# EDGAR Filing Document

**Accession Number:** 0001951222
**File Stem:** 0001193805-25-001455
**Filing Date:** 2025-10
**Character Count:** 35073
**Document Hash:** 9bcff396c30dd160878b6a236771c673
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193805-25-001455.hdr.sgml**: 20251015

**ACCESSION NUMBER**: 0001193805-25-001455

**CONFORMED SUBMISSION TYPE**: F-3MEF

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20251015

**DATE AS OF CHANGE**: 20251015

**EFFECTIVENESS DATE**: 20251015

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** F-3MEF
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290874
- **FILM NUMBER:** 251393562

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

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

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

**As filed with the U.S. Securities and Exchange Commission on October 15, 2025**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**_____________** 

**Form F-3**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT**

________

**SEALSQ Corp**

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

_____________

---

| | | |
|:---|:---|:---|
| **British Virgin Islands**<br> **(State or other jurisdiction of incorporation or organization)** | **3674**<br> **(Primary Standard Industrial Classification Code Number)** | **N/A**<br> **(I.R.S. Employer Identification No.)** |

---

**Avenue Louis-Casaï 58**

**1216 Cointrin, Switzerland**

**(Address of principal executive offices)**

**N/A**

**(I.R.S. Employer Identification No.)**

**John O'Hara**

**Chief Financial Officer**

**SEALSQ Corp**

**Craigmuir Chambers, Road Town**

**Tortola, British Virgin Islands VG1110**

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

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

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

**Cogency Global Inc.**

**122 East 42nd Street, 18th Floor**

**New York, NY 10168**

**800-221-0102**

**(Name, address and telephone number of agent for service)**

_____________

**Copies to:**

_____________

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Herman H. Raspé, Esq.**<br> **Patterson Belknap Webb & Tyler LLP 1133 Avenue of the Americas New York, New York 10036**<br> **Tel: (212) 336-2000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **George Weston**<br> **Harney Westwood & Riegels LP Craigmuir Chambers, PO Box 71, Road Town, Tortola,**<br> **VG1110, British Virgin Islands**<br> **Tel: (284) 852 4333** |

---

_____________

 ****

Approximate date of commencement of proposed sale to the public: From time to time after this Registration Statement is declared effective.

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

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☒ Registration No. 333-286098

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

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

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933. Emerging growth company. ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☒

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

**This Registration Statement shall become effective upon filing in accordance with Rule 462(b) under the Securities Act of 1933, as amended.**

**EXPLANATORY NOTE AND INCORPORATION OF CERTAIN INFORMATION BY REFERENCE**

This Registration Statement on Form F-3 (this "Registration Statement") is being filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, for the sole purpose of increasing the aggregate offering price of securities offered by SEALSQ Corp (the "Registrant") by $15,838,136.00. The additional securities that are being registered for sale are in an amount and at a price that together represent no more than 20% of the maximum aggregate offering price set forth in the Calculation of Registration Fee table contained in the Registration Statement on Form F-3 (Reg. No. 333-286098) (the "Prior Registration Statement"), which was declared effective by the Securities and Exchange Commission on April 2, 2025. The information set forth in the Prior Registration Statement and all exhibits thereto are hereby incorporated by reference in this filing.

The required opinion and consents are listed on the Exhibit Index and filed herewith.

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Cointrin, Switzerland on the 15th day of October 2025.

---

| | |
|:---|:---|
| **SEALSQ Corp (Registrant)** | **SEALSQ Corp (Registrant)** |
| By: | /s/ John O'Hara |
| Name: | John O'Hara |
| Title: | Chief Financial Officer |
| By: | /s/ Carlos Moreira |
| Name: | Carlos Moreira |
| Title: | Chief Executive Officer |

