Document:

Exhibit
10.4

 

SECURITIES
PURCHASE AGREEMENT

 

This
Securities Purchase Agreement (this “Agreement”), dated as of February [●], 2021, is by between Ebang
International Holdings Inc., a company organized under the laws of the Cayman Islands (the “Company”), and
each purchaser identified on the signature pages hereto (each, including its successors and assigns, a “Purchaser”
and collectively the “Purchasers”).

 

WHEREAS,
subject to the terms and conditions set forth in this Agreement and pursuant to an effective registration statement under the
Securities Act of 1933, as amended (the “Securities Act”) as to the Units, Shares and the Ordinary Warrants,
the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from
the Company, securities of the Company as more fully described in this Agreement.

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration
the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows:

 

ARTICLE
I.

DEFINITIONS

 

1.1 Definitions.
In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the
meanings set forth in this Section 1.1:

 

“Acquiring
Person” shall have the meaning ascribed to such term in Section 4.5.

 

“Action”
shall have the meaning ascribed to such term in Section 3.1(j).

 

“Additional
Closing” shall have the meaning ascribed to such term in Section 2.4.

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Board
of Directors” means the board of directors of the Company.

 

“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed, provided that banks shall not be deemed to be authorized or obligated to be closed due to
a “shelter in place,” “non-essential employee” or similar closure of physical branch locations at the
direction of any governmental authority if such banks’ electronic funds transfer systems (including for wire transfers)
are open for use by customers on such day.

 

“CFTC”
means the United States Commodity Futures Trading Commission.

 

“Closing”
means the individual and collective reference to the Initial Closing and each subsequent closing on or before the Final Closing
Date with one or more Purchasers of the purchase and sale of the Securities pursuant to Section 2.1.

 

     

     

    

 

“Closing
Date” means the Initial Closing Date, the date of each Additional Closing and the Final Closing Date.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Company
Cayman Islands Counsel” means Conyers Dill & Pearman.

 

“Company
U.S. Counsel” means Sullivan & Worcester LLP.

 

“Control”
(including the terms “Controlled by” and “under common Control with”) means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through
the ownership of voting securities, as trustee or executor, by contract or otherwise, including the ownership, directly or indirectly,
of securities having the power to elect a majority of the board of directors or similar body governing the affairs of such person
or securities that represent a majority of the outstanding voting securities of such person.

 

“Disclosure
Time” means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time)
and before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following
the date hereof, unless otherwise instructed as to an earlier time by the Placement Agent, and (ii) if this Agreement is signed
between midnight (New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York
City time) on the date hereof, unless otherwise instructed as to an earlier time by the Placement Agent.

 

“Escrow
Account” shall have the meaning ascribed to such term in Section 2.2(b)(ii).

 

“Escrow
Agent” shall have the meaning ascribed to such term in Section 2.2(b)(ii).

 

“Escrow
Agreement” means the escrow agreement entered into prior to the date hereof by and among the Company, the Placement
Agent and Escrow Agent, pursuant to which certain Purchasers shall deposit Subscription Amounts with the Escrow Agent to be applied
to the transactions contemplated hereunder.

 

“Evaluation
Date” shall have the meaning ascribed to such term in Section 3.1(s).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

    2

     

    

 

“Exempt
Issuance” means the issuance of (a) Ordinary Shares or options to employees, officers or directors of the Company pursuant
to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors
or a majority of the members of a committee of non-employee directors established for such purpose for services rendered to the
Company, (b) securities upon the exercise or exchange of or conversion of any Securities issued hereunder pursuant to the Initial
Closing or subsequent Closing(s), and/or other securities exercisable or exchangeable for or convertible into Ordinary Shares
issued and outstanding on the date of this Agreement, provided that such securities have not been amended since the date of this
Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such
securities (other than in connection with stock splits or combinations) or to extend the term of such securities, (c) securities
issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company,
provided that such securities are issued as “restricted securities” (as defined in Rule 144) and carry no registration
rights that require or permit the filing of any registration statement in connection therewith during the prohibition period in
Section 4.11(a) herein, and provided that any such issuance shall only be to a Person (or to the equityholders of a Person) which
is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business
of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include
a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary
business is investing in securities, and (d) the Additional Units Allocation in accordance with Section 2.4 below.

 

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended.

 

“Final
Closing Date” shall mean that date which shall be the earlier of (a) completion of the sale of all Securities or (b)
5:00 p.m. (EDT) on [●], 2021.

 

“GAAP”
shall have the meaning ascribed to such term in Section 3.1(h).

 

“HTFL”
means Hunter Taubman Fischer & Li LLC, with offices located at 800 Third Avenue, Suite 2800, New York, New York 10022.

 

“Indebtedness”
shall have the meaning ascribed to such term in Section 3.1(aa).

 

“Initial
Closing” shall mean the Closing of the sale of Securities on the Initial Closing Date.

 

“Initial
Closing Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the
applicable parties thereto, and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount
and (ii) the Company’s obligations to deliver the Securities, in each case, have been satisfied or waived, but in no event
later than the second Trading Day following the date of this Agreement.

 

“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3.1(p).

 

“Liens”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).

 

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“Material
Permits” shall have the meaning ascribed to such term in Section 3.1(n).

 

“Offering”
shall mean the offering of the Securities contemplated by this Agreement and the Registration Statement.

 

“Ordinary
Share(s)” means the Class A ordinary shares of the Company, par value HK$0.001 per share, and any other class of securities
into which such securities may hereafter be reclassified or changed.

 

“Ordinary
Share Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Ordinary Shares, including, without limitation, any debt, preferred shares, right, option, warrant or other
instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to
receive, Ordinary Shares.

 

“Per
Unit Purchase Price” equals $[●] subject to adjustment for reverse and forward share splits, share dividends,
share combinations and other similar transactions of Ordinary Shares that occur after the date of this Agreement.

 

“Ordinary
Warrants” means, collectively, the Ordinary Share purchase warrants delivered to the Purchasers at each Closing in accordance
with Section 2.2(a) hereof, which Ordinary Warrants shall be exercisable immediately and have a term of exercise equal to three
(3) years, in the form of Exhibit A-1 attached hereto.

 

“Ordinary
Warrant Shares” means the Ordinary Shares issuable upon exercise of the Ordinary Warrants.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint share company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Placement
Agent” means Univest Securities, LLC.

 

“Preliminary
Prospectus” means the preliminary prospectus dated February [●], 2021, filed with the Commission.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

 

“Prospectus”
means the final prospectus filed for the Registration Statement.

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.8.

 

“Registration
Statement” means the effective registration statement on Form F-1 filed with Commission (File No. 333-249647) which
registers the sale of the Units, the Shares, the Ordinary Warrants, and the Ordinary Warrant Shares to the Purchasers, and includes
any Rule 462(b) Registration Statement.

 

    4

     

    

 

“Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

 

“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Rule
424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Rule
462(b) Registration Statement” means any registration statement prepared by the Company registering additional Securities,
which was filed with the Commission on or prior to the date hereof and became automatically effective pursuant to Rule 462(b)
promulgated by the Commission pursuant to the Securities Act.

 

“SEC
Reports” shall have the meaning ascribed to such term in Section 3.1(h).

 

“Securities”
means the Units, the Shares, the Ordinary Warrants and the Ordinary Warrant Shares.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Shares”
means the Ordinary Shares included in the Units, which are issuable to each Purchaser pursuant to this Agreement.

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall
not be deemed to include locating and/or borrowing Ordinary Shares).

 

“Subscription
Amount” means the Unit Subscription Amount in accordance with the terms of Section 2.1 of this Agreement.

 

“Subsidiary”
of any person means any corporation, partnership, limited liability company, joint stock company, joint venture or other organization
or entity, whether incorporated or unincorporated, which is Controlled by such Person, and shall, where applicable, also include
any direct or indirect subsidiary of the Company formed or acquired after the date of this Agreement.

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the Ordinary Shares are listed or quoted for trading
on the date in question: the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock
Exchange, or the NYSE American (or any successors to any of the foregoing).

 

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“Transaction
Documents” means this Agreement, the Ordinary Warrants, all exhibits and schedules thereto and hereto and any other
documents or agreements executed in connection with the transactions contemplated hereunder.

 

“Transfer
Agent” means VStock Transfer, LLC, the current transfer agent of the Company, with a mailing address of 18 Lafayette
Place Woodmere, New York 11598, and any successor transfer agent of the Company.

 

“Units”
means the units being offered by the Company pursuant to the Registration Statement, each unit being comprised of one Ordinary
Share and one Ordinary Warrant to purchase one-half of one Ordinary Share.

 

“Variable
Rate Transaction” shall have the meaning ascribed to such term in Section 4.11(b).

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary Shares are then
listed or quoted on a Trading Market, the daily volume weighted average price of an Ordinary Shares for such date (or the nearest
preceding date) on the Trading Market on which an Ordinary Shares is then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of an Ordinary Shares for such date (or the nearest preceding date) on the OTCQB or
OTCQX, (c) if Ordinary Shares s are not then listed or quoted for trading on the OTCQB or OTCQX and if prices for Ordinary Shares
s are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency
succeeding to its functions of reporting prices), the most recent bid price per share of an Ordinary Shares so reported, or (d)
in all other cases, the fair market value of an Ordinary Shares as determined by an independent appraiser selected in good faith
by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees
and expenses of which shall be paid by the Company.

 

ARTICLE
II.

PURCHASE AND SALE

 

2.1 Closing.
On each Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell, and the Purchasers,
severally and not jointly, agree to purchase, up to an aggregate of $[●] of Units consisting of Shares and Ordinary Warrants
as determined pursuant to Section 2.2(a). Unless otherwise directed by the Placement Agent, each Purchaser shall deliver, via
wire transfer, immediately available funds equal to its Subscription Amount pursuant to Section 2.2(b)(ii), and the Company shall
deliver to each Purchaser its respective Units consisting of Shares and Ordinary Warrants (as applicable to each Purchaser), as
determined pursuant to Section 2.2(a), and the Company and each Purchaser shall deliver the other items set forth in Section 2.2
deliverable at each Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, each Closing
shall occur at the offices of HTFL or such other location as the parties shall mutually agree. The Company covenants that, if
the Purchaser delivers a Notice of Exercise (as defined in the Ordinary Warrants) no later than 12:00 p.m. (New York City time)
on a Closing Date to exercise Ordinary Warrants between the date hereof and such Closing Date, the Company shall deliver Ordinary
Warrant Shares to the Purchaser on such Closing Date in connection with such Notice of Exercise; provided that the Purchasers
must deliver payment of the Exercise Price (as defined in the Ordinary Warrants) at or prior to such Closing.

