (b) | [Bylaws<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2081119/000121390025086229/ea025632501_ex99b.htm) |
| (c) | Not Applicable |
| (d) | Not Applicable |
| (e) | [Distribution Reinvestment Plan<sup>(2)</sup>](https://www.sec.gov/Archives/edgar/data/2081119/000121390026007681/ea0273799-01_ex99e.htm) |
| (f) | Not Applicable |
| (g) | [Amended and Restated Investment Advisory Agreement<sup>(2)</sup>](https://www.sec.gov/Archives/edgar/data/2081119/000121390026007681/ea0273799-01_ex99g.htm) |
| (h) | Not Applicable |
| (i) | Not Applicable |
| (k) | [Custody Agreement<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2081119/000121390025086229/ea025632501_ex99j.htm) |
| (k)(1) | [Fund Servicing Agreement<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2081119/000121390025086229/ea025632501_ex99k1.htm) |
| (k)(2) | [License Agreement<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2081119/000121390025086229/ea025632501_ex99k2.htm) |
| (k)(3) | [Registration Rights Agreement by and between the Registrant and Roth Principal Investments, LLC, dated May 11, 2026\*](ea0290107-01_ex99k3.htm) |
| (k)(4) | [Purchase Agreement by and among the Registrant, Roth Principal Investments, LLC, and FP Strategies, LLC, dated May 11, 2026\*](ea0290107-01_ex99k4.htm) |
| (l) | Opinion of Counsel<sup>\*\*</sup> |
| (m) | Not Applicable |
| (n) | [Consent of Independent Registered Public Accounting Firm\*](ea0290107-01_ex99n.htm) |
| (o) | Not Applicable |
| (p) | Not Applicable |
| (q) | Not Applicable |
| (r) | [Code of Ethics of Registrant and Adviser<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2081119/000121390025086229/ea025632501_ex99r.htm) |
| (s) | [Fee Table\*](ea0290107-01_ex99s.htm) |
| (t) | [Power of Attorney\*](ea0290107-01_ex99t.htm) |

---

\* Filed herewith

\*\* To be filed with subsequent amendment

(1) Incorporated by reference to the
Registrant's Registration Statement on Form N-2 (File No. 811-24118), filed on September 9, 2025

(2) Incorporated by reference to the
Registrant's Registration Statement on Form N-2 (File Nos. 811-24118 and 333-291400) filed on January 26, 2026.

**ITEM 26. MARKETING ARRANGEMENTS**

Not Applicable.

**ITEM 27. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION**

The following table sets forth the estimated expenses to be incurred in connection with the offering described in this Registration Statement. All figures are estimates.

---

| | |
|:---|:---|
| SEC Filing Fees | $81120.42 |
| Printing | $2000.00 |
| Legal | $250000 |
| Accounting | $79500.00 |
| Miscellaneous | $1500.00 |
| **Total** | $**414120.42** |

---

**ITEM 28. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL**

No person is directly or indirectly under common control with Registrant, except that the Registrant may be deemed to be controlled by FP Strategies LLC (the "Adviser"), the investment adviser to the Registrant. The Adviser was formed under the laws of the State of Puerto Rico in 2025. Additional information regarding the Adviser is set out in its Form ADV, as filed with the Securities and Exchange Commission (SEC File No. 801-134211).

**ITEM 29. NUMBER OF HOLDERS OF SECURITIES**

Set forth below is the number of holders of securities of the Registrant as of April 29, 2026:

---

| | | |
|:---|:---|:---|
| **Title of Class** | **Number of Record<br> Holders** | **Number of Record<br> Holders** |
| Common Stock |  | 442 |

---

**ITEM 30. INDEMNIFICATION**

Section 2-418 of the Maryland General Corporation Law allows for the indemnification of officers, directors and any corporate agents in terms sufficiently broad to indemnify these persons under certain circumstances for liabilities, including reimbursement for expenses, incurred arising under the Securities Act. Our certificate of incorporation and bylaws provide that we shall indemnify our directors and officers to the fullest extent authorized or permitted by law and this right to indemnification shall continue as to a person who has ceased to be a director or officer and shall inure to the benefit of his or her heirs, executors and personal and legal representatives; provided, however, that, except for proceedings to enforce rights to indemnification, we are not obligated to indemnify any director or officer (or his or her heirs, executors or personal or legal representatives) in connection with a proceeding (or part thereof) initiated by the person unless the proceeding (or part thereof) was authorized or consented to by the Board. The right to indemnification conferred includes the right to be paid by us the expenses incurred in defending or otherwise participating in any proceeding in advance of its final disposition.

So long as we are regulated under the 1940 Act, the above indemnification is limited by the 1940 Act or by any valid rule, regulation or order of the SEC thereunder. The 1940 Act provides, among other things, that a company may not indemnify any director or officer against liability to it or its security holders to which he or she might otherwise be subject by reason of his or her willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office unless a determination is made by final decision of a court, by vote of a majority of a quorum of directors who are disinterested, non-party directors or by independent legal counsel that the liability for which indemnification is sought did not arise out of the foregoing conduct.

The Adviser and its affiliates (each, an "Indemnitee") are not liable to us for (i) mistakes of judgment or for action or inaction that such person reasonably believed to be in our best interests absent such Indemnitee's gross negligence, knowing and willful misconduct, or fraud or (ii) losses or expenses due to mistakes of judgment, action or inaction, or the negligence, dishonesty or bad faith of any broker or other agent of the Fund who is not an affiliate of such Indemnitee, provided that such person was selected, engaged or retained without gross negligence, willful misconduct, or fraud.

We will indemnify each Indemnitee against any liabilities relating to the offering of our common stock or our business, operation, administration or termination, if the Indemnitee acted in good faith and in a manner it believed to be in, or not opposed to, our interests and except to the extent arising out of the Indemnitee's gross negligence, fraud or knowing and willful misconduct. We may pay the expenses incurred by the Indemnitee in defending an actual or threatened civil or criminal action in advance of the final disposition of such action, provided the Indemnitee agrees to repay those expenses if found by adjudication not to be entitled to indemnification.

Insofar as indemnification for liability arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by us of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, we will, unless in the opinion of our counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by us is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**ITEM 31. BUSINESS AND OTHER CONNECTIONS OF ADVISER**

A description of any other business, profession, vocation, or employment of a substantial nature in which the Adviser, and each managing director, executive officer or partner of the Adviser, is or has been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, partner or trustee, is set out in the prospectus and SAI in the sections entitled "Management of the Fund." The information required by this Item 31 with respect to each director, officer or partner of the Adviser is incorporated by reference to Form ADV with the Securities and Exchange Commission pursuant to the Investment Advisors Act of 1940, as amended (File No. 801-134211).

**ITEM 32. LOCATION OF ACCOUNTS AND RECORDS**

All accounts, books and other documents required to be maintained by Section 31(a) of the 1940 Act, and the rules thereunder are maintained at the offices of:

**The Fund**

151 Calle de San Francisco

Suite 200

San Juan, Puerto Rico 00901

**Transfer Agent**

150 Royall Street

Canton, Massachusetts 02021

**Custodian**

1555 North RiverCenter Drive

Suite 302

Milwaukee, WI 53212

**Adviser**

151 Calle de San Francisco

Suite 200

San Juan, Puerto Rico 00901

**Administrator**

777 East Wisconsin Avenue

4th Floor

Milwaukee, WI 53212

**ITEM 33. MANAGEMENT SERVICES**

Not Applicable

.

**ITEM 34. UNDERTAKINGS**

(1) We undertake to suspend the offering
of shares until the prospectus is amended if (1) subsequent to the effective date of its Registration Statement, the net asset value
declines more than 10% from its net asset value as of the effective date of the Registration Statement; or (2) the net asset value increases
to an amount greater than the net proceeds as stated in the prospectus.

(2) Not Applicable.

(3) Not Applicable.

(4) We undertake that:

&nbsp;&nbsp;&nbsp;&nbsp;a. For the purpose of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this Registration Statement in reliance upon Rule 430A and contained in a form of prospectus filed by us pursuant to Rule 424(b)(1) under the Securities Act shall be deemed to be part of this Registration Statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;b. For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(5) Not Applicable.

(6) Insofar as indemnification for
liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant
to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer
or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer
or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

(7) The Registrant undertakes to send
by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral
request, any prospectus or Statement of Additional Information.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement on Form N-2 to be signed on its behalf by the undersigned, thereunto duly authorized, in San Juan, Puerto Rico, on the 12th day of May, 2026.

---

| | |
|:---|:---|
| RoboStrategy, Inc. | RoboStrategy, Inc. |
| /s/ Andrew Kang | /s/ Andrew Kang |
| By: | Andrew Kang |
| Title: | President |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement on Form N-2 has been signed below by the following persons in the capacities indicated on the 12th day of May, 2026.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| \*J. Michael Fields | Director |
| J. Michael Fields |  |
| \*Alex Yeh | Director |
| Alex Yeh |  |
| \*Nicolas Carter | Director |
| Nicolas Carter |  |
| /s/ Marc Weinstein | Director |
| Marc Weinstein |  |
| /s/ Andrew Kang | Director, President (Principal Executive Officer) |
| Andrew Kang |  |
| /s/ Lance Baker | Chief Financial Officer |
| Lance Baker | (Principal Financial Officer and Principal Accounting Officer) |
| \*/s/ Marc Weinstein |  |
| Marc Weinstein, Attorney-in-Fact, pursuant to a power of attorney filed herewith. | Marc Weinstein, Attorney-in-Fact, pursuant to a power of attorney filed herewith. |

---

**<u>EXHIBIT INDEX</u>**

---

| | |
|:---|:---|
| (k)(3) | [Registration Rights Agreement by and between the Registrant and Roth Principal Investments, LLC, dated May 11, 2026](ea0290107-01_ex99k3.htm) |
| (k)(4) | [Purchase Agreement by and among the Registrant, Roth Principal Investments, LLC, and FP Strategies, LLC, dated May 11, 2026](ea0290107-01_ex99k4.htm) |
| (n) | [Consent of Independent Registered Public Accounting Firm](ea0290107-01_ex99n.htm) |
| (s) | [Fee Table](ea0290107-01_ex99s.htm) |
| (t) | [Power of Attorney](ea0290107-01_ex99t.htm) |

---

## Ex-99.(K)(3)

**Exhibit (k)(3)**

**REGISTRATION RIGHTS AGREEMENT**

This **REGISTRATION RIGHTS AGREEMENT** (this "***Agreement***"), dated as of May 11, 2026, is by and between Roth Principal Investments, LLC, a Delaware limited liability company (the "***Investor***"), and RoboStrategy, Inc., a Maryland corporation (the "***Company***").

**RECITALS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Company, FP Strategies LLC and the Investor have entered into that certain Common Stock Purchase Agreement, dated as of the date hereof (the "***Purchase Agreement***"), pursuant to which the Company may issue, from time to time, to the Investor up to the lesser of (i) $2,000,000,000 in aggregate gross purchase price of newly issued shares of the Company's common stock, par value $0.001 per share ("***Common Stock***"), and (ii) the Exchange Cap (to the extent applicable under Section 3.4 of the Purchase Agreement), as provided for therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Pursuant to the terms of, and in consideration for the Investor entering into, the Purchase Agreement, and to induce the Investor to execute and deliver the Purchase Agreement, the Company has agreed to provide the Investor with certain registration rights with respect to the Registrable Securities (as defined herein) as set forth herein.

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

**NOW, THEREFORE,** in consideration of the representations, warranties, covenants and agreements contained herein and in the Purchase Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, intending to be legally bound hereby, the Company and the Investor hereby agree as follows:

1. <u>Definitions</u>.

Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "***Agreement***" shall have the meaning assigned to such term in the preamble of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "***Allowable Grace Period***" shall have the meaning assigned to such term in Section 3(p).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "***Blue Sky Filing***" shall have the meaning assigned to such term in Section 6(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "***Business Day***" means any day other than Saturday, Sunday or any other day on which commercial banks in New York, New York are authorized or required by law to remain closed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "***Claim***" or "***Claims***" shall have the meanings assigned to such terms in Section 6(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "***Commission***" means the U.S. Securities and Exchange Commission or any successor entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "***Common Stock***" shall have the meaning assigned to such term in the recitals to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "***Company***" shall have the meaning assigned to such term in the preamble of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "***Company Party***" and "***Company Parties***" shall have the meaning assigned to such term in Section 6(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "***Effective Date***" means the date that the applicable Registration Statement has been declared effective by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "***Effectiveness Deadline***" means (i) with respect to the Initial Registration Statement required to be filed pursuant to Section 2(a), the earlier of (A) the ninetieth (90<sup>th</sup>) calendar day immediately after the Filing Deadline with respect to the Initial Registration Statement, if the Initial Registration Statement is subject to review by the Commission, and (B) if the Company is notified (orally or in writing) by the Commission that the Initial Registration Statement will not be reviewed by the Commission, the fifth (5<sup>th</sup>) Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by the Commission that the Initial Registration Statement will not be reviewed by the Commission, and (ii) with respect to any New Registration Statements that may be required to be filed by the Company pursuant to this Agreement, the earlier of (A) the ninetieth (90<sup>th</sup>) calendar day immediately after the Filing Deadline with respect to such New Registration Statement, if such New Registration Statement is subject to review by the Commission, and (B) if the Company is notified (orally or in writing) by the Commission that such New Registration Statement will not be reviewed by the Commission, the fifth (5<sup>th</sup>) Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by the Commission that such New Registration Statement will not be reviewed by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "***Filing Deadline***" means (i) with respect to the Initial Registration Statement required to be filed pursuant to Section 2(a), the tenth (10<sup>th</sup>) Business Day after the date of this Agreement and (ii) with respect to any New Registration Statements that may be required to be filed by the Company pursuant to this Agreement, the tenth (10<sup>th</sup>) Business Day following the sale of substantially all of the Registrable Securities included in the Initial Registration Statement or the most recent prior New Registration Statement, as applicable, or such other date as permitted by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "***FINRA Filing***" shall have the meaning assigned to such term in the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "***Indemnified Damages***" shall have the meaning assigned to such term in Section 6(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "***Initial Registration Statement***" shall have the meaning assigned to such term in Section 2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "***Investor***" shall have the meaning assigned to such term in the preamble of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "***Investor Party***" and "***Investor Parties***" shall have the meaning assigned to such terms in Section 6(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "***Legal Counsel***" shall have the meaning assigned to such term in Section 2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "***New Registration Statement***" shall have the meaning assigned to such term in Section 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "***Person***" means any person or entity, whether a natural person, trustee, corporation, partnership, limited partnership, limited liability company, trust, unincorporated organization, business association, firm, joint venture, governmental agency or authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "***Prospectus***" means the prospectus in the form included in the Registration Statement at the applicable Effective Date of the Registration Statement, as supplemented from time to time by any Prospectus Supplement, including the documents incorporated by reference therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "***Prospectus Supplement***" means any prospectus supplement to the Prospectus filed with the Commission from time to time pursuant to Rule 424(b) under the Securities Act, including the documents incorporated by reference therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "***Purchase Agreement***" shall have the meaning assigned to such term in the recitals to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "***register***," "***registered***," and "***registration***" refer to a registration effected by preparing and filing one or more Registration Statements in compliance with the Securities Act and pursuant to Rule 415 and the declaration of effectiveness of such Registration Statement(s) by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "***Registrable Securities***" means all of (i) the shares of common stock issuable pursuant to the Purchase Agreement (the "***Shares***") and (ii) any capital stock of the Company issued or issuable with respect to such Shares, including, without limitation, (1) as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise and (2) shares of capital stock of the Company into which the shares of Common Stock are converted or exchanged and shares of capital stock of a successor entity into which the shares of Common Stock are converted or exchanged, in each case until such time as such securities cease to be Registrable Securities pursuant to Section 2(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "***Registration Statement***" means a registration statement or registration statements of the Company filed under the Securities Act covering the resale by the Investor of Registrable Securities, as such registration statement or registration statements may be amended and supplemented from time to time, including all documents filed as part thereof or incorporated by reference therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "***Registration Period***" shall have the meaning assigned to such term in Section 3(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "***Rule 144***" means Rule 144 promulgated by the Commission under the Securities Act, as such rule may be amended from time to time, or any other similar or successor rule or regulation of the Commission that may at any time permit the Investor to sell securities of the Company to the public without registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "***Rule 415***" means Rule 415 promulgated by the Commission under the Securities Act, as such rule may be amended from time to time, or any other similar or successor rule or regulation of the Commission providing for offering securities on a delayed or continuous basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "***Staff***" shall have the meaning assigned to such term in Section 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "***Violations***" shall have the meaning assigned to such term in Section 6(a).

2. <u>Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Mandatory Registration</u>. The Company shall prepare and, as soon as practicable, but in no event later than the Filing Deadline, file with the Commission the Initial Registration Statement on Form N-2 (or any successor form) covering the resale by the Investor of the maximum number of Registrable Securities as shall be permitted to be included thereon in accordance with applicable Commission rules, regulations and interpretations so as to permit the resale of such Registrable Securities by the Investor under Rule 415 under the Securities Act at then prevailing market prices (and not fixed prices) (the "***Initial Registration Statement***"). The Initial Registration Statement shall contain the "Selling Stockholder" and "Plan of Distribution" sections in substantially the form attached hereto as <u>Exhibit B</u>. The Company shall use its commercially reasonable efforts to have the Initial Registration Statement declared effective by the Commission as soon as reasonably practicable, but in no event later than the applicable Effectiveness Deadline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Legal Counsel</u>. Subject to Section 5 hereof, the Investor shall have the right to select one legal counsel to review, solely on its behalf, any registration pursuant to this Section 2 ("***Legal Counsel***"), which shall be Reed Smith LLP or such other counsel as thereafter designated by the Investor. Except as provided under Section 11.1(i) of the Purchase Agreement, the Company shall have no obligation to reimburse the Investor for any and all legal fees and expenses of the Legal Counsel incurred in connection with the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Sufficient Number of Shares Registered</u>. If at any time all Registrable Securities are not covered by the Initial Registration Statement filed pursuant to Section 2(a) as a result of Section 2(e) or otherwise, the Company shall use its commercially reasonable efforts to file with the Commission one or more additional Registration Statements so as to cover all of the Registrable Securities not covered by the Initial Registration Statement, in each case, as soon as practicable (taking into account any position of the staff of the Commission ("***Staff***") with respect to the date on which the Staff will permit such additional Registration Statement(s) to be filed with the Commission and the rules and regulations of the Commission) (each such additional Registration Statement, a "***New Registration Statement***"), but in no event later than the applicable Filing Deadline for such New Registration Statement(s). The Company shall use its commercially reasonable efforts to cause each such New Registration Statement to become effective by the applicable Effectiveness Deadline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Inclusion of Other Securities</u>. In no event shall the Company include any securities other than Registrable Securities on any Registration Statement pursuant to Section 2(a) or Section 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Offering</u>. If the Staff or the Commission seeks to characterize any offering pursuant to a Registration Statement filed pursuant to this Agreement as constituting an offering of securities that does not permit such Registration Statement to become effective and be used for resales by the Investor on a delayed or continuous basis under Rule 415 at then-prevailing market prices (and not fixed prices), or if, after the filing of any Registration Statement pursuant to Section 2(a) or Section 2(c), the Company is otherwise required by the Staff or the Commission to reduce the number of Registrable Securities included in such Registration Statement, then the Company shall reduce the number of Registrable Securities to be included in such Registration Statement (after consultation with the Investor and Legal Counsel as to the specific Registrable Securities to be removed therefrom) until such time as the Staff and the Commission shall so permit such Registration Statement to become effective and be used as aforesaid. Notwithstanding anything in this Agreement to the contrary, if, after giving effect to the actions referred to in the immediately preceding sentence, the Staff or the Commission does not permit such Registration Statement to become effective and be used for resales by the Investor on a delayed or continuous basis under Rule 415 at then-prevailing market prices (and not fixed prices), the Company shall not request acceleration of the Effective Date of such Registration Statement, the Company shall promptly request the withdrawal of such Registration Statement pursuant to Rule 477 under the Securities Act and the Effectiveness Deadline shall automatically be deemed to have elapsed with respect to such Registration Statement at such time as the Staff or the Commission has made a final and non-appealable determination that the Commission will not permit such Registration Statement to be so utilized (unless prior to such time the Company has received assurances from the Staff or the Commission that a New Registration Statement filed by the Company with the Commission promptly thereafter may be so utilized). In the event of any reduction in Registrable Securities pursuant to this paragraph, the Company shall use its commercially reasonable efforts to file one or more New Registration Statements with the Commission in accordance with Section 2(c) until such time as all Registrable Securities have been included in Registration Statements that have been declared effective and the Prospectuses contained therein are available for use by the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any Registrable Security shall cease to be a "Registrable Security" at the earliest of the following: (i) when a Registration Statement covering such Registrable Security becomes or has been declared effective by the Commission and such Registrable Security has been sold or disposed of pursuant to such effective Registration Statement; (ii) when such Registrable Security is held by the Company or one of its Subsidiaries; and (iii) the date that is the later of (A) the first (1<sup>st</sup>) anniversary of the effective date of termination of the Purchase Agreement in accordance with Article IX of the Purchase Agreement and (B) the first (1<sup>st</sup>) anniversary of the date of the last sale of any Registrable Securities by the Company to the Investor pursuant to the Purchase Agreement.

3. <u>Related Obligations</u>.

The Company shall use its commercially reasonable efforts to effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof, and, pursuant thereto, during the term of this Agreement, the Company shall have the following obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Allowable Grace Periods, the Company shall keep each Registration Statement effective (and the Prospectus contained therein available for use) pursuant to Rule 415 for resales by the Investor on a continuous basis at then-prevailing market prices (and not fixed prices) at all times until the earlier of (i) the date on which the Investor shall have sold all of the Registrable Securities covered by such Registration Statement and (ii) the date of termination of the Purchase Agreement if, as of such termination date, the Investor holds no Registrable Securities (or, if applicable, the date on which such securities cease to be Registrable Securities after the date of termination of the Purchase Agreement) (the "***Registration Period***"). Notwithstanding anything to the contrary contained in this Agreement (but subject to the provisions of Section 3(o) hereof), the Company shall ensure that, on the date it is filed with the Commission, on the date it is declared effective by the Commission and on each Purchase Date, each Registration Statement (including all amendments and supplements thereto) shall comply in all material respects with the requirements of the Securities Act (including, without limitation, Rule 415 under the Securities Act) and shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading, and the Prospectus (including all amendments and supplements thereto, when taken together), on its date and on each Purchase Date, shall comply in all material respects with the requirements of the Securities Act (including, without limitation, Rule 424(b) under the Securities Act) and shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, in light of the circumstances in which they were made, not misleading. The Company shall submit to the Commission, as soon as reasonably practicable after the date that the Company learns that no review of a particular Registration Statement will be made by the Staff or that the Staff has no further comments on a particular Registration Statement (as the case may be), a request for acceleration of effectiveness of such Registration Statement to a time and date as soon as reasonably practicable in accordance with Rule 461 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Section 3(o) of this Agreement, the Company shall use its commercially reasonable efforts to prepare and file with the Commission such amendments (including post-effective amendments) and supplements to each Registration Statement and the Prospectus used in connection with each such Registration Statement, which Prospectus is to be filed pursuant to Rule 424 promulgated under the Securities Act, as may be necessary to keep each such Registration Statement effective (and the Prospectus contained therein current and available for use) at all times during the Registration Period for such Registration Statement, and, during such period, comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities of the Company required to be covered by such Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by the Investor. Without limiting the generality of the foregoing, the Company covenants and agrees that (i) at or before 8:30 a.m., New York City time, on the Trading Day immediately following the Effective Date of the Initial Registration Statement and any New Registration Statement (or any post-effective amendment thereto), the Company shall file with the Commission in accordance with Rule 424(b) under the Securities Act the final Prospectus to be used in connection with sales pursuant to such Registration Statement (or post-effective amendment thereto), and (ii) if the transactions contemplated by any one or more Market Open Purchases and/or any one or more Intraday Purchases are material to the Company (individually or collectively), the material terms of which have not previously been described in the Prospectus or any Prospectus Supplement filed with the Commission under Rule 424(b) under the Securities Act (or in any periodic report, statement, schedule or other document filed by the Company with the Commission under the Exchange Act and incorporated by reference in the Registration Statement and the Prospectus), or if otherwise required under the Securities Act (or the public written interpretive guidance of the Staff of the Commission relating thereto), in each case as reasonably and mutually determined by the Company and the Investor, then, no later than (i) 9:00 a.m., New York City time, on the Purchase Date for such Market Open Purchase and (ii) as soon as reasonably practicable on the Purchase Date for such Intraday Purchase(s), the Company shall file with the Commission a Prospectus Supplement pursuant to Rule 424(b) under the Securities Act with respect to such Market Open Purchase(s) and such Intraday Purchase(s) (as applicable) requiring such filing, disclosing the total number of Shares that are to be issued and sold to the Investor pursuant to such Market Open Purchase(s) and Intraday Purchase(s) (as applicable), the total purchase price for the Shares subject thereto, the applicable purchases price(s) for such Shares and the estimated net proceeds that to be received by the Company from the sale of such Shares. To the extent not previously disclosed in the Prospectus or a Prospectus Supplement, the Company shall disclose in its semi-annual reports on Form N-CSRS and annual reports on Form N-CSR the information described in the immediately preceding sentence relating to all Market Open Purchase(s) and all Intraday Purchase(s) (as applicable) effected and settled during the relevant fiscal period. In the case of amendments and supplements to any Registration Statement on Form N-2 or Prospectus related thereto which are required to be filed pursuant to this Agreement (including pursuant to this Section 3(b)) by reason of the Company filing a report on Form N-CSRS or Form N-CSR or any analogous report under the Exchange Act and/or the Investment Company Act, the Company shall have incorporated such report by reference into such Registration Statement and Prospectus, if applicable, or shall promptly file such amendments or supplements to the Registration Statement or Prospectus with the Commission, for the purpose of including or incorporating such report into such Registration Statement and Prospectus. The Company consents to the use of the Prospectus (including any supplement thereto) included in each Registration Statement in accordance with the provisions of the Securities Act and with the securities laws of the jurisdictions in which the Registrable Securities may be sold by the Investor, in connection with the resale of the Registrable Securities and for such period of time thereafter as such Prospectus (including any supplement thereto) (or in lieu thereof, the notice referred to in Rule 173(a) under the Securities Act) is required by the Securities Act to be delivered in connection with resales of Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall (A) permit Legal Counsel an opportunity to review and comment upon (i) each Registration Statement at least two (2) Business Days prior to its filing with the Commission and (ii) all amendments and supplements to each Registration Statement (including the Prospectus contained therein) (except for annual reports on Form N-CSR and semi-annual reports on Form N-CSRS, and any similar or successor reports or Prospectus Supplements the contents of which is limited to that set forth in such reports) within a reasonable number of days prior to their filing with the Commission, and (B) shall reasonably consider any comments of the Investor and Legal Counsel on any such Registration Statement or amendment or supplement thereto or to any Prospectus contained therein. The Company shall promptly furnish to Legal Counsel, without charge electronic copies of any correspondence from the Commission or the Staff to the Company or its representatives relating to each Registration Statement (which correspondence shall be redacted to exclude any material, non-public information regarding the Company or any of its Subsidiaries).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without limiting any obligation of the Company under the Purchase Agreement, the Company shall promptly furnish to the Investor and Legal Counsel, without charge, (i) after the same is prepared and filed with the Commission, at least one (1) electronic copy of each Registration Statement and any amendment(s) and supplement(s) thereto, including financial statements and schedules, all documents incorporated therein by reference, if requested by the Investor, and all exhibits thereto; (ii) upon the effectiveness of each Registration Statement, one (1) electronic copy of the Prospectus included in such Registration Statement and all amendments and supplements thereto (or such other number of copies as the Investor may reasonably request from time to time); and (iii) such other documents, including copies of any final Prospectus and any Prospectus Supplement thereto, as the Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable Securities owned by the Investor; <u>provided</u>, <u>however</u>, the Company shall not be required to furnish any document (other than the Prospectus, which may be provided in .PDF format) to the Investor and Legal Counsel to the extent such document is available on EDGAR).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall notify Legal Counsel and the Investor in writing of the happening of any event, as promptly as reasonably practicable after becoming aware of such event, as a result of which the Prospectus included in a Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading (provided that in no event shall such notice contain any material, non-public information regarding the Company or any of its Subsidiaries), and, subject to Section 3(o), promptly prepare a supplement or amendment to such Registration Statement and such Prospectus contained therein to correct such untrue statement or omission and deliver one (1) electronic copy of such supplement or amendment to Legal Counsel and the Investor (or such other number of copies as Legal Counsel or the Investor may reasonably request). The Company shall also promptly notify Legal Counsel and the Investor in writing (i) when a Prospectus or any Prospectus Supplement or post-effective amendment has been filed, when a Registration Statement or any post-effective amendment has become effective (notification of such effectiveness shall be delivered to Legal Counsel and the Investor by facsimile or e-mail on the same day of such effectiveness) and when the Company receives written notice from the Commission that a Registration Statement or any post-effective amendment will be reviewed by the Commission, (ii) of any request by the Commission for amendments or supplements to a Registration Statement or related Prospectus or related information, (iii) of the Company's reasonable determination that a post-effective amendment to a Registration Statement would be appropriate and (iv) of the receipt of any request by the Commission or any other federal or state governmental authority for any additional information relating to the Registration Statement or any amendment or supplement thereto or any related Prospectus. The Company shall also advise the Investor promptly (but in no event later than 24 hours after the fact) and shall confirm such advice in writing of the Company becoming aware of the happening of any event which makes any statement made in the FINRA Filing untrue or which requires the making of any additions to or changes to the statements then made in the FINRA Filing in order to comply with FINRA Rule 5110. The Company shall respond as promptly as reasonably practicable to any comments received from the Commission with respect to a Registration Statement or any amendment thereto. Nothing in this Section 3(e) shall limit any obligation of the Company under the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company shall (i) use its commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration Statement or the use of any Prospectus contained therein, or the suspension of the qualification, or the loss of an exemption from qualification, of any of the Registrable Securities for sale in any jurisdiction and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible time and (ii) notify Legal Counsel and the Investor of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company shall hold in confidence and not make any disclosure of information concerning the Investor provided to the Company unless (i) disclosure of such information is necessary to comply with federal or state securities laws or a request in connection with a routine supervisory examination, (ii) the disclosure of such information is necessary to avoid or correct a misstatement or omission in any Registration Statement or is otherwise required to be disclosed in such Registration Statement pursuant to the Securities Act or the Investment Company Act, (iii) the release of such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental body of competent jurisdiction or (iv) such information has been made generally available to the public other than by disclosure in violation of this Agreement or any other Transaction Document. The Company agrees that it shall, upon learning that disclosure of such information concerning the Investor is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice to the Investor and allow the Investor, at the Investor's expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Without limiting any obligation of the Company under the Purchase Agreement, the Company shall use its commercially reasonable efforts either to (i) cause all of the Registrable Securities covered by each Registration Statement to be listed on the Trading Market, or (ii) secure designation and quotation of all of the Registrable Securities covered by each Registration Statement on another Eligible Market. The Company shall pay all fees and expenses in connection with satisfying its obligation under this Section 3(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company shall cooperate with the Investor and, to the extent applicable, facilitate the timely preparation and delivery of Registrable Securities, as DWAC Shares, to be offered pursuant to a Registration Statement and enable such DWAC Shares to be in such denominations or amounts (as the case may be) as the Investor may reasonably request from time to time and registered in such names as the Investor may request. The Investor hereby agrees that it shall cooperate with the Company, its counsel and its Transfer Agent in connection with any issuances of DWAC Shares and hereby represents, warrants and covenants to the Company that it will resell such DWAC Shares only pursuant to the Registration Statement in which such DWAC Shares are included, in a manner described under the caption "Plan of Distribution" in such Registration Statement and in a manner in compliance with all applicable U.S. federal and state securities laws, rules and regulations, including any applicable prospectus delivery requirements of the Securities Act. DWAC Shares shall be free from all restrictive legends and may be transmitted by the Company's Transfer Agent to the Investor by crediting an account at DTC as directed in writing by the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Upon the written request of the Investor, the Company shall as soon as reasonably practicable after receipt of notice from the Investor and subject to Section 3(o) hereof, (i) incorporate in a Prospectus Supplement or post-effective amendment such information as the Investor reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including information with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; (ii) make all required filings of such Prospectus Supplement or post-effective amendment after being notified of the matters to be incorporated in such Prospectus Supplement or post-effective amendment; and (iii) supplement or make amendments to any Registration Statement or Prospectus contained therein if reasonably requested by the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Company shall use its commercially reasonable efforts to cause the Registrable Securities covered by a Registration Statement to be registered with or approved by such other U.S. governmental agencies or authorities as may be necessary to consummate the disposition of such Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) For the avoidance of doubt, the Company shall have no obligation under this Section 3 to furnish or make available an earnings statement or other information beyond that required to be included in, or incorporated by reference into, a Registration Statement or Prospectus in accordance with the Securities Act and the rules and regulations of the Commission. The Company's obligations with respect to the availability of current public information for purposes of Rule 144 are governed exclusively by Section 8 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company shall otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission in connection with any registration hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Within one (1) Business Day after each Registration Statement which covers Registrable Securities is declared effective by the Commission, the Company shall cause legal counsel for the Company to deliver to the Transfer Agent for such Registrable Securities (with copies to the Investor) confirmation that such Registration Statement has been declared effective by the Commission in substantially the form attached hereto as <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Notwithstanding anything to the contrary contained herein (but subject to the last sentence of this Section 3(o)), at any time after the Effective Date of a particular Registration Statement, the Company may, upon written notice to the Investor, suspend the Investor's use of any prospectus that is a part of any Registration Statement (in which event the Investor shall discontinue sales of the Registrable Securities pursuant to such Registration Statement contemplated by this Agreement, but shall settle any previously made sales of Registrable Securities) if the Company (x) is pursuing an acquisition, merger, tender offer, reorganization, disposition or other similar transaction and the Company determines in good faith that (A) the Company's ability to pursue or consummate such a transaction would be materially adversely affected by any required disclosure of such transaction in such Registration Statement or other registration statement or (B) such transaction renders the Company unable to comply with Commission requirements, in each case under circumstances that would make it impractical or inadvisable to cause any Registration Statement (or such filings) to be used by the Investor or to promptly amend or supplement any Registration Statement contemplated by this Agreement on a post-effective basis, as applicable, or (y) has experienced some other material non-public event the disclosure of which at such time, in the good faith judgment of the Company, would materially adversely affect the Company (each, an "***Allowable Grace Period***"); <u>provided</u>*,* <u>however</u>, that in no event shall the Investor be suspended from selling Registrable Securities pursuant to any Registration Statement for a period that exceeds thirty (30) consecutive Trading Days or an aggregate of sixty (60) Trading Days in any 365-day period; and <u>provided</u>*,* <u>further</u>, the Company shall not effect any such suspension during (A) the first ten (10) consecutive Trading Days after the Effective Date of the particular Registration Statement or (B) the five-Trading Day period commencing on the Purchase Date for each Market Open Purchase and for each Intraday Purchase (as applicable). Upon disclosure of such information or the termination of the condition described above, the Company shall provide prompt notice to the Investor and shall promptly terminate any suspension of sales it has put into effect and shall take such other reasonable actions to permit registered sales of Registrable Securities as contemplated in this Agreement (including as set forth in the first sentence of Section 3(e) with respect to the information giving rise thereto unless such material, non-public information is no longer applicable). Notwithstanding anything to the contrary contained in this Section 3(o), the Company shall cause its Transfer Agent to deliver DWAC Shares to a transferee of the Investor in accordance with the terms of the Purchase Agreement in connection with any sale of Registrable Securities with respect to which (i) the Company has made a sale to the Investor and (ii) the Investor has entered into a contract for sale, and delivered a copy of the Prospectus included as part of the particular Registration Statement to the extent applicable, in each case prior to the Investor's receipt of the notice of an Allowable Grace Period and for which the Investor has not yet settled.