---

**<u>POWER OF ATTORNEY</u>**

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities indicated on October 15, 2025.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Carlos Moreira | Chief Executive Officer and Director |
| Carlos Moreira | (Principal Executive Officer) |
| /s/ John O'Hara | Chief Financial Officer and Director |
| John O'Hara | (Principal Financial Officer and Principal Accounting Officer) |
| /s/ Cristina Dolan | Director |
| Cristina Dolan |  |
| /s/ David Fergusson | Director |
| David Fergusson |  |
| /s/ Eric Pellaton | Director |
| Eric Pellaton |  |
| /s/ Hossein Rahnama | Director |
| Hossein Rahnama |  |
| | Director |
| Ruma Bose |  |
| | Director |
| Peter Ward |  |

---

**<u>United States Authorized Representative</u>**

Pursuant to the requirements of the Securities Act of 1933, as amended, the undersigned, the duly authorized representative of the Registrant in the United States, has signed this registration statement or amendment thereto in the City of New York, State of New York, on October 15, 2025.

---

| | |
|:---|:---|
| Authorized U.S. Representative Cogency Global Inc. | Authorized U.S. Representative Cogency Global Inc. |
| By: | /s/ Colleen A. De Vries |
| Name: | Colleen A. De Vries |
| Title: | Senior Vice-President on behalf of Cogency |

---

<br> EXHIBIT INDEX

---

| | |
|:---|:---|
| 5.1 | [Opinion of Harney Westwood & Riegels (BVI) LP regarding the validity of securities being registered](e664906_ex5-1.htm) |
| 23.1 | [Consent of BDO Ltd, an independent public accounting firm](e664906_ex23-1.htm) |
| 23.2 | [Consent of BDO Rhône-Alpes, an independent public accounting firm](e664906_ex23-2.htm) |
| 23.3 | [Consent of Harney Westwood & Riegels (BVI) LP (included in Exhibit 5.1)](e664906_ex5-1.htm) |
| 24 | [Power of Attorney (included on the signature page to the initial filing of the registration statement).](#II-4)<br>|
| 107 | Computation of Registration Fee |

---

------

## Exhibit 5.1

---

| | |
|:---|:---|
| ![](image1.jpg) | Harney Westwood & Riegels (BVI) LP<br> Craigmuir Chambers, PO Box 71<br> Road Town, Tortola VG1110<br> British Virgin Islands<br> Tel: +1 284 494 2233<br> Fax: +1 284 494 3547 |

---

15 October 2025

george.weston@harneys.com<br> +1 284 852 4333

061427.0001/GYW/PKM

SEALSQ Corp

Avenue Louis-Casaï 58

1216 Cointrin

Switzerland

Dear SEALSQ Corp

**SEALSQ Corp, Company No 2095496 (the *Company*)**

We are lawyers qualified to practise in the British Virgin Islands and have been asked to provide this legal opinion to you with regard to the laws of the British Virgin Islands in connection with the Company's registration statement on Form F-3, including all amendments or supplements thereto, and accompanying prospectus filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the ***Registration Statement***). The Registration Statement registers, *inter alia*, the issuance and sale of an additional $15,838,136.00 in securities of the Company which may comprise of ordinary shares with a par value of USD$0.01 per share (the ***Ordinary Shares***) warrants to purchase Ordinary Shares (the ***Warrants***), subscription rights (the ***Rights***) and a combination of such securities, separately or as units in one or more offerings, as described in the Registration Statement (the ***Securities***).

Where the context provides, capitalised terms defined in the Registration Statement shall have the same meanings when used in this opinion.

We are furnishing this opinion as Exhibit 5.1 and 23.1 to the Registration Statement.

As part of the corporate actions taken and to be taken in connection with the issuance and sale of the Securities (the corporate proceedings), the Company has informed us that before the Securities are issued and sold under the Registration Statement, the board of directors of the Company (***Board***) will authorise the issuance and approve the terms of any Securities to be issued and sold from time to time under the Registration Statement, and, in each case in a form acceptable to us and British Virgin Islands law, and such applicable corporate proceedings (hereinafter referred to as the ***Board Authorisations***) shall be in full force and effect at the time of any such issuance and sale.