 

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Following
the Initial Closing, the Company and the Placement Agent may hold Additional Closings up to and including the Final Closing Date
for all or any portion of the remaining amount of the Offering not sold at the time of the Initial Closing or any Additional Closing,
provided, however, that such Additional Closings must occur no later than the Final Closing Date. Anything herein to the contrary
notwithstanding, the Company may at its sole option upon written notice to the Placement Agent and the Purchasers, cancel any
Additional Closing without liability hereunder or under any Transaction Document.

 

2.2 Deliveries.

 

(a) Subject
to Section 5.21 below, as applicable, on or prior to each Closing, the Company shall deliver or cause to be delivered to each
of the Purchasers, as directed by the Placement Agent, the following:

 

(i) this
Agreement duly executed by the Company;

 

(ii) legal
opinions of (1) Company Cayman Islands Counsel, in a form reasonably acceptable to the Placement Agent and Purchasers, and (2)
U.S legal counsel in form and substance substantially similar to the opinions delivered by U.S. legal counsel and U.S. special
counsel to the Company in connection with an offering pursuant to the prospectus dated November 18, 2020, which opinions shall
be deemed reasonably satisfactory to the Placement Agent and the Purchasers;

 

(iii) the
Company shall have provided each Purchaser with the Company’s wire instructions, on Company letterhead and executed by the
Chief Executive Officer or Chief Financial Officer;

 

(iv) subject
to the last sentence of Section 2.1, a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent
to deliver on an expedited basis via The Depository Trust Company Deposit or Withdrawal at Custodian system (“DWAC”)
Shares equal to such Purchaser’s Unit Subscription Amount divided by the Per Unit Purchase Price, registered in the name
of such Purchaser;

 

(v) an
Ordinary Warrant registered in the name of each Purchaser to purchase up to a number of Ordinary Shares equal to 50% of such Purchaser’s
Shares, with an exercise price equal to $[●], subject to adjustment therein (such Ordinary Warrant certificate may be delivered
within three Trading Days of each Closing Date); and

 

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(vi) the
Prospectus (which may be delivered in accordance with Rule 172 under the Securities Act).

 

(b) On
or prior to each Closing, each Purchaser shall deliver or cause to be delivered to the Company the following:

 

(i) this
Agreement duly executed by each Purchaser; and

 

(ii) such
Purchaser’s purchase price by wire transfer or by check to the Escrow Account as follows:

 

	Bank:	 	Wilmington
    Trust Company (the “Escrow Agent”)
	 	 	 
	Name
    of Account:	 	Ebang
    International Escrow
	 	 	 
	Account
    Number:	 	144429-000
	 	 	 
	ABA
    Number:	 	031100092

 

International
Wires:

 

	Bank:	M&T
	 	Buffalo, New
    York
	 	 
	Beneficiary
    Bank:	Wilmington
    Trust
	 	 
	Name
    of Account:	Ebang
    International Escrow
	 	 
	Account
    Number:	144429-000
	 	 
	ABA
    Number:	022000046
	 	 
	SWIFT
    Number:	MANTUS33
	 	 
	Beneficial
    ABA:	031100092

 

All
such checks and wire transfers remitted to the Escrow Agent shall be accompanied by information identifying each Purchaser, subscription,
the Purchaser’s social security or taxpayer identification number and address. Checks or wire transfers shall be deposited
into a non interest-bearing account at Wilmington Trust, National Association entitled “Ebang Escrow” (the “Escrow
Account”).

 

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2.3 Closing
Conditions.

 

(a) Subject
to Section 5.21 below, as applicable, the obligations of the Company hereunder in connection with each Closing are subject to
the following conditions being met:

 

(i) the
accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse
Effect, in all respects) on the Closing Date of the representations and warranties of the Purchasers contained herein (unless
as of a specific date therein in which case they shall be accurate as of such date);

 

(ii) all
obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been
performed; and

 

(iii) the
delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b) Subject
to Section 5.21 below, as applicable, the respective obligations of the Purchasers hereunder in connection with each Closing are
subject to the following conditions being met:

 

(i) the
accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse
Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein
(unless as of a specific date therein in which case they shall be accurate as of such date);

 

(ii) all
obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been
performed;

 

(iii) the
delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iv) there
shall have been no Material Adverse Effect with respect to the Company since the date of this Agreement; and

 

(v) from
the date of this Agreement to the Closing Date, trading in the Ordinary Shares shall not have been suspended by the Commission
or any Trading Market, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P.
shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are reported
by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States or New
York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international
calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the
reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Units at each Closing.

 

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(vi) no
stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto has been issued
under the Securities Act.

 

2.4 Additional
Units Allocation. The Company hereby acknowledges and agrees that each Purchaser, severally, has the right to elect to purchase
up to the same number of Units (the “Purchase Limit”) each Purchaser purchased at the Initial Closing (the “Additional
Units Allocation”) on or before the 45th calendar day anniversary of the Initial Closing Date (the “Additional
Units Allocation Period”) at the Per Unit Purchase Price by delivery of one or more written notices (each, an “Additional
Units Allocation Election Notice”) to the Company during such Additional Units Allocation Period (each, an “Additional
Closing”). Each Additional Closing shall occur on the second (2nd) Trading Day after such applicable Additional Units
Allocation Election Notice and, subject to Section 5.21 below, as applicable, in accordance with Sections 2.2 and 2.3 hereof (with
“Additional Closing” replacing “Closing” therein with respect thereto). Notwithstanding
the foregoing, in the event a Purchaser indicates, after exhausting its own Purchase Limit, that it intends to purchase additional
Units (the “Excess Units”) available within the Additional Units Allocation, then the Company shall first give
written notice to the other Purchasers and shall request such other Purchasers who have not exceeded their Purchase Limit to exercise
their right to purchase the same amount of the Excess Units, which request should shall remain valid and irrevocable for a period
of one day from the date it is delivered by the Company to such other Purchasers. If such other Purchasers elect not to exercise
their right to purchase the same amount of the Excess Units, such amount of the Excess Units will be evenly deducted from such
other Purchasers’ Purchase Limit.

 

ARTICLE
III.

REPRESENTATIONS AND WARRANTIES

 

3.1 Representations
and Warranties of the Company. The Company hereby makes the following representations and warranties to each Purchaser as
of the date hereof and on each Closing Date (unless as of a specific date therein, in which case they shall be accurate as of
such date):

 

(a) Subsidiaries.
All of the direct and indirect principal subsidiaries of the Company are set forth in the SEC Reports. Except as set forth on
Schedule 3.1(a), the Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary
free and clear of any Liens, and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued
and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities. If the Company
has no subsidiaries, all other references to the Subsidiaries or any of them in the Transaction Documents shall be disregarded.

 

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(b) Organization
and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly
existing and, if applicable under the laws of the jurisdiction in which they are formed, in good standing under the laws of the
jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties and assets
and to carry on its business as currently conducted. The Company and each of the Subsidiaries has all necessary authorizations,
approvals, orders, licenses, certificates and permits of and from all governmental regulatory officials and bodies that it needs
as of the date of this Agreement to conduct its business purpose in all material respects as described in the Registration Statement
and SEC Reports and to own or lease its properties. Neither the Company nor any Subsidiary is in violation nor default of any
of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents.
Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation
or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be
expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document,
(ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise)
of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform
in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a “Material
Adverse Effect”) and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or
seeking to revoke, limit or curtail such power and authority or qualification.

 

(c) Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder
and thereunder. The execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the
consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the
part of the Company and no further action is required by the Company, the Board of Directors or the Company’s shareholders
in connection herewith or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction
Document to which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in
accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against
the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii)
as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii)
insofar as indemnification and contribution provisions may be limited by applicable law.

 

(d) No
Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to
which it is a party, the issuance and sale of the Units and the consummation by it of the transactions contemplated hereby and
thereby do not and will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate
or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default
(or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon
any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, anti-dilution
or similar adjustments, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit
facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the
Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected,
or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment,
injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject
(including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary
is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to
result in a Material Adverse Effect.

 

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(e) Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice
to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other
Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i)
the filings required pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission of the Prospectus, (iii) application(s)
to each applicable Trading Market for the listing of the Shares and the Warrant Shares for trading thereon in the time and manner
required thereby and (iv) such filings as are required to be made under applicable state securities laws (collectively, the “Required
Approvals”).

 

(f) Issuance
of the Securities; Registration. The Shares are duly authorized and, when issued and paid for in accordance with the applicable
Transaction Documents, will be duly and validly issued, fully paid and non-assessable, free and clear of all Liens imposed by
the Company. The Ordinary Warrants are duly authorized and, when issued and paid for in accordance with the applicable Transaction
Documents, will constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance
with their terms. The Ordinary Warrant Shares are duly authorized and, when issued in accordance with the terms of the Ordinary
Warrants, will be validly issued, fully paid and non-assessable, free and clear of all Liens imposed by the Company. The Company
has reserved from its duly authorized capital share the maximum number of Ordinary Shares issuable pursuant to this Agreement
and the Ordinary Warrants. The Company has prepared and filed the Registration Statement in conformity with the requirements of
the Securities Act, which became effective on February [●], 2021 (the “Effective Date”), including the
Prospectus, and such amendments and supplements thereto as may have been required to the date of this Agreement. The Registration
Statement is effective under the Securities Act and no stop order preventing or suspending the effectiveness of the Registration
Statement or suspending or preventing the use of the Preliminary Prospectus or the Prospectus has been issued by the Commission
and no proceedings for that purpose have been instituted or, to the knowledge of the Company, are threatened by the Commission.
The Company, if required by the rules and regulations of the Commission, shall file the Prospectus with the Commission pursuant
to Rule 424(b). At the time the Registration Statement and any amendments thereto became effective, at the date of this Agreement
and at the Closing Date, the Registration Statement and any amendments thereto conformed and will conform in all material respects
to the requirements of the Securities Act and did not and will not contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements therein not misleading; and the Preliminary
Prospectus the Prospectus and any amendments or supplements thereto, at the time the Preliminary Prospectus and the Prospectus
or any amendment or supplement thereto was issued and at the Closing Date, conformed and will conform in all material respects
to the requirements of the Securities Act and did not and will not contain an untrue statement of a material fact or omit to state
a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading.