4. <u>Obligations of the Investor</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the first anticipated filing date of each Registration Statement, the Company shall notify the Investor in writing of the information the Company requires from the Investor with respect to such Registration Statement. It shall be a condition precedent to the obligations of the Company to complete the registration pursuant to this Agreement with respect to the Registrable Securities of the Investor that the Investor shall furnish to the Company such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required to effect and maintain the effectiveness of the registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investor, by its acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of each Registration Statement hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(o) or the first sentence of 3(e), the Investor shall immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement(s) covering such Registrable Securities until the Investor's receipt of the copies of the supplemented or amended Prospectus contemplated by Section 3(o) or the first sentence of Section 3(e) or receipt of notice that no supplement or amendment is required. Notwithstanding anything to the contrary in this Section 4(c), the Company shall cause its Transfer Agent to deliver DWAC Shares to a transferee of the Investor in accordance with the terms of the Purchase Agreement in connection with any sale of Registrable Securities with respect to which the Investor has entered into a contract for sale prior to the Investor's receipt of a notice from the Company of the happening of any event of the kind described in Section 3(o) or the first sentence of Section 3(e) and for which the Investor has not yet settled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Investor covenants and agrees that it shall comply with the prospectus delivery and other requirements of the Securities Act as applicable to it in connection with sales of Registrable Securities pursuant to a Registration Statement.

5. <u>Expenses of Registration</u>.

Except as set forth in the Purchase Agreement, each party shall bear its own fees and expenses related to the transactions contemplated by this Agreement. For the avoidance of doubt, the Company shall pay for all registration, listing and qualification fees, printers and accounting fees and fees and disbursements of counsel for the Company; and the Investor shall pay any sales or brokerage commissions and fees and disbursements of counsel for, and other expenses of, the Investor incurred in connection with the registrations, filings or qualifications pursuant to Section 2 and 3, and all U.S. federal, state and local stamp and other similar transfer and other taxes and duties levied in connection with the sale of the Securities pursuant hereto.

6. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event any Registrable Securities are included in any Registration Statement under this Agreement, to the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor; its Broker-Dealer; each of their respective directors, officers, stockholders, members, partners, employees, agents, advisors, representatives (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or any other title); and each Person, if any, who controls the Investor or its Broker-Dealer within the meaning of the Securities Act or the Exchange Act and each of the directors, officers, stockholders, members, partners, employees, agents, advisors, representatives (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or any other title) of such controlling Persons (each, an "***Investor Party***" and collectively, the "***Investor Parties***"), against any losses, obligations, claims, damages, liabilities, contingencies, judgments, fines, penalties, charges, costs (including, without limitation, court costs, reasonable attorneys' fees, costs of defense and investigation), amounts paid in settlement or expenses, joint or several, (collectively, "***Claims***") reasonably incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the Commission, whether pending or threatened, whether or not an Investor Party is or may be a party thereto ("***Indemnified Damages***"), to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in a Registration Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of the offering under the securities or other "Blue Sky" laws of any jurisdiction in which Registrable Securities are offered ("***Blue Sky Filing***"), or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading; or (ii) any untrue statement or alleged untrue statement of a material fact contained in any Prospectus (as amended or supplemented) or in any Prospectus Supplement or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in the light of the circumstances under which the statements therein were made, not misleading (the matters in the foregoing clauses (i) and (ii) being, collectively, "***Violations***"). Subject to Section 6(e), the Company shall reimburse the Investor Parties, promptly as such expenses are incurred and are due and payable, for any reasonable and documented out-of-pocket legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim by an Investor Party arising out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing to the Company by such Investor Party for such Investor Party expressly for use in connection with the preparation of such Registration Statement, Prospectus or Prospectus Supplement or any such amendment thereof or supplement thereto (it being hereby acknowledged and agreed that the written information set forth on <u>Exhibit C</u> attached hereto is the only written information furnished to the Company by or on behalf of the Investor expressly for use in any Registration Statement, Prospectus or Prospectus Supplement); (ii) shall not be available to the Investor to the extent such Claim is based on a failure of the Investor to deliver or to cause to be delivered the Prospectus (as amended or supplemented) made available by the Company (to the extent applicable), including, without limitation, a corrected Prospectus, if such Prospectus (as amended or supplemented) or corrected Prospectus was timely made available by the Company pursuant to Section 3(d) and then only if, and to the extent that, following the receipt of the corrected Prospectus, no grounds for such Claim would have existed; and (iii) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld or delayed. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Investor Party and shall survive the transfer of any of the Registrable Securities by the Investor pursuant to Section 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with any Registration Statement in which the Investor is participating, the Investor agrees to severally and not jointly indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each of its officers who signs the Registration Statement and each Person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act (each, a "***Company Party***" and collectively, the "***Company Parties***"), against any Claim or Indemnified Damages to which any of them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or are based upon any Violation, in each case, to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written information relating to the Investor furnished to the Company by the Investor expressly for use in connection with such Registration Statement, the Prospectus included therein or any Prospectus Supplement thereto (it being hereby acknowledged and agreed that the written information set forth on <u>Exhibit C</u> attached hereto is the only written information furnished to the Company by or on behalf of the Investor expressly for use in any Registration Statement, Prospectus or Prospectus Supplement); and, subject to Section 6(e) and the below provisos in this Section 6(b), the Investor shall reimburse a Company Party any reasonable, documented out-of-pocket legal or other expenses reasonably incurred by such Company Party in connection with investigating or defending any such Claim; <u>provided</u>, <u>however</u>, the indemnity agreement contained in this Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Investor, which consent shall not be unreasonably withheld or delayed; and <u>provided, further</u> that the Investor shall be liable under this Section 6(b) for only that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to the Investor as a result of the applicable sale of Registrable Securities pursuant to such Registration Statement, Prospectus or Prospectus Supplement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Company Party and shall survive the transfer of any of the Registrable Securities by the Investor pursuant to Section 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt by an Investor Party or Company Party (as the case may be) under this Section 6 of notice of the commencement of any action or proceeding (including, without limitation, any governmental action or proceeding) involving a Claim, such Investor Party or Company Party (as the case may be) shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Investor Party or the Company Party (as the case may be); <u>provided</u>, <u>however</u>, an Investor Party or Company Party (as the case may be) shall have the right to retain its own counsel with the reasonable and documented out-of-pocket fees and expenses of such counsel to be paid by the indemnifying party if: (i) the indemnifying party has agreed in writing to pay such fees and expenses; (ii) the indemnifying party shall have failed promptly to assume the defense of such Claim and to employ counsel reasonably satisfactory to such Investor Party or Company Party (as the case may be) in any such Claim; or (iii) the named parties to any such Claim (including, without limitation, any impleaded parties) include both such Investor Party or Company Party (as the case may be) and the indemnifying party, and such Investor Party or such Company Party (as the case may be) shall have been advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent such Investor Party or such Company Party and the indemnifying party (in which case, if such Investor Party or such Company Party (as the case may be) notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying party, then the indemnifying party shall not have the right to assume the defense thereof on behalf of the indemnified party and such counsel shall be at the expense of the indemnifying party, <u>provided further</u> that in the case of clause (iii) above, the indemnifying party shall not be responsible for the reasonable fees and expenses of more than one (1) separate legal counsel for all Investor Parties or Company Parties (as the case may be). The Company Party or Investor Party (as the case may be) shall reasonably cooperate with the indemnifying party in connection with any negotiation or defense of any such action or Claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Company Party or Investor Party (as the case may be) which relates to such action or Claim. The indemnifying party shall keep the Company Party or Investor Party (as the case may be) reasonably apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its prior written consent; <u>provided</u>, <u>however</u>, the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the Company Party or Investor Party (as the case may be), consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Company Party or Investor Party (as the case may be) of a release from all liability in respect to such Claim or litigation, and such settlement shall not include any admission as to fault on the part of the Company Party. For the avoidance of doubt, the immediately preceding sentence shall apply to Sections 6(a) and 6(b) hereof. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Company Party or Investor Party (as the case may be) with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Investor Party or Company Party (as the case may be) under this Section 6, except to the extent that the indemnifying party is materially and adversely prejudiced in its ability to defend such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Person involved in the sale of Registrable Securities who is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) in connection with such sale shall be entitled to indemnification from any Person involved in such sale of Registrable Securities who is not guilty of fraudulent misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred; <u>provided</u> that any Person receiving any payment pursuant to this Section 6 shall promptly reimburse the Person making such payment for the amount of such payment to the extent a court of competent jurisdiction determines that such Person receiving such payment was not entitled to such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The indemnity and contribution agreements contained herein shall be in addition to (i) any cause of action or similar right of the Company Party or Investor Party against the indemnifying party or others and (ii) any liabilities the indemnifying party may be subject to pursuant to the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding anything to the contrary contained in this Agreement, including this Section 6, nothing herein shall require the Company to take any action, make any disclosure or provide any information that, in the good-faith judgment of the Company, would be inconsistent with the Investment Company Act, the rules and regulations of the Commission thereunder, or any applicable guidance, interpretation or position of the Commission or its staff applicable to registered investment companies. Without limiting the foregoing, and consistent with the principles reflected in Section 3(e), nothing in this Section 6 shall require the Company to disclose material, non-public information, to accelerate the timing of any disclosure or to take any action that would violate the Company's disclosure controls and procedures, compliance policies or fiduciary obligations applicable to a registered investment company. The indemnification obligations of the Company under this Section 6 shall be construed and applied in a manner consistent with the foregoing limitations.

7. <u>Contribution</u>.

To the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; <u>provided</u>, <u>however</u>: (i) no contribution shall be made under circumstances where the maker would not have been liable for indemnification under the fault standards set forth in Section 6 of this Agreement; (ii) no Person involved in the sale of Registrable Securities which Person is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) in connection with such sale shall be entitled to contribution from any Person involved in such sale of Registrable Securities who was not guilty of fraudulent misrepresentation; and (iii) contribution by any seller of Registrable Securities shall be limited in amount to the amount of net proceeds received by such seller from the applicable sale of such Registrable Securities pursuant to such Registration Statement. Notwithstanding the provisions of this Section 7, the Investor shall not be required to contribute, in the aggregate, any amount in excess of the amount by which the net proceeds actually received by the Investor from the applicable sale of the Registrable Securities subject to the Claim exceeds the amount of any damages that the Investor has otherwise been required to pay, or would otherwise be required to pay under Section 6(b), by reason of such untrue or alleged untrue statement or omission or alleged omission.

8. <u>Reports Under the Exchange Act</u>.

With a view to making available to the Investor the benefits of Rule 144, the Company agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) use its commercially reasonable efforts to make and keep public information available, as those terms are understood and defined in Rule 144;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use its commercially reasonable efforts to file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act, the Exchange Act and the Investment Company Act so long as the Company remains subject to such requirements (it being understood that nothing herein shall limit any of the Company's obligations under the Purchase Agreement) and the filing of such reports and other documents is required for the applicable provisions of Rule 144;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) furnish to the Investor so long as the Investor owns Registrable Securities, promptly upon request, (i) a written statement by the Company, if true, that it has complied with the reporting, submission and posting requirements of Rule 144 and the Exchange Act, (ii) a copy of the most recent annual or semi-annual report of the Company and such other reports and documents so filed by the Company with the Commission if such reports are not publicly available via EDGAR, and (iii) such other information as may be reasonably requested to permit the Investor to sell such securities pursuant to Rule 144 without registration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) take such additional action as is reasonably requested by the Investor to enable the Investor to sell the Registrable Securities pursuant to Rule 144, including, without limitation, delivering all such legal opinions, consents, certificates, resolutions and instructions to the Company's transfer agent as may be reasonably requested from time to time by the Investor and otherwise fully cooperate with the Investor and the Investor's broker to effect such sale of securities pursuant to Rule 144.

9. <u>Assignment of Registration Rights</u>.

Neither the Company nor the Investor shall assign this Agreement or any of their respective rights or obligations hereunder; <u>provided</u>, <u>however</u>, that any transaction, whether by merger, reorganization, restructuring, consolidation, financing or otherwise, whereby the Company remains the surviving entity immediately after such transaction shall not be deemed an assignment. For the avoidance of doubt, nothing in this Section 9 is intended to permit any assignment of this Agreement or any rights or obligations hereunder to the extent such assignment is prohibited by the Purchase Agreement, and this Agreement shall be construed to avoid any such prohibited assignment.

10. <u>Amendment or Waiver</u>.

No provision of this Agreement may be amended or waived by the parties from and after the date that is one (1) Trading Day immediately preceding the date on which the Initial Registration Statement is initially filed with the Commission. Subject to the immediately preceding sentence, no provision of this Agreement may be (i) amended other than by a written instrument signed by both parties hereto or (ii) waived other than in a written instrument signed by the party against whom enforcement of such waiver is sought. Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof.

11. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Solely for purposes of this Agreement, a Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable Securities. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from such record owner of such Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement shall be given in accordance with Section 11.4 of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof. The Company and the Investor acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that either party shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement by the other party and to enforce specifically the terms and provisions hereof (without the necessity of showing economic loss and without any bond or other security being required), this being in addition to any other remedy to which either party may be entitled by law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any law or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Transaction Documents set forth the entire agreement and understanding of the parties solely with respect to the subject matter thereof and supersede all prior and contemporaneous agreements, negotiations and understandings between the parties, both oral and written, solely with respect to such matters. There are no promises, undertakings, representations or warranties by either party relative to subject matter hereof not expressly set forth in the Transaction Documents. Notwithstanding anything in this Agreement to the contrary and without implication that the contrary would otherwise be true, nothing contained in this Agreement shall limit, modify or affect in any manner whatsoever (i) the conditions precedent to a Market Open Purchase and an Intraday Purchase contained in Article VIII of the Purchase Agreement or (ii) any of the Company's obligations under the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors. This Agreement is not for the benefit of, nor may any provision hereof be enforced by, any Person, other than the parties hereto, their respective successors and the Persons referred to in Sections 6 and 7 hereof.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party; provided that a facsimile signature or signature delivered by e-mail in a ".pdf" format data file, including any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com, www.echosign.adobe.com, etc., shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original signature.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules of strict construction will be applied against any party.

[S*ignature Pages Follow*]

**IN WITNESS WHEREOF**, the Investor and the Company have caused their respective signature pages to this Registration Rights Agreement to be duly executed as of the date first written above.

---

| | | |
|:---|:---|:---|
| **<u>THE COMPANY</u>:** | **<u>THE COMPANY</u>:** | **<u>THE COMPANY</u>:** |
| **ROBOSTRATEGY, INC.** | **ROBOSTRATEGY, INC.** | **ROBOSTRATEGY, INC.** |
| By: | /s/ Andrew Kang | /s/ Andrew Kang |
|  | Name: | Andrew Kang |
|  | Title: | President |

---

**IN WITNESS WHEREOF**, the Investor and the Company have caused their respective signature pages to this Registration Rights Agreement to be duly executed as of the date first written above.

---

| | | |
|:---|:---|:---|
| **<u>THE INVESTOR</u>:** | **<u>THE INVESTOR</u>:** | **<u>THE INVESTOR</u>:** |
| **ROTH PRINCIPAL INVESTMENTS, LLC** | **ROTH PRINCIPAL INVESTMENTS, LLC** | **ROTH PRINCIPAL INVESTMENTS, LLC** |
| By: | /s/ Joe Tonnos | /s/ Joe Tonnos |
|  | Name: | Joe Tonnos |
|  | Title: | Co-President |

---

## Ex-99.(K)(4)

**Exhibit (k)(4)**

**COMMON STOCK PURCHASE AGREEMENT**

**Dated as of May 11, 2026**

**by and among**

**ROTH PRINCIPAL INVESTMENTS, LLC, ROBOSTRATEGY, INC. and**

**FP STRATEGIES LLC**

**<u>**Table of Contents**</u>**

**<u>Page</u>**

---

| | | |
|:---|:---|:---|
| Article I DEFINITIONS | Article I DEFINITIONS | 1 |
| Article II PURCHASE AND SALE OF COMMON STOCK | Article II PURCHASE AND SALE OF COMMON STOCK | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.1. | Purchase and Sale of Stock | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.2. | Closing Date; Settlement Dates | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.3. | Initial Public Announcements and Required Filings | 2 |
| Article III PURCHASE TERMS | Article III PURCHASE TERMS | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.1. | Market Open Purchases | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.2. | Intraday Purchases | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.3. | Settlement | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.4. | Compliance with Rules of Trading Market. | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.5. | Beneficial Ownership Limitation | 6 |
| Article IV REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INVESTOR | Article IV REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INVESTOR | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.1. | Organization and Standing of the Investor | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.2. | Authorization and Power | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.3. | No Conflicts | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.4. | Investment Purpose | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.5. | Accredited Investor Status | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.6. | Reliance on Exemptions | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.7. | Information | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.8. | No Governmental Review | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.9. | No General Solicitation | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.10. | Not an Affiliate | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.11. | No Prior Short Sales | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.12. | Statutory Underwriter Status | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.13. | Resales of Shares | 10 |
| Article V REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY | Article V REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.1. | Organization, Good Standing and Power | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.2. | Authorization, Enforcement | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.3. | Capitalization | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.4. | Payment of Commitment Fee; Issuance of Shares | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.5. | No Conflicts | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.6. | Commission Documents, Financial Statements; Disclosure Controls and Procedures; Internal Controls Over Financial Reporting; Accountants | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.7. | Subsidiaries | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.8. | No Material Adverse Effect or Material Change | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.9. | Solvency | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.10. | Litigation | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.11. | Compliance with Applicable Laws | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.12. | Certain Fees | 15 |

---

i

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.13. | Disclosure | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.14. | Intellectual Property | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.15. | Material Contracts | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.16. | Transactions With Affiliates | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.17. | Employees | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.18. | Compliance | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.19. | Tax Matters | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.20. | Insurance | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.21. | Exemption from Registration | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.22. | No General Solicitation or Advertising | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.23. | No Integrated Offering | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.24. | Manipulation of Price | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.25. | Securities Act | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.26. | Listing and Maintenance Requirements; DTC Eligibility | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.27. | Application of Takeover Protections | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.28. | Foreign Corrupt Practices | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.29. | Office of Foreign Assets Control | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.30. | Money Laundering | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.31. | IT Systems | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.32. | Compliance with Data Security Requirements | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.33. | Margin Rules | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.34. | Investment Defaults | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.35. | No Disqualification Events | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.36. | Off-Balance Sheet Arrangements | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.37. | Broker/Dealer Relationships; FINRA Information | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.38. | Acknowledgement Regarding Relationship with Investor and RCP | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.39. | Acknowledgement Regarding Investor's Affiliate Relationships | 22.0 |
| Article VI REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INVESTMENT ADVISER | Article VI REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INVESTMENT ADVISER | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.1. | Organization, Good Standing and Power | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.2. | Registered as Investment Adviser | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.3. | Authorization and Enforcement | 23.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.4. | No Conflicts | 23.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.5. | Internal Accounting Controls | 24.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.6. | Financial Resources | 24.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.7. | Investment Advisory Agreement | 24.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.8. | Compliance with Laws | 24.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.9. | Actions Pending | 24.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.10. | Insurance | 25.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.11. | Manipulation of Price | 25.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.12. | No Unlawful Payments | 25.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.13. | Operations | 25.0 |
| Article VII | Article VII | 26.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.1. | Securities Compliance | 26.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.2. | Reservation of Common Stock | 26.0 |

---

ii

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.3. | Registration and Listing | 27.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.4. | Compliance with Laws. | 27.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.5. | Keeping of Records and Books of Account; Due Diligence. | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.6. | No Frustration; No Variable Rate Transactions. | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.7. | Corporate Existence | 29.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.8. | Fundamental Transaction | 29.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.9. | Selling Restrictions. | 30.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.10. | Effective Registration Statement | 30.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.11. | Blue Sky | 30.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.12. | Non-Public Information | 30.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.13. | Broker-Dealer | 31.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.14. | FINRA Filing | 31.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.15. | Qualified Independent Underwriter | 32.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.16. | Disclosure Schedule. | 32.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.17. | Delivery of Compliance Certificates, Bring-Down Negative Assurance Letters and Bring-Down Comfort Letters Upon Occurrence of Certain Events | 33.0 |
| Article VIII CONDITIONS TO CLOSING, COMMENCEMENT AND PURCHASES | Article VIII CONDITIONS TO CLOSING, COMMENCEMENT AND PURCHASES | 34.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1. | Conditions Precedent to Closing | 34.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.2. | Conditions Precedent to Commencement | 35.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.3. | Conditions Precedent to Purchases after Commencement Date | 39.0 |
| Article IX TERMINATION | Article IX TERMINATION | 43.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.1. | Automatic Termination | 43.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.2. | Other Termination | 44.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.3. | Effect of Termination | 45.0 |
| Article X INDEMNIFICATION | Article X INDEMNIFICATION | 46.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.1. | Indemnification of Investor | 46.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.2. | Indemnification Procedures | 47.0 |
| Article XI MISCELLANEOUS | Article XI MISCELLANEOUS | 48.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.1. | Certain Fees and Expenses; Commitment Fee; Commencement Irrevocable Transfer Agent Instructions. | 48.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.2. | Specific Enforcement, Consent to Jurisdiction, Waiver of Jury Trial. | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.3. | Entire Agreement | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.4. | Notices | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.5. | Waivers | 52.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.6. | Amendments | 53.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.7. | Headings | 53.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.8. | Construction | 53.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.9. | Binding Effect | 53.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.10. | No Third-Party Beneficiaries | 53.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.11. | Governing Law | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.12. | Survival | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.13. | Counterparts | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.14. | Publicity | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.15. | Severability | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.16. | Further Assurances | 54.0 |

---

Annex I. Definitions

iii

**COMMON STOCK PURCHASE AGREEMENT**

This **COMMON STOCK PURCHASE AGREEMENT** is made and entered into as of May 11, 2026 (this "***Agreement***"), by and among Roth Principal Investments, LLC, a Delaware limited liability company (the "***Investor***"), RoboStrategy, Inc., a Maryland corporation (the "***Company***") and FP Strategies LLC, a Puerto Rico limited liability company (the "***Investment Adviser***").

**RECITALS**

**WHEREAS**, the parties desire that, upon the terms and subject to the conditions and limitations set forth herein, the Company may issue and sell to the Investor, from time to time as provided herein, and the Investor shall purchase from the Company, up to the lesser of (i) $2,000,000,000 in aggregate gross purchase price of newly issued shares of the Company's common stock, par value $0.001 per share (the "***Common Stock***"), and (ii) the Exchange Cap (to the extent applicable under Section 3.4);

**WHEREAS**, such sales of Common Stock by the Company to the Investor will be made in reliance upon the provisions of Section 4(a)(2) of the Securities Act ("***Section 4(a)(2)***") and Rule 506(b) of Regulation D promulgated by the Commission under the Securities Act ("***Regulation D***"), and upon such other exemption from the registration requirements of the Securities Act as may be available with respect to any or all of the sales of Common Stock to the Investor to be made hereunder;

**WHEREAS,** the parties hereto are concurrently entering into a Registration Rights Agreement in the form attached as <u>Exhibit A</u> hereto (the "***Registration Rights Agreement***"), pursuant to which the Company shall register under the Securities Act the resale of the Registrable Securities (as defined in the Registration Rights Agreement) by the Investor, upon the terms and subject to the conditions set forth therein;

**WHEREAS**, in consideration for the Investor's execution and delivery of this Agreement, the Company shall pay or cause to be paid to the Investor the Commitment Fee, pursuant to, at such time(s) and in such manner as set forth in Section 11.1(ii) of this Agreement; and

**WHEREAS**, the Company acknowledges that the Investor's Affiliate, Roth Capital Partners, LLC ("***RCP***"), is acting as the Investor's representative in connection with the transactions contemplated by the Transaction Documents.

**NOW, THEREFORE,** the parties hereto, intending to be legally bound, hereby agree as follows:

**Article I<br> DEFINITIONS**

Capitalized terms used in this Agreement shall have the meanings ascribed to such terms in <u>Annex I</u> hereto, and hereby made a part hereof, or as otherwise set forth in this Agreement.

**Article II<br> PURCHASE AND SALE OF COMMON STOCK**

**Section 2.1. <u>Purchase and Sale of Stock</u>**. Upon the terms and subject to the conditions of this Agreement, during the Investment Period, the Company, in its sole discretion, shall have the right, but not the obligation, to issue and sell to the Investor, and the Investor shall purchase from the Company, up to the lesser of (i) $2,000,000,000 (the "***Total Commitment***") in aggregate gross purchase price of duly authorized, validly issued, fully paid and non-assessable shares of Common Stock and (ii) the Exchange Cap, to the extent applicable under Section 3.4 (such lesser amount of shares of Common Stock, the "***Aggregate Limit***"), by the delivery to the Investor of Market Open Purchase Notices and Intraday Purchase Notices as provided in Article III.

**Section 2.2. <u>Closing Date; Settlement Dates</u>**. This Agreement shall become effective and binding (the "***Closing***") upon (a) the delivery of counterpart signature pages of this Agreement and the Registration Rights Agreement executed by each of the parties hereto and thereto, and (b) the delivery of all other documents, instruments and writings required to be delivered at the Closing, in each case as provided in Section 8.1(iv), to the offices of Reed Smith LLP, at 599 Lexington Avenue, New York, NY 10022, at 3:00 p.m., New York City time, on the Closing Date. In consideration of and in express reliance upon the representations, warranties and covenants contained in, and upon the terms and subject to the conditions of, this Agreement, during the Investment Period, the Company, at its sole option and discretion, may issue and sell to the Investor, and, if the Company elects to so issue and sell, the Investor shall purchase from the Company, the Shares in respect of each Market Open Purchase and each Intraday Purchase (as applicable). The delivery of Shares in respect of each Market Open Purchase and each Intraday Purchase, and the payment for such Shares, shall occur in accordance with Section 3.3.

**Section 2.3. <u>Initial Public Announcements and Required Filings</u>**. The Investor covenants that until such time as the transactions contemplated by this Agreement and the Registration Rights Agreement are publicly disclosed by the Company as described in this Section 2.3, the Investor shall maintain the confidentiality of all disclosures made to it in connection with the transactions contemplated by the Transaction Documents (including the existence and terms of the transactions contemplated thereby), except that the Investor may disclose the terms of such transactions to its financial, accounting, legal and other advisors (provided that the Investor directs such Persons to maintain the confidentiality of such information). Not later than 15 calendar days following the Closing Date, the Company shall file a Form D with respect to the issuance and sale of the Shares in accordance with Regulation D and shall provide a copy thereof to the Investor promptly after such filing.

**Article III<br> PURCHASE TERMS**

Subject to the satisfaction of the conditions set forth in Article VIII, the parties agree as follows:

**Section 3.1. <u>Market Open Purchases</u>**. Upon the initial satisfaction of all of the conditions set forth in Section 8.2 (the "***Commencement***" and the date of initial satisfaction of all of such conditions, the "***Commencement Date***") and from time to time thereafter, subject to the satisfaction of all of the conditions set forth in Section 8.3, the Company shall have the right, but not the obligation, to direct the Investor, by its timely delivery to the Investor of a Market Open Purchase Notice for a Market Open Purchase (each, a "***Market Open Purchase***"), specifying in such Market Open Purchase Notice (a) the Market Open Purchase Percentage for such Market Open Purchase, (b) the Market Open Purchase Minimum Price Threshold for such Market Open Purchase and (c) whether a Limit Order Continue Election or a Limit Order Discontinue Election shall apply to such Market Open Purchase, on the applicable Purchase Date therefor, to purchase a specified Market Open Purchase Share Amount, which shall not exceed the applicable Market Open Purchase Maximum Amount, at the applicable Market Open Purchase Price therefor on such Purchase Date in accordance with this Agreement. The Company may timely deliver to the Investor a Market Open Purchase Notice for a Market Open Purchase on any Trading Day selected by the Company as the Purchase Date for such Market Open Purchase, so long as (i) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding such Purchase Date is not less than the Threshold Price, and (ii) all Shares subject to all prior Market Open Purchases and Intraday Purchases (as applicable) pursuant to this Agreement have been received by the Investor as DWAC Shares prior to the Company's delivery to the Investor of such Market Open Purchase Notice for such Market Open Purchase on such Purchase Date. The Investor is obligated to accept each Market Open Purchase Notice prepared and delivered by the Company in accordance with the terms of and subject to the satisfaction of the conditions contained in this Agreement. If the Company delivers any Market Open Purchase Notice directing the Investor to purchase a Market Open Purchase Share Amount in excess of the applicable Market Open Purchase Maximum Amount that the Company is then permitted to include in such Market Open Purchase Notice (taking into account the Market Open Purchase Percentage specified by the Company in the applicable Market Open Purchase Notice for such Market Open Purchase), such Market Open Purchase Notice shall be void *ab initio* to the extent of the amount by which the Market Open Purchase Share Amount set forth in such Market Open Purchase Notice exceeds such applicable Market Open Purchase Maximum Amount, and the Investor shall have no obligation to purchase, and shall not purchase, such excess Shares pursuant to such Market Open Purchase Notice; <u>provided</u>, <u>however</u>, that the Investor shall remain obligated to purchase the applicable Market Open Purchase Maximum Amount pursuant to such Market Open Purchase. At or prior to 5:30 p.m., New York City time, on the Purchase Date for each Market Open Purchase, the Investor shall provide to the Company, by email correspondence to each of the individual notice recipients of the Company set forth in the applicable Market Open Purchase Notice, a written confirmation for such Market Open Purchase, setting forth the applicable Market Open Purchase Price per Share to be paid by the Investor for the Shares purchased by the Investor in such Market Open Purchase, and the total aggregate Market Open Purchase Price to be paid by the Investor for the total Market Open Purchase Share Amount purchased by the Investor in such Market Open Purchase. Notwithstanding the foregoing, the Company shall not deliver any Market Open Purchase Notices to the Investor during the PEA Period, any Allowable Grace Period or any MPA Period.