The Company has informed us that the Securities will be sold or delivered on a delayed or continuous basis from time to time as set forth in the Registration Statement (and any amendments and/or supplement thereto), the prospectus contained therein and any prospectus supplement. We understand that prior to the sale of any Securities under the Registration Statement, the Company will afford us an opportunity to review the applicable Board Authorisations and, if necessary, amendments to the Memorandum and Articles (as defined in Schedule 1) and operative documents pursuant to which such Securities are to be sold and will file any applicable amendment and/or supplement to the Registration Statement (which may include as an exhibit thereto an amended opinion) or prospectus supplement as we may reasonably consider necessary or appropriate by reason of the terms of the sale of such Securities.

---

| | |
|:---|:---|
| Jersey legal services are provided through a referral arrangement with Harneys (Jersey) which is an independently owned and controlled Jersey law firm.<br> A list of partners is available for inspection at our offices. | <br> Anguilla \| Bermuda \| British Virgin Islands \| Cayman Islands<br> Cyprus \| Hong Kong \| Jersey \| London \| Luxembourg<br> Montevideo \| São Paulo \| Shanghai \| Singapore<br> harneys.com |

---

In each case, except as otherwise set forth in any applicable amendment and/or supplement to the Statement or prospectus supplement:

&nbsp;&nbsp;&nbsp;&nbsp;(i) any Ordinary Shares will be issued by the Company under and in accordance with the Memorandum and Articles,
as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Warrants will be issued pursuant to one or more warrant agreements (each, a  ***Warrant Agreement***)
entered into between the Company and one or more warrant agents in a form filed as an exhibit to a prospectus supplement to the Statement
or incorporated by reference therein, and one or more resolutions of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Rights will be issued pursuant to one or more rights agent agreements (each, a  ***Rights Agreement***)
entered into between the Company and one or more rights agents in a form filed as an exhibit to a prospectus supplement to the Registration
Statement or incorporated by reference therein, and one or more resolutions of the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Units will be issued pursuant to one or more unit agreements (each, a  ***Unit Agreement***)
to be entered into by the Company and one or more unit agents in a form filed as an exhibit to a prospectus supplement to the Registration
Statement or incorporated by reference therein, and one or more resolutions of the Board.

For the purposes of giving this opinion, we have examined the Documents (as defined in Schedule 1). We have not examined any other documents, official or corporate records or external or internal registers and have not undertaken or been instructed to undertake any further enquiry or due diligence in relation to the transaction which is the subject of this opinion.

In giving this opinion we have relied upon the assumptions set out in Schedule 2 which we have not verified.

Based solely upon the foregoing examinations and assumptions and having regard to legal considerations which we deem relevant, and subject to the qualifications set out in Schedule 3, we are of the opinion that under the laws of the British Virgin Islands:

---

| | |
|:---|:---|
| 1 | **Existence and Good Standing**. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 The Company is a company duly incorporated with limited liability and is validly existing and in good
standing under the laws of the British Virgin Islands. The Company is a separate legal entity and is subject to suit in its own name.

---

| | |
|:---|:---|
| 2 | **Authorised Shares.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Company is authorised to issue a maximum of 510,000,000 shares in two classes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 500,000,000 Ordinary Shares with a par value of US$0.01; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 10,000,000 Class F Shares with a par value of US$0.05 ( ***Class F Shares***).

---

| | |
|:---|:---|
| 3 | **Issued Shares.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 As of the date of the Director's Certificate (as defined in Schedule 1) the Company has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 142,712,873 Ordinary Shares, issued and outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 1,499,800 Class F Shares, issued and outstanding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 5,069,487 Ordinary Shares issuable upon the exercise of Options to purchase 5,069,487 Ordinary Shares issuable
upon the exercise of the Option to purchase up to 5,069,487 Ordinary Shares issued under the Employee Ordinary Share Ownership Plan.

---

| | |
|:---|:---|
| 4 | **Capacity and Power.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The execution and delivery of the Registration Statement by the Company and the performance of its obligations
thereunder is within the corporate capacity and power of the Company and has been duly authorised and approved by all necessary corporate
action of the Company.