 

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(g) Capitalization.
The equity capitalization of the Company is as set forth on Schedule 3.1(g). The Company has not issued any capital stock
since its most recently filed Form 6-K. No Person has any right of first refusal, preemptive right, right of participation, or
any similar right to participate in the transactions contemplated by the Transaction Documents. Except as set forth in the SEC
Reports and as a result of the purchase and sale of the Securities, there are no outstanding options, warrants, scrip rights to
subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into
or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any Ordinary Shares or Ordinary
Share Equivalents or the capital stock of any Subsidiary, or contracts, commitments, understandings or arrangements by which the
Company or any Subsidiary is or may become bound to issue additional Ordinary Shares or Ordinary Share Equivalents or capital
stock of any Subsidiary. The issuance and sale of the Securities will not obligate the Company or any Subsidiary to issue Ordinary
Shares or Ordinary Share Equivalents or other securities to any Person (other than the Purchasers) and will not result in a right
of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities.
There are no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions,
and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become
bound to redeem a security of the Company or such Subsidiary. The Company does not have any share appreciation rights or “phantom
share” plans or agreements or any similar plan or agreement. All of the outstanding shares of capital stock of the Company
are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state securities
laws where applicable, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights
to subscribe for or purchase securities. Except for the Required Approvals, no further approval or authorization of any shareholder,
the Board of Directors or others is required for the issuance and sale of the Securities. There are no shareholders agreements,
voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company is a party
or, to the knowledge of the Company, between or among any of the Company’s shareholders.

 

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(h) SEC
Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required
to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof
and the registration statement on Form F-1 (File No. [●]), for the one year preceding the date of this Agreement (or such
shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including the
exhibits thereto and documents incorporated by reference therein, together with the Prospectus, being collectively referred to
herein as the “SEC Reports”) on a timely basis or has received a valid extension of such time of filing and
has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied
in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC
Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated
therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading. The Company has never been an issuer subject to Rule 144(i) under the Securities Act. The financial statements of
the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules
and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been
prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods
involved (“GAAP”), except as may be otherwise specified in such financial statements or the notes thereto and
except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material
respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results
of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial,
year-end audit adjustments.

 

(i) Material
Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements included
within the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date of this Agreement,
(i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material
Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and
accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to
be reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii)
the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of
cash or other property to its shareholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its
capital stock and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant
to existing Company share option plans. The Company does not have pending before the Commission any request for confidential treatment
of information. Except for the issuance of the Securities contemplated by this Agreement or as set forth on Schedule 3.1(i),
no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or
exist with respect to the Company or its Subsidiaries or their respective businesses, prospects, properties, operations, assets
or financial condition that would be required to be disclosed by the Company under applicable securities laws at the time this
representation is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior to the date that this
representation is made.

 

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(j) Litigation.
Except as disclosed in the SEC Reports, there is no action, suit, inquiry, notice of violation, proceeding or investigation pending
or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties
before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local
or foreign) (collectively, an “Action”) which (i) adversely affects or challenges the legality, validity or
enforceability of any of the Transaction Documents or the Securities or (ii) could, if there were an unfavorable decision, have
or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any director or
officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state
securities laws or a claim of breach of fiduciary duty, which could result in a Material Adverse Effect. There has not been, and
to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company
or any current or former director or officer of the Company. The Commission has not issued any stop order or other order suspending
the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities
Act.

 

(k) Labor
Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of
the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its Subsidiaries’
employees is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither
the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries
believe that their relationships with their employees are good. To the knowledge of the Company, no executive officer of the Company
or any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality,
disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive
covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company
or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are
in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices,
terms and conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(l) Compliance.
Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been
waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has
the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture,
loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is
bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree or order of any
court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance or regulation
of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental
protection, occupational health and safety, transaction in digital assets or currencies (e.g. bitcoin), product quality and safety
and employment and labor matters, except in each case as could not have or reasonably be expected to result in a Material Adverse
Effect.

 

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(m) Regulatory
Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal,
state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports,
except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (“Material
Permits”), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation
or modification of any Material Permit.

 

(n) Title
to Assets. Except as disclosed in the SEC Reports, the Company and the Subsidiaries have good and marketable title in fee
simple to all real property owned by them and good and marketable title in all personal property owned by them that is material
to the business of the Company and the Subsidiaries, in each case free and clear of all Liens, except for (i) Liens as do not
materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such
property by the Company and the Subsidiaries and (ii) Liens for the payment of federal, state or other taxes, for which appropriate
reserves have been made therefor in accordance with GAAP and, the payment of which is neither delinquent nor subject to penalties.
Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting
and enforceable leases with which the Company and the Subsidiaries are in compliance in all material respects.

 

(o) Intellectual
Property. Except as disclosed in SEC Reports, the Company and the Subsidiaries have, or have rights to use, all patents, patent
applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses
and other intellectual property rights and similar rights necessary or required for use in connection with their respective businesses
as described in the SEC Reports and which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual
Property Rights”). None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise)
that any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate
or be abandoned, within two (2) years from the date of this Agreement, except as would not reasonably be expected to have a Material
Adverse Effect. Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements
included within the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights
violate or infringe upon the rights of any Person, except as could not have or reasonably be expected to not have a Material Adverse
Effect. To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement
by another Person of any of the Intellectual Property Rights. The Company and its Subsidiaries have taken reasonable security
measures to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do
so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

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(p) Insurance.
The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks
and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, except
that the Company does not maintain any director and officer insurance policy. Neither the Company nor any Subsidiary has any 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.

 

(q) Transactions
With Affiliates and Employees. Except as set forth in the SEC Reports, none of the officers or directors of the Company or
any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party
to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including
any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or
personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments
to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director,
or any such employee has a substantial interest or is an officer, director, trustee, shareholder, member or partner, in each case
in excess of $120,000 other than for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses
incurred on behalf of the Company and (iii) other employee benefits, including share option agreements under any share option
plan of the Company.

 

(r) Sarbanes-Oxley;
Internal Accounting Controls. The Company and the Subsidiaries are in material compliance with any and all applicable requirements
of the Sarbanes-Oxley Act of 2002 that are effective as of the date of this Agreement and applicable to the Company and the Subsidiaries,
and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date of
this Agreement and as of the Closing Date and applicable to the Company and the Subsidiaries. Except as set forth in the SEC Reports,
the Company and the Subsidiaries maintain a system of internal accounting controls to provide reasonable assurance that: (i) transactions
are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary
to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets
is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability
for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
The Company and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures to ensure that information
required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized
and reported, within the time periods specified in the Commission’s rules and forms. There have been no changes in the internal
control over financial reporting (as such term is defined in the Exchange Act) of the Company and its Subsidiaries that have materially
affected, or is reasonably likely to materially affect, the internal control over financial reporting of the Company and its Subsidiaries.

 

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(s) Certain
Fees. Except as set forth in the Prospectus or Schedule 3.1(s), no brokerage or finder’s fees or commissions
are or will be payable by the Company or any Subsidiary 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. Other than
for Persons directly engaged by a Purchaser, if any, the Purchasers shall have no obligation with respect to any fees or with
respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in
connection with the transactions contemplated by the Transaction Documents.

 

(t) Investment
Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Units, will not
be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended.
The Company shall conduct its business in a manner so that it will not become an “investment company” subject to registration
under the Investment Company Act of 1940, as amended.

 

(u) Registration
Rights. No Person has any right to cause the Company or any Subsidiary to effect the registration under the Securities Act
of any securities of the Company or any Subsidiary.

 

(v) Listing
and Maintenance Requirements. The Ordinary Shares are registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and
the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration
of the Ordinary Shares under the Exchange Act nor has the Company received any notification that the Commission is contemplating
terminating such registration. The Company has not, in the 12 months preceding the date of this Agreement, received notice from
any Trading Market on which the Ordinary Shares are or have been listed or quoted to the effect that the Company is not in compliance
with the listing or maintenance requirements of such Trading Market. The Company is, and has no reason to believe that it will
not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements.

 

(w) Application
of Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any, in order to render
inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement)
or other similar anti-takeover provision under the Company’s certificate of incorporation (or similar charter documents)
or the laws of its jurisdiction of incorporation that is or could become applicable to the Purchasers as a result of the Purchasers
and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation
as a result of the Company’s issuance of the Securities and the Purchasers’ ownership of the Securities.

 

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(x) Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company
confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel
with any information that it believes constitutes or might constitute material, non-public information which is not otherwise
disclosed in the Prospectus. The Company understands and confirms that the Purchasers will rely on the foregoing representation
in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company to the
Purchasers regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby is
true and correct in all material respects 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 light of the circumstances under which they were made, not misleading.
The press releases disseminated by the Company during the twelve months preceding the date of this Agreement taken as a whole
do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
in order to make the statements therein, in light of the circumstances under which they were made and when made, not misleading.
The Company acknowledges and agrees that no Purchaser makes or has made any representations or warranties with respect to the
transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof.

 

(y) No
Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2,
neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made
any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering
of the Securities to be integrated with prior offerings by the Company for purposes of any applicable shareholder approval provisions
of any Trading Market on which any of the securities of the Company are listed or designated.