**Section 3.2. <u>Intraday Purchases</u>**. Upon the initial satisfaction of all of the conditions set forth in Section 8.2 on the Commencement Date and from time to time thereafter, subject to the satisfaction of all of the conditions set forth in Section 8.3, in addition to Market Open Purchases as described in Section 3.1, the Company shall also have the right, but not the obligation, to direct the Investor, by its timely delivery to the Investor of an Intraday Purchase Notice for an Intraday Purchase (each, an "***Intraday Purchase***"), specifying in such Intraday Purchase Notice (a) the Intraday Purchase Percentage for such Intraday Purchase, (b) the Intraday Purchase Minimum Price Threshold for such Intraday Purchase and (c) whether a Limit Order Continue Election or a Limit Order Discontinue Election shall apply to such Intraday Purchase, on the applicable Purchase Date therefor, to purchase a specified Intraday Purchase Share Amount, which shall not exceed the applicable Intraday Purchase Maximum Amount, at the applicable Intraday Purchase Price therefor on such Purchase Date in accordance with this Agreement. The Company may timely deliver to the Investor an Intraday Purchase Notice for an Intraday Purchase on any Trading Day selected by the Company as the Purchase Date for such Intraday Purchase, so long as (i) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding such Purchase Date is not less than the Threshold Price, and (ii) all Shares subject to all prior Market Open Purchases and Intraday Purchases (as applicable) have been received by the Investor as DWAC Shares prior to the Company's delivery to the Investor of such Intraday Purchase Notice for such Intraday Purchase on such Purchase Date. The Investor is obligated to accept each Intraday Purchase Notice prepared and delivered by the Company in accordance with the terms of and subject to the satisfaction of the conditions contained in this Agreement. If the Company delivers any Intraday Purchase Notice directing the Investor to purchase an Intraday Purchase Share Amount in excess of the applicable Intraday Purchase Maximum Amount that the Company is then permitted to include in such Intraday Purchase Notice (taking into account the Intraday Purchase Percentage specified by the Company in the applicable Intraday Purchase Notice for such Intraday Purchase), such Intraday Purchase Notice shall be void *ab initio* to the extent of the amount by which the Intraday Purchase Share Amount set forth in such Intraday Purchase Notice exceeds such applicable Intraday Purchase Maximum Amount, and the Investor shall have no obligation to purchase, and shall not purchase, such excess Shares pursuant to such Intraday Purchase Notice; <u>provided</u>, <u>however</u>, that the Investor shall remain obligated to purchase the applicable Intraday Purchase Maximum Amount pursuant to such Intraday Purchase. At or prior to 5:30 p.m., New York City time, on the Purchase Date on which one or more Intraday Purchases shall have occurred, the Investor shall provide to the Company, by email correspondence to each of the individual notice recipients of the Company set forth in the applicable Intraday Purchase Notice, a written confirmation for each such Intraday Purchase, setting forth the applicable Intraday Purchase Price per Share to be paid by the Investor for the Shares purchased by the Investor in such Intraday Purchase, and the total aggregate Intraday Purchase Price to be paid by the Investor for the total Intraday Purchase Share Amount purchased by the Investor in such Intraday Purchase. Notwithstanding the foregoing, the Company shall not deliver any Intraday Purchase Notices to the Investor during the PEA Period, any Allowable Grace Period or any MPA Period.

**Section 3.3. <u>Settlement</u>**. The Shares constituting the applicable Market Open Purchase Share Amount purchased by the Investor in each Market Open Purchase, and the Shares constituting the applicable Intraday Purchase Share Amount purchased by the Investor in each Intraday Purchase (as applicable), in each case shall be delivered to the Investor as DWAC Shares not later than 10:00 a.m., New York City time, on the Trading Day immediately following the Purchase Date for such Market Open Purchase and for each such Intraday Purchase (as applicable) (the "***Purchase Share Delivery Date***"). Subject to the provisions set forth in Section 11.1(ii) regarding deductions from the amount otherwise payable to the Company under this Section 3.3 for partial satisfaction of the Commitment Fee, for (a) each Market Open Purchase, the Investor shall pay to the Company an amount in cash equal to the product of (1) the total number of Shares purchased by the Investor in such Market Open Purchase and (2) the applicable Market Open Purchase Price for such Shares, as full payment for such Shares purchased by the Investor in such Market Open Purchase, and (b) each Intraday Purchase, the Investor shall pay to the Company an amount in cash equal to the product of (1) the total number of Shares purchased by the Investor in such Intraday Purchase and (2) the applicable Intraday Purchase Price for such Shares, as full payment for such Shares purchased by the Investor in such Intraday Purchase, in each case via wire transfer of immediately available funds, not later than 5:00 p.m., New York City time, on the Trading Day immediately following the applicable Purchase Share Delivery Date for such Market Open Purchase and for each such Intraday Purchase (as applicable), provided the Investor shall have timely received, as DWAC Shares, all of such Shares purchased by the Investor in such Market Open Purchase and such Intraday Purchase(s) (as applicable) on such Purchase Share Delivery Date in accordance with the first sentence of this Section 3.3, or, if any of such Shares are received by the Investor after 1:00 p.m., New York City time, then the Company's receipt of such funds in its designated account may occur on the Trading Day next following the Trading Day on which the Investor shall have received all of such Shares as DWAC Shares, but not later than 5:00 p.m., New York City time, on such next Trading Day. If the Company or its transfer agent shall fail for any reason (other than a failure of the Investor or its Broker-Dealer to set up a DWAC and required instructions) to deliver to the Investor, as DWAC Shares, any Shares purchased by the Investor in a Market Open Purchase or an Intraday Purchase prior to 10:00 a.m., New York City time, on the Trading Day immediately following the applicable Purchase Share Delivery Date for such Market Open Purchase and for each such Intraday Purchase (as applicable), and if on or after such Trading Day the Investor purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Investor of such Shares that the Investor anticipated receiving from the Company on such Purchase Share Delivery Date in respect of such Market Open Purchase or such Intraday Purchase (as applicable), then the Company shall, within one (1) Trading Day after the Investor's request, either (i) pay cash to the Investor in an amount equal to the Investor's total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased (the "***Cover Price***"), at which point the Company's obligation to deliver such Shares as DWAC Shares shall terminate, or (ii) promptly honor its obligation to deliver to the Investor such Shares as DWAC Shares and pay cash to the Investor in an amount equal to the excess (if any) of the Cover Price over the total purchase price paid by the Investor pursuant to this Agreement for all of the Shares purchased by the Investor in such Market Open Purchase or such Intraday Purchase (as applicable). The Company shall not issue any fraction of a share of Common Stock to the Investor in connection with any Market Open Purchase or Intraday Purchase effected pursuant to this Agreement. If the issuance would result in the issuance of a fraction of a share of Common Stock, the Company shall round such fraction of a share of Common Stock up or down to the nearest whole share. All payments to be made by the Investor pursuant to this Agreement shall be made by wire transfer of immediately available funds to such account as the Company may from time to time designate by written notice to the Investor in accordance with the provisions of this Agreement.

**Section 3.4. <u>Compliance with Rules of Trading Market.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Exchange Cap</u>.** Subject to Section 3.4(b), the Company shall not issue or sell any shares of Common Stock pursuant to this Agreement, and the Investor shall not purchase or acquire any shares of Common Stock pursuant to this Agreement, to the extent that after giving effect thereto, the aggregate number of shares of Common Stock that would be issued pursuant to this Agreement and the transactions contemplated hereby would exceed 4,052,806 shares of Common Stock (such number of shares equal to 19.99% of the aggregate number of shares of Common Stock issued and outstanding immediately prior to the execution of this Agreement), which number of shares shall be reduced, on a share-for-share basis, by the number of shares of Common Stock issued or issuable pursuant to any transaction or series of transactions that may be aggregated with the transactions contemplated by this Agreement under applicable rules of the Trading Market (such maximum number of shares of Common Stock, the "***Exchange Cap***"), unless the Company's stockholders have approved the issuance of Common Stock pursuant to this Agreement in excess of the Exchange Cap in accordance with the applicable rules of the Trading Market. For the avoidance of doubt, the Company may, but shall be under no obligation to, request its stockholders to approve the issuance of Common Stock pursuant to this Agreement; <u>provided</u>, that if such stockholder approval is not obtained, the Exchange Cap shall be applicable for all purposes of this Agreement and the transactions contemplated hereby at all times during the term of this Agreement (except as set forth in Section 3.4(b)).

&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>At-Market Transaction</u>.** Notwithstanding Section 3.4(a) above, the Exchange Cap shall not be applicable for any purposes of this Agreement and the transactions contemplated hereby, solely to the extent that (and only for so long as) the Average Price shall equal or exceed the Base Price (it being hereby acknowledged and agreed that the Exchange Cap shall be applicable for all purposes of this Agreement and the transactions contemplated hereby at all other times during the term of this Agreement, unless the stockholder approval referred to in Section 3.4(a) is obtained). The parties acknowledge and agree that the Minimum Price used to determine the Base Price hereunder represents $10.00.

&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>General</u>.** The Company shall not issue or sell any shares of Common Stock pursuant to this Agreement if such issuance or sale would reasonably be expected to result in (A) a violation of the Securities Act or (B) a breach of the rules of the Trading Market. The provisions of this Section 3.4 shall be implemented in a manner otherwise than in strict conformity with the terms of this Section 3.4 only if necessary to ensure compliance with the Securities Act and the applicable rules of the Trading Market.

**Section 3.5. <u>Beneficial Ownership Limitation</u>**. Notwithstanding anything to the contrary contained in this Agreement, the Company shall not issue or sell, and the Investor shall not purchase or acquire, any shares of Common Stock under this Agreement which, when aggregated with all other shares of Common Stock then beneficially owned by the Investor and its Affiliates (as calculated pursuant to Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder), would result in the beneficial ownership by the Investor of more than 4.99% of the outstanding shares of Common Stock (the "***Beneficial Ownership Limitation***"). Upon the written request of the Investor, the Company shall promptly (but not later than the next business day on which the Company's transfer agent is open for business) confirm orally or in writing to the Investor the number of shares of Common Stock then outstanding. The Investor and the Company shall each cooperate in good faith in the determinations required under this Section 3.5 and the application of this Section 3.5. The Investor's written certification to the Company of the applicability of the Beneficial Ownership Limitation, and the resulting effect thereof hereunder at any time, shall be conclusive with respect to the applicability thereof and such result absent manifest error. The provisions of this Section 3.5 shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 3.5 to the extent necessary to properly give effect to the limitations contained in this Section 3.5.

**Article IV<br> REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INVESTOR**

The Investor hereby makes the following representations, warranties and covenants to the Company:

**Section 4.1. <u>Organization and Standing of the Investor</u>**. The Investor is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware.

**Section 4.2. <u>Authorization and Power</u>**. The Investor has the requisite limited liability company power and authority to enter into and perform its obligations under this Agreement and the Registration Rights Agreement and to purchase or acquire the Shares in accordance with the terms hereof. The execution, delivery and performance by the Investor of this Agreement and the Registration Rights Agreement and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary limited liability company action, and no further consent or authorization of the Investor, its officers or its sole member is required. Each of this Agreement and the Registration Rights Agreement has been duly executed and delivered by the Investor and constitutes a valid and binding obligation of the Investor enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership or similar Laws relating to, or affecting generally the enforcement of, creditor's rights and remedies or by other equitable principles of general application (including any limitation of equitable remedies).

**Section 4.3. <u>No Conflicts</u>**. The execution, delivery and performance by the Investor of this Agreement and the Registration Rights Agreement and the consummation by the Investor of the transactions contemplated hereby and thereby do not and shall not (i) result in a violation of such Investor's certificate of formation, limited liability company agreement or other applicable organizational instruments, (ii) conflict with, constitute a default (or an event which, with notice or lapse of time or both, would become a default) under, or give rise to any rights of termination, amendment, acceleration or cancellation of, any material agreement, mortgage, deed of trust, indenture, note, bond, license, lease agreement, instrument or obligation to which the Investor is a party or is bound, (iii) create or impose any lien, charge or encumbrance on any property of the Investor under any agreement or any commitment to which the Investor is party or under which the Investor is bound or under which any of its properties or assets are bound, or (iv) result in a violation of any federal, state, local or foreign statute, rule or regulation, or any Order of any Governmental Entity applicable to the Investor or by which any of its properties or assets are bound or affected, except, in the case of clauses (ii), (iii) and (iv), for such conflicts, defaults, terminations, amendments, acceleration, cancellations and violations as would not, individually or in the aggregate, prohibit or otherwise interfere with, in any material respect, the ability of the Investor to enter into and perform its obligations under this Agreement and the Registration Rights Agreement. The Investor is not required under any applicable Law to obtain any consent, authorization or Order of, or make any filing or registration with, any Governmental Entity in order for it to execute, deliver or perform any of its obligations under this Agreement and the Registration Rights Agreement or to purchase or acquire the Shares in accordance with the terms hereof, other than as may be required by FINRA; <u>provided</u>, <u>however</u>, that for purposes of the representation made in this sentence, the Investor is assuming and relying upon the accuracy of the relevant representations and warranties and the compliance with the relevant covenants and agreements of the Company in the Transaction Documents to which it is a party.

**Section 4.4. <u>Investment Purpose</u>**. The Investor is acquiring the Shares for its own account, for investment purposes and not with a view towards, or for resale in connection with, the public sale or distribution thereof, in violation of the Securities Act or any applicable state securities or "blue sky" Laws; <u>provided</u>, <u>however</u>, that by making the representations herein, the Investor does not agree, or make any representation or warranty, to hold any of the Shares for any minimum or other specific term and reserves the right to dispose of the Shares at any time in accordance with, or pursuant to, a Registration Statement filed pursuant to the Registration Rights Agreement or an applicable exemption under the Securities Act. The Investor does not presently have any agreement or understanding, directly or indirectly, with any Person to sell or distribute any of the Shares. The Investor is acquiring the Shares hereunder in the ordinary course of its business.

**Section 4.5. <u>Accredited Investor Status</u>**. The Investor is an "accredited investor" as that term is defined in Rule 501(a) of Regulation D.

**Section 4.6. <u>Reliance on Exemptions</u>**. The Investor understands that the Shares are being offered and sold to it in reliance on specific exemptions from the registration requirements of U.S. federal and state securities or "blue sky" Laws and that the Company is relying in part upon the truth and accuracy of, and the Investor's compliance with, the representations, warranties, agreements, acknowledgments and understandings of the Investor set forth herein in order to determine the availability of such exemptions and the eligibility of the Investor to acquire the Shares.

**Section 4.7. <u>Information</u>**<u>.</u> All materials relating to the business, financial condition, management and operations of the Company and materials relating to the offer and sale of the Shares which have been requested by the Investor have been furnished or otherwise made available to the Investor or its advisors, including, without limitation, the Commission Documents. The Investor understands that its investment in the Shares involves a high degree of risk. The Investor is able to bear the economic risk of an investment in the Shares and has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of a proposed investment in the Shares. The Investor and its advisors have been afforded the opportunity to ask questions of and receive answers from representatives of the Company concerning the financial condition and business of the Company and other matters relating to an investment in the Shares. Neither such inquiries nor any other due diligence investigations conducted by the Investor or its advisors, if any, or its representatives shall modify, amend or affect the Investor's right to rely on the Company's representations and warranties contained in this Agreement or in any other Transaction Document to which the Company is a party or the Investor's right to rely on any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transaction contemplated hereby (including, without limitation, the opinions of the Company's counsel delivered pursuant to Sections 8.1(iv), 8.2(xv) and 8.3(x)). The Investor has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of the Shares. The Investor understands that it (and not the Company) shall be responsible for its own tax liabilities that may arise as a result of this investment or the transactions contemplated by this Agreement.

**Section 4.8. <u>No Governmental Review</u>**. The Investor understands that no United States federal or state agency or any other government or Governmental Entity has passed on or made any recommendation or endorsement of the Shares or the fairness or suitability of an investment in the Shares, nor have such authorities passed upon or endorsed the merits of the offering of the Shares.

**Section 4.9. <u>No General Solicitation</u>**. The Investor is not purchasing or acquiring the Shares as a result of any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Shares.

**Section 4.10. <u>Not an Affiliate</u>**. The Investor is not an officer, director or Affiliate of the Company. As of the date of this Agreement, the Investor does not beneficially own any shares of Common Stock or securities exercisable for or convertible into shares of Common Stock. During the Investment Period, the Investor will not acquire for its own account any shares of Common Stock or securities exercisable for or convertible into shares of Common Stock, other than pursuant to this Agreement; <u>provided</u>, <u>however</u>, that nothing in this Agreement shall prohibit or be deemed to prohibit the Investor from purchasing, in an open market transaction or otherwise, shares of Common Stock necessary to make delivery by the Investor in satisfaction of a sale by the Investor of Shares that the Investor anticipated receiving from the Company in connection with the settlement of a Market Open Purchase or an Intraday Purchase (as applicable) if the Company or its transfer agent shall have failed for any reason (other than a failure of the Investor or its Broker-Dealer to set up a DWAC and required instructions) to electronically transfer all of the Shares subject to such Market Open Purchase or such Intraday Purchase (as applicable) to the Investor on the applicable Purchase Share Delivery Date by crediting the Investor's or its designated Broker-Dealer's account at DTC through its DWAC delivery system in compliance with Section 3.3 of this Agreement. For the avoidance of doubt, the foregoing restriction does not apply to any Affiliate of the Investor, provided that any such purchases do not cause the Investor to violate any applicable Exchange Act requirement, including Regulation M.

**Section 4.11. <u>No Prior Short Sales</u>**. At no time prior to the date of this Agreement has the Investor, any of its officers or any entity managed or controlled by the Investor engaged in or effected, in any manner whatsoever, directly or indirectly, for the Investor's own principal account or for the principal account of any such entity managed or controlled by the Investor, any (i) "short sale" (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Common Stock or (ii) hedging transaction, which establishes a net short position with respect to the Common Stock that remains in effect as of the date of this Agreement.

**Section 4.12. <u>Statutory Underwriter Status</u>**. The Investor acknowledges that it will be disclosed as an "underwriter" and a "selling stockholder" in each Registration Statement and in any Prospectus contained therein to the extent required by applicable Law and to the extent the Prospectus is related to the resale of Registrable Securities.

**Section 4.13. <u>Resales of Shares</u>**. The Investor represents, warrants and covenants that it will resell Shares purchased or acquired by the Investor from the Company pursuant to this Agreement only pursuant to the Registration Statement in which the resale of such Shares is registered under the Securities Act and the Prospectus contained therein, in a manner described under the caption "Plan of Distribution" in such Registration Statement and Prospectus, and in a manner in compliance with all applicable U.S. federal and applicable state securities or "blue sky" Laws.

**Article V<br> REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY**

Except as set forth in the disclosure schedule delivered by the Company to the Investor, if any (which is hereby incorporated by reference in, and constitutes an integral part of, this Agreement) (the "***Disclosure Schedule***"), the Company and the Investment Adviser, jointly and severally, hereby make the following representations, warranties and covenants to the Investor:

**Section 5.1. <u>Organization, Good Standing and Power</u>**. The Company is a corporation duly organized, validly existing and in good standing under the Laws of the State of Maryland and has the corporate power and authority to own, lease or operate its assets and properties and to conduct its business as now being conducted in all material respects. The Company is duly licensed or qualified to do business and in good standing (or equivalent status, as applicable) in each jurisdiction in which the assets owned or leased by it or the character of its activities require it to be licensed or qualified or in good standing (or equivalent status, as applicable), except where the failure to be so licensed or qualified, individually or in the aggregate, has not had and would not reasonably be expected to have a Material Adverse Effect.

**Section 5.2. <u>Authorization, Enforcement</u>**. The Company has the requisite corporate power and authority to enter into and perform its obligations under each of the Transaction Documents to which it is a party and to issue the Shares in accordance with the terms hereof and thereof. Except for approvals of the Company's Board of Directors or a committee thereof, as may be required in connection with any issuance and sale of Shares to the Investor hereunder (which approvals shall be obtained prior to the delivery of any Market Open Purchase Notice and any Intraday Purchase Notice), the execution, delivery and performance by the Company of each of the Transaction Documents to which it is a party and the consummation by it of the transactions contemplated hereby and thereby have been duly and validly authorized by all necessary corporate action, and no further consent or authorization of the Company, its Board of Directors or its stockholders is required. Each of the Transaction Documents to which the Company is a party has been duly executed and delivered by the Company and constitutes a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership or similar laws relating to, or affecting generally the enforcement of, creditor's rights and remedies or by other equitable principles of general application (including any limitation of equitable remedies).

**Section 5.3. <u>Capitalization</u>**<u>.</u> The authorized capital stock of the Company and the shares thereof issued and outstanding were as set forth in the Commission Documents as of the dates reflected therein. All of the outstanding shares of Common Stock have been duly authorized and validly issued and are fully paid and non-assessable. Except as set forth in the Commission Documents, this Agreement and the Registration Rights Agreement, as of the Closing Date, there are no agreements or arrangements under which the Company is obligated to register the sale of any securities under the Securities Act. Except as set forth in the Commission Documents, no shares of Common Stock are entitled to preemptive rights and there are no outstanding debt securities and no contracts, commitments, understandings or arrangements by which the Company is or may become bound to issue additional shares of the capital stock of the Company or options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into or exchangeable for, any shares of capital stock of the Company. Except for customary transfer restrictions contained in agreements entered into by the Company to sell restricted securities or as set forth in the Commission Documents, the Company is not a party to, and it has no Knowledge of, any agreement restricting the voting or transfer of any shares of the capital stock of the Company. Except as set forth in the Commission Documents, there are no securities or instruments containing anti-dilution or similar provisions that will be triggered by this Agreement, the Registration Rights Agreement or any of the other Transaction Documents, or the consummation of the transactions described herein or therein. The Company has filed with the Commission true and correct copies of the Articles of Amendment and Restatement of the Company, as amended and in effect on the Closing Date (the "***Charter***"), and the Company's Bylaws, as amended and in effect on the Closing Date (the "***Bylaws***").

**Section 5.4. <u>Payment of Commitment Fee; Issuance of Shares</u>**. Payment of the Commitment Fee by the Company to the Investor in such manner, at such time(s) and otherwise pursuant to and in accordance with Section 11.1(ii) of this Agreement, has been duly authorized by all necessary corporate action on the part of the Company. The Total Commitment worth of Shares available for issuance by the Company to the Investor under this Agreement have been, or with respect to the amount of Shares to be purchased by the Investor pursuant to a particular Market Open Purchase Notice or pursuant to a particular Intraday Purchase Notice (as applicable) will be, prior to the delivery to the Investor hereunder of such Market Open Purchase Notice and prior to the delivery to the Investor hereunder of such Intraday Purchase Notice (as applicable), in each case duly authorized by all necessary corporate action on the part of the Company. An aggregate 200,000,000 shares of Common Stock have been duly authorized and reserved by the Company for issuance and sale to the Investor as Shares pursuant to Market Open Purchases and pursuant to Intraday Purchases under this Agreement.

**Section 5.5. <u>No Conflicts</u>**. The execution, delivery and performance by the Company of each of the Transaction Documents to which it is a party and the consummation by the Company of the transactions contemplated hereby and thereby do not and shall not (i) result in a violation of any provision of the Company's Charter or Bylaws, (ii) result in a breach or violation of any of the terms or provisions of, or constitute a default (or an event which, with notice or lapse of time or both, would become a default) under, or give rise to any rights of termination, amendment, acceleration or cancellation of, any agreement, mortgage, deed of trust, indenture, note, bond, license, lease agreement, instrument or obligation to which the Company is a party or is bound, (iii) create or impose a lien, charge or encumbrance on any property or assets of the Company under any agreement or any commitment to which the Company is a party or by which the Company is bound or to which any of its properties or assets is subject, or (iv) result in a violation of any Law or Order applicable to the Company or by which any property or asset of the Company is bound or affected (including federal and state securities or "blue sky" Laws and the rules and regulations of the Trading Market or applicable Eligible Market), except, in the case of clauses (ii), (iii) and (iv), for such conflicts, defaults, terminations, amendments, acceleration, cancellations, liens, charges, encumbrances and violations as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Except as specifically contemplated by this Agreement or the Registration Rights Agreement and as required under the Securities Act and any applicable state securities or "blue sky" Laws, the Company is not required under any Law to obtain any consent, authorization or Order of, or make any filing or registration with, any Governmental Entity (including, without limitation, the Trading Market) in order for it to execute, deliver or perform any of its obligations under the Transaction Documents to which it is a party, or to issue the Shares to the Investor in accordance with the terms hereof and thereof (other than such consents, authorizations, Orders, filings or registrations as have been obtained or made prior to the Closing Date); <u>provided</u>, <u>however</u>, that, for purposes of the representation made in this sentence, the Company is assuming and relying upon the accuracy of the representations and warranties of the Investor in this Agreement and the compliance by it with its covenants and agreements contained in this Agreement and the Registration Rights Agreement.

**Section 5.6. <u>Commission Documents, Financial Statements; Disclosure Controls and Procedures; Internal Controls Over Financial Reporting; Accountants</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has prepared and will file with the Commission (i) the Registration Statement (including the Prospectus) in connection with the offering and resale of the Shares contemplated by the Investor and (ii) all other reports, forms, statements and other materials required to be filed with or furnished to the Commission by the Company under the Investment Company Act, and, to the extent applicable to a registered closed-end management investment company whose common stock is registered under Exchange Act Section 12(b), the Exchange Act. Since such date, the Company has timely filed (giving effect to permissible extensions to the extent applicable) all Commission Documents required to be filed with or furnished to the Commission by the Company under the Securities Act, the Investment Company Act or the Exchange Act. As of the date each Commission Document was filed with or furnished to the Commission (and, if amended or supplemented, as of the date of such amendment or supplement), each such Commission Document complied in all material respects with the applicable requirements of the Securities Act, the Exchange Act (to the extent applicable) and the Investment Company Act, and the rules and regulations thereunder, as applicable. As of its filing date (or, if amended or superseded by a filing prior to the Closing Date, as of the date of such amended or superseded filing), each Commission Document filed with or furnished to the Commission prior to the Closing Date complied in all material respects with the requirements of the Securities Act, the Investment Company Act or the Exchange Act, as applicable. The Registration Statement will be declared effective by the Commission; no stop order suspending the effectiveness of the Registration Statement has been issued by the Commission, and no proceedings for that purpose are pending or, to the knowledge of the Company, contemplated or threatened. At the time of effectiveness of the Registration Statement and on each Purchase Date, (A) the Registration Statement will not contain any 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, and (B) the Prospectus (together with any Prospectus Supplement then required to be filed) will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided that the foregoing clauses (A) and (B) shall not apply to statements in or omissions from such Registration Statement, the Prospectus or any Prospectus Supplement made in reliance upon and in conformity with information relating to the Investor furnished to the Company in writing by or on behalf of the Investor expressly for use therein. The Prospectus and each Prospectus Supplement required to be filed pursuant to this Agreement or the Registration Rights Agreement after the Closing Date, when taken together, on its date and on each Purchase Date, shall comply in all material respects with the requirements of the Securities Act (including, without limitation, Rule 424(b) under the Securities Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The financial statements, including the notes thereto, included in each of the Registration Statement and the Prospectus present fairly, in all material respects, the consolidated financial position of the Company as of the dates indicated and the consolidated results of operations and changes in financial position and cash flows of the Company for the periods specified; such financial statements have been prepared in compliance with the published requirements of the Securities Act and the Exchange Act, as applicable, and in conformity with generally accepted accounting principles in the United States ("***GAAP***") applied on a consistent basis and on a consistent basis during the periods involved (except as otherwise noted therein and in accordance with Regulation S-X promulgated by the Commission); the financial statement schedules, if any, included in the Registration Statement and the Prospectus fairly present the information shown therein and have been compiled on a basis consistent with the financial statements included in the Registration Statement and the Prospectus; no other financial statements or supporting schedules are required to be included in the Registration Statement or the Prospectus; and the Company does not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations), not disclosed in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as set forth in the Commission Documents, the Company maintains (either directly or through its third-party service providers) a system 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. Except as set forth in the Commission Documents, the Company is not aware of any material weaknesses in its internal control over financial reporting. Except as set forth in the Commission Documents, 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. Except as set forth in the Commission Documents, the Company has established disclosure controls and procedures (as defined in Rule 30a-3 under the Investment Company Act) that comply with the requirements of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Grant Thornton LLP (the "***Accountant***"), whose report on the financial statements to be filed as part of the Initial Registration Statement of the Company was filed with the Commission as part of the Company's audited financial statements as of September 5, 2025 and for the period from May 23, 2025 (date of organization) through September 5, 2025, is and, during the periods covered by their report, is expected to be the 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 "***Sarbanes-Oxley Act***") with respect to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 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 except failures that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

**Section 5.7. <u>Subsidiaries</u>**. As of the date hereof, the Company has no Subsidiaries.

**Section 5.8. <u>No Material Adverse Effect or Material Change</u>**. Except as otherwise disclosed in any Commission Documents, since September 5, 2025: (i) the Company has not experienced or suffered any Material Adverse Effect, and there exists no current state of facts, condition or event which would reasonably be expected to have a Material Adverse Effect; (ii) there has not occurred any material adverse change, or any development that would reasonably be expected to result in a material adverse change, in the condition, financial or otherwise, or in the earnings, business or operations of the Company from that set forth in the Commission Documents; (iii) the Company has not incurred any material liability or obligation, direct or contingent, nor entered into any material transaction; (iv) the Company has not purchased any of its outstanding capital stock, nor declared, paid or otherwise made any dividend or distribution of any kind on its capital stock other than ordinary and customary dividends; and (v) there has not been any material change in the capital stock, short-term debt or long-term debt of the Company.

**Section 5.9. <u>Solvency</u>**. The Company has not taken any steps, and does not currently expect to take any steps, to seek protection pursuant to any Bankruptcy Law, nor does the Company have any Knowledge that its creditors intend to initiate involuntary bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for relief under any Bankruptcy Law. The Company is financially solvent and is generally able to pay its debts as they become due.

**Section 5.10. <u>Litigation</u>**. Except as disclosed in the Commission Documents, there are no pending or, to the Knowledge of the Company, threatened, Proceedings and, to the Knowledge of the Company, there are no pending or threatened investigations against the Company, or otherwise affecting the Company, or any of its assets, including any condemnation or similar Proceedings, that would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Neither the Company nor any of its properties, assets or businesses is subject to any Order, or, to the Knowledge of the Company, any continuing investigation by any Governmental Entity, in each case that would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. There is no unsatisfied judgment or any open injunction binding upon the Company which would, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of the Company to consummate the transactions contemplated by this Agreement, the Registration Rights Agreement and the other Transaction Documents.

**Section 5.11. <u>Compliance with Applicable Laws</u>**. Except where the failure to be, or to have been, in compliance with such Laws would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the Company is, and since September 5, 2025, has been, in compliance in all material respects with all applicable Laws. The Company has adopted and maintains compliance policies and procedures reasonably designed to prevent violations of the federal securities laws in accordance with Rule 38a-1 under the Investment Company Act, which policies and procedures are administered by the Company's Chief Compliance Officer and overseen by the Company's Board of Directors.

Except where the failure to have or to comply would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the Company: (i) is in compliance in all material respects with all Laws applicable to its business, operations and assets; and (ii) except as disclosed in the Commission Documents, has not received any written notice from any Governmental Entity of or been charged by any Governmental Entity with the violation of any applicable Law.

**Section 5.12. <u>Certain Fees</u>**. Except as contemplated by the Transaction Documents (including in connection with the engagement of any Qualified Independent Underwriter as contemplated by Section 7.15 hereof) or as disclosed in the Commission Documents, no brokerage or finder's fees or commissions are or will be payable by the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. Except for any fees and other compensation payable to any Qualified Independent Underwriter engaged to participate in the transactions contemplated by the Transaction Documents pursuant to Section 7.15 hereof), none of the Investor, RCP or any of their respective Affiliates shall have any obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section 5.12 incurred by the Company that may be due or payable in connection with the transactions contemplated by the Transaction Documents.

**Section 5.13. <u>Disclosure</u>**. The Company confirms that neither it nor any other Person acting on its behalf has provided the Investor or any of its agents, advisors or counsel with any information that constitutes or could reasonably be expected to constitute material, nonpublic information concerning the Company that has not been publicly disclosed by the Company in a Commission Document filed by the Company with the Commission, other than the existence of the transactions contemplated by the Transaction Documents. The Company understands and confirms that the Investor will rely on the foregoing representations in effecting resales of Shares under the Registration Statement. All disclosure provided to the Investor regarding the Company, its business and the transactions contemplated by the Transaction Documents (including, without limitation, the representations and warranties of the Company contained in the Transaction Documents to which it is a party (as modified by the Disclosure Schedule)) furnished in writing by or on behalf of the Company for purposes of or in connection with the Transaction Documents, taken together, is true and correct in all material respects on the date on which such information is dated or certified, and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading at such time.

**Section 5.14. <u>Intellectual Property</u>**. The Company owns, or has obtained valid and enforceable licenses for, or other rights to use, the inventions, patent applications, patents, trademarks (both registered and unregistered), trade names, copyrights, trade secrets and other proprietary information described in the Commission Documents which are necessary for the conduct of its businesses (collectively, the "***Intellectual Property***"), except where the failure to own, license or have such rights would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company has not received any written notice of any claim relating to Intellectual Property, and to the Knowledge of the Company, the Intellectual Property of the Company is not being infringed, misappropriated or otherwise violated by any Person.

**Section 5.15.<u> </u><u>Material Contracts</u>**. The descriptions in the Commission Documents of the Material Contracts therein described present fairly in all material respects the information required to be shown, and there are no Material Contracts of a character required to be described in the Commission Documents or to be filed as exhibits thereto which are not described or filed as required; all Material Contracts between the Company and third parties expressly referenced in the Commission Documents are legal, valid and binding obligations of the Company, enforceable in accordance with their respective terms, except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors' rights generally and by general equitable principles, and except where the failure of any such Contract to be enforceable in accordance with its terms would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.**

**Section 5.16. <u>Transactions With Affiliates</u>**. Except as set forth in the Commission Documents, none of the officers or directors of the Company and, to the Knowledge of the Company, none of the Company's stockholders, the officers or directors of any stockholder of the Company or any family member or Affiliate of any of the foregoing has either directly or indirectly any interest in, or is a party to, any transaction that is required to be disclosed.

**Section 5.17. <u>Employees</u>**. The Company does not have any employees.

**Section 5.18. <u>Compliance</u>**. To the Company's Knowledge, no Person is serving or acting as an officer or director of, or investment adviser to, the Company except in accordance with the provisions of the Investment Company Act and the Investment Advisers Act of 1940, as amended, including the rules and regulations thereunder (the "***Advisers Act***"). Except as disclosed in the Commission Documents, to the Company's knowledge, no director of the Company is an "interested person" of the Company or an "affiliated person" of either the Investor or RCP.