---

| | |
|:---|:---|
| 5 | **Valid Issuance of Ordinary Shares.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The allotment and issue of Ordinary Shares as contemplated by the Registration Statement has been duly
authorised and, when allotted, issued and fully paid for in accordance with the Registration Statement, and when the names of the shareholders
are entered in the register of members of the Company, the Ordinary Shares will be validly issued, allotted, fully paid and non-assessable,
and there will be no further obligation of the holders of any of the Ordinary Shares to make any further payment to the Company in respect
of such Ordinary Shares.

---

| | |
|:---|:---|
| 6 | **Valid Issuance of Warrants, Rights, and Units.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 When:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the applicable Warrants have been duly authorised by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the final terms of the Warrants have been duly established and approved by the appropriate Board Authorisations;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the applicable Warrants have been duly executed by the Company and countersigned or authenticated in accordance
with the applicable Warrant Agreement and delivered to and paid for by the purchasers thereof as contemplated by the Statement (including
any amendments and/or supplement thereto) and any prospectus supplements relating thereto, and as contemplated by the applicable Board
Authorisations or other corporate proceedings, such Warrants will constitute valid and legally binding obligations of the Company, enforceable
against the Company in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 When:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the applicable Rights have been duly authorised by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the final terms of the Rights have been duly established and approved by the appropriate Board Authorisations;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the applicable Rights have been duly executed by the Company and countersigned or authenticated in accordance
with the applicable Rights Agreement and delivered to and paid for by the purchasers thereof as contemplated by the Statement (including
any amendments and/or supplement thereto) and any prospectus supplements relating thereto, and as contemplated by the applicable Board
Authorisations or other corporate proceedings, such Rights will constitute valid and legally binding obligations of the Company, enforceable
against the Company in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 When:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the applicable Units have been duly authorised by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the final terms of the Units have been duly established and approved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the applicable Units have been duly executed by the Company and countersigned or authenticated in accordance
with the applicable Unit Agreement and delivered to and paid for by the purchasers thereof as contemplated by the Statement (including
any amendments and/or supplement thereto) and any prospectus supplements relating thereto, and as contemplated by the applicable Board
Authorisations or other corporate proceedings, such Units will constitute valid and legally binding obligations of the Company, enforceable
against the Company in accordance with their terms.

---

| | |
|:---|:---|
| 7 | **Searches**. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 No court proceedings pending against the Company are indicated from our searches at the British Virgin
Islands High Court Registry referred to in paragraph 3 of Schedule 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Based on our searches at the British Virgin Islands Registry of Corporate Affairs and the British Virgin
Islands High Court Registry referred to in paragraphs 2 and 5 of Schedule 1, no currently valid order or resolution for liquidation of
the Company and no current notice of appointment of a receiver over the Company or any of its assets appears on the records maintained
in respect of the Company.

This opinion is confined to the matters expressly opined on herein and given on the basis of the laws of the British Virgin Islands as they are in force and applied by the British Virgin Islands courts at the date of this opinion. We have made no investigation of, and express no opinion on, the laws of any other jurisdiction. We express no opinion as to matters of fact. Except as specifically stated herein, we make no comment with respect to any representations and warranties which may be made by or with respect to the Company in the Statement. We express no opinion with respect to the commercial terms of the transactions the subject of this opinion.

In connection with the above opinion, we hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act, as amended, or the Rules and Regulations of the Commission thereunder.

---

| |
|:---|
| Yours faithfully |
| ![](sig.jpg) |
| **Harney Westwood & Riegels (BVI) LP** |

---

**Schedule 1** 

List of Documents and Records Examined

---

| | |
|:---|:---|
| 1 | a copy of the Company's certificate of incorporation obtained from the Registry of Corporate Affairs on 4 August 2023 and the amended memorandum and articles of association (the ***Memorandum and Articles***) obtained from the Registry of Corporate Affairs on 6 October 2025, which our searches dated 14 October 2025 indicated were not subsequently amended. |

---

---

| | |
|:---|:---|
| 2 | the records and information certified by Harneys Corporate Services Limited, the registered agent of the Company, on 6 October 2025 of the statutory documents and records maintained by the Company at its registered office (the ***Registered Agent's Certificate***), noting that there have been subsequent director changes approved by the Company which are stated in the Director's Certificate; |