 

(z) Solvency.
Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the
Company of the proceeds from the sale of the Securities hereunder, (i) the fair saleable value of the Company’s assets exceeds
the amount that will be required to be paid on or in respect of the Company’s existing debts and other liabilities (including
known contingent liabilities) as they mature, (ii) the Company’s assets do not constitute unreasonably small capital to
carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular
capital requirements of the business conducted by the Company, consolidated and projected capital requirements and capital availability
thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate
all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in
respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability
to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt).
The Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation
under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. Schedule 3.1(z)
sets forth as of the date of this Agreement all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary,
or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement, “Indebtedness”
means (x) any liabilities for borrowed money or amounts owed that is in excess of $1,000,000 individually or $2,500,000 in aggregate
in the case of any liabilities lower than $1,000,000 (other than trade accounts payable incurred in the ordinary course of business),
(y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same
are or should be reflected in the Company’s consolidated balance sheet (or the notes thereto), except guaranties by endorsement
of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the present
value of any lease payments due under leases required to be capitalized in accordance with GAAP. Neither the Company nor any Subsidiary
is in default with respect to any Indebtedness.

 

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(aa) Tax
Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a
Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all local income and all foreign income and
franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes and
other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports
and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material taxes for
periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material
amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know
of no basis for any such claim.

 

(bb) Foreign
Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent
or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for unlawful
contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any
unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns
from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person
acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated in any material respect any
provision of FCPA.

 

(cc) Accountants.
The Company’s accounting firm is as set forth in the Prospectus. To the knowledge and belief of the Company, such accounting
firm (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall express its opinion with respect
to the financial statements to be included in the Company’s Annual Report for the fiscal year ended December 31, 2020. 

 

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(dd) Acknowledgment
Regarding Purchasers’ Purchase of Securities. The Company acknowledges and agrees that each of the Purchasers is acting
solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated
thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in
any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given
by any Purchaser or any of their respective representatives or agents in connection with the Transaction Documents and the transactions
contemplated thereby is merely incidental to the Purchasers’ purchase of the Securities. The Company further represents
to each Purchaser that the Company’s decision to enter into this Agreement and the other Transaction Documents has been
based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

 

(ee) Acknowledgement
Regarding Purchaser’s Trading Activity. Anything in this Agreement or elsewhere herein to the contrary notwithstanding
(except for Sections 3.2(f) and 4.13 hereof), it is understood and acknowledged by the Company that: (i) none of the Purchasers
has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling, long and/or short,
securities of the Company, or “derivative” securities based on securities issued by the Company or to hold the Securities
for any specified term; (ii) past or future open market or other transactions by any Purchaser, specifically including, without
limitation, Short Sales or “derivative” transactions, before or after the closing of this or future private placement
transactions, may negatively impact the market price of the Company’s publicly-traded securities; (iii) any Purchaser, and
counter-parties in “derivative” transactions to which any such Purchaser is a party, directly or indirectly, presently
may have a “short” position in the Ordinary Shares, and (iv) each Purchaser shall not be deemed to have any affiliation
with or control over any arm’s length counter-party in any “derivative” transaction. The Company further understands
and acknowledges that (y) one or more Purchasers may engage in hedging activities at various times during the period that the
Securities are outstanding, including, without limitation, during the periods that the value of the Ordinary Warrant Shares deliverable
with respect to Securities are being determined, and (z) such hedging activities (if any) could reduce the value of the existing
shareholders' equity interests in the Company at and after the time that the hedging activities are being conducted. The Company
acknowledges that such aforementioned hedging activities do not constitute a breach of any of the Transaction Documents.

 

(ff) Regulation
M Compliance. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly,
any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to
facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting
purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase
any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Company’s
placement agent in connection with the placement of the Securities.

 

(gg) Office
of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director, officer,
agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office
of Foreign Assets Control of the U.S. Treasury Department (“OFAC”).

 

(hh) U.S.
Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding corporation within the
meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser’s
request.

 

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(ii) Bank
Holding Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company
Act of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System
(the “Federal Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly
or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent or
more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither
the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank
or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

(jj) Money
Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with
applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970,
as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money
Laundering Laws”), and no Action or Proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of
the Company or any Subsidiary, threatened.

 

(kk) Environmental
Laws. The Company and its Subsidiaries (i) are in compliance with all federal, state, local and foreign laws relating to pollution
or protection of human health or the environment (including ambient air, surface water, groundwater, land surface or subsurface
strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants,
or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise
relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials,
as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice
letters, orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder (“Environmental Laws”);
(ii) have received all permits licenses or other approvals required of them under applicable Environmental Laws to conduct their
respective businesses; and (iii) are in compliance with all terms and conditions of any such permit, license or approval where
in each clause (i), (ii) and (iii), the failure to so comply could be reasonably expected to have, individually or in the aggregate,
a Material Adverse Effect.

 

(ll) CFTC
Regulations To the Company’s knowledge, the operations of the Company and its Subsidiaries are and have been conducted
at all times in compliance with applicable CFTC Regulations, including the Commodity Exchange Act, and no action, suit or proceeding
by or before any court or governmental agency, authority or body or any arbitrator involving any Company or Subsidiary to any
CFTC Regulation is pending or, to the knowledge of the Company or any Subsidiary, threatened.

 

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3.2 Representations
and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as
of the date of this Agreement and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which
case they shall be accurate as of such date):

 

(a) Organization;
Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability
company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents
and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and
performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary
corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction
Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with
the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance
with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by
laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as
indemnification and contribution provisions may be limited by applicable law.

 

(b) Understandings
or Arrangements. Such Purchaser is acquiring the Securities as principal for its own account and has no direct or indirect
arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities (this representation
and warranty not limiting such Purchaser’s right to sell the Securities pursuant to the Registration Statement or otherwise
in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities hereunder in the
ordinary course of its business.

 

(c) Purchaser
Status. At the time such Purchaser was offered the Securities, it was, and as of the date of this Agreement it is, and on
each date on which it exercise any Ordinary Warrants, it will be an “accredited investor” as defined in Rule 501(a)(1),
(a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act.

 

(d) Experience
of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication and
experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk
of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

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(e) Access
to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including
all exhibits and schedules thereto) and the SEC Reports and, has been afforded, (i) the opportunity to ask such questions as it
has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the
offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the Company
and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to
evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire
without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment.
Such Purchaser acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided
such Purchaser with any information or advice with respect to the Securities nor is such information or advice necessary or desired.
Neither the Placement Agent nor any Affiliate has made or makes any representation as to the Company or the quality of the Securities
and the Placement Agent and any Affiliate may have acquired non-public information with respect to the Company which such Purchaser
agrees need not be provided to it. In connection with the issuance of the Securities to such Purchaser, neither the Placement
Agent nor any of its Affiliates has acted as a financial advisor or fiduciary to such Purchaser.

 

(f) Certain
Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser has not,
nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any
purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that
such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting
forth the material pricing terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof.
Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio
managers manage separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the
investment decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the representation
set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment
decision to purchase the Securities covered by this Agreement. Other than to other Persons party to this Agreement or to such
Purchaser’s representatives, including, without limitation, its officers, directors, partners, legal and other advisors,
employees, agents and Affiliates, such Purchaser has maintained the confidentiality of all disclosures made to it in connection
with this transaction (including the existence and terms of this transaction). Notwithstanding the foregoing, for the avoidance
of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating
or borrowing shares in order to effect Short Sales or similar transactions in the future.

 

The
Company acknowledges and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such
Purchaser’s right to rely on the Company’s representations and warranties contained in this Agreement or any representations
and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection
with this Agreement or the consummation of the transactions contemplated hereby. Notwithstanding the foregoing, for the avoidance
of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating
or borrowing shares in order to effect Short Sales or similar transactions in the future.

 

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ARTICLE
IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1 Ordinary
Warrant Shares. If all or any portion of an Ordinary Warrant is exercised at a time when there is an effective registration
statement to cover the issuance or resale of the Ordinary Warrant Shares or if the Ordinary Warrant is exercised via cashless
exercise, the Ordinary Warrant Shares issued pursuant to any such exercise shall be issued free of all legends. If at any time
following the date hereof the Registration Statement (or any subsequent registration statement registering the sale or resale
of the Ordinary Warrant Shares) is not effective or is not otherwise available for the sale or resale of the Warrant Shares, the
Company shall immediately notify the holders of the Ordinary Warrants in writing that such registration statement is not then
effective and thereafter shall promptly notify such holders when the registration statement is effective again and available for
the sale or resale of the Ordinary Warrant Shares (it being understood and agreed that the foregoing shall not limit the ability
of the Company to issue, or any Purchaser to sell, any of the Ordinary Warrant Shares in compliance with applicable federal and
state securities laws). The Company shall use best efforts to keep a registration statement (including the Registration Statement)
registering the issuance or resale of the Ordinary Warrant Shares effective during the term of the Ordinary Warrants.

 

4.2 Furnishing
of Information. Until the earliest of the time that (i) no Purchaser owns Securities or (ii) the Ordinary Warrants have expired,
the Company covenants to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all
reports required to be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then
subject to the reporting requirements of the Exchange Act.

 

4.3 Integration.
The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined
in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities for purposes of the rules
and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other transaction
unless shareholder approval is obtained before the closing of such subsequent transaction.

 

4.4 Securities
Laws Disclosure; Publicity. The Company shall (a) by the Disclosure Time, issue a press release disclosing the material terms
of the transactions contemplated hereby, and (b) file a Report on Form 6-K, including the Transaction Documents as exhibits thereto,
with the Commission within the time required by the Exchange Act. From and after the issuance of such press release, the Company
represents to the Purchasers that it shall have publicly disclosed all material, non-public information delivered to any of the
Purchasers by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees or agents in connection
with the transactions contemplated by the Transaction Documents. In addition, effective upon the issuance of such press release,
the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written
or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates
on the one hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate. The Company and each
Purchaser shall consult with each other in issuing any other press releases with respect to the transactions contemplated hereby,
and neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such public statement without
the prior consent of the Company, with respect to any press release of any Purchaser, or without the prior consent of each Purchaser,
with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except if such
disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior notice of
such public statement or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of any
Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market,
without the prior written consent of such Purchaser, except (a) as required by federal securities law in connection with the filing
of final Transaction Documents with the Commission and (b) to the extent such disclosure is required by law or Trading Market
regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted under this
clause (b).

 

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4.5 Shareholder
Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that
any Purchaser is an “Acquiring Person” under any control share acquisition, business combination, poison pill
(including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted
by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of
receiving Securities under the Transaction Documents or under any other agreement between the Company and the Purchasers.