**Section 5.19. <u>Tax Matters</u>**. The Company intends to elect to be treated, and intends to qualify annually thereafter, as a regulated investment company ("***RIC***") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "***Code***"). The Company will not qualify as a RIC for its initial taxable year ending August 31, 2026. Consequently, the Company will be treated as a corporation for the current taxable year ending August 31, 2026. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) the Company has filed all federal, state, local and non-U.S. Tax Returns required by law to be filed with a taxing authority prior to the date hereof, subject to permitted extensions, and (ii) the Company has paid all Taxes which are due and payable, shown on such filed Tax Returns or imposed on or assessed against the Company, except for such Taxes, if any, which are being contested in good faith and as to which adequate reserves have been established by the Company. The accruals, reserves or provisions made by the Company for Taxes payable, if any, shown on the financial statements filed with or included in the Commission Documents are sufficient for all accrued and unpaid Taxes, whether or not disputed, for all Tax periods prior to and including the dates of such financial statements, except to the extent of any inadequacy that would not result in a Material Adverse Effect. Except as disclosed in the Commission Documents, no material claims have been made against the Company (which are currently pending) by any Taxing authority in connection with Tax Returns or Taxes of the Company, and no waivers of statutes of limitation with respect to the assessment or payment of Taxes have been given by or requested from the Company that are currently in force.

**Section 5.20. <u>Insurance</u>**. The Company is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the business in which the Company is engaged, including directors and officers insurance coverage. The Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

**Section 5.21. <u>Exemption from Registration</u>**. Subject to, and in reliance on, the representations, warranties and covenants made herein by the Investor, the offer and sale of the Shares by the Company to the Investor in accordance with the terms and conditions of this Agreement are exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) and Rule 506(b) of Regulation D; <u>provided</u>, <u>however</u>, that at the request of and with the express agreement of the Investor (including, without limitation, the representations, warranties and covenants of the Investor set forth in Sections 4.10 through 4.13), the Shares to be issued from and after Commencement to or for the benefit of the Investor pursuant to this Agreement shall be issued to the Investor or its designee only as DWAC Shares and will not bear legends noting restrictions as to resale of such securities under federal or state securities or "blue sky" Laws, nor will any such Shares be subject to stop transfer instructions.

**Section 5.22. <u>No General Solicitation or Advertising</u>**. Neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Shares.

**Section 5.23. <u>No Integrated Offering</u>**. None of the Company or any of its Affiliates, nor any Person acting on their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would require registration of the offer, issuance and sale by the Company to the Investor of any of the Shares under the Securities Act, whether through integration with prior offerings or otherwise, or cause this offering of the Shares to require approval of stockholders of the Company under any applicable stockholder approval provisions, including, without limitation, under the rules and regulations of the Trading Market. None of the Company, its Affiliates nor any Person acting on their behalf will take any action or steps referred to in the preceding sentence that would require registration of the offer, issuance and sale by the Company to the Investor of any of the Shares under the Securities Act or cause the offering of any of the Shares to be integrated with any other offering of securities of the Company.

**Section 5.24. <u>Manipulation of Price</u>**. Neither the Company nor any of its officers, directors or to the Knowledge of the Company, any of its Affiliates has, and, to the Knowledge of the Company, no Person acting on their behalf has, (i) taken, directly or indirectly, any action designed or intended to cause or to result in the stabilization or manipulation of the price of any security of the Company, or which caused or resulted in, or which would in the future reasonably be expected to cause or result in, the stabilization or manipulation of the price of any security of the Company, in each case to facilitate the sale or resale of any of the Shares, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Shares, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company. Neither the Company nor any of its officers, directors or Affiliates will during the term of this Agreement, and, to the Knowledge of the Company, no Person acting on their behalf will during the term of this Agreement, take any of the actions referred to in the immediately preceding sentence.

**Section 5.25. <u>Securities Act</u>**. The Company has complied and shall comply with all applicable federal and state securities or "blue sky" Laws in connection with the offer, issuance and sale of the Shares hereunder, including, without limitation, the applicable requirements of the Securities Act. Each Registration Statement, upon filing with the Commission and at the time it is declared effective by the Commission, shall satisfy all of the requirements of the Securities Act to register the resale of the Registrable Securities included therein by the Investor in accordance with the Registration Rights Agreement on a delayed or continuous basis under Rule 415 under the Securities Act at then-prevailing market prices, and not fixed prices. The Company is not currently, and has never been, an issuer identified in, or subject to, Rule 144(i)(1). The Company is not, and has never been, a shell company.

**Section 5.26. <u>Listing and Maintenance Requirements; DTC Eligibility</u>**. The Common Stock is registered pursuant to Section 12(b) of the Exchange Act, and the Company has taken no action designed to, or which to its Knowledge is likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act, nor has the Company received any notification that the Commission is contemplating terminating such registration. Except as disclosed in the Commission Documents, the Company has not received written notice from the Trading Market (or, if the Common Stock is then listed on an Eligible Market, from such Eligible Market) to the effect that the Company is not in compliance with the listing or maintenance requirements of the Trading Market (or of such Eligible Market, as applicable). Except as disclosed in the Commission Documents, the Company is in compliance with all applicable listing and maintenance requirements of the Trading Market. The Common Stock may be issued and transferred electronically to third parties via DTC through its Deposit/Withdrawal at Custodian ("***DWAC***") delivery system. The Company has not received written notice from DTC to the effect that a suspension of, or restriction on, accepting additional deposits of the Common Stock, electronic trading or book-entry services by DTC with respect to the Common Stock is being imposed or contemplated.

**Section 5.27. <u>Application of Takeover Protections</u>**. The Company and its Board of Directors have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Company's Charter or the Maryland General Corporation Law, as amended, that is or could become applicable to the Investor as a result of the Investor and the Company fulfilling their respective obligations or exercising their respective rights under the Transaction Documents (as applicable), including, without limitation, as a result of the Company's issuance and sale of the Shares to the Investor pursuant to this Agreement and the Investor's acquisition and ownership of the Shares.

**Section 5.28. <u>Foreign Corrupt Practices</u>**. Neither the Company nor, to the Knowledge of the Company, any director, officer, agent, employee or Affiliate of the Company, the Investment Adviser, is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the "***FCPA***"), including making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any "foreign official" (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA and the Company, and to the Knowledge of the Company or the Investment Adviser, and their Affiliates, have conducted their businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.

**Section 5.29. <u>Office of Foreign Assets Control</u>**. Neither the Company nor, to the Knowledge of the Company, any director, officer, agent, employee or Affiliate of the Company or the Investment Adviser is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("***OFAC***"), the United Nations Security Council, the European Union, His Majesty's Treasury or other relevant sanctions authority (collectively, "***Sanctions***"), and none of the Company and the Investment Adviser will 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 for the purpose of financing the activities of any Person or any country or territory currently subject to any U.S. sanctions administered by OFAC.

**Section 5.30. <u>Money Laundering</u>**. The operations of the Company are and have been conducted at all times in compliance with applicable financial recordkeeping 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 is subject, the rules and regulations thereunder; and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Entity (collectively, the "***Money Laundering Laws***"); and no action, suit or proceeding by or before any Governmental Entity involving the Company with respect to the Money Laundering Laws is pending or, to the Knowledge of the Company, threatened.

**Section 5.31. <u>IT Systems</u>**. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) the IT Systems are operational and adequate and sufficient for the current needs of the business of the Company; (ii) to the Knowledge of the Company, there have been no unauthorized intrusions or breaches of the security, or material failures of the IT Systems currently used in the conduct of its business as it is currently conducted during the two-year period preceding the date hereof; (iii) the Company, directly or through its service providers, has in place adequate and commercially reasonable security controls and backup and disaster recovery plans and procedures; and (iv) to the Knowledge of the Company, there have been no unauthorized intrusions or breaches of the IT Systems since September 5, 2025, that, pursuant to any legal requirement, would require the Company to provide notice of such breach or intrusion.

**Section 5.32. <u>Compliance with Data Security Requirements</u>**. To the Knowledge of the Company, in connection with its collection, storage, transfer (including any transfer across national borders) and/or use of any information or Confidential Data, the Company is and has been in compliance in all material respects with all Privacy and Security Requirements. The Company has commercially reasonable physical, technical, organizational and administrative security measures and policies in place to protect the confidentiality, integrity and availability of all systems, information and Confidential Data maintained and collected by the Company or on its behalf. Except as set forth in the Commission Documents, the Company has not experienced any security incident that has compromised the integrity or availability of the Company's network, systems, data or information. The Company is and has been, to the Company's Knowledge, in compliance in all material respects with all Privacy and Security Requirements relating to data loss, theft and breach of security notification obligations. The Company has not received or provided any written notice of any claims, actions, investigations, inquiries or alleged violations of Privacy and Security Requirements or any other security incidents.

**Section 5.33. <u>Margin Rules</u>**. Neither the issuance, sale and delivery of the Shares nor the application of the proceeds thereof by the Company as described in the Commission Documents 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.

**Section 5.34. <u>Investment Defaults</u>**. With respect to each investment held by the Company as of the date hereof, to the Company's Knowledge, no event of default (or a default which with the giving of notice or the passage of time would become an event of default) has occurred in respect of such investment, except to the extent that any such default would not reasonably be expected to result in a Material Adverse Effect.

**Section 5.35. <u>No Disqualification Events</u>**. None of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of the Company participating in the offering contemplated hereby, any beneficial owner of 20% or more of the Company's outstanding voting equity securities, calculated on the basis of voting power nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, an "***Issuer Covered Person***") is subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a "***Disqualification Event***"), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) under the Securities Act. The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification Event.

**Section 5.36. <u>Off-Balance Sheet Arrangements</u>**. There are no direct or contingent liabilities, obligations, transactions, arrangements or other relationships between or among the Company, or any of its Affiliates and any unconsolidated entity, including any structural finance, special purpose or limited purpose entity (each, an "***Off-Balance Sheet Transaction***") or any "variable interest entities" as that term is used in Accounting Standards Codification Paragraph 810-10-25-20, that would reasonably be expected to affect materially the Company's liquidity or the availability of or requirements for its capital resources, required to be described in the Commission Documents which have not been described as required.

**Section 5.37. <u>Broker/Dealer Relationships; FINRA Information</u>**<u>.</u> The Company (i) is not required to register as a "broker" or "dealer" in accordance with the provisions of the Exchange Act and (ii) does not directly or indirectly through one or more intermediaries, control and is not a "person associated with a member" or "associated person of a member" (within the meaning set forth in the FINRA Manual). All of the information provided to the Investor, RCP or to their counsel, specifically for use by RCP in connection with the FINRA Filing (and related disclosure) with FINRA, by the Company, its counsel, its officers and directors and the holders of any securities (debt or equity) or options to acquire any securities of the Company in connection with the transactions contemplated by the Transaction Documents is true, complete, correct and compliant with FINRA's rules and any letters, filings or other supplemental information provided to FINRA pursuant to FINRA Rules.

**Section 5.38. <u>Acknowledgement Regarding Relationship with Investor and RCP</u>**<u>.</u> The Company acknowledges and agrees, to the fullest extent permitted by Law, that the Investor is acting solely in the capacity of an arm's-length purchaser with respect to this Agreement, the Registration Rights Agreement and the transactions contemplated by the Transaction Documents, and RCP is acting as a representative of the Investor in connection with the transactions contemplated by the Transaction Documents, and of no other party, including the Company. The Company further acknowledges that while the Investor will be deemed to be a statutory "underwriter" with respect to certain of the transactions contemplated by the Transaction Documents in accordance with interpretive positions of the Staff of the Commission, the Investor is a "trader" that is not required to register with the Commission as a broker-dealer under Section 15(a) of the Exchange Act. The Company further acknowledges that the Investor and its representatives are not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to this Agreement, the Registration Rights Agreement and the transactions contemplated by the Transaction Documents, and any advice given by the Investor or any of its representatives (including RCP) or agents in connection therewith is merely incidental to the Investor's acquisition of the Shares. The Company understands and acknowledges that employees of RCP may discuss market color, Market Open Purchase Notice and Intraday Purchase Notice timing and parameter considerations and other related capital markets considerations with the Company in connection with the Transaction Documents and the transactions contemplated thereby, in all cases on behalf of the Investor. The Company acknowledges and agrees that the Investor has not made and does not make any representations or warranties with respect to the transactions contemplated by the Transaction Documents other than those specifically set forth in Article IV.

**Section 5.39. <u>Acknowledgement Regarding Investor's Affiliate Relationships</u>**. Affiliates of the Investor, including RCP, engage in a wide range of activities for their own accounts and the accounts of customers, including corporate finance, mergers and acquisitions, merchant banking, equity and fixed income sales, trading and research, derivatives, foreign exchange, futures, asset management, custody, clearance and securities lending. In the course of their respective business, Affiliates of the Investor may, directly or indirectly, hold long or short positions, trade and otherwise conduct such activities in or with respect to debt or equity securities or bank debt of, or derivative products relating to, the Company. Any such position will be created, and maintained, independently of the position the Investor takes in the Company. In addition, at any given time, Affiliates of the Investor, including RCP, may have been or in the future may be engaged by one or more entities that may be competitors with, or otherwise adverse to, the Company in matters unrelated to the transactions contemplated by the Transaction Documents, and Affiliates of the Investor, including RCP may have or may in the future provide investment banking or other services to the Company in matters unrelated to the transactions contemplated by the Transaction Documents. Activities of any of the Investor's Affiliates performed on behalf of the Company may give rise to actual or apparent conflicts of interest given the Investor's potentially competing interests with those of the Company. The Company expressly acknowledges the benefits it receives from the Investor's participation in the transactions contemplated by the Transaction Documents, on the one hand, and the Investor's Affiliates' activities, if any, on behalf of the Company unrelated to the transactions contemplated by the Transaction Documents, on the other hand, understands the conflict or potential conflict of interest that may arise in this regard and has consulted with such independent advisors as it deems appropriate in order to understand and assess the risks associated with these potential conflicts of interest. Consistent with applicable legal and regulatory requirements, applicable Affiliates of the Investor have adopted policies and procedures to establish and maintain the independence of their research departments and personnel from their investment banking groups and the Investor. As a result, research analysts employed by Affiliates of the Investor may hold views, make statements or investment recommendations or publish research reports with respect to the Company or the transactions contemplated by the Transaction Documents that differ from the views of the Investor.

**Article VI<br> REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INVESTMENT ADVISER**

The Investment Adviser hereby makes the following representations, warranties and covenants to the Investor:

**Section 6.1. <u>Organization, Good Standing and Power</u>**. The Investment Adviser is a limited liability company duly organized, validly existing and in good standing under the laws of Puerto Rico, and the Investment Adviser has the limited liability company power and authority to own, lease or operate its assets and properties and to conduct its business as now being conducted and enter into this Agreement and the other Transaction Agreements to which the Investment Adviser is a party, as the case may be. The Investment Adviser is duly licensed or qualified and in good standing (or equivalent status, as applicable) in each jurisdiction in which the assets owned or leased by it or the character of its activities require it to be licensed or qualified or in good standing (or equivalent status as applicable), except where the failure to be so licensed or qualified, individually or in the aggregate, has not had and would not reasonably be expected to have a material adverse effect on the condition, financial or otherwise, or on the prospects, earnings, business or operations of the Investment Adviser (an ***"Adviser Material Adverse Effect"***).

**Section 6.2. <u>Registered as Investment Adviser</u>**. The Investment Adviser is registered as an investment adviser under the Advisers Act and is not prohibited by the Advisers Act or the Investment Company Act from acting under the Investment Advisory Agreement as an investment adviser to the Company as contemplated by the Commission Documents, and no order of suspension or revocation of such registration has been issued or proceedings therefor initiated or, to the knowledge of the Investment Adviser, threatened by the Commission.

**Section 6.3. <u>Authorization and Enforcement</u>**. The Investment Adviser has the requisite corporate power and authority to enter into and perform its obligations under each of the Transaction Documents to which it is a party. The Company has entered into (i) an investment advisory agreement with the Investment Adviser, dated September 9, 2025, as amended and restated on January 23, 2026 (the "***Investment Advisory Agreemen****t*"), (ii) a custody agreement with U.S. Bank National Association, a national banking association organized and existing under the laws of the United States of America, as custodian, dated as of September 3, 2025 (the "***Custody Agreement***"), and (iii) a fund servicing agreement with the administrator dated as of September 5, 2025 (the "***Administration Agreement***"). This Agreement, the Registration Rights Agreement, the Custody Agreement, the Investment Advisory Agreement and the Administration Agreement comply with the applicable provisions of the Investment Company Act, the Securities Act and the Advisers Act and the applicable rules and regulations thereunder. The execution, delivery and performance by the Investment Adviser of each of the Transaction Documents to which it is a party and the consummation by the Investment Adviser of the transactions contemplated hereby and thereby have been duly and validly authorized by all necessary corporate action, and no further consent or authorization is required. Each of the Transaction Documents to which the Investment Adviser is a party has been duly executed and delivered by the Investment Adviser and constitutes a valid and binding obligation of the Investment Adviser enforceable against the Investment Adviser in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership or similar laws relating to, or affecting generally the enforcement of, creditor's rights and remedies or by other equitable principles of general application (including any limitation of equitable remedies).

**Section 6.4. <u>No Conflicts</u>**. The execution, delivery and performance by the Investment Adviser of each of the Transaction Documents to which it is a party and the consummation by the Investment Adviser of the transactions contemplated hereby and thereby do not and shall not (i) result in a violation of any provision of the limited liability company operating agreement of the Investment Adviser, (ii) result in a breach or violation of any of the terms or provisions of, or constitute a default (or an event which, with notice or lapse of time or both, would become a default) under, or give rise to any rights of termination, amendment, acceleration or cancellation of, any agreement, mortgage, deed of trust, indenture, note, bond, license, lease agreement, instrument or obligation to which the Investment Adviser is a party or is bound, (iii) create or impose a lien, charge or encumbrance on any property or assets of the Investment Adviser under any agreement or any commitment to which the Investment Adviser is a party or by which the Investment Adviser is bound or to which any of its properties or assets is subject, or (iv) result in a violation of any federal, state, local or foreign statute, rule, regulation, order, judgment or decree applicable to the Investment Adviser or by which any property or asset of the Investment Adviser are bound or affected (including federal and state securities laws and regulations and the rules and regulations of the Trading Market or applicable Eligible Market), except, in the case of clauses (ii), (iii) and (iv), for such conflicts, defaults, terminations, amendments, acceleration, cancellations, liens, charges, encumbrances and violations as would not, individually or in the aggregate, reasonably be expected to have an Adviser Material Adverse Effect.

**Section 6.5. <u>Internal Accounting Controls</u>**. The Investment Adviser maintains a system of internal controls sufficient to provide reasonable assurance that (i) transactions effectuated by it under the Investment Advisory Agreement are executed in accordance with its management's general or specific authorization and (ii) access to the Company's assets is permitted only in accordance with its management's general or specific authorization.

**Section 6.6. <u>Financial Resources</u>**. The Investment Adviser has the financial resources available to it necessary for the performance of its services and obligations as contemplated in the Commission Documents and by this Agreement and each of the Transaction Documents to which it is a party.

**Section 6.7. <u>Investment Advisory Agreement</u>**. The Investment Advisory Agreement is in full force and effect and neither the Investment Adviser nor, to the knowledge of the Investment Adviser, any other party to the Investment Advisory Agreement is in default thereunder, and no event has occurred which with the passage of time or the giving of notice or both would constitute a default by the Investment Adviser under such document.

**Section 6.8. <u>Compliance with Laws</u>**. Except where the failure to be, or to have been, in compliance with such Laws would not, individually or in the aggregate, reasonably be expected to have an Adviser Material Adverse Effect, the Investment Adviser is, and since September 5, 2025, has been, in compliance in all material respects with all applicable Laws. The Investment Adviser has not received any written notice from any Governmental Entity of a violation of any applicable Law by it at any time since September 5, 2025, which violation would, individually or in the aggregate, reasonably be expected to have an Adviser Material Adverse Effect. Except where the failure to have or to comply would not, individually or in the aggregate, reasonably be expected to have an Adviser Material Adverse Effect, the Investment Adviser: (i) is in compliance in all material respects with all Laws applicable to its business, operations and assets; (ii) has all material permits required to conduct its business as now being conducted as described in the Commission Documents; and (iii) except as disclosed in the Commission Documents, has not received any written notice of or been charged with the violation of any laws. The Investment Adviser is not a party to or bound by any Order. To the knowledge of the Investment Adviser, except as disclosed in the Commission Documents, the Investment Adviser is not under investigation with respect to the violation of any Laws, and there are no facts or circumstances which could reasonably form the basis for any such violation. There are no statutes, laws, rules, regulations or ordinances of any Governmental Entity, self-regulatory organization or body that are applicable to the Investment Adviser or to its business, assets or properties that are required to be described in any Commission Document that are not described therein as required.

**Section 6.9. <u>Actions Pending</u>**. Except as disclosed in the Commission Documents, there are no pending or, to the knowledge of the Investment Adviser, threatened Proceedings and, to the knowledge of the Investment Adviser, there are no pending or threatened investigations against the Investment Adviser or otherwise affecting the Investment Adviser or any of its assets, including any condemnation or similar proceedings, that would, individually or in the aggregate, reasonably be expected to have an Adviser Material Adverse Effect. There is no unsatisfied judgment or any open injunction binding upon the Investment Adviser which would, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of the Adviser to consummate the transactions contemplated by this Agreement, the Registration Rights Agreement and the other Transaction Documents.

**Section 6.10. <u>Insurance</u>**. The Investment Adviser is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the business in which the Investment Adviser is engaged, including, but not limited to, directors and officers insurance coverage. The Investment Adviser does not have reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

**Section 6.11. <u>Manipulation of Price</u>**. None of the Investment Adviser nor any of its officers, directors or Affiliates has, and, to the knowledge of the Investment Adviser, no Person acting on their behalf has, (i) taken, directly or indirectly, any action designed or intended to cause or to result in the stabilization or manipulation of the price of any security of the Company, or which caused or resulted in, or which would in the future reasonably be expected to cause or result in, the stabilization or manipulation of the price of any security of the Company, in each case to facilitate the sale or resale of any of the Shares, (ii) sold, bid for, purchased or paid any compensation for soliciting purchases of any of the Shares, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company. None of the Investment Adviser nor any of its officers, directors or Affiliates will during the term of this Agreement, and, to the knowledge of the Investment Adviser, no Person acting on its behalf will during the term of this Agreement, take any of the actions referred to in the immediately preceding sentence.

**Section 6.12. <u>No Unlawful Payments</u>**. None of the Investment Adviser nor, to its knowledge, any director, officer, agent, employee or affiliate of the Investment Adviser is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the FCPA, including making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any "foreign official" (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA and the Company and the Investment Adviser and, to its knowledge, the Investment Adviser and each of its affiliates have conducted their businesses in compliance with the FCPA and have instituted and maintained policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.

**Section 6.13. <u>Operations</u>**. The operations of the Investment Adviser are and have been conducted at all times in compliance with the Money Laundering Laws; and no action, suit or proceeding by or before any Governmental Entity involving the Investment Adviser with respect to the Money Laundering Laws is pending or, to the knowledge of the Investment Adviser, threatened.

**Article VII**

**ADDITIONAL COVENANTS**

The Company covenants with the Investor, and the Investor covenants with the Company, as follows, which covenants of one party are for the benefit of the other party, during the Investment Period (and with respect to the Company, for the period following the termination of this Agreement specified in Section 9.3 pursuant to and in accordance with Section 9.3):

**Section 7.1. <u>Securities Compliance</u>**. The Company shall notify the Commission and the Trading Market (or if the Common Stock is then listed on any Eligible Market, such Eligible Market), if and as applicable, in accordance with their respective rules and regulations, of the transactions contemplated by the Transaction Documents, and shall take all necessary action, undertake all proceedings and obtain all registrations, permits, consents and approvals for the legal and valid issuance of the Shares to the Investor in accordance with the terms of the Transaction Documents, as applicable.

**Section 7.2. <u>Reservation of Common Stock</u>**. The Company has available, and the Company shall reserve and keep available at all times, free of preemptive and other similar rights of stockholders, the requisite aggregate number of authorized but unissued shares of Common Stock to enable the Company to timely effect (i) the issuance, sale and delivery of all Shares to be issued, sold and delivered in respect of each Market Open Purchase effected under this Agreement, in the case of this clause (i), at least prior to the delivery by the Company to the Investor of the applicable Market Open Purchase Notice in connection with such Market Open Purchase, and (ii) the issuance, sale and delivery of all Shares to be issued, sold and delivered in respect of each Intraday Purchase effected under this Agreement, in the case of this clause (ii), at least prior to the delivery by the Company to the Investor of the applicable Intraday Purchase Notice in connection with such Intraday Purchase. Without limiting the generality of the foregoing, as of the date of this Agreement the Company has reserved, and as of the Commencement Date shall have continued to reserve, out of its authorized and unissued Common Stock, 200,000,000 shares of Common Stock solely for the purpose of issuing Shares pursuant to one or more Market Open Purchases and pursuant to one or more Intraday Purchases (as applicable) that may be effected by the Company, in its sole discretion, from time to time from and after the Commencement Date under this Agreement. The number of shares of Common Stock so reserved for the purpose of effecting issuances of Shares pursuant to Market Open Purchases and pursuant to Intraday Purchases under this Agreement (as applicable) may be increased from time to time by the Company from and after the Commencement Date, and such number of reserved shares may be reduced from and after the Commencement Date only by the number of Shares actually issued, sold and delivered to the Investor pursuant to any Market Open Purchase and any Intraday Purchase (as applicable) effected from and after the Commencement Date pursuant to this Agreement.

**Section 7.3. <u>Registration and Listing</u>**. The Company shall use its commercially reasonable efforts to cause the Common Stock to continue to be registered as a class of securities under Section 12(b) of the Exchange Act, and to comply with its reporting and filing obligations under the Exchange Act, and shall not take any action or file any document (whether or not permitted by the Securities Act or the Exchange Act) to terminate or suspend such registration or to terminate or suspend its reporting and filing obligations under the Exchange Act or Securities Act, except as permitted herein. The Company shall use its commercially reasonable efforts to continue the listing and trading of its Common Stock and the listing of the Shares purchased or acquired by the Investor hereunder on the Trading Market (or another Eligible Market) and to comply with the Company's reporting, filing and other obligations under the rules and regulations of the Trading Market (or other Eligible Market, as applicable). The Company shall not take any action which could be reasonably expected to result in the delisting or suspension of the Common Stock on the Trading Market (or other Eligible Market, as applicable). If the Company receives any final and non-appealable notice that the listing or quotation of the Common Stock on the Trading Market (or other Eligible Market, as applicable) shall be terminated on a date certain, the Company shall promptly (and in any case within 24 hours) notify the Investor of such fact in writing and shall use its commercially reasonable efforts to cause the Common Stock to be listed or quoted on another Eligible Market.

**Section 7.4. <u>Compliance with Laws.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) During the Investment Period, the Company shall comply with (a) all Laws and Orders applicable to the business and operations of the Company, except as would not reasonably be expected to have a Material Adverse Effect and (b) with applicable provisions of the Securities Act; the Exchange Act, including Regulation M thereunder; applicable state securities or "blue sky" Laws; and applicable listing rules of the Trading Market (or, if the Common Stock is listed for trading on any Eligible Market, applicable listing rules of such Eligible Market), in connection with the transactions contemplated by this Agreement and the Registration Rights Agreement, except as would not, individually or in the aggregate, prohibit or otherwise interfere with the ability of the Company to enter into and perform its obligations under this Agreement in any material respect or for Investor to conduct resales of Shares under the Registration Statement and the Prospectus contained therein in any material respect. Without limiting the foregoing, neither the Company, nor to the Knowledge of the Company, any of its directors, officers, agents, employees or any other Persons acting on its behalf shall, in connection with the operation of the Company's business, (1) use any corporate funds for unlawful contributions, payments, gifts or entertainment or to make any unlawful expenditures relating to political activity to government officials, candidates or members of political parties or organizations; (2) pay, accept or receive any unlawful contributions, payments, expenditures or gifts; or (3) violate or operate in noncompliance with any export restrictions, anti-boycott regulations, embargo regulations or other applicable Laws, including, without limitation, the FCPA, OFAC and Money Laundering Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Investor shall comply with all Laws and Orders applicable to the performance by it of its obligations under this Agreement and its investment in the Shares, except as would not, individually or in the aggregate, prohibit or otherwise interfere with the ability of the Investor to enter into and perform its obligations under this Agreement in any material respect. Without limiting the foregoing, the Investor shall comply with all applicable provisions of the Securities Act and the Exchange Act, including Regulation M thereunder, the rules and regulations of FINRA, and all applicable state securities or "blue sky" Laws.

**Section 7.5. <u>Keeping of Records and Books of Account; Due Diligence.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Investor and the Company shall each maintain records showing the remaining Total Commitment, the remaining Aggregate Limit, the dates and Market Open Purchase Share Amount for each Market Open Purchase, and the dates and Intraday Purchase Share Amount for each Intraday Purchase.

&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) Subject to the requirements of Section 7.12, from time to time from and after the Closing Date, the Company shall make available for inspection and review by the Investor during normal business hours and after reasonable notice, customary documentation reasonably requested by the Investor and/or its appointed counsel or advisors to conduct due diligence; <u>provided</u>, <u>however</u>, that after the Closing Date, the Investor's continued due diligence shall not be a condition precedent to the Commencement or to the Investor's obligation to accept each Market Open Purchase Notice and each Intraday Purchase Notice timely delivered by the Company to the Investor in accordance with this Agreement.

**Section 7.6. <u>No Frustration; No Variable Rate Transactions.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **<u>No Frustration</u>.** The Company shall not enter into, announce or recommend to its stockholders any agreement, plan, arrangement or transaction in or of which the terms thereof would restrict, materially delay, conflict with or impair the ability or right of the Company to perform its obligations under the Transaction Documents to which it is a party, including, without limitation, the obligation of the Company to (i) pay or cause to be paid to the Investor the Commitment Fee, pursuant to, at such time(s) and in such manner as set forth in Section 11.1(ii) of this Agreement, and (ii) deliver the Shares to the Investor in respect of each Market Open Purchase and each Intraday Purchase effected by the Company pursuant to this Agreement (as applicable), in each case not later than the applicable Purchase Share Delivery Date with respect to such Market Open Purchase and not later than the applicable Purchase Share Delivery Date with respect to such Intraday Purchase (as applicable) in accordance with Section 3.3. For the avoidance of doubt, nothing in this Section 7.6(i) shall in any way limit the Company's right to terminate this Agreement in accordance with Section 9.2 (subject in all cases to Section 9.3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **<u>No Variable Rate Transactions</u>.** The Company shall not effect or enter into an agreement to effect any issuance by the Company of Common Stock or Common Stock Equivalents (or a combination of units thereof) involving a Variable Rate Transaction, other than in connection with an Exempt Issuance, at any time (a) during the period beginning on the Trading Day immediately preceding the Purchase Date for a Market Open Purchase and ending on the Trading Day next following the date of full settlement thereof and the issuance to the Investor of all of the Shares that are issuable to the Investor pursuant to such Market Open Purchase and (b) during the period beginning on the Trading Day immediately preceding the Purchase Date for an Intraday Purchase and ending on the Trading Day next following the date of full settlement thereof and the issuance to the Investor of all of the Shares that are issuable to the Investor pursuant to such Intraday Purchase (each such period specified in clauses (a) and (b) above, a "***Reference Period***"). The Investor shall be entitled to seek injunctive relief against the Company to preclude any such Variable Rate Transaction during any Reference Period that does not constitute an Exempt Issuance, which remedy shall be in addition to any right to collect damages, without the necessity of showing economic loss and without any bond or other security being required.

&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) **<u>No Other Similar Transactions</u>**. From and after the date of this Agreement until the earliest of (a) the date of automatic termination of this Agreement pursuant to Section 9.1, or (b) the effective date of termination of this Agreement by the mutual written consent of the parties hereto, or the effective date of unilateral termination either by the Investor or by the Company, in each such case pursuant to Section 9.2 (subject in all cases to Section 9.3), the Company shall not issue, sell or grant any, or otherwise dispose of or issue (or enter into any agreement, plan or arrangement contemplating any of the foregoing, or seek to utilize any existing agreement, plan or arrangement to effect any of the foregoing), or announce any offer, issuance, sale or grant or other disposition or issuance (or any agreement, plan or arrangement therefor) any Common Stock or Common Stock Equivalents (or a combination of units thereof) in any "equity line of credit" or "at the market offering" in which the Company may offer, issue or sell Common Stock or Common Stock Equivalents (or any combination of units thereof) at a future determined price, other than (x) Shares issued to the Investor pursuant to this Agreement and any of the other Transaction Documents, or Common Stock or Common Stock Equivalents (or any combination of units thereof) pursuant to any other agreement entered into by the Company, on the one hand, and the Investor or any of its Affiliates, on the other hand, at any time after the date of termination of this Agreement or (y) any Exempt Issuance.

**Section 7.7. <u>Corporate Existence</u>**. The Company shall take all steps necessary to preserve and continue the corporate existence of the Company; <u>provided</u>, <u>however</u>, that, except as provided in Section 7.8, nothing in this Agreement shall be deemed to prohibit the Company from engaging in any Fundamental Transaction with another Person. For the avoidance of doubt, nothing in this Section 7.7 shall in any way limit the Company's right to terminate this Agreement in accordance with Section 9.2 (subject in all cases to Section 9.3).

**Section 7.8. <u>Fundamental Transaction</u>**. If a Market Open Purchase Notice or an Intraday Purchase Notice has been delivered to the Investor and the transactions contemplated therein have not yet been fully settled in accordance with Section 3.3 of this Agreement, the Company shall not effect any Fundamental Transaction until the expiration of five (5) Trading Days following the date of full settlement thereof and the issuance to the Investor of all of the Shares that are issuable to the Investor pursuant to the Market Open Purchase or Intraday Purchase (as applicable) to which such Market Open Purchase Notice or Intraday Purchase Notice (as applicable) relates.