---

3 the public records of the Company on file and available for inspection at the Registry of Corporate Affairs, Road Town, Tortola, British Virgin Islands on 14 October 2025;

4 a certificate of good standing issued by the Registrar of Corporate Affairs with respect to the Company dated 22 September 2025;

5 the records of proceedings on file with, and available for inspection on 14 October 2025 at the High Court of Justice, British Virgin Islands;

---

| | |
|:---|:---|
| 6 | a certificate from directors of the Company, dated on or around the date of this opinion (the ***Director's Certificate***); |

---

---

| | |
|:---|:---|
| 7 | copies of the written resolutions passed by a majority of the board of directors of the Company dated 15 October 2025 approving the Company's entry into, and authorising the execution and delivery by the Company of, the Registration Statement (the ***Resolutions***). |

---

(1 to 7 above are the ***Corporate Documents***).

8 The Registration Statement

The Corporate Documents and the document referred to at 8 above are collectively referred to in this opinion as the ***Documents***.

**Schedule 2** 

Assumptions

---

| | |
|:---|:---|
| 1 | **Directors.** The board of directors of the Company considers the filing of the Registration Statement and the transactions contemplated thereby to be in the best interests of the Company and no director has a financial interest in or other relationship to a party or the transactions contemplated by the Statement which has not been properly disclosed in the Resolutions. |

---

---

| | |
|:---|:---|
| 2 | **Solvency.** The Company was on the date of this opinion able to pay its debts as they became due, and issuing the securities as contemplated by the Registration Statement will not cause the Company to become unable to pay its debts as they fall due. |

---

---

| | |
|:---|:---|
| 3 | **Authenticity of Documents.** All original Documents are authentic, all signatures, initials and seals are genuine, all copies of Documents are true and correct copies and the Registration Statement conforms in every material respect to the latest draft of the same produced to us and, where the Registration Statement has been provided to us in successive drafts marked-up to indicate changes to such documents, all such changes have been so indicated. |

---

---

| | |
|:---|:---|
| 4 | **Corporate Documents.** All matters required by law to be recorded in the Corporate Documents are so recorded, all corporate minutes, resolutions, certificates, documents and records which we have reviewed are accurate and complete, and all facts expressed in or implied thereby are accurate and complete. The information recorded in the Registered Agent's Certificate was accurate as at the date of the passing of the Resolutions. |

---

---

| | |
|:---|:---|
| 5 | **Resolutions.** The written Resolutions have been duly executed (and where executed by a corporate entity, such execution has been duly authorised if so required) by or on behalf of each director or shareholder (as the case may be), and the signatures and initials thereon are those of a person or persons in whose name the Resolutions have been expressed to be signed. The Resolutions remain in full force and effect. |

---

---

| | |
|:---|:---|
| 6 | **Unseen Documents.** Save for the Documents provided to us there are no resolutions, agreements, documents or arrangements which materially affect, amend or vary the transactions envisaged in the Documents. |

---

---

| | |
|:---|:---|
| 7 | **Director's Certificate.** The contents of the Director's Certificate are true and accurate as at the date of this opinion and there is no information not contained in the Director's Certificate that will in any way affect this opinion. |

---

**Schedule 3** 

Qualifications

---

| | |
|:---|:---|
| 1 | **Public Records.** Records reviewed by us may not be complete for various reasons. In particular you should note that although amendments to the Memorandum and Articles of Association of a company are normally effective from the date of registration with the Registry of Corporate Affairs, it is possible for a British Virgin Islands court to order that they be treated as being effective from an earlier date, and searches would not reveal the amendments until the court order was subsequently filed and accordingly our searches would not indicate such issues. |

---

---

| | |
|:---|:---|
| 2 | **Foreign Statutes.** We express no opinion in relation to provisions making reference to foreign statutes in the Registration Statement. |

---

---

| | |
|:---|:---|
| 3 | **Good Standing.** To maintain the Company in good standing under the laws of the British Virgin Islands, annual licence fees must be paid to the Registrar of Corporate Affairs. |