 

4.6 Non-Public
Information. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction
Documents, which shall be disclosed pursuant to Section 4.4, the Company covenants and agrees that neither it, nor any other Person
acting on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes, or the Company
reasonably believes constitutes, material non-public information, unless prior thereto such Purchaser shall have consented to
the receipt of such information and agreed with the Company to keep such information confidential. The Company understands and
confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.
To the extent that the Company delivers any material, non-public information to a Purchaser without such Purchaser’s consent,
the Company hereby covenants and agrees that such Purchaser shall not have any duty of confidentiality to the Company, any of
its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company, any
of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis
of, such material, non-public information, provided that the Purchaser shall remain subject to applicable law. To the extent that
any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding
the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission on a Report on Form 6-K.
The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions
in securities of the Company.

 

4.7 Use
of Proceeds. The Company shall use the net proceeds from the sale of the Units hereunder for working capital purposes and
lawful business purposes, and shall not use such proceeds: (a) for the satisfaction of any portion of the Company’s debt
(other than payment of trade payables in the ordinary course of the Company’s business and prior practices), (b) for the
redemption of any Ordinary Shares or Ordinary Share Equivalents, (c) for the settlement of any outstanding litigation or (d) in
violation of FCPA or OFAC regulations.

 

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4.8 Indemnification
of Purchasers. Subject to the provisions of this Section 4.8, the Company will indemnify and hold each Purchaser and its directors,
officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of
a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser
(within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders,
agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles
notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser Party”)
harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all
judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such
Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants
or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against
the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any stockholder of the Company who is
not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless
such action is solely based upon a material breach of such Purchaser Party’s representations, warranties or covenants under
the Transaction Documents or any agreements or understandings such Purchaser Party may have with any such stockholder or any violations
by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which is finally judicially
determined to constitute fraud, gross negligence or willful misconduct). If any action shall be brought against any Purchaser
Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company
in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable
to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate
in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the
extent that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed
after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable
opinion of counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser
Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel.
The Company will not be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected
without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent,
but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any of
the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction
Documents. The indemnification required by this Section 4.8 shall be made by periodic payments of the amount thereof during the
course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements contained herein
shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities
the Company may be subject to pursuant to law.

 

4.9 Reservation
of Ordinary Shares. As of the date of this Agreement, the Company has reserved and the Company shall continue to reserve and
keep available at all times, free of preemptive rights, a sufficient number of Ordinary Shares for the purpose of enabling the
Company to issue the Shares pursuant to this Agreement and Ordinary Warrant Shares pursuant to any exercise of the Ordinary Warrants.

 

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4.10 Listing
of Shares. The Company hereby agrees to use commercially reasonable best efforts to maintain the listing or quotation of the
Shares and Ordinary Warrant Shares on each Trading Market on which any Ordinary Shares are currently listed, and concurrently
with each Closing, the Company shall apply to list or quote all of the Shares and Ordinary Warrant Shares on such Trading Markets
and promptly secure the listing of all of the Shares and Ordinary Warrant Shares on such Trading Markets. The Company further
agrees, if the Company applies to have the Ordinary Shares traded on any other Trading Market, it will then include in such application
all of the Shares and Ordinary Warrant Shares, and will take such other action as is necessary to cause all of the Shares and
Ordinary Warrant Shares to be listed or quoted on such other Trading Market as promptly as possible. The Company will then take
all action reasonably necessary to continue the listing and trading of its ordinary shares on a Trading Market and will comply
in all material respects with the Company’s reporting, filing and other obligations under the bylaws or rules of the Trading
Market.

 

4.11 Subsequent
Equity Sales.

 

(a) From
the date hereof until sixty (60) days after the Final Closing Date, neither the Company nor any Subsidiary shall issue, enter
into any agreement to issue or announce the issuance or proposed issuance of any Ordinary Shares or Ordinary Share Equivalents.

 

(b) From
the date hereof until the end of the six (6)-month anniversary of the Final Closing Date, the Company shall be prohibited from
effecting or entering into an agreement to effect any issuance by the Company or any of its Subsidiaries of Ordinary Shares or
Ordinary Share Equivalents (or a combination of units thereof) involving a Variable Rate Transaction. “Variable Rate
Transaction” means a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible
into, exchangeable or exercisable for, or include the right to receive additional Ordinary Shares either (A) at a conversion price,
exercise price or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the
Ordinary Shares at any time after the initial issuance of such debt or equity securities, or (B) with a conversion, exercise or
exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security or
upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market
for the Ordinary Shares (but not including antidilution protections related to future share issuances) or (ii) enters into, or
effects a transaction under, any agreement, including, but not limited to, an equity line of credit, whereby the Company may issue
securities at a future determined price. For the avoidance of doubt, following the ninety (90) day anniversary of the Closing
Date, sales effected under an “at-the-market” facility through the Placement Agent shall not be considered a Variable
Rate Transaction. Any Purchaser shall be entitled to obtain injunctive relief against the Company to preclude any such issuance,
which remedy shall be in addition to any right to collect damages.

 

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(c) Notwithstanding
the foregoing, this Section 4.11 shall not apply in respect of an Exempt Issuance, except that no Variable Rate Transaction shall
be an Exempt Issuance.

 

4.12 Equal
Treatment of Purchasers. No consideration (including any modification of any Transaction Document) shall be offered or paid
to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration
is also offered to all of the parties to the Transaction Documents. For clarification purposes, this provision constitutes a separate
right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to
treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect
to the purchase, disposition or voting of Securities or otherwise.

 

4.13 Certain
Transactions and Confidentiality. Each Purchaser, severally and not jointly, covenants that neither it nor any Affiliate acting
on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short Sales of any of the
Company’s securities during the period commencing with the execution of this Agreement and ending at such time that the
transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in
Section 4.4. Each Purchaser, severally and not jointly, covenants that until such time as the transactions contemplated by this
Agreement are publicly disclosed by the Company pursuant to the initial press release as described in Section 4.4, such Purchaser
will maintain the confidentiality of the existence and terms of this transaction. Notwithstanding the foregoing and notwithstanding
anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes
any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company
after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press
release as described in Section 4.4, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any
securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated
by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4 and (iii) no
Purchaser shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company or its Subsidiaries
after the issuance of the initial press release as described in Section 4.4. Notwithstanding the foregoing, in the case of a Purchaser
that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s
assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing
other portions of such Purchaser’s assets, the covenant set forth above shall only apply with respect to the portion of
assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.

 

4.14 Exercise
Procedures. The form of Notice of Exercise included in the Ordinary Warrants set forth the totality of the procedures required
of the Purchasers in order to exercise the Ordinary Warrants. No additional legal opinion, other information or instructions shall
be required of the Purchasers to exercise their Ordinary Warrants. Without limiting the preceding sentences, no ink-original Notice
of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of
Exercise form be required in order to exercise the Ordinary Warrants. The Company shall honor exercises of the Ordinary Warrants
and shall deliver Ordinary Warrant Shares in accordance with the terms, conditions and time periods set forth in the Transaction
Documents.

 

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4.15 Participation
in Future Financing.

 

(a) Following
the Final Closing Date until the end of one-year anniversary of such date, upon any issuance by the Company or any of its Subsidiaries
of Ordinary Shares or Ordinary Share Equivalents for cash consideration, or a combination of units thereof (a “Subsequent
Financing”), the Purchasers shall have the right to participate in the Subsequent Financing up to an amount equal to 50%
of each such Subsequent Financing (the “Participation Maximum”) on the same terms, conditions and price of
such Subsequent Financing.

 

(b) At
least one (1) Trading Day prior to the closing of a Subsequent Financing, the Company shall deliver to each Purchaser a written
notice of its intention to effect a Subsequent Financing (“Pre-Notice”), which Pre-Notice shall ask such Purchaser
if it wants to participate in the Subsequent Financing (such additional notice, a “Subsequent Financing Notice”).
Upon the request of a Purchaser, and only upon a request by such Purchaser, for a Subsequent Financing Notice, the Company shall
promptly, but no later than one (1) Trading Day after such request, deliver a Subsequent Financing Notice to such Purchaser. The
Subsequent Financing Notice shall describe the amount of proceeds intended to be raised thereunder and the Person or Persons through
or with whom such Subsequent Financing is proposed to be effected.

 

(c) Any
Purchaser desiring to participate in such Subsequent Financing must provide written notice to the Company by not later than 5:30
p.m. (New York City time) on the 5th Trading Day after the dated of the Pre-Notice that the Purchaser is willing to participate
in the Subsequent Financing, the amount of the Purchaser’s participation, and that the Purchaser has such funds ready, willing,
and available for investment on the terms set forth in the Subsequent Financing Notice. If the Company receives no notice from
a Purchaser as of such 5th Trading Day, such Purchaser shall be deemed to have notified the Company that it does not elect to
participate.

 

(d) If
by 5:30 p.m. (New York City time) on the fifth (5th) Trading Day after the date of the Pre-Notice, notifications by
the Purchasers of their willingness to participate in the Subsequent Financing (or to cause their designees to participate) is,
in the aggregate, less than the Participation Maximum of the Subsequent Financing, then the Company may effect the remaining portion
of such Subsequent Financing on the terms (which shall mirror the terms of the prior Closing(s)) and with the Persons set forth
in the Subsequent Financing Notice.

 

(e) If
by 5:30 p.m. (New York City time) on the fifth (5th) Trading Day after all of the Purchasers have received the Pre-Notice,
the Company receives responses to a Subsequent Financing Notice from Purchasers seeking to purchase more than the aggregate amount
of the Participation Maximum, each such Purchaser shall have the right to purchase its Pro Rata Portion (as defined below) of
the Participation Maximum. “Pro Rata Portion” means the ratio of (x) the Subscription Amount purchased on the Closing
Date by a Purchaser participating under this Section 4.15 and (y) the sum of the aggregate Subscription Amounts purchased on the
Closing Date by all Purchasers participating under this Section 4.15.