**Section 7.9. <u>Selling Restrictions.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as expressly set forth below, the Investor covenants that from and after the Closing Date through and including the Trading Day next following the expiration or termination of this Agreement as provided in Article IX (the "***Restricted Period***"), the Investor, nor any of its officers or any entity managed or controlled by the Investor (each of the foregoing is referred to herein as a "***Restricted Person***") shall, directly or indirectly, for the principal account of the Investor or any such entity managed or controlled by the Investor, (i) engage in any Short Sale of the Common Stock or (ii) hedging transaction, which establishes a net short position with respect to the Common Stock. Notwithstanding the foregoing, it is expressly understood and agreed that nothing contained herein shall (without implication that the contrary would otherwise be true) prohibit any Restricted Person during the Restricted Period from: (1) selling "long" (as defined under Rule 200 promulgated under Regulation SHO) the Shares; or (2) selling a number of shares of Common Stock equal to the number of Shares that the Investor is unconditionally obligated to purchase under any pending Market Open Purchase Notice or any pending Intraday Purchase Notice (as applicable), but has not yet received from the Company or its transfer agent pursuant to this Agreement, so long as (X) the Investor (or its Broker-Dealer, as applicable) delivers the Shares purchased pursuant to such pending Market Open Purchase Notice and the Shares purchased pursuant to such pending Intraday Purchase Notice (as applicable) to the purchaser thereof promptly upon the Investor's receipt of such Shares from the Company in accordance with Section 3.3 of this Agreement and (Y) neither the Company nor its transfer agent shall have failed for any reason to deliver such Shares to the Investor or its Broker-Dealer so that such Shares are timely received by the Investor as DWAC Shares on the applicable Purchase Share Delivery Date for such Market Open Purchase and on the applicable Purchase Share Delivery Date for such Intraday Purchases (as applicable) in accordance with Section 3.3 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In addition to the foregoing, in connection with any sale of Shares (including any sale permitted by paragraph (i) above), the Investor shall comply in all respects with all applicable Laws and Orders, including, without limitation, the requirements of the Securities Act and the Exchange Act.

**Section 7.10. <u>Effective Registration Statement</u>**. During the Investment Period, the Company shall use its commercially reasonable efforts to maintain the continuous effectiveness of the Initial Registration Statement and each New Registration Statement filed with the Commission under the Securities Act for the applicable Registration Period pursuant to and in accordance with the Registration Rights Agreement.

**Section 7.11. <u>Blue Sky</u>**. The Company shall take such action, if any, as is necessary by the Company in order to obtain an exemption for or to qualify the Shares for sale by the Company to the Investor pursuant to the Transaction Documents, and at the request of the Investor, the subsequent resale of Registrable Securities by the Investor, in each case, under applicable state securities or "blue sky" Laws and shall provide evidence of any such action so taken to the Investor from time to time following the Closing Date; <u>provided</u>, <u>however</u>, that the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 7.11, (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction.

**Section 7.12. <u>Non-Public Information</u>**. Neither the Company, nor any of its directors, officers or agents shall disclose any material non-public information about the Company to the Investor, unless a simultaneous public announcement thereof is made by the Company in the manner contemplated by Regulation FD. In the event of a breach of the foregoing covenant by the Company or any of its directors, officers or agents (as determined in the reasonable good faith judgment of the Investor), (i) the Investor shall promptly provide written notice of such breach to the Company and (ii) after such notice has been provided to the Company and, provided that the Company shall have failed to publicly disclose such material, non-public information within 24 hours following demand therefor by the Investor or the Company shall have failed to demonstrate to the Investor in writing within 24 hours that such information does not constitute material, non-public information, in addition to any other remedy provided herein or in the other Transaction Documents, if the Investor is holding any Shares at the time of the disclosure of material, non-public information, the Investor shall have the right to make a public disclosure, in the form of a press release, public advertisement or otherwise, of such material, non-public information without the prior approval by the Company, or any of its directors, officers or agents. The Investor shall not have any liability to the Company, any of its Subsidiaries, or any of their respective directors, officers, stockholders or agents, for any such disclosure.

**Section 7.13. <u>Broker-Dealer</u>**. The Investor shall use RCP, a registered broker-dealer, FINRA member and an Affiliate of the Investor (or another registered broker-dealer/FINRA member), to effectuate all sales, if any, of the Shares that it may purchase or otherwise acquire from the Company pursuant to the Transaction Documents, as applicable (collectively, the "***Broker-Dealer***"). The Investor shall, from time to time, provide the Company and the Company's transfer agent with all information regarding the Broker-Dealer reasonably requested by the Company. The Investor shall be solely responsible for all fees and commissions of the Broker-Dealer (if any), which shall not exceed customary brokerage fees and commissions and shall be responsible for designating only a DTC participant eligible to receive DWAC Shares.

**Section 7.14. <u>FINRA Filing</u>**. The Company shall assist the Investor and RCP with RCP's preparation and filing with FINRA's Corporate Financing Department via the Public Offering System of all documents and information required to be filed with FINRA pursuant to FINRA Rule 5110 with regard to the transactions contemplated by this Agreement (the "***FINRA Filing***"). In connection therewith, on or prior to the date the FINRA Filing is first made by RCP with FINRA, the Company shall pay to FINRA by wire transfer of immediately available funds the applicable filing fee with respect to the FINRA Filing, and the Company shall be solely responsible for payment of such fee. The parties hereby agree to provide each other and RCP all requisite information and otherwise to assist each other and RCP in a timely fashion in order for RCP to complete the preparation and submission of the FINRA Filing in accordance with this Section 7.14 and to assist RCP in promptly responding to any inquiries or requests from FINRA or its staff. Each party hereto shall (a) promptly notify the other party and RCP of any communication to that party or its Affiliates from FINRA, including, without limitation, any request from FINRA or its staff for amendments or supplements to or additional information in respect of the FINRA Filing and permit the other party and RCP to review in advance any proposed written communication to FINRA and (b) furnish the other party and RCP with copies of all written correspondence, filings and communications between them and their affiliates and their respective representatives and advisors, on the one hand, and FINRA or members of its staff, on the other hand, with respect to this Agreement, the Registration Rights Agreement or the transactions contemplated by the Transaction Documents. Each of the parties hereto agrees to use its commercially reasonable efforts to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with the other party and RCP in doing, all things necessary, proper or advisable in order for RCP to obtain as promptly as practicable written confirmation from FINRA to the effect that FINRA's Corporate Financing Department has determined not to raise any objection with respect to the fairness and reasonableness of the terms of the transactions contemplated by the Transaction Documents. Notwithstanding anything to the contrary contained in this Agreement, the Commencement Date shall not occur, unless and until RCP shall have received written confirmation from FINRA to the effect that FINRA's Corporate Financing Department has determined not to raise any objection with respect to the fairness and reasonableness of the terms of the transactions contemplated by this Agreement.

**Section 7.15. <u>Qualified Independent Underwriter</u>**. If the Investor or any of its Affiliates, including RCP, reasonably determines that a Qualified Independent Underwriter is required to participate in the transactions contemplated by the Transaction Documents in order for such transactions to be in full compliance with the rules and regulations of FINRA, including, without limitation, FINRA Rule 5121, each of the parties hereto shall have executed such documentation as may reasonably be required to engage a Qualified Independent Underwriter to participate in the transactions contemplated by the Transaction Documents in accordance with the rules and regulations of FINRA, including, without limitation, FINRA Rule 5121 (including an engagement agreement setting for the terms of such engagement of such Qualified Independent Underwriter, including the amount of compensation to be paid to such Qualified Independent Underwriter).

**Section 7.16. <u>Disclosure Schedule.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company may, from time to time, update the Disclosure Schedule as may be required to satisfy the conditions set forth in Section 8.2(i) and Section 8.3(i) (to the extent such condition set forth in Section 8.3(i) relates to the condition in Section 8.2(i) as of a specific Purchase Condition Satisfaction Time). For purposes of this Section 7.16, any disclosure made in a schedule to the Compliance Certificate shall be deemed to be an update of the Disclosure Schedule. Notwithstanding anything in this Agreement to the contrary, no update to the Disclosure Schedule pursuant to this Section 7.16 shall cure any breach of a representation or warranty of the Company contained in this Agreement and made prior to the update and shall not affect any of the Investor's rights or remedies with respect thereto.

&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) Notwithstanding anything to the contrary contained in the Disclosure Schedule or in this Agreement, the information and disclosure contained in any Schedule of the Disclosure Schedule shall be deemed to be disclosed and incorporated by reference in any other Schedule of the Disclosure Schedule as though fully set forth in such Schedule for which applicability of such information and disclosure is readily apparent on its face. The fact that any item of information is disclosed in the Disclosure Schedule shall not be construed to mean that such information is required to be disclosed by this Agreement. Except as expressly set forth in this Agreement, such information and the thresholds (whether based on quantity, qualitative characterization, dollar amounts or otherwise) set forth herein shall not be used as a basis for interpreting the terms "material" or "Material Adverse Effect" or other similar terms in this Agreement.

**Section 7.17. <u>Delivery of Compliance Certificates, Bring-Down Negative Assurance Letters and Bring-Down Comfort Letters Upon Occurrence of Certain Events</u>**. Within five (5) Trading Days immediately following (i) the end of each PEA Period, if the Company is required under the Securities Act to file with the Commission (A) a post-effective amendment to the Initial Registration Statement required to be filed by the Company with the Commission pursuant to Section 2(a) of the Registration Rights Agreement, (B) a New Registration Statement required to be filed by the Company with the Commission pursuant to Section 2(c) of the Registration Rights Agreement, or (C) a post-effective amendment to a New Registration Statement required to be filed by the Company with the Commission pursuant to Section 2(c) of the Registration Rights Agreement, in each case with respect to a fiscal year ending after the Commencement Date, to register the resale of Shares by the Investor under the Securities Act pursuant to this Agreement and the Registration Rights Agreement, and (ii) the date the Company files with the Commission (A) an annual or semi-annual report on Form N-CSR under the Investment Company Act with respect to a fiscal year or semi-annual period ending after the Commencement Date, (B) an amendment on Form N-CSR/A to an annual or semi-annual report on Form N-CSR under the Investment Company Act with respect to a fiscal year or semi-annual period ending after the Commencement Date, which contains amended material financial information (or a restatement of material financial information) or reflects a material change to the Company's operations, investment objectives, or investment strategy as disclosed in a previously filed Form N-CSR, (C) a semi-annual report on Form N-CSRS under the Exchange Act with respect to a fiscal year ending after the Commencement Date, and (D) a Commission Document under the Exchange Act (other than those referred to in clause (ii)(A) of this Section 7.17), which contains amended material financial information or an amendment to other material information contained or incorporated by reference in the Initial Registration Statement, any New Registration Statement, or the Prospectus or any Prospectus Supplement contained in the Initial Registration Statement or any New Registration Statement (it being hereby acknowledged and agreed that the filing by the Company with the Commission of an interim report on Form N-30B-2 that includes only updated financial information as of the end of the Company's most recent fiscal quarter or any Prospectus Supplement or other Rule 424 filing that includes only management's estimates of the Company's financial metrics as of the most recent month end, or other filings made solely to report ongoing operations, portfolio investments, or routine financial updates, shall not, in and of themselves, constitute an "amendment" or "restatement" for purposes of clause (ii) of this Section 7.17 (each, a "***Representation Date***"), in each case of this clause (ii) if the Company is not also then required under the Securities Act to file a post-effective amendment to the Initial Registration Statement, any New Registration Statement or a post-effective amendment to any New Registration Statement, in each case with respect to a fiscal year ending after the Commencement Date, to register the resale of Shares by the Investor under the Securities Act pursuant to this Agreement and the Registration Rights Agreement, and in any case of this clause (ii), the Company shall (1) not more than twice per fiscal year, deliver to the Investor the Compliance Certificates substantially in the forms attached hereto as <u>Exhibit C</u>, <u>Exhibit D</u> and <u>Exhibit E</u>, dated such date, (2) not more than twice per fiscal year, cause to be furnished to the Investor an opinion and negative assurances "bring down" from outside counsel to the Company substantially in the form mutually agreed to by the Company and the Investor prior to the date of this Agreement, modified, as necessary, to relate to such Registration Statement or post-effective amendment, or the Prospectus contained therein as then amended or supplemented by such Prospectus Supplement, as applicable (each such opinion and negative assurances, a "***Bring-Down Opinion***") and (3) annually with the filing of the Company's annual report on Form N-CSR, cause to be furnished to the Investor a comfort letter from the Accountant in a form and substance satisfactory to the Investor and its counsel (in the case of a post-effective amendment, only if such amendment contains amended or new financial information, and not more than once per fiscal year), modified, as necessary, to address such new financial information or relate to such Registration Statement or post-effective amendment, or the Prospectus contained therein as then amended or supplemented by such Prospectus Supplement, as applicable (a "***Bring-Down Comfort Letter***").

**Article VIII<br> CONDITIONS TO CLOSING, COMMENCEMENT AND PURCHASES**

**Section 8.1. <u>Conditions Precedent to Closing</u>**. The Closing is subject to the satisfaction of each of the conditions set forth in this Section 8.1 on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **<u>Accuracy of the Investor's Representations and Warranties</u>**. The representations and warranties of the Investor contained in this Agreement (a) that are not qualified by "materiality" shall be true and correct in all material respects as of the Closing Date, except to the extent such representations and warranties are as of another date, in which case, such representations and warranties shall be true and correct in all material respects as of such other date and (b) that are qualified by "materiality" shall be true and correct as of the Closing Date, except to the extent such representations and warranties are as of another date, in which case, such representations and warranties shall be true and correct as of such other date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **<u>Accuracy of the Company's and the Investment Adviser's Representations and Warranties</u>**. The representations and warranties of the Company and the Investment Adviser contained in this Agreement and the Registration Rights Agreement (a) that are not qualified by "materiality," "Material Adverse Effect" or "Adviser Material Adverse Effect" (as applicable) shall be true and correct in all material respects as of the Closing Date, except to the extent such representations and warranties are as of another date, in which case, such representations and warranties shall be true and correct in all material respects as of such other date and (b) that are qualified by "materiality," "Material Adverse Effect" or "Adviser Material Adverse Effect" (as applicable) shall be true and correct as of the Closing Date, except to the extent such representations and warranties are as of another date, in which case, such representations and warranties shall be true and correct as of such other date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **<u>Payment of Structuring Fee, Initial Investor Legal Fee Expense Reimbursement and QIU Fee</u>**. On or prior to the Closing Date, the Company shall have paid by wire transfer of immediately available funds: (a) to an account designated by the Qualified Independent Underwriter engaged by the Company pursuant to Section 7.15 (as applicable) on or prior to the date hereof, all fees required to be paid to the Qualified Independent Underwriter on or prior to the Closing Date pursuant to an engagement agreement between the Company and the Qualified Independent Underwriter setting forth the terms of such engagement in connection with the transactions contemplated by this Agreement and the Registration Rights Agreement; and (b) to an account designated by the Investor (or the Investor's counsel, as applicable) on or prior to the date hereof, the Structuring Fee and the Initial Investor Legal Fee Expense Reimbursement in accordance with Section 11.1(i), all of which Structuring Fee shall be fully earned by the Investor and shall be non-refundable when paid, and all of which Initial Investor Legal Fee Expense Reimbursement shall be fully earned by the Investor and shall be non-refundable as of the Closing Date, in each case, regardless of whether the Commencement occurs or whether any Market Open Purchases or Intraday Purchases are made or settled hereunder or any subsequent termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **<u>Closing Deliverables</u>**. At the Closing, counterpart signature pages of this Agreement and the Registration Rights Agreement executed by each of the parties hereto shall be delivered as provided in Section 2.2. Simultaneously with the execution and delivery of this Agreement and the Registration Rights Agreement, the Investor's counsel shall have received (a) the opinions of outside counsel to the Company and the Investment Adviser, dated the Closing Date, in the forms mutually agreed to by the Company and the Investor prior to the date of this Agreement, (b) the closing certificates from the Company and the Investment Adviser, dated the Closing Date, in the forms of <u>Exhibit B-1</u> and <u>Exhibit B-2</u> hereto, and (c) as applicable, counterpart signature pages of any engagement agreement between the Company and the Qualified Independent Underwriter engaged by the Company pursuant to Section 7.15 executed by each of the parties thereto.

**Section 8.2. <u>Conditions Precedent to Commencement</u>**. The right of the Company to commence delivering Market Open Purchase Notices and Intraday Purchase Notices under this Agreement, and the obligation of the Investor to accept Market Open Purchase Notices and Intraday Purchase Notices timely delivered to the Investor by the Company under this Agreement, are subject to the initial satisfaction, at Commencement, of each of the conditions set forth in this Section 8.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **<u>Accuracy of the Company's and the Investment Adviser's Representations and Warranties</u>**. The representations and warranties of the Company and the Investment Adviser contained in this Agreement (a) that are not qualified by "materiality," "Material Adverse Effect" or "Adviser Material Adverse Effect" (as applicable) shall have been true and correct in all material respects when made and shall be true and correct in all material respects as of the Commencement Date, with the same force and effect as if made on such date, except to the extent such representations and warranties are as of another date, in which case, such representations and warranties shall be true and correct in all material respects as of such other date and (b) that are qualified by "materiality," "Material Adverse Effect" or "Adviser Material Adverse Effect" (as applicable) shall have been true and correct when made and shall be true and correct as of the Commencement Date, with the same force and effect as if made on such date, except to the extent such representations and warranties are as of another date, in which case, such representations and warranties shall be true and correct as of such other date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **<u>Performance of the Company and the Investment Adviser</u>**. The Company and the Investment Adviser shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Agreement and the Registration Rights Agreement to be performed, satisfied or complied with by the Company and the Investment Adviser, respectively, at or prior to the Commencement. The Company and the Investment Adviser shall deliver to the Investor on the Commencement Date the compliance certificates, dated the Commencement Date, substantially in the forms attached hereto as <u>Exhibit C-1</u> and <u>Exhibit C-2</u> (the "***Compliance Certificates***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **<u>Initial Registration Statement Effective</u>**. The Initial Registration Statement covering the resale by the Investor of the Registrable Securities included therein required to be filed by the Company with the Commission pursuant to Section 2(a) of the Registration Rights Agreement shall have been declared effective under the Securities Act by the Commission, and the Investor shall be permitted to utilize the Prospectus therein to resell all of the Shares included in such Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **<u>No Material Notices</u>**. None of the following events shall have occurred and be continuing: (a) receipt of any request by the Commission or any other Governmental Entity for any additional information relating to the Initial Registration Statement, the Prospectus contained therein or any Prospectus Supplement thereto that could reasonably be expected to require any amendment of or supplement to the Initial Registration Statement, the Prospectus contained therein or any Prospectus Supplement thereto; (b) the issuance by the Commission or any other Governmental Entity of any stop order suspending the effectiveness of the Initial Registration Statement or prohibiting or suspending the use of the Prospectus contained therein or any Prospectus Supplement thereto, or of the suspension of qualification or exemption from qualification of the Shares for offering or sale in any jurisdiction, or the initiation or contemplated initiation of any proceeding for such purpose; (c) the objection of FINRA to the terms of the transactions contemplated by the Transaction Documents; or (d) the occurrence of any event or the existence of any condition or state of facts, which makes any statement of a material fact made in the Initial Registration Statement, the Prospectus contained therein or any Prospectus Supplement thereto untrue in any material respect, or which requires the making of any additions to or changes to the statements then made in the Initial Registration Statement, the Prospectus contained therein or any Prospectus Supplement thereto, in order to state a material fact required by the Securities Act to be stated therein or necessary in order to make the statements then made therein (in the case of the Prospectus or any Prospectus Supplement, in light of the circumstances under which they were made) not misleading, or which requires an amendment to the Initial Registration Statement or a supplement to the Prospectus contained therein or any Prospectus Supplement thereto to comply with the Securities Act, any applicable state securities or "blue sky" Laws or any other Law. The Company shall have no Knowledge of any event that could reasonably be expected to have the effect of causing the suspension of the effectiveness of the Initial Registration Statement or the prohibition or suspension of the use of the Prospectus contained therein or any Prospectus Supplement thereto in connection with the resale of the Registrable Securities by the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **<u>Other Commission Filings</u>**. The Form D shall have been filed with the Commission as required pursuant to Section 2.3. The final Prospectus included in the Initial Registration Statement shall have been filed with the Commission prior to Commencement in accordance with the Registration Rights Agreement. All reports, schedules, registrations, forms, statements, information and other documents required to have been filed by the Company with the Commission pursuant to the reporting requirements of the Exchange Act, including all material required to have been filed pursuant to Section 13(a) or 15(d) of the Exchange Act, prior to Commencement shall have been filed with the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) **<u>No Suspension of Trading in or Notice of Delisting of Common Stock</u>**. Trading in the Common Stock shall not have been suspended by the Commission, the Trading Market or FINRA (except for any suspension of trading of limited duration agreed to by the Company, which suspension shall be terminated prior to the Commencement Date), the Company shall not have received any final and non-appealable notice that the listing or quotation of the Common Stock on the Trading Market shall be terminated on a date certain (unless, prior to such date certain, the Common Stock is listed or quoted on any other Eligible Market), nor shall there have been imposed any suspension of, or restriction on, accepting additional deposits of the Common Stock, electronic trading or book-entry services by DTC with respect to the Common Stock that is continuing, the Company shall not have received any notice from DTC to the effect that a suspension of, or restriction on, accepting additional deposits of the Common Stock, electronic trading or book-entry services by DTC with respect to the Common Stock is being imposed or is contemplated (unless, prior to such suspension or restriction, DTC shall have notified the Company in writing that DTC has determined not to impose any such suspension or restriction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) **<u>Compliance with Laws</u>**. The Company shall have complied with all applicable Laws in connection with the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party and the consummation of the transactions contemplated hereby and thereby, including, without limitation, the Company shall have obtained all permits and qualifications required by any applicable state securities or "blue sky" Laws for the offer and sale of the Shares by the Company to the Investor and the subsequent resale of the Registrable Securities by the Investor (or shall have the availability of exemptions therefrom).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) **<u>No Injunction</u>**. No Law or Order shall have been enacted, entered, promulgated, threatened or endorsed by any court or Governmental Entity of competent jurisdiction which prohibits the consummation of or which would materially modify or delay any of the transactions contemplated by the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) **<u>No Proceedings or Litigation</u>**. No Proceeding before any arbitrator or any court or Governmental Entity shall have been commenced, and no inquiry or investigation by any Governmental Entity shall have been commenced, against the Company, or any of the officers, directors or Affiliates of the Company or any Subsidiary, seeking to restrain, prevent or change the transactions contemplated by the Transaction Documents, or seeking material damages in connection with such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) **<u>Listing of Shares</u>.** All of the Shares that have been and may be issued pursuant to this Agreement shall have been approved for listing or quotation on the Trading Market (or on an Eligible Market) as of the Commencement Date, subject only to notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) **<u>No Material Adverse Effect</u>.** No condition, occurrence, state of facts or event constituting a Material Adverse Effect shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) **<u>No Bankruptcy Proceedings</u>.** No Person shall have commenced a Proceeding against the Company pursuant to or within the meaning of any Bankruptcy Law. The Company shall not have, pursuant to or within the meaning of any Bankruptcy Law, (a) commenced a voluntary case, (b) consented to the entry of an Order for relief against it in an involuntary case, (c) consented to the appointment of a Custodian of the Company or for all or substantially all of its property, or (d) made a general assignment for the benefit of its creditors. A court of competent jurisdiction shall not have entered an Order or decree under any Bankruptcy Law that (I) is for relief against the Company in an involuntary case, (II) appoints a Custodian of the Company or for all or substantially all of its property, or (III) orders the liquidation of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) **<u>Delivery of Commencement Irrevocable Transfer Agent Instructions and Notice of Effectiveness</u>**. The Commencement Irrevocable Transfer Agent Instructions shall have been executed by the Company and delivered to and acknowledged in writing by the Company's transfer agent, and the Notice of Effectiveness relating to the Initial Registration Statement shall have been executed by the Company's outside counsel and delivered to the Company's transfer agent, in each case directing such transfer agent to issue to the Investor or its designated Broker-Dealer all of the Shares included in the Initial Registration Statement as DWAC Shares in accordance with this Agreement and the Registration Rights Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) **<u>Reservation of Shares</u>**. As of the Commencement Date, the Company shall have reserved out of its authorized and unissued Common Stock, 200,000,000 shares of Common Stock solely for the purpose of issuing Shares pursuant to Market Open Purchases and Intraday Purchases that may be effected by the Company, in its sole discretion, from and after the Commencement Date under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) **<u>Opinions and Negative Assurances of Company Counsel</u>**. On the Commencement Date, the Investor shall have received the opinions and negative assurances from outside counsel to the Company and the Investment Adviser, dated the Commencement Date, in the forms mutually agreed to by the Company and the Investor prior to the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) **<u>Initial Comfort Letter of Company Auditor</u>.** On the Commencement Date, the Investor shall have received from the Accountant, or a successor independent registered public accounting firm for the Company (as applicable), a letter dated the Commencement Date and addressed to the Investor, in substantially the form, scope and substance mutually agreed to by the Company and the Investor at least one (1) Trading Day prior to the date on which the Initial Registration Statement is first filed with the Commission, (i) confirming that they are independent public accountants with respect to the Company within the meaning of the Securities Act and the Public Company Accounting Oversight Board, and (ii) stating the conclusions and findings of such firm with respect to the audited and unaudited financial statements and certain financial information contained or incorporated by reference in the Registration Statement and the Prospectus (as supplemented by any Prospectus Supplement filed with the Commission on or prior to the Commencement Date), and certain other matters customarily covered by auditor "comfort letters," except that the specific date referred to therein for the carrying out of procedures shall be no more than three (3) Trading Days prior to the Commencement Date (the "***Initial Comfort Letter***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) **<u>FINRA No Objections</u>**. Prior to the Commencement Date, FINRA's Corporate Financing Department shall have confirmed in writing that it has determined not to raise any objection with respect to the fairness and reasonableness of the terms and arrangements of the transactions contemplated by the Transaction Documents.

**Section 8.3. <u>Conditions Precedent to Purchases after Commencement Date</u>**. The right of the Company to deliver Market Open Purchase Notices and Intraday Purchase Notices under this Agreement after the Commencement Date, and the obligation of the Investor to accept Market Open Purchase Notices and Intraday Purchase Notices timely delivered to the Investor by the Company under this Agreement after the Commencement Date, are subject to the satisfaction of each of the conditions set forth in this Section 8.3, (X) with respect to a Market Open Purchase Notice for a Market Open Purchase that is timely delivered by the Company to the Investor in accordance with this Agreement, as of the Market Open Purchase Commencement Time of the applicable Market Open Purchase Period for such Market Open Purchase to be effected pursuant to such Market Open Purchase Notice and (Y) with respect to an Intraday Purchase Notice for an Intraday Purchase that is timely delivered by the Company to the Investor in accordance with this Agreement, as of the Intraday Purchase Commencement Time of the applicable Intraday Purchase Period for such Intraday Purchase to be effected pursuant to such Intraday Purchase Notice (each such Market Open Purchase Commencement Time (with respect to a Market Open Purchase Notice) and each such Intraday Purchase Commencement Time (with respect to an Intraday Purchase Notice), at which time all such conditions must be satisfied, a "***Purchase Condition Satisfaction Time***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **<u>Satisfaction of Certain Prior Conditions</u>**. Each of the conditions set forth in subsections (i), (ii), and (vii) through (xiv) set forth in Section 8.2 shall be satisfied at the applicable Purchase Condition Satisfaction Time after the Commencement Date (with the terms "Commencement" and "Commencement Date" in the conditions set forth in subsections (i) and (ii) of Section 8.2 replaced with "applicable Purchase Condition Satisfaction Time"); <u>provided</u>, <u>however</u>, that the Company and the Investment Adviser shall not be required to deliver the Compliance Certificates after the Commencement Date, except as provided in Section 7.17 and Section 8.3(x).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **<u>Initial Registration Statement Effective</u>**. The Initial Registration Statement covering the resale by the Investor of the Registrable Securities included therein filed by the Company with the Commission pursuant to Section 2(a) of the Registration Rights Agreement, and any post-effective amendment thereto required to be filed by the Company with the Commission after the Commencement Date and prior to the applicable Purchase Date pursuant to the Registration Rights Agreement, in each case shall have been declared effective under the Securities Act by the Commission and shall remain effective for the applicable Registration Period, and the Investor shall be permitted to utilize the Prospectus therein, and any Prospectus Supplement thereto, to resell all of the Shares included in the Initial Registration Statement, and any post-effective amendment thereto, that have been issued and sold to the Investor hereunder pursuant to all Market Open Purchase Notices and Intraday Purchase Notices (as applicable) delivered by the Company to the Investor prior to such applicable Purchase Date and (c) all of the Shares included in the Initial Registration Statement, and any post-effective amendment thereto, that are issuable pursuant to the applicable Market Open Purchase Notice or Intraday Purchase Notice (as applicable) delivered by the Company to the Investor with respect to a Market Open Purchase or an Intraday Purchase (as applicable) to be effected hereunder on such applicable Purchase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **<u>Any Required New Registration Statement Effective</u>**. Any New Registration Statement covering the resale by the Investor of the Registrable Securities included therein, and any post-effective amendment thereto, required to be filed by the Company with the Commission pursuant to the Registration Rights Agreement after the Commencement Date and prior to the applicable Purchase Date for such Market Open Purchase or Intraday Purchase (as applicable), in each case shall have been declared effective under the Securities Act by the Commission and shall remain effective for the applicable Registration Period, and the Investor shall be permitted to utilize the Prospectus therein, and any Prospectus Supplement thereto, to resell all of the Shares included in such New Registration Statement, and any post-effective amendment thereto, that have been issued and sold to the Investor hereunder pursuant to all Market Open Purchase Notices and Intraday Purchase Notices (as applicable) delivered by the Company to the Investor prior to such applicable Purchase Date and (c) all of the Shares included in such new Registration Statement, and any post-effective amendment thereto, that are issuable pursuant to the applicable Market Open Purchase Notice or Intraday Purchase Notice (as applicable) delivered by the Company to the Investor with respect to a Market Open Purchase or an Intraday Purchase (as applicable) to be effected hereunder on such applicable Purchase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **<u>Delivery of Subsequent Irrevocable Transfer Agent Instructions and Notice of Effectiveness</u>**. With respect to any post-effective amendment to the Initial Registration Statement, any New Registration Statement or any post-effective amendment to any New Registration Statement, in each case declared effective by the Commission after the Commencement Date, the Company shall have delivered or caused to be delivered to the Company's transfer agent (a) irrevocable instructions in the form substantially similar to the Commencement Irrevocable Transfer Agent Instructions executed by the Company and acknowledged in writing by its transfer agent and (b) the Notice of Effectiveness, in each case modified as necessary to refer to such Registration Statement or post-effective amendment and the Registrable Securities included therein, to issue the Registrable Securities included therein as DWAC Shares in accordance with the terms of this Agreement and the Registration Rights Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **<u>No Material Notices</u>**. None of the following events shall have occurred and be continuing: (a) receipt of any request by the Commission or any other Governmental Entity for any additional information relating to the Initial Registration Statement or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment thereto, or the Prospectus contained in any of the foregoing or any Prospectus Supplement thereto that could reasonably be expected to require any amendment of or supplement to the Initial Registration Statement or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment thereto, or the Prospectus contained in any of the foregoing or any Prospectus Supplement thereto; (b) the issuance by the Commission or any other Governmental Entity of any stop order suspending the effectiveness of the Initial Registration Statement or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment thereto, or prohibiting or suspending the use of the Prospectus contained in any of the foregoing or any Prospectus Supplement thereto, or of the suspension of qualification or exemption from qualification of the Shares for offering or sale in any jurisdiction, or the initiation or contemplated initiation of any Proceeding for such purpose; (c) the objection of FINRA to the terms of the transactions contemplated by the Transaction Documents or (d) the occurrence of any event or the existence of any condition or state of facts, which makes any statement of a material fact made in the Initial Registration Statement or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment thereto, or the Prospectus contained in any of the foregoing or any Prospectus Supplement thereto untrue or which requires the making of any additions to or changes to the statements then made in the Initial Registration Statement or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment thereto, or the Prospectus contained in any of the foregoing or any Prospectus Supplement thereto in order to state a material fact required by the Securities Act to be stated therein or necessary in order to make the statements then made therein (in the case of the Prospectus or any Prospectus Supplement, in light of the circumstances under which they were made) not misleading, or which requires an amendment to the Initial Registration Statement or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment thereto, or the Prospectus contained in any of the foregoing or any Prospectus Supplement thereto to comply with the Securities Act, any applicable state securities or "blue sky" Laws or any other Law (other than the transactions contemplated by the applicable Market Open Purchase Notice delivered by the Company to the Investor with respect to a Market Open Purchase, or the applicable Intraday Purchase Notice delivered by the Company to the Investor with respect to an Intraday Purchase (as applicable) to be effected hereunder on such applicable Purchase Date and the settlement thereof). The Company shall have no Knowledge of any event that could reasonably be expected to have the effect of causing the suspension of the effectiveness of the Initial Registration Statement or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment thereto, or the prohibition or suspension of the use of the Prospectus contained in any of the foregoing or any Prospectus Supplement thereto in connection with the resale of the Registrable Securities by the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) **<u>Other Commission Filings</u>**. The final Prospectus included in any post-effective amendment to the Initial Registration Statement, and any Prospectus Supplement thereto, required to be filed by the Company with the Commission pursuant to the Registration Rights Agreement after the Commencement Date and prior to the applicable Purchase Date for such Market Open Purchase or such Intraday Purchase (as applicable), shall have been filed with the Commission in accordance with the Registration Rights Agreement. The final Prospectus included in any New Registration Statement and in any post-effective amendment thereto, and any Prospectus Supplement thereto, required to be filed by the Company with the Commission pursuant to the Registration Rights Agreement after the Commencement Date and prior to the applicable Purchase Date for such Market Open Purchase or such Intraday Purchase (as applicable), shall have been filed with the Commission in accordance with the Registration Rights Agreement. All reports, schedules, registrations, forms, statements, information and other documents required to have been filed by the Company with the Commission pursuant to the reporting requirements of the Exchange Act, including all material required to have been filed pursuant to Section 13(a) or 15(d) of the Exchange Act, after the Commencement Date and prior to the applicable Purchase Date for such Market Open Purchase or such Intraday Purchase (as applicable), shall have been filed with the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) **<u>No Suspension of Trading in or Notice of Delisting of Common Stock</u>**. Trading in the Common Stock shall not have been suspended by the Commission, the Trading Market (or Eligible Market, as applicable) or FINRA (except for any suspension of trading of limited duration agreed to by the Company, which suspension shall be terminated prior to the applicable Purchase Date for such Market Open Purchase or such Intraday Purchase (as applicable)), the Company shall not have received any final and non-appealable notice that the listing or quotation of the Common Stock on the Trading Market (or Eligible Market, as applicable) shall be terminated on a date certain (unless, prior to such date certain, the Common Stock is listed or quoted on any other Eligible Market), nor shall there have been imposed any suspension of, or restriction on, accepting additional deposits of the Common Stock, electronic trading or book-entry services by DTC with respect to the Common Stock that is continuing, the Company shall not have received any notice from DTC to the effect that a suspension of, or restriction on, accepting additional deposits of the Common Stock, electronic trading or book-entry services by DTC with respect to the Common Stock is being imposed or is contemplated (unless, prior to such suspension or restriction, DTC shall have notified the Company in writing that DTC has determined not to impose any such suspension or restriction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) **<u>Certain Limitations</u>.** The issuance and sale of the Shares issuable pursuant to the applicable Market Open Purchase Notice or the applicable Intraday Purchase Notice (as applicable) shall not (a) exceed, in the case of a Market Open Purchase Notice, the Market Open Purchase Maximum Amount applicable to such Market Open Purchase Notice or, in the case of an Intraday Purchase Notice, the Intraday Purchase Maximum Amount applicable to such Intraday Purchase Notice, (b) cause the aggregate number of shares of Common Stock issued pursuant to this Agreement to exceed the Aggregate Limit, (c) cause the Investor to beneficially own (under Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder) shares of Common Stock in excess of the Beneficial Ownership Limitation, or (d) if and to the extent the Exchange Cap is then applicable under Section 3.4, cause the aggregate number of shares of Common Stock issued pursuant to this Agreement to exceed the Exchange Cap, unless in the case of this clause (d), the Company's stockholders have theretofore approved the issuance of such shares of Common Stock in excess of the Exchange Cap in accordance with the applicable rules of the Trading Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) **<u>Shares Authorized and Delivered</u>.** All of the Shares issuable pursuant to the applicable Market Open Purchase Notice or Intraday Purchase Notice (as applicable) shall have been duly authorized by all necessary corporate action of the Company. All Shares relating to all prior Market Open Purchase Notices and all prior Intraday Purchase Notices required to have been received by the Investor as DWAC Shares under this Agreement prior to the applicable Purchase Condition Satisfaction Time for the applicable Market Open Purchase or Intraday Purchase (as applicable) shall have been delivered to the Investor as DWAC Shares in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) **<u>Bring-Down Negative Assurance Letters; Bring-Down Comfort Letters and Compliance Certificates</u>**. The Investor shall have received (a) all Bring-Down Negative Assurance Letters from outside counsel to the Company and the Investment Adviser which the Company and the Investment Adviser were obligated to instruct their outside counsel to deliver to the Investor prior to the applicable Purchase Condition Satisfaction Time for the applicable Market Open Purchase or Intraday Purchase (as applicable); (b) all Bring-Down Comfort Letters from the Accountant, or a successor independent registered public accounting firm for the Company (as applicable), which the Company was obligated to instruct such firm to deliver to the Investor prior to the applicable Purchase Condition Satisfaction Time for the applicable Market Open Purchase or Intraday Purchase (as applicable); and (c) all Compliance Certificates from the Company and the Investment Adviser that the Company and the Investment Adviser are obligated to deliver to the Investor prior to the applicable Purchase Condition Satisfaction Time for the applicable Market Open Purchase or Intraday Purchase (as applicable), in each case in accordance with Section 7.17.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) **<u>Payment of Commitment Fee and Additional Investor Legal Fee Expense Reimbursement</u>**. The Company shall have paid, by wire transfer of immediately available funds to an account designated by the Investor, or the Investor shall have withheld from amounts otherwise payable to the Company pursuant to and in accordance with Section 11.1(ii), as applicable, (a) all or any portion of the Commitment Fee that the Company was obligated to pay to the Investor through the Investor's withholding of amounts otherwise payable to the Company pursuant to and in accordance with Section 11.1(ii) prior to the applicable Purchase Condition Satisfaction Time for the applicable Market Open Purchase or Intraday Purchase (as applicable), which Commitment Fee (or portion thereof, as applicable) shall be fully earned by the Investor and shall be non-refundable when withheld by the Investor in accordance with Section 11.1(ii), regardless of whether any subsequent Market Open Purchases or Intraday Purchases are made or settled hereunder or any subsequent termination of this Agreement, and (b) all Additional Investor Legal Fee Expense Reimbursement payments that the Company was obligated to pay to the Investor prior to the applicable Purchase Condition Satisfaction Time for the applicable Market Open Purchase or Intraday Purchase (as applicable) in accordance with Section 11.1(i), each of which Additional Investor Legal Fee Expense Reimbursement payments shall be fully earned and non-refundable as of the date such payments are made by the Company to the Investor (or the Investor's counsel), regardless of whether any additional Market Open Purchases or Intraday Purchases are made or settled hereunder or any subsequent termination of this Agreement.