---

---

| | |
|:---|:---|
| 4 | **Statutory Powers.** Provisions in the Registration Statement which fetter any statutory power of the Company may not be enforceable. |

---

---

| | |
|:---|:---|
| 5 | **Non-assessable.** In this opinion the phrase non-assessable means, with respect to the issuance of shares, that a shareholder shall not, in respect of the relevant shares, have any obligation to make further contributions to the Company's assets (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil). |

---

---

| | |
|:---|:---|
| 6 | **Sanctions**. The obligations of the Company may be subject to restrictions pursuant to United Nations and United Kingdom sanctions as implemented under the laws of the British Virgin Islands. |

---

---

| | |
|:---|:---|
| 7 | **Economic Substance**. We have undertaken no enquiry and express no view as to the compliance of the Company with the Economic Substance (Companies and Limited Partnerships) Act 2018. |

---

## Exhibit 23.1

<u>Consent of Independent Registered Public Accounting Firm</u>

We hereby consent to the incorporation by reference in the Prospectus constituting a part of this Registration Statement on Form F-3 of our report dated March 20, 2025, relating to the consolidated financial statements of SEALSQ Corp appearing in the Company's Annual Report on Form 20-F for the year ended December 31, 2024.

We also consent to the reference to us under the caption "Experts" in the Prospectus.

Zurich, Switzerland, 15 October 2025<br>

BDO Ltd

---

| | |
|:---|:---|
| <u>/s/ Nigel Le Masurier</u> | <u>/s/ Thomas de Ferrars</u> |
| Nigel Le Masurier | ppa. Thomas de Ferrars |

---

## Exhibit 23.2

**Consent of Independent Registered Public Accounting Firm**

We hereby consent to the incorporation by reference in the Registration Statement on Form F-3 of our report dated April 20, 2023, relating to the consolidated financial statements of WISeKey Semiconductors SAS (SEALSQ Corp Predecessor) for the year ended December 31, 2022, appearing in the Company's Annual Report on Form 20-F for the year ended December 31, 2024.

We also consent to the reference to us under the caption "Experts" in the Prospectus.

Lyon, France, October 15, 2025

---

| |
|:---|
| **BDO Rhône-Alpes** |
| /s/ Justine Gairaud |
| **Justine GAIRAUD** |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-3**

**SEALSQ Corp**

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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* |
|  | Equity | Ordinary Shares, par value $0.01 per share |  |  |  | $| $— |  | $— |
|  | Other | Warrants |  |  |  |  |  |  |  |
|  | Other | Rights |  |  |  |  |  |  |  |
|  | Other | Units |  |  |  |  |  |  |  |
| Fees to be Paid | Unallocated (Universal) Shelf |  | (1) | 457(o) |  | $| $15838136.00 | 0.0001381 | $2187.25 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $15838136.00 |  | 2187.25 |
| 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: |  |  | 0.00 |
| 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: |  |  | $2187.25 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended, this registration statement shall be deemed to cover any additional number of securities that may be issued from time to time to prevent dilution as a result of a distribution, split, combination, or similar transaction. Securities registered hereunder may be sold separately, or together with other securities registered hereunder. Includes consideration to be received by the registrant, if applicable, for registered securities that are issuable upon exercise, conversion, or exchange of other registered securities. The Registrant previously registered the offer and sale of certain securities, including its ordinary shares, par value $0.01 per share, warrants, units and subscription rights to purchase ordinary shares, having a proposed maximum aggregate offering price of $500,000,000 pursuant to Registration Statement on Form F-3 (Registration No. 333-286098), which was filed on March 25, 2025 and declared effective by the SEC on April 2, 2025 (the "Prior Registration Statement"). As of the date hereof, a balance of $79,190,683.00 securities remains unsold under the Prior Registration Statement. In accordance with Rule 462(b) under the Securities Act of 1933, as amended, the Registrant is hereby registering the offer and sale of an additional $15,838,136.00 of securities available for issuance under the Prior Registration Statement. The additional amount of securities that is being registered for offer and sale represents no more than 20% of the maximum aggregate offering price of the remaining securities available to be sold under the Prior Registration Statement.