 

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(f) The
Company must provide the Purchasers with a second Subsequent Financing Notice, and the Purchasers will again have the right of
participation set forth above in this Section 4.15, if the Subsequent Financing subject to the initial Subsequent Financing Notice
is not consummated for any reason on the terms set forth in such Subsequent Financing Notice within twenty (20) Trading Days after
the date of the initial Subsequent Financing Notice.

 

(g) Notwithstanding
the foregoing, this Section 4.15 shall not apply to an Exempt Issuance.

 

ARTICLE
V.

MISCELLANEOUS

 

5.1 Termination.
This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder, by written notice to the
other parties, if the Initial Closing has not been consummated on or before the fifth (5th) Trading Day following the
date hereof; provided, however, that no such termination will affect the right of any party to sue for any breach
by any other party (or parties).

 

5.2 Fees
and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and
expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident
to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent
fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company
and any exercise notice delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery
of any Securities to the Purchasers.

 

5.3 Entire
Agreement. The Transaction Documents, together with the exhibits and schedules thereto, and the Prospectus, contain the entire
understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings,
oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and
schedules.

 

5.4 Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered
via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto
at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such
notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth
on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any
Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized
overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for
such notices and communications shall be as set forth on the signature pages attached hereto. To the extent that any notice provided
pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries,
the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K.

 

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5.5 Amendments;
Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed,
in the case of an amendment, by the Company and Purchasers which purchased at least 55.0% in interest of the Units based on the
initial Subscription Amounts hereunder or, in the case of a waiver, by the party against whom enforcement of any such waived provision
is sought, provided that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser (or group
of Purchasers), the consent of such disproportionately impacted Purchaser (or group of Purchasers) shall also be required. No
waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing
waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof,
nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.
Any amendment effected in accordance with this Section 5.5 shall be binding upon each Purchaser and holder of Securities and the
Company.

 

5.6 Headings.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof.

 

5.7 Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted
assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of
each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to
whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect
to the transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchasers.”

 

5.8 No
Third-Party Beneficiaries. The Placement Agent shall be the third party beneficiary of the representations and warranties
of the Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. This Agreement is intended
for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor
may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.8 and this Section 5.8.

 

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5.9 Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall
be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a
party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be
commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to
the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including
with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert
in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action
or Proceeding is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service
of process and consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified
mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party shall commence
an Action or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company
under Section 4.8, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable
attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action
or Proceeding. The Company hereby appoints Cogency Global Inc. as its agent for service of process in New York. The choice of
the laws of the State of New York as the governing law of this Agreement is a valid choice of law and would be recognized and
given effect to in any action brought before a court of competent jurisdiction in the Cayman Islands, except for those laws (i)
which such court considers to be procedural in nature, (ii) which are revenue or penal laws or (iii) the application of which
would be inconsistent with public policy, as such term is interpreted under the laws of the Cayman Islands. The Company or any
of their respective properties, assets or revenues does not have any right of immunity under Cayman Islands or New York law, from
any legal action, suit or proceeding, from the giving of any relief in any such legal action, suit or proceeding, from set-off
or counterclaim, from the jurisdiction of any Cayman Islands and New York or United States federal court, from service of process,
attachment upon or prior to judgment, or attachment in aid of execution of judgment, or from execution of a judgment, or other
legal process or proceeding for the giving of any relief or for the enforcement of a judgment, in any such court, with respect
to its obligations, liabilities or any other matter under or arising out of or in connection with this Agreement; and, to the
extent that the Company, or any of its properties, assets or revenues may have or may hereafter become entitled to any such right
of immunity in any such court in which proceedings may at any time be commenced, the Company hereby waives such right to the extent
permitted by law and hereby consents to such relief and enforcement as provided in this Agreement and the other Transaction Documents.

 

5.10 Survival.
The representations and warranties contained herein shall survive each Closing and the delivery of the Securities for the applicable
statute of limitations.

 

5.11 Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being
understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of
the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof.

 

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5.12 Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain
in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

5.13 Rescission
and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of)
any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction
Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser
may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand
or election in whole or in part without prejudice to its future actions and rights; provided, however, that in the
case of a rescission of an exercise of an Ordinary Warrant, the applicable Purchaser shall be required to return any Ordinary
Shares subject to any such rescinded exercise notice concurrently with the return to such Purchaser of the aggregate exercise
price paid to the Company for such shares and the restoration of such Purchaser’s right to acquire such shares pursuant
to such Purchaser’s Ordinary Warrant (including, issuance of a replacement warrant certificate evidencing such restored
right).

 

5.14 Replacement
of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company
shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation),
or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory
to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances
shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement
Securities.

 

5.15 Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of
the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that
monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the
Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation
the defense that a remedy at law would be adequate.

 

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5.16 Payment
Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document
or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or
exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from,
disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person
under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action),
then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

5.17 Independent
Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction Document are several
and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance
or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any
other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the
Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers
are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction
Documents. Each Purchaser shall be entitled to independently protect and enforce its rights including, without limitation, the
rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser
to be joined as an additional party in any proceeding for such purpose. Each Purchaser has been represented by its own separate
legal counsel in its review and negotiation of the Transaction Documents. For reasons of administrative convenience only, each
Purchaser and its respective counsel have chosen to communicate with the Company through HTFL. HTFL does not represent any of
the Purchasers and only represents the Placement Agent. The Company has elected to provide all Purchasers with the same terms
and Transaction Documents for the convenience of the Company and not because it was required or requested to do so by any of the
Purchasers. It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction
Document is between the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between
and among the Purchasers.

 

5.18 Liquidated
Damages. The Company’s obligations to pay any partial liquidated damages or other amounts owing under the Transaction
Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other
amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages
or other amounts are due and payable shall have been canceled.

 

5.19 Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

5.20 Construction.
The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction
Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and
every reference to share prices and Ordinary Shares in any Transaction Document shall be subject to adjustment for reverse and
forward share splits, share dividends, share combinations and other similar transactions of the Ordinary Shares and Ordinary Warrants
that occur after the date of this Agreement.

 

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5.21 Sales
During Pre-Settlement Period. Notwithstanding anything herein to the contrary, if at any time on or after the time of execution
of this Agreement by the Company and an applicable Purchaser, through, and including the time immediately prior to a Closing (the
“Pre-Settlement Period”), such Purchaser sells to any Person all, or any portion, of any Shares to be issued
hereunder to such Purchaser at such Closing (collectively, the “Pre-Settlement Shares”), such Purchaser shall,
automatically hereunder (without any additional required actions by such Purchaser or the Company), be deemed to be unconditionally
bound to purchase, and the Company shall be deemed unconditionally bound to sell, such Pre-Settlement Shares to such Purchaser
at such Closing; provided, that the Company shall not be required to deliver any Pre-Settlement Shares to such Purchaser prior
to the Company’s receipt of the purchase price of such Pre-Settlement Shares hereunder; and provided further that the Company
hereby acknowledges and agrees that the forgoing shall not constitute a representation or covenant by such Purchaser as to whether
or not during the Pre-Settlement Period such Purchaser shall sell any Shares to any Person and that any such decision to sell
any Shares by such Purchaser shall be made, in the sole discretion of such Purchaser, at the time such Purchaser elects to effect
any such sale, if any.

 

5.22 WAIVER
OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE
PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. 

 

(Signature
Pages Follow)

 

    36

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

	EBANG
    INTERNATIONAL HOLDINGS INC.	 	Address
    for Notice:
	 	 	 
	 	 	 
	By:	                	 	 
	Name: Dong Hu	 	E-Mail:
	Title: Chief
    Executive Officer	 	Fax:
	 	 	 
	With a copy to
    (which shall not constitute notice):	 	 

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE
PAGE FOR PURCHASER FOLLOWS]

 

    37

     

    

 

[PURCHASER
SIGNATURE PAGES TO EBANG SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: ________________________________________________________

Signature
of Authorized Signatory of Purchaser: _________________________________

Name
of Authorized Signatory: _______________________________________________

Title
of Authorized Signatory: ________________________________________________

Email
Address of Authorized Signatory: _________________________________________

Facsimile
Number of Authorized Signatory: __________________________________________

Address
for Notice to Purchaser (and delivery of Ordinary Warrants):

 

Address
for Delivery of Units to Purchaser (if not same as address for notice):

 

Subscription
Amount: $_________________

 

Ordinary
Shares: _________________

 

Ordinary
Warrants: __________________

 

EIN
Number: _______________________

 

 

38Exhibit 10.5

 

ESCROW AGREEMENT

 

This ESCROW AGREEMENT (this “Agreement”)
dated as of this [●] day of February 2021 by and among EBANG INTERNATIONAL HOLDINGS INC., a company organized under
the laws of the Cayman Islands (the “Company” or “Ebang”), having an address at 26-27/F,
Building 3, Xinbei Qianjiang International Building, Qianjiang Economic and Technological Development Zone, Yuhang District, Hangzhou,
Zhejiang, 311100, People’s Republic of China; UNIVEST SECURITIES, LLC, having an address at 375 Park Avenue, 15th
Fl., New York, NY 10152 (the “Placement Agent”), and WILMINGTON TRUST, NATIONAL ASSOCIATION (the “Escrow
Agent”), with its principal corporate trust office at 166 Mercer Street, Suite 2R, New York, NY 10012. The Company, the
Escrow Agent and the Placement Agent are collectively referred to as “Parties” and individually, a “Party.”