**Article IX<br> TERMINATION**

**Section 9.1. <u>Automatic Termination</u>**. Unless earlier terminated as provided hereunder, this Agreement shall terminate automatically on the earliest to occur of (i) the first day of the month next following the 36-month anniversary of the Commencement Date, (ii) the date on which the Investor shall have purchased from the Company, pursuant to all Market Open Purchases and Intraday Purchases that have occurred and fully settled pursuant to this Agreement, an aggregate number of Shares for a total aggregate gross purchase price to the Company equal to the Total Commitment, (iii) the date on which the Common Stock shall have failed to be listed or quoted on the Trading Market or any Eligible Market for a period of one (1) Trading Day, (iv) the thirtieth (30<sup>th</sup>) Trading Day next following the date on which, pursuant to or within the meaning of any Bankruptcy Law, the Company commences a voluntary case or any Person commences a Proceeding against the Company, in each case that is not discharged or dismissed prior to such thirtieth (30<sup>th</sup>) Trading Day, and (v) the date on which, pursuant to or within the meaning of any Bankruptcy Law, a Custodian is appointed for the Company or for all or substantially all of its property, or the Company makes a general assignment for the benefit of its creditors.

**Section 9.2. <u>Other Termination</u>**. Subject to Section 9.3, the Company may terminate this Agreement after the Commencement Date effective upon ten (10) Trading Days' prior written notice to the Investor in accordance with Section 11.4; <u>provided</u>, <u>however</u>, that (i) the Company shall have (A) paid or caused to be paid all of the Commitment Fee (or earned portion thereof) required to be paid to the Investor through the Investor's withholding of amounts otherwise payable to the Company pursuant to and in accordance with Section 11.1(ii) and (B) paid all Additional Investor Legal Fee Expense Reimbursement payments required to be paid to the Investor pursuant to Section 11.1(i) of this Agreement, in each case in this clause (i) prior to such termination, and (ii) prior to issuing any press release, or making any public statement or announcement, with respect to such termination, the Company shall consult with the Investor and its counsel on the form and substance of such press release or other disclosure. Subject to Section 9.3, this Agreement may be terminated at any time by the mutual written consent of the parties, effective as of the date of such mutual written consent unless otherwise provided in such written consent. Subject to Section 9.3, the Investor shall have the right to terminate this Agreement effective upon ten (10) Trading Days' prior written notice to the Company in accordance with Section 11.4, if: (a) any condition, occurrence, state of facts or event constituting a Material Adverse Effect has occurred and is continuing; (b) a Fundamental Transaction shall have occurred; (c) the Initial Registration Statement and any New Registration Statement is not filed by the applicable Filing Deadline therefor or declared effective by the Commission by the applicable Effectiveness Deadline (as defined in the Registration Rights Agreement) therefor, or the Company is otherwise in breach or default in any material respect under any of the other provisions of the Registration Rights Agreement, and, if such failure, breach or default is capable of being cured, such failure, breach or default is not cured within ten (10) Trading Days after notice of such failure, breach or default is delivered to the Company pursuant to Section 11.4; (d) while a Registration Statement, or any post-effective amendment thereto, is required to be maintained effective pursuant to the terms of the Registration Rights Agreement and the Investor holds any Registrable Securities, the effectiveness of such Registration Statement, or any post-effective amendment thereto, lapses for any reason (including, without limitation, the issuance of a stop order by the Commission) or such Registration Statement or any post-effective amendment thereto, the Prospectus contained therein or any Prospectus Supplement thereto otherwise becomes unavailable to the Investor for the resale of all of the Registrable Securities included therein in accordance with the terms of the Registration Rights Agreement, and such lapse or unavailability continues for a period of twenty (20) consecutive Trading Days or for more than an aggregate of sixty (60) Trading Days in any 365-day period, other than due to acts of the Investor; (e) trading in the Common Stock on the Trading Market (or if the Common Stock is then listed on any Eligible Market, trading in the Common Stock on any such Eligible Market) shall have been suspended and such suspension continues for a period of five (5) consecutive Trading Days or (f) the Company is in material breach or default of this Agreement, and, if such breach or default is capable of being cured, such breach or default is not cured within ten (10) Trading Days after notice of such breach or default is delivered to the Company pursuant to Section 11.4. Unless notification thereof is required elsewhere in this Agreement (in which case such notification shall be provided in accordance with such other provision), the Company shall promptly (but in no event later than twenty-four (24) hours) notify the Investor (and, if required under applicable Law, including, without limitation, Regulation FD promulgated by the Commission, or under the applicable rules and regulations of the Trading Market (or Eligible Market, as applicable), the Company shall publicly disclose such information in accordance with Regulation FD and the applicable rules and regulations of the Trading Market (or Eligible Market, as applicable)) upon becoming aware of any of the events set forth in the immediately preceding sentence.

**Section 9.3. <u>Effect of Termination</u>**. In the event of termination by the Company, the Investor or the Investment Adviser (other than by mutual termination) pursuant to Section 9.2, written notice thereof shall forthwith be given to the other party as provided in Section 11.4 and the transactions contemplated by this Agreement shall be terminated without further action by either party. If this Agreement is terminated as provided in Section 9.1 or Section 9.2, this Agreement shall become void and of no further force and effect, except that (i) the provisions of Article V (Representations, Warranties and Covenants of the Company), Article VI (Representations, Warranties and Covenants of the Investment Adviser), Article X (Indemnification), Article XI (Miscellaneous) and this Article IX (Termination) shall remain in full force and effect indefinitely notwithstanding such termination, and, (ii) so long as the Investor owns any Shares, the covenants and agreements of the Company contained in Article VII (Additional Covenants) shall remain in full force and notwithstanding such termination for a period of six (6) months following such termination. Notwithstanding anything in this Agreement to the contrary, no termination of this Agreement by any party shall (i) become effective prior to the fifth (5<sup>th</sup>) Trading Day immediately following the settlement date related to any pending Market Open Purchase or any pending Intraday Purchase (as applicable) that has not been fully settled in accordance with the terms and conditions of this Agreement (it being hereby acknowledged and agreed that no termination of this Agreement shall limit, alter, modify, change or otherwise affect any of the Company's or the Investor's rights or obligations under the Transaction Documents with respect to any pending Market Open Purchase and any pending Intraday Purchase (as applicable), and that the parties shall fully perform their respective obligations with respect to any such pending Market Open Purchase and any pending Intraday Purchase under the Transaction Documents), (ii) limit, alter, modify, change or otherwise affect the Company's or the Investor's rights or obligations under the Registration Rights Agreement, all of which shall survive any such termination, (iii) affect any Commitment Fee (or portion thereof) paid or payable to the Investor pursuant to Section 11.1(ii), which Commitment Fee (or portion thereof) shall be fully earned by the Investor and shall be non-refundable when withheld by the Investor in accordance with Section 11.1(ii), regardless of whether any subsequent Market Open Purchases or Intraday Purchases are made or settled hereunder or any subsequent termination of this Agreement, (iv) affect (A) the Structuring Fee paid to the Investor, all of which Structuring Fee shall be fully earned by the Investor and shall be non-refundable as of the Closing Date pursuant to Section 11.1(i), or (B) the Initial Investor Legal Fee Expense Reimbursement paid to the Investor (or the Investor's counsel, as applicable), all of which Initial Investor Legal Fee Expense Reimbursement shall be fully earned by the Investor and shall be non-refundable as of the Closing Date pursuant to Section 11.1(i), in each case of this clause (iv), regardless of whether the Commencement shall have occurred, whether any Market Open Purchases or Intraday Purchases are made or settled hereunder or any subsequent termination of this Agreement, and (v) affect any Additional Investor Legal Fee Expense Reimbursement payments payable or paid to the Investor (or the Investor's counsel, as applicable), all of which Additional Investor Legal Fee Expense Reimbursement payments shall be fully earned by the Investor and shall be non-refundable when paid by the Company to the Investor (or the Investor's counsel, as applicable), pursuant to Section 11.1(i), regardless of whether any additional Market Open Purchases or Intraday Purchases are made or settled hereunder or any subsequent termination of this Agreement. Nothing in this Section 9.3 shall be deemed to release the Company or the Investor from any liability for any breach or default under this Agreement or any of the other Transaction Documents to which it is a party, or to impair the rights of the Company and the Investor to compel specific performance by the other party of its obligations under the Transaction Documents to which it is a party.

**Article X<br> INDEMNIFICATION**

**Section 10.1. <u>Indemnification of Investor</u>**. In consideration of the Investor's execution and delivery of this Agreement and acquiring the Shares hereunder and in addition to all of the Company's other obligations under the Transaction Documents to which it is a party, subject to the provisions of this Section 10.1, the Company shall indemnify and hold harmless the Investor; its Broker-Dealer; each of their respective directors, officers, shareholders, members, partners, employees, representatives, agents and advisors (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or any other title); each Person, if any, who controls the Investor or its Broker-Dealer (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act), and the respective directors, officers, stockholders, members, partners, employees, representatives, agents and advisors (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or any other title) of such controlling Persons (each, an "***Investor Party***"), from and against all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses (including all judgments, amounts paid in settlement, court costs, reasonable and documented attorneys' fees and costs of defense and investigation) (collectively, "***Damages***") that any Investor Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement, the Registration Rights Agreement or in the other Transaction Documents to which it is a party or (b) any Proceeding (including for these purposes a derivative action brought on behalf of the Company) instituted against such Investor Party arising out of or resulting from the execution, delivery, performance or enforcement of the Transaction Documents, other than claims for indemnification within the scope of Section 6 of the Registration Rights Agreement; <u>provided</u>, <u>however</u>, that (x) the foregoing indemnity shall not apply to any Damages to the extent, but only to the extent, that such Damages resulted directly and primarily from a breach of any of the Investor's representations, warranties, covenants or agreements contained in this Agreement or the Registration Rights Agreement, and (y) the Company shall not be liable under subsection (b) of this Section 10.1 to the extent, but only to the extent, that a court of competent jurisdiction shall have determined by a final judgment (from which no further appeals are available) that such Damages resulted directly and primarily from any acts or failures to act, undertaken or omitted to be taken by such Investor Party through its fraud, bad faith, gross negligence, or willful or reckless misconduct.

The Company shall reimburse any Investor Party promptly upon demand (with accompanying presentation of sufficiently detailed documentary evidence) for all reasonable and documented legal and other costs and expenses reasonably incurred by such Investor Party in connection with (i) any Proceeding, whether at law or in equity, to enforce compliance by the Company with any provision of the Transaction Documents or (ii) any other any Proceeding, whether at law or in equity, with respect to which it is entitled to indemnification under this Section 10.1; <u>provided</u> that the Investor shall promptly reimburse the Company for all such legal and other costs and expenses to the extent a court of competent jurisdiction determines that any Investor Party was not entitled to such reimbursement.

An Investor Party's right to indemnification or other remedies based upon the representations, warranties, covenants and agreements of the Company set forth in the Transaction Documents shall not in any way be affected by any investigation or knowledge of such Investor Party. Such representations, warranties, covenants and agreements shall not be affected or deemed waived by reason of the fact that an Investor Party knew or should have known that any representation or warranty might be inaccurate or that the Company failed to comply with any agreement or covenant. Any investigation by such Investor Party shall be for its own protection only and shall not affect or impair any right or remedy hereunder.

To the extent that the foregoing undertakings by the Company set forth in this Section 10.1 may be unenforceable for any reason, the Company shall make the maximum contribution to the payment and satisfaction of each of the Damages which is permissible under applicable law.

**Section 10.2. <u>Indemnification Procedures</u>**. Promptly after an Investor Party receives notice of a claim or the commencement of an action for which the Investor Party intends to seek indemnification under Section 10.1, the Investor Party will notify the Company in writing of the claim or commencement of the Proceeding; <u>provided</u>, <u>however</u>, that failure to notify the Company will not relieve the Company from liability under Section 10.1, except to the extent it has been materially prejudiced by the failure to give notice. The Company will be entitled to participate in the defense of any Proceeding as to which indemnification is being sought, and if the Company acknowledges in writing the obligation to indemnify the Investor Party against whom the Proceeding is brought, the Company may (but will not be required to) assume the defense against the Proceeding with counsel satisfactory to it. After the Company notifies the Investor Party that the Company wishes to assume the defense of a Proceeding, the Company will not be liable for any further legal or other expenses incurred by the Investor Party in connection with the defense against the Proceeding except that if, in the opinion of counsel to the Investor Party, it would be inappropriate under the applicable rules of professional responsibility for the same counsel to represent both the Company and such Investor Party. In such event, the Company will pay the reasonable and documented fees and expenses of no more than one separate counsel for all such Investor Parties promptly as such fees and expenses are incurred. Each Investor Party, as a condition to receiving indemnification as provided in Section 10.1, will cooperate in all reasonable respects with the Company in the defense of any action or claim as to which indemnification is sought. The Company will not be liable for any**.** settlement of any action effected without its prior written consent, which consent shall not be unreasonably withheld, delayed or conditioned. The Company will not, without the prior written consent of the Investor Party, which consent shall not be unreasonably withheld, delayed or conditioned, effect any settlement of a pending or threatened action with respect to which an Investor Party is, or is informed that it may be, made a party and for which it would be entitled to indemnification, unless the settlement includes an unconditional release of the Investor Party from all liability and claims which are the subject matter of the pending or threatened action.

The remedies provided for in this Article X are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Investor Party at law or in equity.

**Article XI<br> MISCELLANEOUS**

**Section 11.1. <u>Certain Fees and Expenses; Commitment Fee; Commencement Irrevocable Transfer Agent Instructions.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **<u>Certain Fees and Expenses</u>**. Each party shall bear its own fees and expenses related to the transactions contemplated by this Agreement; <u>provided</u>, <u>however</u>, that the Company, (1) on or prior to the Closing Date, shall have paid to the Investor (or to the Investor's legal counsel, as applicable), by wire transfer of immediately available funds to an account designated by the Investor (or the Investor's legal counsel, as applicable) on or prior to the Closing Date, (a) a one-time "structuring fee" of $25,000 (the "***Structuring Fee***"), and (b) $75,000 ($25,000 of which has been paid to the Investor's legal counsel prior to the date hereof) as reimbursement for the reasonable and documented fees and disbursements of the Investor's legal counsel incurred by the Investor prior to the Closing (the "***Initial Investor Legal Fee Expense Reimbursement***"), and (2) within ten (10) Business Days after each Representation Date, shall have paid to the Investor, by wire transfer of immediately available funds to an account designated by the Investor, an additional amount capped at $7,500 per fiscal quarter as reimbursement for the reasonable fees and disbursements of the Investor's legal counsel incurred by the Investor in connection with the Investor's ongoing due diligence and review of deliverables subject to Section 7.17 (the "***Additional Investor Legal Fee Expense Reimbursement***"), in each case in connection with the transactions contemplated by this Agreement and the Registration Rights Agreement. For the avoidance of doubt, (1) the Structuring Fee and the Initial Investor Legal Fee Expense Reimbursement shall be fully earned by the Investor and shall be non-refundable as of the Closing Date, regardless of whether the Commencement shall have occurred, any Market Open Purchases or Intraday Purchases are effected by the Company or settled hereunder or any subsequent termination of this Agreement and (2) each Additional Investor Legal Fee Expense Reimbursement payment shall be fully earned by the Investor and shall be non-refundable following Commencement when paid in accordance with this Section 11.1(i), regardless of whether any additional Market Open Purchases or Intraday Purchases are effected by the Company or settled hereunder or any subsequent termination of this Agreement. The Company shall pay all U.S. federal, state and local stamp and other similar transfer and other taxes and duties levied in connection with issuance of the Shares pursuant hereto. The parties acknowledge that the Structuring Fee, the Initial Investor Legal Fee Expense Reimbursement and the Additional Investor Legal Fee Expense Reimbursement payable in connection with the Investor's ongoing due diligence and review of deliverables, collectively, are a reasonable estimate of, and are not disproportionate to, the probable costs of preparing the Transaction Documents and are less than or equal to the probable transaction costs of organizing a debt facility or capital raising in the amount of the Total Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **<u>Commitment Fee</u>**. In consideration for the Investor's execution and delivery of this Agreement, the Company shall pay or shall cause to be paid to the Investor the Commitment Fee in accordance with this Section 11.1(ii). The Company and the Investor acknowledge and agree that the Investor shall withhold an amount in cash equal to ten percent (10%) from the Market Open Purchase Price, or Intraday Purchase Price (as applicable), payable by the Investor to the Company for the Market Open Purchase Share Amount, or Intraday Purchase Share Amount (as applicable), in connection with each Market Open Purchase, or Intraday Purchase (as applicable), effected by the Company pursuant to this Agreement, until the Investor shall have received from such cash withholding(s) a total aggregate amount in cash equal to $1,000,000, at which time the Investor shall not withhold any additional cash amounts from the purchase prices payable by the Investor to the Company in connection with any subsequent Market Open Purchase or Intraday Purchase effected pursuant to this Agreement, until the Company has effected Market Open Purchases and/or Intraday Purchases (as applicable) hereunder in which the total aggregate Market Open Purchase Prices and Intraday Purchase Prices (as applicable) payable by the Investor to the Company for the Shares to be purchased by the Investor pursuant thereto, collectively, would equal at least $100,000,000, at which time the Investor shall withhold an amount in cash equal to ten percent (10%) from the Market Open Purchase Price, or Intraday Purchase Price (as applicable), payable by the Investor to the Company for the applicable Market Open Purchase Share Amount, or Intraday Purchase Share Amount (as applicable), in connection with each Market Open Purchase, or Intraday Purchase (as applicable), effected by the Company pursuant to this Agreement, until the Investor shall have received from such cash withholding(s) a total aggregate amount in cash equal to an additional $1,000,000 (for an aggregate amount withheld hereunder of $2,000,000), at which time the Investor shall not withhold any additional cash amounts from the purchase prices payable by the Investor to the Company in connection with any subsequent Market Open Purchase or Intraday Purchase effected pursuant to this Agreement, until the Company has effected Market Open Purchases and/or Intraday Purchases (as applicable) hereunder in which the total aggregate Market Open Purchase Prices and Intraday Purchase Prices (as applicable) payable by the Investor to the Company for the Shares to be purchased by the Investor pursuant thereto, collectively, would equal at least $200,000,000, at which time the Investor shall withhold an amount in cash equal to ten percent (10%) from the Market Open Purchase Price, or Intraday Purchase Price (as applicable), payable by the Investor to the Company for the applicable Market Open Purchase Share Amount, or Intraday Purchase Share Amount (as applicable), in connection with each Market Open Purchase, or Intraday Purchase (as applicable), effected by the Company pursuant to this Agreement, until the Investor shall have received from such cash withholding(s) a total aggregate amount in cash equal to an additional $1,000,000 (for an aggregate amount withheld hereunder of $3,000,000), at which time the Investor shall not withhold any additional cash amounts from the purchase prices payable by the Investor to the Company in connection with any subsequent Market Open Purchase or Intraday Purchase effected pursuant to this Agreement, until the Company has effected Market Open Purchases and/or Intraday Purchases (as applicable) hereunder in which the total aggregate Market Open Purchase Prices and Intraday Purchase Prices (as applicable) payable by the Investor to the Company for the Shares to be purchased by the Investor pursuant thereto, collectively, would equal at least $300,000,000, at which time the Investor shall withhold an amount in cash equal to ten percent (10%) from the Market Open Purchase Price, or Intraday Purchase Price (as applicable), payable by the Investor to the Company for the applicable Market Open Purchase Share Amount, or Intraday Purchase Share Amount (as applicable), in connection with each Market Open Purchase, or Intraday Purchase (as applicable), effected by the Company pursuant to this Agreement, until the Investor shall have received from such cash withholding(s) a total aggregate amount in cash equal to an additional $500,000 (for an aggregate amount withheld hereunder of $3,500,000), at which time the Investor shall not withhold any additional cash amounts from the purchase prices payable by the Investor to the Company in connection with any subsequent Market Open Purchase or Intraday Purchase effected pursuant to this Agreement, until the Company has effected Market Open Purchases and/or Intraday Purchases (as applicable) hereunder in which the total aggregate Market Open Purchase Prices and Intraday Purchase Prices (as applicable) payable by the Investor to the Company for the Shares to be purchased by the Investor pursuant thereto, collectively, would equal at least $500,000,000, at which time the Investor shall, with respect to subsequent Market Open Purchases and Intraday Purchases (as applicable) hereunder, withhold additional cash amounts from the purchase prices payable by the Investor to the Company in such subsequent Market Open Purchases and Intraday Purchases (as applicable) at the same rate and at the same intervals for every $100,000,000 of total aggregate Market Open Purchase Prices and Intraday Purchase Prices (as applicable) payable by the Investor to the Company in such subsequent Market Open Purchases and Intraday Purchases (as applicable) as was withheld by the Investor from the first $500,000,000 of total aggregate Market Open Purchase Prices and Intraday Purchase Prices (as applicable) payable by the Investor to the Company in Market Open Purchases and Intraday Purchases hereunder (replacing the aggregate amounts withheld by the Investor hereunder referenced in the parentheticals above with the following that relate to every $100,000,000 of total aggregate Market Open Purchase Prices and Intraday Purchase Prices payable by the Investor to the Company in excess of the first $500,000,000 hereunder up to $1,000,000,000: $4,500,000, $5,500,000, $6,500,000 and $7,000,000, respectively). The foregoing shall apply to Market Open Purchases and/or Intraday Purchases (as applicable) effected by the Company pursuant to this Agreement in which the total aggregate Market Open Purchase Prices and Intraday Purchase Prices (as applicable) payable by the Investor to the Company for the Shares to be purchased by the Investor pursuant thereto, collectively, would equal up to $1,000,000,000 of total aggregate Market Open Purchase Prices and Intraday Purchase Prices (as applicable) payable by the Investor to the Company under this Agreement. With respect to subsequent Market Open Purchases and Intraday Purchases (as applicable) hereunder from and after such time as the Company has effected Market Open Purchases and/or Intraday Purchases (as applicable) hereunder in which the total aggregate Market Open Purchase Prices and Intraday Purchase Prices (as applicable) payable by the Investor to the Company for the Shares to be purchased by the Investor pursuant thereto, collectively, has equaled $1,000,000,000, the Investor shall withhold additional cash amounts from the purchase prices payable by the Investor to the Company in such subsequent Market Open Purchases and Intraday Purchases (as applicable) at the same rate and at the same intervals for every $100,000,000 of total aggregate Market Open Purchase Prices and Intraday Purchase Prices (as applicable) payable by the Investor to the Company in such subsequent Market Open Purchases and Intraday Purchases (as applicable) as was withheld by the Investor from the first $1,000,000,000 of total aggregate Market Open Purchase Prices and Intraday Purchase Prices (as applicable) payable by the Investor to the Company in Market Open Purchases and Intraday Purchases hereunder (replacing the aggregate amounts withheld by the Investor hereunder referenced in the parentheticals above with the applicable aggregate dollar amount withheld taking into account all prior withholdings as set forth above for the first $1,000,000,000 of total aggregate Market Open Purchase Prices and Intraday Purchase Prices (as applicable) payable by the Investor to the Company, it being hereby acknowledged and agreed that the maximum Commitment Fee to be withheld by the Investor pursuant to this Section 11.1(ii) hereunder for the full $2,000,000,000 Available Amount under this Agreement shall be $14,000,000, representing the entire Commitment Fee payable to the Investor with respect to the full $2,000,000,000 Available Amount pursuant to this Agreement, and upon the Investor's receipt of a total aggregate amount in cash of $14,000,000 from such withholdings, the Investor shall not withhold any additional cash amounts from the purchase prices payable by the Investor to the Company in connection with any subsequent Market Open Purchase or Intraday Purchase effected pursuant to this Agreement. For the avoidance of doubt, all portions of the Commitment Fee, when withheld by the Investor in accordance with this Section 11.1(ii), shall be fully earned by the Investor as of the date of withholding by the Investor, and shall be non-refundable when withheld by the Investor in accordance with this Section 11.1(ii), regardless of whether any subsequent Market Open Purchases or Intraday Purchases are made or settled hereunder or any subsequent termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **<u>No Legends</u>**. Notwithstanding the foregoing and for the avoidance of doubt, all Shares to be issued in respect of each Market Open Purchase Notice and all Shares to be issued in respect of each Intraday Purchase Notice delivered to the Investor pursuant to this Agreement, in each case shall be issued to the Investor in accordance with Section 3.3 by crediting the Investor's or its designees' account at DTC as DWAC Shares, and the Company shall not take any action or give instructions to any transfer agent of the Company 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;(iv) **<u>Irrevocable Transfer Agent Instructions; Notice of Effectiveness</u>**. On the Effective Date of the Initial Registration Statement and prior to Commencement, the Company shall deliver or cause to be delivered to its transfer agent (and thereafter, shall deliver or cause to be delivered to any subsequent transfer agent of the Company), (i) irrevocable instructions executed by the Company and acknowledged in writing by the Company's transfer agent (the "***Commencement Irrevocable Transfer Agent Instructions***") and (ii) the notice of effectiveness in the form attached as an exhibit to the Registration Rights Agreement (the "***Notice of Effectiveness***") relating to the Initial Registration Statement executed by the Company's outside counsel, in each case directing the Company's transfer agent to issue to the Investor or its designee all of the Shares included in the Initial Registration Statement as DWAC Shares in accordance with this Agreement and the Registration Rights Agreement. With respect to any post-effective amendment to the Initial Registration Statement, any New Registration Statement or any post-effective amendment to any New Registration Statement, in each case declared effective by the Commission after the Commencement Date, the Company shall deliver or cause to be delivered to its transfer agent (and thereafter, shall deliver or cause to be delivered to any subsequent transfer agent of the Company) (i) irrevocable instructions in the form substantially similar to the Commencement Irrevocable Transfer Agent Instructions executed by the Company and acknowledged in writing by the Company's transfer agent and (ii) the Notice of Effectiveness, in each case modified as necessary to refer to such Registration Statement or post-effective amendment and the Registrable Securities included therein, to issue the Registrable Securities included therein as DWAC Shares, in each case in accordance with the terms of this Agreement and the Registration Rights Agreement. For the avoidance of doubt, all Shares to be issued and delivered from and after Commencement to or for the benefit of the Investor pursuant to this Agreement shall be issued and delivered to the Investor or its designee only as DWAC Shares. The Company represents and warrants to the Investor that, while this Agreement is effective, no instruction other than those referred to in this Section 11.1(iv) will be given by the Company to its transfer agent, or any successor transfer agent of the Company, with respect to the Shares from and after Commencement, and the Shares covered by the Initial Registration Statement or any post-effective amendment thereof, or any New Registration Statement or post-effective amendment thereof, as applicable, shall otherwise be freely transferable on the books and records of the Company and no stop transfer instructions shall be maintained against the transfer thereof. The Company agrees that if the Company fails to fully comply with the provisions of this Section 11.1(iv) within three (3) Trading Days after the date on which the Investor has provided the deliverables referred to above that the Investor is required to provide to the Company or its transfer agent, the Company shall, at the Investor's written instruction, purchase from the Investor all shares of Common Stock acquired by the Investor pursuant to this Agreement that contain the restrictive legend referred to in Section 11.1(iii) hereof (or any similar restrictive legend), or that have any stop transfer orders maintained that prohibit or impede the transfer thereof in any respect, at the greater of (i) the purchase price paid by the Investor for such shares of Common Stock (as applicable) and (ii) the Closing Sale Price of the Common Stock on the date of the Investor's written instruction.

**Section 11.2. <u>Specific Enforcement, Consent to Jurisdiction, Waiver of Jury Trial.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company and the Investor acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that either party shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement by the other party and to enforce specifically the terms and provisions hereof (without the necessity of showing economic loss and without any bond or other security being required), this being in addition to any other remedy to which either party may be entitled by law or equity.