 

W I T N E S S E T H:

 

WHEREAS, the
Company proposes to sell units of equity securities (each a “Unit” and collectively, the “Units”),
with each Unit consisting of one Class A ordinary shares and one warrant to purchase one-half of one Class A ordinary share (collectively,
the “Securities”) at a to be determined public offering price per Unit, for an offering amount of up
to $80,000,000 (the “Maximum Offering Amount”) in a best efforts offering (the “Offering”)
to investors (each, an “Investor”); and

 

WHEREAS, subject
to all of the conditions to closing being satisfied or waived, the closing(s) of the Offering shall take place from time to time
until the earlier of (i) the date upon which subscriptions for the Maximum Offering Amount have been accepted and (ii) the date
upon which Ebang and the Placement Agent elect to terminate the Offering in their sole discretion, but no later than [●],
2021, which date may be extended for up to an additional 90 days in the sole discretion of Ebang and the Placement Agent (the “Termination
Date” and if so extended, the “Final Termination Date”); and

 

WHEREAS, in
connection with the Offering, the Company entered into an Engagement Agreement and Placement Agency Agreement with the Placement
Agent and will enter into a Securities Purchase Agreement and the documents that are exhibits thereto (including form of Warrant)
with each Investor, and certain other agreements, documents, instruments and certificates necessary to carry out the purposes thereof
(collectively, the “Transaction Documents”); and

 

WHEREAS, the
Company and the Placement Agent desire to establish an escrow account with the Escrow Agent into which the Company and the Placement
Agent shall instruct the Investors to deposit checks and other instruments for the payment of money made payable to the order of
“WILMINGTON TRUST, N.A. as Escrow Agent for Ebang Escrow,” and the Escrow Agent is willing to accept said checks and
other instruments for the payment of money in accordance with the terms hereinafter set forth; and

 

WHEREAS, there
is no minimum offering amount and all funds shall only be returned to the potential Investors in the event the Offering is not
consummated or if the Company, in its sole discretion, rejects all or a part of a particular potential Investor’s subscription;
and

 

     

     

    

 

WHEREAS, the
Company and the Placement Agent represent and warrant to the Escrow Agent that they have not stated to any individual or entity
that the Escrow Agent’s duties will include anything other than those duties stated in this Agreement; and

 

WHEREAS, THE COMPANY
AND THE PLACEMENT AGENT UNDERSTAND THAT THE ESCROW AGENT, BY ACCEPTING THE APPOINMTMENT AND DESIGNATION AS ESCROW AGENT HEREUNDER,
IN NO WAY ENDORSES THE MERITS OF THE OFFERING OF THE SECURITIES. THE COMPANY AND THE PLACEMENT AGENT AGREE TO NOTIFY ANY PERSON
ACTING ON ITS BEHALF THAT THE ESCROW AGENT’S POSITION AS ESCROW AGENT DOES NOT CONSTITUTE SUCH AN ENDORSEMENT, AND TO PROHIBIT
SAID PERSONS FROM THE USE OF THE ESCROW AGENT’S NAME AS AN ENDORSER OF THE OFFERING; and

 

WHEREAS, the
Company and the Placement Agent represent and warrant to the Escrow Agent that a copy of each document that has been delivered
to the Investor and third parties that include Escrow Agent’s name and duties, has been attached hereto as Schedule I.

 

NOW, THEREFORE,
IT IS AGREED as follows:

 

Article
1

ESCROW DEPOSIT

 

Section 1.1  Delivery of Escrow
Funds.

 

(a) The
Placement Agent and the Company shall instruct the Investors to deliver to Escrow Agent checks made payable to the order of “WILMINGTON
TRUST, N.A. as Escrow Agent for Ebang Escrow”, or wire transfer to:

 

Wilmington Trust Company

ABA #: 031100092

A/C #: 144429-000

A/C Name: Ebang International Escrow

Attn: Boris Treyger

 

International Wires:

 

M&T

Buffalo, New York

ABA: 022000046

SWIFT: MANTUS33

Beneficiary Bank: Wilmington Trust

Beneficiary ABA: 031100092

A/C #: 144429-000

A/C Name: Ebang International Escrow

 

    2

     

    

 

All such checks and wire transfers
remitted to the Escrow Agent shall be accompanied by information identifying each Investor, subscription, the
Investor’s social security or taxpayer identification number and address. In the event the Investor’s address
and/or social security number or taxpayer identification number are not provided to Escrow Agent by the Investor, then the
Placement Agent and/or the Company agree to promptly upon request provide the Escrow Agent with such information in writing.
The checks or wire transfers shall be deposited into a non interest-bearing account at WILMINGTON TRUST, NATIONAL ASSOCIATION
entitled “Ebang Escrow” (the “Escrow Account”).

 

(b) The
collected funds deposited into the Escrow Account are referred to as the “Escrow Funds.”

 

(c) The
Escrow Agent shall have no duty or responsibility to enforce the collection or demand payment of any funds deposited into the Escrow
Account. If, for any reason, any check deposited into the Escrow Account shall be returned unpaid to the Escrow Agent, the sole
duty of the Escrow Agent shall be to return the check to the Investor and advise the Company and the Placement Agent promptly thereof.

 

(d) All
funds received by the Escrow Agent shall be held only in non-interest bearing bank accounts at WILMINGTON TRUST, NATIONAL ASSOCIATION.

 

Section 1.2 Release of
Escrow Funds. The Escrow Funds shall be paid by the Escrow Agent in accordance with the following:

 

(a) In
the event that the Company advises the Escrow Agent in writing that the Offering has been terminated, the Escrow Agent shall promptly
return the funds paid by each Investor to such Investor without interest or offset;

 

(b) In
the event that the Company advises the Escrow Agent in writing that it has rejected a proposed Investor’s Securities Purchase
Agreement, the Escrow Agent shall promptly return such proposed Investor’s Purchase Price to such proposed Investor without
interest or offset.

 

(c) If
prior to 5:00 P.M. Eastern time on the Termination Date, the Escrow Agent receives written notice, in the form of Exhibit
A attached hereto and made a part hereof (“Extension Notice”), and signed by the Company and Placement
Agent stating that the Termination Date has been extended to the Final Termination Date, then the Termination Date shall be so
extended.

 

(d) At
each closing of the Offering, the Company and the Placement Agent shall provide the Escrow Agent with written instructions regarding
the disbursement of the Escrow Funds in accordance with Exhibit B attached hereto and made a part hereof and signed
by the Company and the Placement Agent (the “Disbursement Instructions”).

 

(e) Subsequent to
the first closing and until the “Final Closing” (herein defined), the Company and the Placement Agent may hold
one or more additional closings of the purchase and sale of the Securities (each a “Subsequent Closing”),
with each Subsequent Closing to be effected by disbursement of additional Escrow Funds based on the delivery of additional
Disbursement Instructions to the Escrow Agent signed by the Company and the Placement Agent. The term “Final
Closing” means the earliest to occur of (i) the date upon which subscriptions for the Maximum
Offering Amount have been accepted, (ii) the Termination Date or the Final Termination Date, if applicable.

 

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(f) If
by 5:00 P.M. Eastern time on the Termination Date, or on the date stated in the Extension Notice, if any, that the Escrow Agent
has received in accordance with paragraph 2(b) above, the Escrow Agent has not received written Disbursement Instructions from
the Company and the Placement Agent regarding the disbursement of the Escrow Funds in the Escrow Account, if any, then the Escrow
Agent shall promptly return such Escrow Funds, if any, to the Investors without interest or offset. The Escrow Funds returned to
the Investors shall be free and clear of any and all claims of the Escrow Agent.

 

(g) The
Escrow Agent shall not be required to pay any uncollected funds or any funds that are not available for withdrawal.

 

(h)
The Placement Agent or the Company will provide the Escrow Agent with the payment instructions for each Investor, to whom the funds
should be returned in accordance with this section.

 

(i)  In
the event that the Escrow Agent makes any payment to any other party pursuant to this Agreement and for any reason such payment
(or any portion thereof) is required to be returned to the Escrow Account or another party or is subsequently invalidated, declared
to be fraudulent or preferential, set aside and/or required to be repaid to a receiver, trustee or other party under any bankruptcy
or insolvency law, other federal or state law, common law or equitable doctrine, then the recipient party shall repay to the Escrow
Agent upon written request the amount so paid to it.

 

(j) The
Escrow Agent shall, in its sole discretion, comply with judgments or orders issued or process entered by any court with respect
to the Escrow Funds, including without limitation any attachment, levy or garnishment, without any obligation to determine such
court's jurisdiction in the matter and in accordance with its normal business practices. If the Escrow Agent complies with any
such judgment, order or process, then it shall not be liable to any of the Parties or any other person by reason of such compliance,
regardless of the final disposition of any such judgment, order or process.

 

(k) Each
Party understands and agrees that the Escrow Agent shall have no obligation or duty to act upon any Disbursement Instructions delivered
to the Escrow Agent for the disbursement of Escrow Funds under this Agreement if such Disbursement Instructions are not:

 

(i) in writing,

 

(ii) signed
by representatives of both Parties listed in Schedule II to this Agreement, in each case, each such individual an “Authorized
Representative” of such Party), and

 

(iii) delivered
to, and able to be authenticated by, the Escrow Agent in accordance with Section 3.3 below.

 

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(l) Upon
request by any Party, the Escrow Agent will set up each Party with on-line access to the account(s) established pursuant to this
Agreement, which each Party can use to view and verify transaction on such account(s).

 

(m) A
Party may specify in a written notice for the disbursement of funds whether such Escrow Funds shall be disbursed by way of wire
transfer or check. If the written notice for the disbursement of funds does not so specify the disbursement means, Escrow Agent
may disburse the Escrow Funds by wire transfer.

 

Section 1.3 Disbursement
Instructions and Other Instructions.

 

(a) With
respect to any Disbursement Instructions or any other notice, direction or other instruction required to be delivered by a Party
to the Escrow Agent under this Agreement, the Escrow Agent is authorized to follow and rely upon any and all such instructions
given to it from time to time if the Escrow Agent believes, in good faith, that such instruction is genuine and to have been signed
by an Authorized Representative of such Party. The Escrow Agent shall have no duty or obligation to verify that the person who
sent such instruction is, in fact, a person duly authorized to give instructions on behalf of a Party, other than to verify that
the signature of the Authorized Representative on any such instruction appears to be the signature of such person. Each Party acknowledges
and agrees that it is fully informed of the protections and risks associated with the various methods of transmitting instructions
to the Escrow Agent, and that there may be more secure methods of transmitting instructions other than the method selected by such
Party. The Escrow Agent shall have no responsibility or liability for any loss which may result from (i) any action taken or not
taken by the Escrow Agent in good faith reliance on any such signatures or instructions, (ii) as a result of a Party’s reliance
upon or use of any particular method of delivering instructions to the Escrow Agent, including the risk of interception of such
instruction and misuse by third parties, or (iii) any officer or Authorized Representative of a Party named in Schedule II
delivered hereunder prior to actual receipt by the Escrow Agent of a more current incumbency certificate or an updated Schedule
II and a reasonable time for the Escrow Agent to act upon such updated or more current certificate or Schedule.