&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) Each of the Company and the Investor (a) hereby irrevocably submits to the jurisdiction of the U.S. District Court and other courts of the United States sitting in The City of New York, Borough of Manhattan, State of New York for the purposes of any Proceeding arising out of or relating to this Agreement, and (b) hereby waives, and agrees not to assert in any such Proceeding, any claim that it is not personally subject to the jurisdiction of such court, that the Proceeding is brought in an inconvenient forum or that the venue of the Proceeding is improper. Each of the Company and the Investor consents to process being served in any such Proceeding by mailing a copy thereof 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 in this Section 11.2 shall affect or limit any right to serve process in any other manner permitted by Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) EACH OF THE COMPANY AND THE INVESTOR HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR DISPUTES RELATING HERETO. EACH OF THE COMPANY AND THE INVESTOR (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTY HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.2.

**Section 11.3. <u>Entire Agreement</u>**. The Transaction Documents set forth the entire agreement and understanding of the parties with respect to the subject matter hereof and supersede all prior and contemporaneous agreements, negotiations and understandings among the parties, both oral and written, with respect to such matters. There are no promises, undertakings, representations or warranties by any party relative to the subject matter hereof not expressly set forth in the Transaction Documents. The Disclosure Schedule and all exhibits to this Agreement are hereby incorporated by reference in, and made a part of, this Agreement as if set forth in full herein.

**Section 11.4. <u>Notices</u>**. Any notice, demand, request, waiver or other communication required or permitted to be given hereunder shall be in writing and shall be effective (a) upon hand delivery or electronic mail delivery at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The address for such communications shall be:

If to the Company or the Investment Adviser:

RoboStrategy, Inc.

151 Calle de San Francisco, Suite 200

San Juan, Puerto Rico 00901

Telephone Number: (787) 722-6881

Email: Marc@RoboStrategy.co

Attention: Marc Weinstein

With a copy (which shall not constitute notice) to:

Eversheds Sutherland (US) LLP

700 Sixth Street, NW

Washington, DC 20001

Telephone Number: (202) 383-0100

Email: owenpinkerton@eversheds-sutherland.com

Attention: Owen J. Pinkerton, Esq.

If to the Investor:

Roth Principal Investments, LLC

2340 Collins Avenue, Suite 402

Miami Beach, Florida 33139

Telephone Number: (612) 791-5927

Email: jtonnos@roth.com

Attention: Joe Tonnos

Co-President

With a copy (which shall not constitute notice) to:

Reed Smith LLP

599 Lexington Avenue

New York, NY 10022

Telephone Number: (212) 521-5400

Email: amarsico@reedsmith.com

Attention: Anthony J. Marsico, Esq.

Either party hereto may from time to time change its address for notices by giving at least five (5) days' advance written notice of such changed address to the other party hereto.

**Section 11.5. <u>Waivers</u>**. No provision of this Agreement may be waived by the parties from and after the date that is one (1) Trading Day immediately preceding the date on which the Initial Registration Statement is initially filed with the Commission. Subject to the immediately preceding sentence, no provision of this Agreement may be waived other than in a written instrument signed by the party against whom enforcement of such waiver is sought. No failure or delay in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercises thereof or of any other right, power or privilege.

**Section 11.6. <u>Amendments</u>**. No provision of this Agreement (other than the definition of Threshold Price as provided therein) may be amended by the parties from and after the date that is one (1) Trading Day immediately preceding the date on which the Initial Registration Statement is initially filed with the Commission. Subject to the immediately preceding sentence, no provision of this Agreement may be amended other than by a written instrument signed by both parties hereto.

**Section 11.7. <u>Headings</u>**. The article, section and subsection headings in this Agreement are for convenience only and shall not constitute a part of this Agreement for any other purpose and shall not be deemed to limit or affect any of the provisions hereof. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular and plural forms thereof. The terms "including," "includes," "include" and words of like import shall be construed broadly as if followed by the words "without limitation." The terms "herein," "hereunder," "hereof" and words of like import refer to this entire Agreement instead of just the provision in which they are found.

**Section 11.8. <u>Construction</u>**. The parties agree that each of them and their respective counsel has reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents. In addition, each and every reference to share prices (other than the Threshold Price) and number of shares of Common Stock in any Transaction Document shall, in all cases, be subject to adjustment for any stock splits, stock combinations, stock dividends, recapitalizations, reorganizations and other similar transactions that occur on or after the date of this Agreement. Any reference in this Agreement to "Dollars" or "$" shall mean the lawful currency of the United States of America. Any references to "Section" or "Article" in this Agreement shall, unless otherwise expressly stated herein, refer to the applicable Section or Article of this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular and plural forms thereof. The terms "including," "includes," "include" and words of like import shall be construed broadly as if followed by the words "without limitation." The terms "herein," "hereunder," "hereof" and words of like import refer to this entire Agreement instead of just the provision in which they are found.

**Section 11.9. <u>Binding Effect</u>**. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors. None of the Company, the Investment Adviser or the Investor may assign this Agreement or any of their respective rights or obligations hereunder to any Person.

**Section 11.10. <u>No Third-Party Beneficiaries</u>**. Except as expressly provided in Article X, this Agreement is intended only for the benefit of the parties hereto and their respective successors, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

**Section 11.11. <u>Governing Law</u>**. This Agreement shall be governed by and construed in accordance with the internal procedural and substantive Laws of the State of New York, without giving effect to any Laws of such state that would cause the application of the Laws of any other jurisdiction.

**Section 11.12. <u>Survival</u>**. The representations, warranties, covenants and agreements of the Company, the Investor and the Investment Adviser contained in this Agreement shall survive the execution and delivery hereof until the termination of this Agreement; <u>provided</u>, <u>however</u>, that (i) the provisions of Article V (Representations, Warranties and Covenants of the Company), Article VI (Representations, Warranties and Covenants of the Investment Adviser), Article IX (Termination), Article X (Indemnification) and this Article XI (Miscellaneous) shall remain in full force and effect indefinitely notwithstanding such termination, and, (ii) so long as the Investor owns any Shares, the covenants and agreements of the Company and the Investor contained in Article VII (Additional Covenants), shall remain in full force and effect notwithstanding such termination for a period of six (6) months following such termination.

**Section 11.13. <u>Counterparts</u>**. This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party; <u>provided</u> that a facsimile signature or signature delivered by e-mail in a ".pdf" format data file, including any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com, www.echosign.adobe.com, etc., shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original signature.

**Section 11.14. <u>Publicity</u>**. The Company shall afford the Investor and its counsel with a reasonable opportunity to review and comment upon, shall consult with the Investor and its counsel on the form and substance of and shall give due consideration to all such comments from the Investor or its counsel on, any press release, Commission filing or any other public disclosure made by or on behalf of the Company relating to the Investor, its purchases hereunder or any aspect of the Transaction Documents or the transactions contemplated thereby, including any press release disclosing the execution of this Agreement and the Registration Rights Agreement by the Company, prior to the issuance, filing or public disclosure thereof. For the avoidance of doubt, the Company shall not be required to submit for review any such disclosure (i) contained in periodic reports filed with the Commission under the Exchange Act if it shall have previously provided substantially the same disclosure to the Investor or its counsel for review in connection with a previous filing or (ii) any Prospectus Supplement if it contains disclosure that does not reference the Investor, its purchases hereunder or any aspect of the Transaction Documents or the transactions contemplated thereby.

**Section 11.15. <u>Severability</u>**. The provisions of this Agreement are severable and, in the event that any court of competent jurisdiction shall determine that any one or more of the provisions or part of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision or part of a provision of this Agreement, and this Agreement shall be reformed and construed as if such invalid or illegal or unenforceable provision, or part of such provision, had never been contained herein, so that such provisions would be valid, legal and enforceable to the maximum extent possible.

**Section 11.16. <u>Further Assurances</u>**. From and after the Closing Date, upon the request of the Investor or the Company, each of the Company and the Investor shall execute and deliver such instrument, documents and other writings as may be reasonably necessary or desirable to confirm and carry out and to effectuate fully the intent and purposes of this Agreement.

[*Signature Page Follows*]

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be duly executed by their respective authorized officer as of the date first above written.

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| | |
|:---|:---|
| **<u>THE COMPANY</u>:** | **<u>THE COMPANY</u>:** |
| **ROBOSTRATEGY, INC.** | **ROBOSTRATEGY, INC.** |
| By: | /s/ Andrew Kang |
| Name: | Andrew Kang |
| Title: | President |
| **<u>THE INVESTMENT ADVISER</u>:** | **<u>THE INVESTMENT ADVISER</u>:** |
| **FP STRATEGIES LLC** | **FP STRATEGIES LLC** |
| By: | /s/ Marc Weinstein |
| Name: | Marc Weinstein |
| Title: | Member |
| **<u>THE INVESTOR</u>:** | **<u>THE INVESTOR</u>:** |
| **ROTH PRINCIPAL INVESTMENTS, LLC** | **ROTH PRINCIPAL INVESTMENTS, LLC** |
| By: | /s/ Joe Tonnos |
| Name: | Joe Tonnos |
| Title: | Co-President |

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**ANNEX I TO THE<br> COMMON STOCK PURCHASE AGREEMENT<br> <u>DEFINITIONS</u>**

"***Accountant***" shall have the meaning assigned to such term in Section 5.6(d).

"***Additional Investor Legal Fee Expense Reimbursement***" shall have the meaning assigned to such term in Section 11.1(i).

"***Administration Agreement***" shall have the meaning assigned to such term in Section 6.3.

"***Advisers Act***" shall have the meaning assigned to such term in Section 5.18.

"***Adviser Material Adverse Effect***" shall have the meaning assigned to such term in Section 6.1.

"***Affiliate***" means any Person that, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with a Person, as such terms are used in and construed under Rule 144.

"***Aggregate Limit***" shall have the meaning assigned to such term in Section 2.1.

"***Agreement***" shall have the meaning assigned to such term in the preamble of this Agreement.

"***Allowable Grace Period***" shall have the meaning assigned to such term in the Registration Rights Agreement.

"***Average Price***" means a price per Share (rounded to the nearest tenth of a cent) equal to the quotient obtained by dividing (i) the aggregate gross purchase price paid by the Investor for all Shares purchased pursuant to this Agreement, by (ii) the aggregate number of Shares issued pursuant to this Agreement.

"***Bankruptcy Law***" means Title 11, U.S. Code, or any similar U.S. federal or state bankruptcy Law or any Law for the relief of debtors.

"***Base Price***" means a price per Share equal to the sum of (i) the Minimum Price and (ii) $3.4544 (subject to adjustment for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction that occurs on or after the date of this Agreement).

"***Beneficial Ownership Limitation***" shall have the meaning assigned to such term in Section 3.5.

"***Bloomberg***" means Bloomberg, L.P.

"***Bring-Down Comfort Letter***" shall have the meaning assigned to such term in Section 7.17.

"***Bring-Down Opinion***" shall have the meaning assigned to such term in Section 7.17.

"***Broker-Dealer***" shall have the meaning assigned to such term in Section 7.13.

"***Bylaws***" shall have the meaning assigned to such term in Section 5.3.

"***Commitment Fee***" means an amount in cash up to $14,000,000, which the Company shall pay or cause to be paid to the Investor, pursuant to, at such time(s) and in such manner as set forth in Section 11.1(ii) of this Agreement. For the avoidance of doubt, (i) the Commitment Fee shall not exceed $14,000,000, and no portion of the Commitment Fee shall be earned until shares of Common Stock have been sold under this Agreement; (ii) the Company shall not be required to make a "true-up" (or similar) payment to Investor pursuant to this Agreement if less than $14,000,000 has been earned prior to the termination or expiration of this Agreement; and (iii) all portions of the Commitment Fee, when withheld by the Investor in accordance with Section 11.1(ii) of the Agreement shall be fully earned by the Investor and shall be non-refundable as of the date of the Investor's withholding of such portions of the Commitment Fee pursuant to Section 11.1(ii) of this Agreement.

"***Charter***" shall have the meaning assigned to such term in Section 5.3.

"***Closing***" shall have the meaning assigned to such term in Section 2.2.

"***Closing Date***" means the date of this Agreement.

"***Closing Sale Price***" means, for the Common Stock as of any date, the last closing trade price for the Common Stock on the Trading Market (or, if the Common Stock is then listed on an Eligible Market, on such Eligible Market), as reported by Bloomberg, or, if the Trading Market (or such Eligible Market, as applicable) begins to operate on an extended hours basis and does not designate the closing trade price for the Common Stock, then the last trade price for the Common Stock prior to 4:00 p.m., New York City time, as reported by Bloomberg. All such determinations shall be appropriately adjusted for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions during such period.

"***Code***" shall have the meaning assigned to such term in Section 5.19.

"***Commencement***" shall have the meaning assigned to such term in Section 3.1.

"***Commencement Date***" shall have the meaning assigned to such term in Section 3.1.

"***Commencement Irrevocable Transfer Agent Instructions***" shall have the meaning assigned to such term in Section 11.1(iv).

"***Commission***" means the U.S. Securities and Exchange Commission or any successor entity.

"***Commission Documents***" shall mean (1) all reports, schedules, registrations, forms, statements, information and other documents filed with or furnished to the Commission by the Company pursuant to the reporting requirements of the Exchange Act, including all material filed with or furnished to the Commission pursuant to the Investment Company Act and Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, since September 5, 2025; (2) each Registration Statement, as the same may be amended from time to time, the Prospectus contained therein and each Prospectus Supplement thereto; and (3) all information contained in such filings and all documents and disclosures that have been and heretofore shall be incorporated by reference therein.

"***Common Stock***" shall have the meaning assigned to such term in the recitals of this Agreement.

"***Common Stock Equivalents***" means any securities of the Company which entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

"***Company***" shall have the meaning assigned to such term in the preamble of this Agreement.

"***Compliance Certificate***" shall have the meaning assigned to such term in Section 8.2(ii).

"***Confidential Data***" shall mean all data for which the Company is required by Law, Contract or privacy policy to keep confidential or private, including all such data transmitted to the Company by Persons that interact with the Company.

"***Contracts***" means any legally binding contracts, agreements, subcontracts, leases and purchase orders.

"***Cover Price***" shall have the meaning assigned to such term in Section 3.3.

"***Custodian***" shall mean any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

"***Custody Agreement***" shall have the meaning assigned to such term in Section 6.3.

"***Damages***" shall have the meaning assigned to such term in Section 10.1.

"***Disclosure Schedule***" shall have the meaning assigned to such term in the preamble to Article V.

"***Disqualification Event***" shall have the meaning assigned to such term in Section 5.35.

"***DTC***" means The Depository Trust Company, a subsidiary of The Depository Trust & Clearing Corporation, or any successor thereto.

"***DWAC***" shall have the meaning assigned to such term in Section 5.26.

"***DWAC Shares***" means shares of Common Stock issued pursuant to this Agreement that are (i) issued in electronic form, (ii) freely tradable and transferable in the United States and without restriction on resale and without stop transfer instructions maintained against the transfer thereof and (iii) timely credited by the Company's transfer agent to the Investor's (or its designated Broker-Dealer at which the account or accounts to be credited with the Shares being purchased or acquired by the Investor are maintained) specified DWAC account with DTC under its Fast Automated Securities Transfer (FAST) Program, or any similar program hereafter adopted by DTC performing substantially the same function.

"***EDGAR***" means the Commission's Electronic Data Gathering, Analysis and Retrieval System.

"***Effective Date***" means, with respect to the Initial Registration Statement filed pursuant to Section 2(a) of the Registration Rights Agreement (or any post-effective amendment thereto) or any New Registration Statement filed pursuant to Section 2(c) of the Registration Rights Agreement (or any post-effective amendment thereto), as applicable, the date on which the Initial Registration Statement (or any post-effective amendment thereto) or any New Registration Statement (or any post-effective amendment thereto) is declared effective by the Commission.

"***Effectiveness Deadline***" shall have the meaning assigned to such term in the Registration Rights Agreement.

"***Eligible Market***" means The Nasdaq Global Select Market, The Nasdaq Capital Market, the New York Stock Exchange or the NYSE American (or any nationally recognized successor to any of the foregoing).

"***Exchange Act***" means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder.

"***Exchange Cap***" shall have the meaning assigned to such term in Section 3.4(a).

"***Exempt Issuance***" means the issuance of (a) Common Stock, options or other equity incentive awards to employees, officers, directors or vendors of the Company pursuant to any equity incentive plan duly adopted for such purpose, by the Company's Board of Directors or a majority of the members of a committee of the Board of Directors established for such purpose; (b) (1) any Shares issued to the Investor (or its designee) pursuant to the Transaction Documents, (2) any securities issued upon the exercise or exchange of or conversion of any shares of Common Stock or Common Stock Equivalents held by the Investor or an Affiliate of the Investor at any time or (3) any securities issued upon the exercise or exchange of or conversion of any Common Stock Equivalents issued and outstanding on the date of this Agreement, provided that such securities referred to in this clause (3) have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities; (c) securities issued pursuant to acquisitions, divestitures, licenses, partnerships, collaborations or strategic transactions approved by the Company's Board of Directors or a majority of the members of a committee of directors established for such purpose, which acquisitions, divestitures, licenses, partnerships, collaborations or strategic transactions can have a Variable Rate Transaction component, provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities; (d) shares of Common Stock issued by the Company to the Investor (or its designee) or an Affiliate of the Investor in connection with any "equity line of credit" or other continuous offering or similar offering of Common Stock (other than the transactions contemplated by the Transaction Documents) pursuant to one or more written agreements between the Company and the Investor executed after the date of this Agreement (if any) or an Affiliate of the Investor (including RCP) executed prior to or after the date of this Agreement (if any), whereby the Company may sell shares of Common Stock to the Investor or an Affiliate of the Investor (including RCP) at a future determined price; or (e) shares of Common Stock issued by the Company in any "at the market offering" or "equity distribution program" or similar offering of Common Stock exclusively to or through RCP pursuant to one or more written agreements between the Company and RCP.

"***FCPA***" shall have the meaning assigned to such term in Section 5.28.

"***Filing Deadline***" shall have the meaning assigned to such term in the Registration Rights Agreement.

"***FINRA***" means the Financial Industry Regulatory Authority, Inc.

"***FINRA Filing***" shall have the meaning assigned to such term in Section 7.14.

"***Fundamental Transaction***" means that (i) the Company shall, directly or indirectly, in one or more related transactions, (1) consolidate or merge with or into (whether or not the Company is the surviving corporation) another Person, with the result that the holders of the Company's capital stock immediately prior to such consolidation or merger together beneficially own less than 50% of the outstanding voting power of the surviving or resulting corporation, or (2) sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company to another Person, or (3) take action to facilitate a purchase, tender or exchange offer by another Person that is accepted by the holders of more than 50% of the outstanding shares of Common Stock (excluding any shares of Common Stock held by the Person or Persons making or party to, or associated or affiliated with the Persons making or party to, such purchase, tender or exchange offer), or (4) consummate a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination), or (5) reorganize, recapitalize or reclassify its Common Stock, or (ii) any "person" or "group" (as these terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act) is or shall become the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock.

"***GAAP***" shall have the meaning assigned to such term in Section 5.6(b).

"***Governmental Entity***" shall mean any federal, state, provincial, municipal, local or foreign government, governmental authority, regulatory or administrative agency, governmental commission, department, board, bureau, agency or instrumentality, court, arbitral body (public or private) or tribunal.

"***Initial Comfort Letter***" shall have the meaning assigned to such term in Section 8.2(xvi).

"***Initial Investor Legal Fee Expense Reimbursement***" shall have the meaning assigned to such term in Section 11.1(i).

"***Initial Registration Statement***" shall have the meaning assigned to such term in the Registration Rights Agreement.

"***Intellectual Property***" shall have the meaning assigned to such term in Section 5.14.

"***Intraday Purchase***" shall have the meaning assigned to such term in Section 3.2.

"***Intraday Purchase Commencement Time***" means, with respect to an Intraday Purchase made pursuant to Section 3.2, the time that is the <u>latest</u> of: (i) the Market Open Purchase Ending Time of the Market Open Purchase Period for the Market Open Purchase preceding the Intraday Purchase Period for such Intraday Purchase occurring on the same Purchase Date as such earlier Market Open Purchase, if the Company has timely delivered a Market Open Purchase Notice to the Investor for a Market Open Purchase on such Purchase Date; (ii) the Intraday Purchase Ending Time of the Intraday Purchase Period for the most recent prior Intraday Purchase, if any, occurring on the same Purchase Date as such Intraday Purchase; and (iii) the Investor's timely receipt (acknowledged by email correspondence to each of the individual notice recipients of the Company set forth in the applicable Intraday Purchase Notice, other than via auto-reply) from the Company of the applicable Intraday Purchase Notice for such Intraday Purchase on the applicable Purchase Date therefor.

"***Intraday Purchase Ending Time***" means, with respect to an Intraday Purchase made pursuant to Section 3.2, the time on the Purchase Date for such Intraday Purchase that is the <u>earliest</u> of: (i) 3:59 p.m., New York City time, on the applicable Purchase Date for such Intraday Purchase, or such earlier time publicly announced by the Trading Market (or, if the Common Stock is then listed on an Eligible Market, by such Eligible Market) as the official close of the primary (or "regular") trading session on the Trading Market (or on such Eligible Market, as applicable) on such Purchase Date; (ii) immediately at such time following the Intraday Purchase Commencement Time of the Intraday Purchase Period for such Intraday Purchase that the total number (or volume) of shares of Common Stock traded on the Trading Market (or on such Eligible Market, as applicable) during such Intraday Purchase Period has exceeded the applicable Intraday Purchase Share Volume Maximum for such Intraday Purchase (taking into account the Intraday Purchase Percentage specified by the Company in the applicable Intraday Purchase Notice for such Intraday Purchase); <u>provided</u>, <u>however,</u> that the calculation of the total number (or volume) of shares of Common Stock traded on the Trading Market (or on such Eligible Market, as applicable) during such Intraday Purchase Period shall exclude from such calculation all shares of Common Stock traded in any of the following transactions, to the extent they occur during such Intraday Purchase Period (as applicable): (A) the opening or first purchase of Common Stock at or following the official open of such primary (or "regular") trading session that is reported in the consolidated system on such Purchase Date, (B) the last or closing sale of Common Stock at or prior to the official close of such primary (or "regular") trading session that is reported in the consolidated system on such Purchase Date (as applicable), and (C) provided the Company shall have specified in the applicable Intraday Purchase Notice that clause (iii) below shall not trigger the Intraday Purchase Ending Time for such Intraday Purchase (such specification by the Company, whether in an Intraday Purchase Notice or in a Market Open Purchase Notice, a "***Limit Order Continue Election***"), all sales of Common Stock on the Trading Market (or on such Eligible Market, as applicable) during such Intraday Purchase Period at a Sale Price that is less than the applicable Intraday Purchase Minimum Price Threshold; and (iii) provided the Company shall have specified in the applicable Intraday Purchase Notice that this clause (iii) shall trigger the Intraday Purchase Ending Time for such Intraday Purchase (such specification by the Company, whether in an Intraday Purchase Notice or in a Market Open Purchase Notice, a "***Limit Order Discontinue Election***"), immediately at such time following the Intraday Purchase Commencement Time of the Intraday Purchase Period for such Intraday Purchase that the Sale Price of any share of Common Stock traded on the Trading Market (or on such Eligible Market, as applicable) during such Intraday Purchase Period is less than the applicable Intraday Purchase Minimum Price Threshold; <u>provided</u>, <u>however,</u> that the determination of whether the Sale Price of any share of Common Stock traded during such Intraday Purchase Period is less than the applicable Intraday Purchase Minimum Price Threshold shall exclude (A) the opening or first purchase of Common Stock at or following the official open of such primary (or "regular") trading session that is reported in the consolidated system on such Purchase Date and (B) the last or closing sale of Common Stock at or prior to the official close of such primary (or "regular") trading session that is reported in the consolidated system on such Purchase Date (as applicable). All such calculations shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction.

"***Intraday Purchase Maximum Amount***" means, with respect to an Intraday Purchase made pursuant to Section 3.2, such number of shares of Common Stock equal to the lesser of: (i) two (2) million shares, and (ii) the product of (A) the Intraday Purchase Percentage specified by the Company in the applicable Intraday Purchase Notice for such Intraday Purchase, multiplied by (B) the total number (or volume) of shares of Common Stock traded on the Trading Market (or, if the Common Stock is then listed on an Eligible Market, by such Eligible Market) during the Intraday Purchase Period for such Intraday Purchase; <u>provided</u>, <u>however,</u> that the calculation of the total number (or volume) of shares of Common Stock traded on the Trading Market (or on such Eligible Market, as applicable) during such Intraday Purchase Period referred to in clause (ii)(B) above shall exclude from such calculation all shares of Common Stock traded in any of the following transactions, to the extent they occur during such Intraday Purchase Period (as applicable): (1) the opening or first purchase of Common Stock at or following the official open of such primary (or "regular") trading session that is reported in the consolidated system on such Purchase Date, (2) the last or closing sale of Common Stock at or prior to the official close of such primary (or "regular") trading session that is reported in the consolidated system on such Purchase Date (as applicable) and (3) provided the Company shall have specified a Limit Order Continue Election in the applicable Intraday Purchase Notice for such Intraday Purchase, all sales of Common Stock on the Trading Market (or on such Eligible Market, as applicable) during such Intraday Purchase Period at a Sale Price that is less than the applicable Intraday Purchase Minimum Price Threshold. All such calculations shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction.

"***Intraday Purchase Minimum Price Threshold***" means, with respect to an Intraday Purchase made pursuant to Section 3.2, the dollar amount equal to the higher of (i) the product of (a) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the Purchase Date for such Intraday Purchase, multiplied by (b) 0.75, and (ii) the quotient obtained by dividing (a) the higher of (1) the Base Price and (2) the Net Asset Value per Share, by (b) 0.98, which higher dollar amount of clause (i) and (ii) shall be (I) specified by the Company in the applicable Intraday Purchase Notice for such Intraday Purchase as the per share minimum Sale Price threshold to be used in determining whether the event in clause (iii) of the definition of "Intraday Purchase Ending Time" shall have occurred during the applicable Intraday Purchase Period for such Intraday Purchase, if the Company shall have specified a Limit Order Discontinue Election in the applicable Intraday Purchase Notice for such Intraday Purchase, or (II) specified by the Company in the applicable Intraday Purchase Notice for such Intraday Purchase as the per share minimum Sale Price threshold to be used in determining the sales of Common Stock during the applicable Intraday Purchase Period that shall be excluded from the calculation of the total number (or volume) of shares of Common Stock traded on the Trading Market (or on such Eligible Market, as applicable) during such Intraday Purchase Period, if the Company shall have specified a Limit Order Continue Election in the applicable Intraday Purchase Notice for such Intraday Purchase. All such calculations shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction.

"***Intraday Purchase Notice***" means, with respect to an Intraday Purchase made pursuant to Section 3.2, an irrevocable written notice from the Company to the Investor, specifying the Intraday Purchase Percentage that shall apply to such Intraday Purchase and whether a Limit Order Continue Election or a Limit Order Discontinue Election shall apply to such Intraday Purchase, and directing the Investor to subscribe for and purchase a specified Intraday Purchase Share Amount (such specified Intraday Purchase Share Amount subject to automatic adjustment as set forth in Section 3.2 as necessary to give effect to the applicable Intraday Purchase Maximum Amount for such Intraday Purchase), at the applicable Intraday Purchase Price therefor on the Purchase Date for such Intraday Purchase in accordance with this Agreement, that is delivered by the Company to the Investor and received by the Investor (i) after the <u>latest</u> of (X) 10:00 a.m., New York City time, on such Purchase Date, if the Company has not timely delivered a Market Open Purchase Notice to the Investor for a Market Open Purchase on such Purchase Date, (Y) the Market Open Purchase Ending Time of the Market Open Purchase Period for the Market Open Purchase preceding the Intraday Purchase Period for such Intraday Purchase occurring on the same Purchase Date as such earlier Market Open Purchase, if the Company has timely delivered a Market Open Purchase Notice to the Investor for a Market Open Purchase on such Purchase Date and (Z) the Intraday Purchase Ending Time of the Intraday Purchase Period for the most recent prior Intraday Purchase, if any, occurring on the same Purchase Date as such Intraday Purchase, and (ii) prior to the <u>earlier</u> of (X) 2:00 p.m., New York City time, on such Purchase Date and (Y) such time that is exactly two (2) hours immediately prior to the official close of the primary (or "regular") trading session on the Trading Market (or, if the Common Stock is then listed on an Eligible Market, on such Eligible Market) on such Purchase Date, if the Trading Market (or such Eligible Market, as applicable) has theretofore publicly announced that the official close of the primary (or "regular") trading session on the Trading Market (or on such Eligible Market, as applicable) on such Purchase Date shall be earlier than 4:00 p.m., New York City time, on such Purchase Date.

"***Intraday Purchase Percentage***" means, with respect to an Intraday Purchase made pursuant to Section 3.2, the percentage specified by the Company in the applicable Intraday Purchase Notice for such Intraday Purchase, which shall not exceed 25.0%, for purposes of calculating, among other things, the Intraday Purchase Maximum Amount, the Intraday Purchase Share Amount and the Intraday Purchase Share Volume Maximum, in each case applicable to such Intraday Purchase.

"***Intraday Purchase Period***" means, with respect to an Intraday Purchase made pursuant to Section 3.2, the period on the Purchase Date for such Intraday Purchase, beginning at the applicable Intraday Purchase Commencement Time and ending at the applicable Intraday Purchase Ending Time on such Purchase Date for such Intraday Purchase.

"***Intraday Purchase Price***" means, with respect to an Intraday Purchase made pursuant to Section 3.2, the purchase price per Share to be purchased by the Investor in such Intraday Purchase, equal to the product of (i) 0.98, multiplied by (ii) the VWAP of the Common Stock for the applicable Intraday Purchase Period on the applicable Purchase Date for such Intraday Purchase; <u>provided</u>, <u>however,</u> that the calculation of the VWAP for the Common Stock for the Intraday Purchase Period for an Intraday Purchase shall exclude each of the following transactions, to the extent they occur during such Intraday Purchase Period (as applicable): (A) the opening or first purchase of Common Stock at or following the official open of such primary (or "regular") trading session that is reported in the consolidated system on such Purchase Date, (B) the last or closing sale of Common Stock at or prior to the official close of such primary (or "regular") trading session that is reported in the consolidated system on such Purchase Date (as applicable) and (C) provided the Company shall have specified a Limit Order Continue Election in the applicable Intraday Purchase Notice for such Intraday Purchase, all sales of Common Stock on the Trading Market (or on such Eligible Market, as applicable) during such Intraday Purchase Period at a Sale Price that is less than the applicable Intraday Purchase Minimum Price Threshold for such Intraday Purchase. All such calculations shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or other similar transaction.

"***Intraday Purchase Share Amount***" means, with respect to an Intraday Purchase made pursuant to Section 3.2, the total number of Shares to be purchased by the Investor in such Intraday Purchase as specified by the Company in the applicable Intraday Purchase Notice for such Intraday Purchase, which total number of Shares shall not exceed the Intraday Purchase Maximum Amount applicable to such Intraday Purchase, taking into account the Intraday Purchase Percentage specified by the Company in the applicable Intraday Purchase Notice for such Intraday Purchase (and such number of Shares specified by the Company in the applicable Intraday Purchase Notice for such Intraday Purchase shall be subject to automatic adjustment in accordance with Section 3.2 hereof as necessary to give effect to the Intraday Purchase Maximum Amount limitation applicable to such Intraday Purchase, taking into account the Intraday Purchase Percentage specified by the Company in the applicable Intraday Purchase Notice for such Intraday Purchase, as set forth in this Agreement).

"***Intraday Purchase Share Volume Maximum***" means, with respect to an Intraday Purchase made pursuant to Section 3.2, a number of shares of Common Stock equal to the quotient obtained by dividing (i) the Intraday Purchase Share Amount to be subscribed for and purchased by the Investor in such Intraday Purchase, by (ii) the Intraday Purchase Percentage specified by the Company in the applicable Intraday Purchase Notice for such Intraday Purchase (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction).

"***Investment Adviser***" shall have the meaning assigned to such term in the preamble of this Agreement.

"***Investment Period***" means the period commencing on the Commencement Date and expiring on the date this Agreement is subsequently terminated pursuant to Article IX.

"***Investor***" shall have the meaning assigned to such term in the preamble of this Agreement.

"***Investor Party***" shall have the meaning assigned to such term in Section 10.1.

"***Investment Advisory Agreement***" shall have the meaning assigned to such term in Section 6.3.

"***Investment Company Act***" means the Investment Company Act of 1940, as amended.

"***Issuer Covered Person***" shall have the meaning assigned to such term in Section 5.35.

"***IT Systems***" shall mean the Software, systems, servers, computers, hardware, firmware, middleware, networks, data communications lines, routers, hubs, switches and all other information technology and telecommunications assets, systems and equipment, and all associated documentation, in each case, owned, used, held for use, leased, outsourced or licensed by or for the Company for use in the conduct of its business.

"***Knowledge***" shall mean the actual knowledge of any of (i) the Company's Chairman of the Board of Directors and President, (ii) the Company's Chief Financial Officer, (iii) the Company's Chief Compliance Officer and (iv) the Company's Secretary, in each case after reasonable inquiry of all officers, directors and employees of the Company under such Person's direct supervision who would reasonably be expected to have knowledge or information with respect to the matter in question.

"***Law***" means the Investment Company Act, the Securities Act, the Exchange Act, and the rules and regulations promulgated thereunder, and other federal, state, provincial, local, foreign, national, or supranational statute, law (including common law), act, statute, ordinance, treaty, rule, code, regulation or other binding directive issued, promulgated or enforced by a Governmental Entity having jurisdiction over a given matter.

"***Limit Order Continue Election***" shall have the meaning assigned to such term in the definition of "Intraday Purchase Ending Time," which election shall be applicable to a Market Open Purchase, if such election is specified by the Company in the applicable Market Open Purchase Notice for such Market Open Purchase, and shall be applicable to an Intraday Purchase, if such election is specified by the Company in the applicable Intraday Purchase Notice for such Intraday Purchase, as the case may be.

"***Limit Order Discontinue Election***" shall have the meaning assigned to such term in the definition of "Intraday Purchase Ending Time," which election shall be applicable to a Market Open Purchase, if such election is specified by the Company in the applicable Market Open Purchase Notice for such Market Open Purchase, and shall be applicable to an Intraday Purchase, if such election is specified by the Company in the applicable Intraday Purchase Notice for such Intraday Purchase, as the case may be.

"***Market Open Purchase***" shall have the meaning assigned to such term in Section 3.1.

"***Market Open Purchase Commencement Time***" means, with respect to a Market Open Purchase made pursuant to Section 3.1, 9:30:01 a.m., New York City time, on the Purchase Date for such Market Open Purchase, or such later time on such Purchase Date publicly announced by the Trading Market (or, if the Common Stock is then listed on an Eligible Market, by such Eligible Market) as the official open of the primary (or "regular") trading session on the Trading Market (or on such Eligible Market, as applicable) on such Purchase Date.

"***Market Open Purchase Ending Time***" means, with respect to a Market Open Purchase made pursuant to Section 3.1, the time on the Purchase Date for such Market Open Purchase that is the <u>earliest</u> of: (i) 3:59 p.m., New York City time, on the applicable Purchase Date for such Market Open Purchase, or such earlier time publicly announced by the Trading Market (or, if the Common Stock is then listed on an Eligible Market, by such Eligible Market) as the official close of the primary (or "regular") trading session on the Trading Market (or on such Eligible Market, as applicable) on such Purchase Date; (ii) immediately at such time following the Market Open Purchase Commencement Time of the Market Open Purchase Period for such Market Open Purchase that the total number (or volume) of shares of Common Stock traded on the Trading Market (or on such Eligible Market, as applicable) during such Market Open Purchase Period has exceeded the applicable Market Open Purchase Share Volume Maximum for such Market Open Purchase (taking into account the Market Open Purchase Percentage specified by the Company in the applicable Market Open Purchase Notice for such Market Open Purchase); <u>provided</u>, <u>however,</u> that the calculation of the total number (or volume) of shares of Common Stock traded on the Trading Market (or on such Eligible Market, as applicable) during such Market Open Purchase Period shall exclude from such calculation all shares of Common Stock traded in any of the following transactions, to the extent they occur during such Market Open Purchase Period (as applicable): (A) the opening or first purchase of Common Stock at or following the official open of such primary (or "regular") trading session that is reported in the consolidated system on such Purchase Date, (B) the last or closing sale of Common Stock at or prior to the official close of such primary (or "regular") trading session that is reported in the consolidated system on such Purchase Date (as applicable) and (C) provided the Company shall have specified a Limit Order Continue Election in the applicable Market Open Purchase Notice for such Market Open Purchase, all sales of Common Stock on the Trading Market (or on such Eligible Market, as applicable) during such Market Open Purchase Period at a Sale Price that is less than the applicable Market Open Purchase Minimum Price Threshold; and (iii) provided the Company shall have specified a Limit Order Discontinue Election in the applicable Market Open Purchase Notice for such Market Open Purchase, immediately at such time following the Market Open Purchase Commencement Time of the Market Open Purchase Period for such Market Open Purchase that the Sale Price of any share of Common Stock traded on the Trading Market (or on such Eligible Market, as applicable) during such Market Open Purchase Period is less than the applicable Market Open Purchase Minimum Price Threshold; <u>provided</u>, <u>however,</u> that the determination of whether the Sale Price of any share of Common Stock traded during such Market Open Purchase Period is less than the applicable Market Open Purchase Minimum Price Threshold shall exclude (A) the opening or first purchase of Common Stock at or following the official open of such primary (or "regular") trading session that is reported in the consolidated system on such Purchase Date and (B) the last or closing sale of Common Stock at or prior to the official close of such primary (or "regular") trading session that is reported in the consolidated system on such Purchase Date (as applicable). All such calculations shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction.

"***Market Open Purchase Maximum Amount***" means, with respect to a Market Open Purchase made pursuant to Section 3.1, such number of shares of Common Stock equal to the lesser of: (i) two (2) million shares, and (ii) the product of (A) the Market Open Purchase Percentage specified by the Company in the applicable Market Open Purchase Notice for such Market Open Purchase, multiplied by (B) the total number (or volume) of shares of Common Stock traded on the Trading Market (or, if the Common Stock is then listed on an Eligible Market, by such Eligible Market) during the Market Open Purchase Period for such Market Open Purchase; <u>provided</u>, <u>however,</u> that the calculation of the total number (or volume) of shares of Common Stock traded on the Trading Market (or on such Eligible Market, as applicable) during such Market Open Purchase Period referred to in clause (ii)(B) above shall exclude from such calculation all shares of Common Stock traded in any of the following transactions, to the extent they occur during such Market Open Purchase Period (as applicable): (1) the opening or first purchase of Common Stock at or following the official open of such primary (or "regular") trading session that is reported in the consolidated system on such Purchase Date, (2) the last or closing sale of Common Stock at or prior to the official close of such primary (or "regular") trading session that is reported in the consolidated system on such Purchase Date (as applicable) and (3) provided the Company shall have specified a Limit Order Continue Election in the applicable Market Open Purchase Notice for such Market Open Purchase, all sales of Common Stock on the Trading Market (or on such Eligible Market, as applicable) during such Market Open Purchase Period at a Sale Price that is less than the applicable Market Open Purchase Minimum Price Threshold. All such calculations shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction.

"***Market Open Purchase Minimum Price Threshold***" means, with respect to a Market Open Purchase made pursuant to Section 3.1, the dollar amount equal to the higher of (i) the product of (a) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the Purchase Date for such Market Open Purchase, multiplied by (b) 0.75, and (ii) the quotient obtained by dividing (a) the higher of (1) the Base Price and (2) the Net Asset Value per Share, by (b) 0.98, which higher dollar amount of clause (i) and (ii) shall be (I) specified by the Company in the applicable Market Open Purchase Notice for such Market Open Purchase as the per share minimum Sale Price threshold to be used in determining whether the event in clause (iii) of the definition of "Market Open Purchase Ending Time" shall have occurred during the applicable Market Open Purchase Period for such Market Open Purchase, if the Company shall have specified a Limit Order Discontinue Election in the applicable Market Open Purchase Notice for such Market Open Purchase, or (II) specified by the Company in the applicable Market Open Purchase Notice for such Market Open Purchase as the per share minimum Sale Price threshold to be used in determining the sales of Common Stock during the applicable Market Open Purchase Period that shall be excluded from the calculation of the total number (or volume) of shares of Common Stock traded on the Trading Market (or on such Eligible Market, as applicable) during such Market Open Purchase Period, if the Company shall have specified a Limit Order Continue Election in the applicable Market Open Purchase Notice for such Market Open Purchase. All such calculations shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction.

"***Market Open Purchase Notice***" means, with respect to a Market Open Purchase made pursuant to Section 3.1, an irrevocable written notice delivered by the Company to the Investor, and received by the Investor, after 6:00 a.m., New York City time, and prior to 9:00 a.m., New York City time, on the Purchase Date for such Market Open Purchase, specifying the Market Open Purchase Percentage that shall apply to such Market Open Purchase and whether a Limit Order Continue Election or a Limit Order Discontinue Election shall apply to such Market Open Purchase, and directing the Investor to subscribe for and purchase a specified Market Open Purchase Share Amount (such specified Market Open Purchase Share Amount subject to automatic adjustment as set forth in Section 3.1 as necessary to give effect to the applicable Market Open Purchase Maximum Amount for such Market Open Purchase), at the applicable Market Open Purchase Price therefor on such Purchase Date for such Market Open Purchase in accordance with this Agreement.

"***Market Open Purchase Percentage***" means, with respect to a Market Open Purchase made pursuant to Section 3.1, the percentage specified by the Company in the applicable Market Open Purchase Notice for such Market Open Purchase, which shall not exceed 25.0%, for purposes of calculating, among other things, the Market Open Purchase Maximum Amount, the Market Open Purchase Share Amount and the Market Open Purchase Share Volume Maximum, in each case applicable to such Market Open Purchase.

"***Market Open Purchase Period***" means, with respect to a Market Open Purchase made pursuant to Section 3.1, the period on the Purchase Date for such Market Open Purchase, beginning at the applicable Market Open Purchase Commencement Time and ending at the applicable Market Open Purchase Ending Time on such Purchase Date for such Market Open Purchase.

"***Market Open Purchase Price***" means, with respect to a Market Open Purchase made pursuant to Section 3.1, the purchase price per Share to be purchased by the Investor in such Market Open Purchase, equal to the product of (i) 0.98, multiplied by (ii) the VWAP of the Common Stock for the applicable Market Open Purchase Period on the applicable Purchase Date for such Market Open Purchase; <u>provided</u>, <u>however,</u> that the calculation of the VWAP for the Common Stock for the Market Open Purchase Period for a Market Open Purchase shall exclude each of the following transactions, to the extent they occur during such Market Open Purchase Period (as applicable): (A) the opening or first purchase of Common Stock at or following the official open of such primary (or "regular") trading session that is reported in the consolidated system on such Purchase Date, (B) the last or closing sale of Common Stock at or prior to the official close of such primary (or "regular") trading session that is reported in the consolidated system on such Purchase Date (as applicable) and (C) provided the Company shall have specified a Limit Order Continue Election in the applicable Market Open Purchase Notice for such Market Open Purchase, all sales of Common Stock on the Trading Market (or on such Eligible Market, as applicable) during such Market Open Purchase Period at a Sale Price that is less than the applicable Market Open Purchase Minimum Price Threshold for such Market Open Purchase. All such calculations shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or other similar transaction.

"***Market Open Purchase Share Amount***" means, with respect to a Market Open Purchase made pursuant to Section 3.1, the total number of Shares to be purchased by the Investor in such Market Open Purchase as specified by the Company in the applicable Market Open Purchase Notice for such Market Open Purchase, which total number of Shares shall not exceed the Market Open Purchase Maximum Amount applicable to such Market Open Purchase, taking into account the Market Open Purchase Percentage specified by the Company in the applicable Market Open Purchase Notice for such Market Open Purchase (and such number of Shares specified by the Company in the applicable Market Open Purchase Notice for such Market Open Purchase shall be subject to automatic adjustment in accordance with Section 3.1 hereof as necessary to give effect to the Market Open Purchase Maximum Amount limitation applicable to such Market Open Purchase, taking into account the Market Open Purchase Percentage specified by the Company in the applicable Market Open Purchase Notice for such Market Open Purchase, as set forth in this Agreement).

"***Market Open Purchase Share Volume Maximum***" means, with respect to a Market Open Purchase made pursuant to Section 3.1, a number of shares of Common Stock equal to the quotient obtained by dividing (i) the Market Open Purchase Share Amount to be subscribed for and purchased by the Investor in such Market Open Purchase, by (ii) the Market Open Purchase Percentage specified by the Company in the applicable Market Open Purchase Notice for such Market Open Purchase (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction).

"***Material Adverse Effect***" means (i) any condition, occurrence, state of facts or event having, or insofar as reasonably can be foreseen would likely have, any effect on the business, operations, properties or financial condition of the Company as set forth in the Commission Documents that is material and adverse to the Company and its Subsidiaries, taken as a whole, excluding any facts, circumstances, changes or effects, individually or in the aggregate, exclusively and directly resulting from, relating to or arising out of any of the following: (a) changes in conditions in the U.S. or global capital, credit or financial markets generally, including changes in the availability of capital or currency exchange rates, provided such changes shall not have affected the Company in a materially disproportionate manner as compared to other similarly situated companies, (b) changes generally affecting the industries in which the Company and its Subsidiaries operate, provided such changes shall not have affected the Company and its Subsidiaries, taken as a whole, in a materially disproportionate manner as compared to other similarly situated companies, (c) any effect of the announcement of, or the consummation of the transactions contemplated by, this Agreement and the Registration Rights Agreement on the Company's or any of its Subsidiaries' relationships, contractual or otherwise, with customers, suppliers, vendors, bank lenders, strategic venture partners or employees, (d) changes arising in connection with earthquakes, hostilities, acts of war, sabotage or terrorism or military actions or any escalation or material worsening of any such hostilities, acts of war, sabotage or terrorism or military actions existing as of the date hereof, (e) any action taken by the Investor, any of its officers or the Investor's Broker-Dealer, or any of such Person's successors with respect to the transactions contemplated by this Agreement and the Registration Rights Agreement, and (f) the effect of any changes in applicable Laws or accounting rules, provided such changes shall not have affected the Company and its Subsidiaries, taken as a whole, in a materially disproportionate manner as compared to other similarly situated companies; (ii) any condition, occurrence, state of facts or event having, or insofar as reasonably can be foreseen would likely have, any material adverse effect on the legality, validity or enforceability of any of the Transaction Documents or the transactions contemplated thereby; or (iii) any condition, occurrence, state of facts or event that would, or insofar as reasonably can be foreseen would likely, prohibit or otherwise materially interfere with or delay the ability of the Company to perform any of its obligations under any of the Transaction Documents to which it is a party, except that for purposes of Article VIII of this Agreement, in no event shall a change in the market price of the Common Stock or Net Asset Value of the Company by itself constitute a Material Adverse Effect.

"***Material Contracts***" shall mean any other Contract that is expressly referred to in or filed or incorporated by reference as an exhibit to a Commission Document or that, if terminated or subject to default by a party thereto would, individually or in the aggregate, have a Material Adverse Effect.

"***Minimum Price***" means $10.00, which represents the initial listing price of the Common Stock on the Nasdaq Global Market on May 11, 2026 (subject to adjustment for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction that occurs on or after the date of this Agreement).

"***Money Laundering Laws***" shall have the meaning assigned to such term in Section 5.30.

"***MPA Period***" means: (i) with respect to the first publication or distribution of a research report (as such term is defined in Rule 500 of Regulation AC) concerning the Company by any Affiliate of the Investor, including, without limitation, RCP, the period commencing at 5:00 p.m., New York City time, on the eleventh (11<sup>th</sup>) Trading Day immediately preceding the Trading Day on which any Affiliate of the Investor, including, without limitation, RCP, shall have published or distributed any research report (as such term is defined in Rule 500 of Regulation AC) concerning the Company, and ending at 6:00 a.m., New York City time, on the eleventh (11<sup>th</sup>) Trading Day immediately following the Trading Day on which any Affiliate of the Investor, including, without limitation, RCP, shall have published or distributed any research report (as such term is defined in Rule 500 of Regulation AC) concerning the Company; (ii) with respect to any subsequent publication or distribution of a research report (as such term is defined in Rule 500 of Regulation AC) concerning the Company by any Affiliate of the Investor, including, without limitation, RCP, the period commencing at 5:00 p.m., New York City time, on the fourth (4<sup>th</sup>) Trading Day immediately preceding the Trading Day on which any Affiliate of the Investor, including, without limitation, RCP, shall have published or distributed any research report (as such term is defined in Rule 500 of Regulation AC) concerning the Company, and ending at 6:00 a.m., New York City time, on the fourth (4<sup>th</sup>) Trading Day immediately following the Trading Day on which any Affiliate of the Investor, including, without limitation, RCP, shall have published or distributed any research report (as such term is defined in Rule 500 of Regulation AC) concerning the Company; and (iii) with respect to any non-deal road show or investor conference, investor marketing event or pre-scheduled series of investor meetings (either in person or virtual) that is hosted (or substantially coordinated, organized, arranged or facilitated) by any Affiliate of the Investor, including without limitation RCP, at which the Company shall have agreed to participate (a "***Scheduled Investor Marketing Event***"), the period commencing at 5:00 p.m., New York City time, on the fourth (4<sup>th</sup>) Trading Day immediately preceding the first Trading Day on which the Scheduled Investor Marketing Event occurred, and ending at 6:00 a.m., New York City time, on the fourth (4<sup>th</sup>) Trading Day immediately following the last Trading Day on which such Scheduled Investor Marketing Event had occurred, <u>provided</u> that a Scheduled Investor Marketing Event shall not include any event at which an Affiliate of the Investor merely attends as a participant or provides de minimis administrative assistance.

"***Net Asset Value***" shall mean the value of the total assets of the Company, less all of the Company's liabilities, including accrued fees and expenses, calculated by the Company on a per share of Common Stock basis as of the close of business on the last Business Day of each calendar month during the term of this Agreement and publicly disclosed by the Company in a Prospectus Supplement to the Prospectus to be filed with the Commission not later than 9:00 a.m., New York City time, on the Business Day next following the Business Day on which such net asset value per share is determined by the Company.

"***New Registration Statement***" shall have the meaning assigned to such term in the Registration Rights Agreement.

"***Notice of Effectiveness***" shall have the meaning assigned to such term in Section 11.1(iv).

"***OFAC***" shall have the meaning assigned to such term in Section 5.29.

"***Off-Balance Sheet Transaction***" shall have the meaning assigned to such term in Section 5.36.

"***Order***" means any outstanding writ, order, judgment, injunction, binding decision or determination, award, ruling, subpoena, verdict or decree entered, issued or rendered by any Governmental Entity.

"***PEA Period***" means the period commencing at 9:30 a.m., New York City time, on the fifth (5<sup>th</sup>) Trading Day immediately prior to the filing of (i) any post-effective amendment to the Initial Registration Statement or any New Registration Statement or (ii) any New Registration Statement, as applicable, and ending at 9:30 a.m., New York City time, on the Trading Day immediately following, the Effective Date of such post-effective amendment or New Registration Statement, as applicable.

"***Permits***" means all franchises, grants, authorizations, licenses, permits, easements, consents, certificates exemptions, waivers and Orders of any Governmental Entity required for the conduct of the business conducted by the Company and its Subsidiaries.

"***Person***" means any person or entity, whether a natural person, trustee, corporation, partnership, limited partnership, limited liability company, trust, unincorporated organization, business association, firm, joint venture or Governmental Entity.

"***Privacy and Security Requirements***" shall mean, to the extent applicable to the Company any Laws relating to privacy and data security, including laws regulating the processing of Confidential Data, and all policies and procedures applicable to the Company relating to the privacy, data security and/or the processing of Confidential Data.

"***Proceeding***" means any lawsuit, litigation, action, audit, examination or investigation, claim, complaint, charge, proceeding, suit or arbitration (in each case, whether civil, criminal or administrative and whether public or private) pending in court or arbitration or by, before or otherwise involving any Governmental Entity.

"***Prospectus***" shall have the meaning assigned to such term in the Registration Rights Agreement.

"***Prospectus Supplement***" shall have the meaning assigned to such term in the Registration Rights Agreement.

"***Purchase Condition Satisfaction Time***" shall have the meaning assigned to such term in Section 8.3.

"***Purchase Date***" means (i) with respect to a Market Open Purchase made pursuant to Section 3.1, the Trading Day on which the Investor timely receives, (A) after 6:00 a.m., New York City time, and (B) prior to 9:00 a.m., New York City time, on such Trading Day, a valid Market Open Purchase Notice for such Market Open Purchase in accordance with this Agreement, and (ii) with respect to an Intraday Purchase made pursuant to Section 3.2, the Trading Day on which the Investor timely receives a valid Intraday Purchase Notice for such Intraday Purchase in accordance with this Agreement, (A) after the <u>latest</u> of (X) 10:00 a.m., New York City time, on such Trading Day, if the Company has not timely delivered a valid Market Open Purchase Notice to the Investor for a Market Open Purchase on such Trading Day, (Y) the Market Open Purchase Ending Time of the Market Open Purchase Period for the Market Open Purchase preceding the applicable Intraday Purchase Period for such Intraday Purchase occurring on the same Trading Day as such earlier Market Open Purchase, if the Company has timely delivered a valid Market Open Purchase Notice to the Investor for a Market Open Purchase on such Trading Day, and (Z) the Intraday Purchase Ending Time of the Intraday Purchase Period for the most recent prior Intraday Purchase, if any, occurring on the same Trading Day as such Intraday Purchase, and (B) prior to the <u>earlier</u> of (X) 2:00 p.m., New York City time, on such Trading Day for such Intraday Purchase and (Y) such time that is exactly two (2) hours immediately prior to the official close of the primary (or "regular") trading session on the Trading Market (or, if the Common Stock is then listed on an Eligible Market, on such Eligible Market) on such Trading Day, if the Trading Market (or such Eligible Market, as applicable) has publicly announced that the official close of the primary (or "regular") trading session shall be earlier than 4:00 p.m., New York City time, on such Trading Day.

"***Purchase Share Delivery Date***" shall have the meaning assigned to such term in Section 3.3.

"***Qualified Independent Underwriter***" shall have the meaning assigned to such term in FINRA Rule 5121(f)(12).

"***RCP***" shall have the meaning assigned to such term in the Recitals.

"***Reference Period***" shall have the meaning assigned to such term in Section 7.6(ii).

"***Registrable Securities***" shall have the meaning assigned to such term in the Registration Rights Agreement.

"***Registration Period***" shall have the meaning assigned to such term in the Registration Rights Agreement.

"***Registration Rights Agreement***" shall have the meaning assigned to such term in the recitals hereof.

"***Registration Statement***" shall have the meaning assigned to such term in the Registration Rights Agreement.

"***Regulation D***" shall have the meaning assigned to such term in the recitals hereof.

"***Representation Date***" shall have the meaning assigned to such term in Section 7.17.

"***Restricted Period***" shall have the meaning assigned to such term in Section 7.9(i).

"***Restricted Person***" shall have the meaning assigned to such term in Section 7.9(i).

"***RIC***" shall have the meaning assigned to such term in Section 5.19.

"***Rule 144***" means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect.

"***Sale Price***" means any trade price for a share of Common Stock on the Trading Market or, if the Common Stock is then traded on an Eligible Market, on such Eligible Market, as reported by Bloomberg.

"***Sanctions***" shall have the meaning assigned to such term in Section 5.29.

"***Sarbanes-Oxley Act***" shall have the meaning assigned to such term in Section 5.6(d).

"***Section 4(a)(2)***" shall have the meaning assigned to such term in the recitals of this Agreement.

"***Securities Act***" shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder.

"***Shares***" shall mean the shares of Common Stock that may be purchased by the Investor under this Agreement pursuant to one or more Market Open Purchase Notices or one or more Intraday Purchase Notices.

"***Short Sales***" shall mean "short sales" as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act.

"***Software***" shall mean any and all computer software programs and software systems, including all computer software and code (including source code, executable code and object code), databases and compilations (including any and all data and collections of data, whether machine readable or otherwise), compilers and decompilers, development tools, menus, higher level or "proprietary" languages, templates, macros, user interfaces, report formats, firmware, data files, whether in source code, object code or human readable form, and all documentation and materials (including user manuals, other specifications, training documentation, descriptions, flow-charts and other work product used to design, plan, organize and develop any of the foregoing) and know-how relating to any of the foregoing.

"***Structuring Fee***" shall have the meaning assigned to such term in Section 11.1(i).

"***Subsidiary***" shall mean any corporation or other entity of which at least a majority of the securities or other ownership interests having ordinary voting power for the election of directors or other persons performing similar functions are at the time owned directly or indirectly by the Company.

"***Tax***" or "***Taxes***" shall mean all federal, state, local, non-U.S. 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, in the nature of a tax, imposed by any Governmental Entity together with any interest and any penalties, additions to tax or additional amounts with respect thereto.

"***Tax Returns***" shall mean all returns, declarations, reports, statements and other documents required to be filed with any Governmental Entity in respect of Taxes.

"***Threshold Price***" means $1.00, which shall not be adjusted (proportionally or otherwise) for any forward stock split, reverse stock split, stock combination, stock dividend, recapitalization, reorganization or other similar transaction involving the capital stock of the Company that occurs on or after the date of the Agreement.

"***Total Commitment***" shall have the meaning assigned to such term in Section 2.1.

"***Trading Day***" shall mean any day on which the Trading Market or, if the Common Stock is then listed on an Eligible Market, such Eligible Market is open for "regular" trading, including any day on which the Trading Market (or such Eligible Market, as applicable) is open for "regular" trading for a period of time less than the customary "regular" trading period.

"***Trading Market***" means The Nasdaq Global Market (or any nationally recognized successor thereto).

"***Transaction Documents***" means, collectively, this Agreement (as qualified by the Disclosure Schedule) and the exhibits hereto, the Registration Rights Agreement and the exhibits thereto, and each of the other agreements, documents, certificates and instruments entered into or furnished by the parties hereto in connection with the transactions contemplated hereby and thereby.

"***Variable Rate Transaction***" means a transaction in which the Company (i) issues or sells any equity or debt securities that are convertible into, exchangeable or exercisable for or include the right to receive additional shares of Common Stock or Common Stock Equivalents either (A) at a conversion price, exercise price, exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the Common Stock at any time after the initial issuance of such equity or debt securities, or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such equity or debt security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the Common Stock (including, without limitation, any "full ratchet" or "weighted average" anti-dilution provisions, but not including any standard anti-dilution protection for any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction), or (ii) issues or sells any equity or debt securities, including, without limitation, Common Stock or Common Stock Equivalents, either (A) at a price that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the Common Stock (other than standard anti-dilution protection for any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction), or (B) that are subject to or contain any put, call, redemption, buy-back, price-reset or other similar provision or mechanism (including, without limitation, a "Black-Scholes" put or call right, other than in connection with a "fundamental transaction") that provides for the issuance of additional equity securities of the Company or the payment of cash by the Company or (iii) enters into any agreement, including, but not limited to, an "equity line of credit" or "at the market offering" or other continuous offering or similar offering of Common Stock or Common Stock Equivalents, whereby the Company may sell Common Stock or Common Stock Equivalents at a future determined price.

"***VWAP***" means, for the Common Stock for a specified period, the dollar volume-weighted average price for the Common Stock on the Trading Market (or, if the Common Stock is then listed on an Eligible Market, on such Eligible Market), for such period, as reported by Bloomberg through its "AQR" function; <u>provided</u>, <u>however</u>, that (i) the calculation of the dollar volume-weighted average price for the Common Stock for the Market Open Purchase Period for each Market Open Purchase shall exclude each of the following transactions, to the extent they occur during such Market Open Purchase Period (as applicable): (A) the opening or first purchase of Common Stock at or following the official open of such primary (or "regular") trading session that is reported in the consolidated system on such Purchase Date, (B) the last or closing sale of Common Stock at or prior to the official close of such primary (or "regular") trading session that is reported in the consolidated system on such Purchase Date (as applicable) and (C) provided the Company shall have specified a Limit Order Continue Election in the applicable Market Open Purchase Notice for such Market Open Purchase, all sales of Common Stock on the Trading Market (or on such Eligible Market, as applicable) during such Market Open Purchase Period at a Sale Price that is less than the applicable Market Open Purchase Minimum Price Threshold for such Market Open Purchase; and (ii) the calculation of the dollar volume-weighted average price for the Common Stock for the Intraday Purchase Period for each Intraday Purchase shall exclude each of the following transactions, to the extent they occur during such Intraday Purchase Period (as applicable): (A) the opening or first purchase of Common Stock at or following the official open of such primary (or "regular") trading session that is reported in the consolidated system on such Purchase Date, (B) the last or closing sale of Common Stock at or prior to the official close of such primary (or "regular") trading session that is reported in the consolidated system on such Purchase Date (as applicable) and (C) provided the Company shall have specified a Limit Order Continue Election in the applicable Intraday Purchase Notice for such Intraday Purchase, all sales of Common Stock on the Trading Market (or on such Eligible Market, as applicable) during such Intraday Purchase Period at a Sale Price that is less than the applicable Intraday Purchase Minimum Price Threshold for such Intraday Purchase. All such calculations shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or other similar transaction.

**EXHIBIT A**

**FORM OF REGISTRATION RIGHTS AGREEMENT**

[TO BE FURNISHED SEPARATELY]

**EXHIBIT B-1**

**CLOSING CERTIFICATE OF THE COMPANY**

[TO BE FURNISHED SEPARATELY]

**EXHIBIT B-2**

**CLOSING CERTIFICATE OF THE INVESTMENT ADVISER**

[TO BE FURNISHED SEPARATELY]

**EXHIBIT C-1**

**COMPLIANCE CERTIFICATE OF THE COMPANY**

[TO BE FURNISHED SEPARATELY]

**EXHIBIT C-2**

**COMPLIANCE CERTIFICATE OF THE INVESTMENT ADVISER**

[TO BE FURNISHED SEPARATELY]

**DISCLOSURE SCHEDULE<br> RELATING TO THE COMMON STOCK<br> PURCHASE AGREEMENT, DATED AS OF MAY 11, 2026**

**BY AND AMONG**

**ROTH PRINCIPAL INVESTMENTS, LLC, ROBOSTRATEGY, INC. AND**

**FP STRATEGIES LLC**

This disclosure schedule is made and given pursuant to Article V of the Common Stock Purchase Agreement, dated as of May 11th, 2026 (the "***Agreement***"), by and among Roth Principal Investments, LLC, a Delaware limited liability company (the "***Investor***"), RoboStrategy, Inc., a Maryland corporation (the "***Company***") and FP Strategies LLC, a Puerto Rico limited liability company (the "***Investment Adviser***"). Unless the context otherwise requires, all capitalized terms are used herein as defined in the Agreement. The numbers below correspond to the section numbers of representations and warranties in the Agreement most directly modified by the below exceptions.

## Ex-99.(N)

**Exhibit (n)**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We have issued our report dated January 26, 2026 with respect to the financial statements of RoboStrategy, Inc. for the period from May 23, 2025 (date of organization) through September 5, 2025 which are contained in the Prospectus and Statement of Additional Information contained in this Registration Statement. We consent to the use of the aforementioned report in the Prospectus and Statement of Additional Information contained in this Registration Statement, and to the use of our name as it appears under the caption "Independent Registered Public Accounting Firm."

/s/ GRANT THORNTON LLP

Philadelphia, Pennsylvania<br> May 12, 2026

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**N-2**

**RoboStrategy, Inc.**

**Table 1: Newly Registered and Carry Forward Securities**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Common Stock | (1) | Other | 14100000 | $| $583599000.00 | 0.0001381 | $80595.02 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $583599000.00 |  | 80595.02 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  |  |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $80595.02 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant is relying upon Rule 457(c) under the Securities Act of 1933 ("Securities Act") to calculate the registration fee. The maximum aggregate offering price is estimated solely for purposes of determining the registration fee based on the average of the high and low sales prices of the shares of Common Shares, as reported by Nasdaq on May 11, 2026, in accordance with Rule 457(c) under the Securities Act. The proposed maximum offering price per security will be determined from time to time by the Registrant in connection with the sale by the Registrant of the securities registered under this Registration Statement.

## Ex-99.(T)

**Exhibit (t)**

**POWER OF ATTORNEY**

The undersigned director or officer of the RoboStrategy, Inc. (the "Fund") does hereby constitute and appoint Marc Weinstein, Andrew Kang, and Lance Baker each individually, his or her true and lawful attorney-in-fact and agent (each an "Attorney-in-Fact") with power of substitution or re-substitution, in any and all capacities, including without limitation in the applicable undersigned's capacity as director or officer of the Fund as noted below, in the furtherance of the business and affairs of the Fund: (i) to execute any and all instruments which said Attorney-in-Fact may deem necessary or advisable or which may be required to comply with the Securities Act of 1933, as amended, the Investment Company Act of 1940, as amended, and the Securities Exchange Act of 1934, as amended (collectively the "Acts"), and any other applicable federal securities laws, or rules, regulations or requirements of the U.S. Securities and Exchange Commission ("SEC") in respect thereof, in connection with the filing and effectiveness of the Fund's registration statement on Form N-2, as filed on May 13, 2026 regarding the registration of the Fund and its shares of common stock, and any and all amendments thereto, including without limitation any reports, forms or other filings required by the Acts or any other applicable federal securities laws, or rules, regulations or requirements of the SEC, and to do generally all such things in my name and on my behalf in the capacity indicated below to enable the Fund to comply with the Acts, and all requirements of the SEC thereunder; and (ii) to execute any and all state regulatory or other required filings, including all applications with regulatory authorities, state charter or organizational documents and any amendments or supplements thereto, to be executed by, on behalf of, or for the benefit of, the Fund. The undersigned hereby grants to each Attorney-in-Fact full power and authority to do and perform each and every act and thing contemplated above, as fully and to all intents and purposes as the undersigned might or could do in person, and hereby ratifies and confirms all that said Attorneys-in-Fact, individually or collectively, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney shall be revocable with respect to an undersigned at any time by a writing signed by such undersigned and shall terminate automatically with respect to an undersigned if such undersigned ceases to be a director or officer of the Fund.

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| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ J. Michael Fields | Director | <br> May 11, 2026 |
| J. Michael Fields | Director |  |
| /s/ Alex Yeh | Director | May 11, 2026 |
| Alex Yeh | Director |  |
| /s/ Nicolas Carter | Director | May 11, 2026 |
| Nicolas Carter | Director |  |
| /s/ Marc Weinstein | Director, Chief Operating Officer | May 11, 2026 |
| Marc Weinstein | Director, Chief Operating Officer |  |
| /s/ Andrew Kang | Director, President (Principal Executive Officer) | May 11, 2026 |
| Andrew Kang | Director, President (Principal Executive Officer) |  |
| /s/ Lance Baker | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | May 11, 2026 |
| Lance Baker | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |  |

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