 

(b) Each
Party may, at any time, update Schedule II by signing and submitting to the Escrow Agent an update of such Schedule. Any
updated Schedule shall not be effective unless the Escrow Agent countersigns a copy thereof. The Escrow Agent shall be entitled
to a reasonable time to act to implement any changes on an updated Schedule II.

 

Section 1.4 Delivery and Authentication
of Disbursement Instructions.

 

(a) Disbursement
Instructions must be delivered to Escrow Agent by one of the delivery methods set forth in Section 3.3.

 

(b) Each
Party and the Escrow Agent hereby agree that the following security procedures will be used to verify the authenticity of Disbursement
Instructions delivered by any Party to the Escrow Agent under this Agreement:

 

		(i)	The Disbursement Instructions must include the name and signature of the person delivering the
disbursement request to the Escrow Agent. The Escrow Agent will check that the name and signature of the person identified on the
Disbursement Instructions appears to be the
same as the name and signature of an Authorized Representative of such Party.

 

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		(ii)	The Escrow Agent will make a telephone call to an Authorized Representative of the Party purporting
to deliver the Disbursement Instructions (which Authorized Representative may be the same as the Authorized Representative who
delivered the Disbursement Instructions) at any telephone number for such Authorized Representative as set forth on Schedule
II to obtain oral confirmation of delivery of the Disbursement Instructions. The Escrow Agent is hereby authorized to call
only one of the Parties signing the Disbursement Instructions, at the number listed in Schedule II to this Agreement.

 

		(iii)	If the Disbursement Instructions are sent by email to the Escrow Agent, the Escrow Agent also shall
review such email address to verify that it appears to have been sent from an email address for an Authorized Representative of
one of the Parties as set forth on Schedule II, as applicable, or from an email address for a person authorized under Schedule
II to email Disbursement Instructions to the Escrow Agent on behalf of the Authorized Representative).

 

(c) Each
Party acknowledges and agrees that given its particular circumstances, including the nature of its business, the size, type and
frequency of its instructions, transactions and files, internal procedures and systems, the alternative security procedures offered
by the Escrow Agent and the security procedures in general use by other customers and banks similarly situated, the security procedures
set forth in this Section 1.4 are a commercially reasonable method of verifying the authenticity of a payment order in any Disbursement
Instructions.

 

(d) The
Escrow Agent is authorized to execute, and each Party expressly agrees to be bound by any payment order in any Disbursement Instructions
issued in its name (and associated funds transfer) (i) that is accepted by the Escrow Agent in accordance with the security procedures
set forth in this Section 1.4, whether or not authorized by such Party and/or (ii) that is authorized by or on behalf of such Party
or for which such Party is otherwise bound under the law of agency, whether or not the security procedures set forth in this Section
1.4 were followed, and to debit the Escrow Account for the amount of the payment order. Notwithstanding anything else, the Escrow
Agent shall be deemed to have acted in good faith and without negligence, gross negligence or misconduct if the Escrow Agent is
authorized to execute the payment order under this Section 1.4. Any action taken by the Escrow Agent pursuant to this paragraph
prior to the Escrow Agent’s actual receipt and acknowledgement of a notice of revocation, cancellation or amendment of any
Disbursement Instructions shall not be affected by such notice.

 

(e) The
security procedures set forth in this Section 1.4 are intended to verify the authenticity of payment orders provided to the Escrow
Agent and are not designed to, and do not, detect errors in the transmission or content of any payment order. The Escrow Agent
is not responsible for detecting an error in the payment order, regardless of whether any of the Parties believes the error was
apparent, and the Escrow Agent is not liable for any damages arising from any failure to detect an error.

 

    6

     

    

 

(f) When
instructed to credit or pay a party by both name and a unique numeric or alpha-numeric identifier (e.g. ABA number or account number),
the Escrow Agent, and any other banks participating in the funds transfer, may rely solely on the unique identifier, even if it
identifies a party different than the party named. Each Party agrees to be bound by the rules of any funds transfer network used
in connection with any payment order accepted by the Escrow Agent hereunder.

 

(g) The
Escrow Agent shall not be obliged to make any payment requested under this Agreement if it is unable to validate the authenticity
of the request by the security procedures set forth in this Section 1.4. The Escrow Agent’s inability to confirm a payment
order may result in a delay or failure to act on that payment order. Notwithstanding anything else in this Agreement, the Escrow
Agent shall not be required to treat a payment order as having been received until the Escrow Agent has authenticated it pursuant
to the security procedures in this Section 1.4 and shall not be liable or responsible for any losses arising in relation to such
delay or failure to act.

 

ARTICLE 2

PROVISIONS CONCERNING THE ESCROW AGENT

 

Section 2.1  Acceptance
by Escrow Agent. The Escrow Agent hereby accepts and agrees to perform its obligations hereunder, provided that:

 

(a) The
Escrow Agent may act in reliance upon any signature reasonably believed by it to be genuine, and may assume that any person who
has been designated by the Placement Agent or the Company to give any written instructions, notice or receipt, or make any statements
in connection with the provisions hereof has been duly authorized to do so. The Escrow Agent shall have no duty to make inquiry
as to the genuineness, accuracy or validity of any statements or instructions or any signatures on statements or instructions.
The names and true signatures of each individual authorized to act singly on behalf of the Company and The Placement Agent are
stated in Schedule II, which is attached hereto and made a part hereof. The Company and the Placement Agent may each remove
or add one or more of its authorized signers stated on Schedule II by notifying the Escrow Agent in writing of such change
in accordance with this Agreement, which notice shall include the true signature for any new authorized signatories. The Escrow
Agent shall be entitled to rely upon any order, judgment, opinion, or other writing delivered to it in compliance with the provisions
of this Agreement without being required to determine the authenticity or the correctness of any fact stated therein or the propriety
or validity of service thereof.

 

(b) The
Escrow Agent may act relative hereto in reliance upon advice of counsel in reference to any matter connected herewith. The Escrow
Agent shall not be liable for any mistake of fact or error of judgment or law, or for any acts or omissions of any kind, unless
caused by its willful misconduct or gross negligence.

 

(c) In
the event that the Escrow Agent shall be uncertain as to its duties or rights hereunder, the Escrow Agent shall be entitled to
(i) refrain from taking any action other than to keep safely the Escrow Funds until it shall be directed otherwise by a court of
competent jurisdiction, or (ii) deliver the Escrow Funds to a court of competent jurisdiction.

 

    7

     

    

 

(d) The Escrow
Agent shall have no duty, responsibility or obligation to interpret or enforce the terms of any agreement other than the
Escrow Agent’s obligations hereunder, and the Escrow Agent shall not be required to make a request that any monies be
delivered to the Escrow Account, it being agreed that the sole duties and responsibilities of the Escrow Agent shall be to
the extent not prohibited by applicable law (i) to accept checks or other instruments for the payment of money and wire
transfers delivered to the Escrow Agent for the Escrow Account and deposit said checks and wire transfers into the
non-interest bearing Escrow Account, and (ii) to disburse or refrain from disbursing the Escrow Funds as stated above,
provided that the checks received by the Escrow Agent have been collected and are available for withdrawal. The Escrow Agent
makes no representation as to the validity, value, genuineness or collectability of any security or other document or
instrument held by or delivered to it.

 

(e) The
Escrow Agent shall be obligated to perform only such duties as are expressly set forth in this Agreement. No implied covenants
or obligations shall be inferred from this Agreement against the Escrow Agent, nor shall the Escrow Agent be bound by the provisions
of any agreement by the Company beyond the specific terms hereof. Without limiting the foregoing, the Escrow Agent shall dispose
of the Escrow Funds in accordance with the express provisions of this Agreement, and has not reviewed and shall not make, be required
to make or be liable in any manner for its failure to make, any determination under the Transaction Documents, or any other agreement,
including, without limitation, any determination of whether (i) the Company has complied with the terms of the Transaction Documents,
(ii) an investment in the Securities is suitable for the proposed Investors, or (iii) the Transaction Documents comply with applicable
securities laws.

 

(f) No
provision of this Agreement shall require the Escrow Agent to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder. The Escrow Agent is acting under this Agreement as a stakeholder only and shall
be considered an independent contractor with respect to each Party. No term or provision of this Agreement is intended to create,
nor shall any such term or provision be deemed to have created, any trust, joint venture, partnership, or debtor/creditor relationship
between or among the Escrow Agent and any of the Parties.

 

(g) In
no event shall the Escrow Agent be liable for any lost profits, lost savings or other special, exemplary, consequential or incidental
damages even if the Escrow Agent has been advised of the likelihood of such loss or damage.

 

Section 2.2. Indemnification.
The Placement Agent and the Company agree, jointly and severally, to indemnify and hold the Escrow Agent and its employees,
officers, directors and agents harmless from and against any and all claims, losses, costs, liabilities, damages, suits,
demands, judgments or expenses (including but not limited to reasonable attorney’s fees) claimed against or incurred by
the Escrow Agent arising out of or related, directly or indirectly, to this Agreement unless caused by the Escrow
Agent’s gross negligence or willful misconduct. The Placement Agent and the Company agree, jointly and severally, to
pay or reimburse the Escrow Agent upon request for any transfer taxes or other taxes relating to the Escrow Funds incurred in
connection herewith and shall indemnify and hold harmless the Escrow Agent with respect to any amounts that it is obligated
to pay in the way of such taxes. The Escrow Agent shall not incur any liability for performing or not performing any act or
fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of the Escrow
Agent, including, without limitation, war (whether declared or existing), revolution, insurrection, riot, civil commotion,
accident, fire, explosion, stoppage of labor, strikes and other differences with employees; the act, failure or neglect of
the parties hereto (other than the Escrow Agent) or any of their agents; any delay, error, omission or default of any mail,
courier, facsimile or wireless agency or operator; or the acts or edicts of any government or governmental agency or other
group or entity exercising governmental powers. The terms of this paragraph shall survive termination of this Agreement.

 

    8

     

    

 

Section
2.3. Limitation of Liability. the escrow agent
SHALL NOT be liable, directly or indirectly, for any (i) damages, Losses or expenses arising out of the services provided hereunder,
other than damages, losses or expenses which have been finally adjudicated to have DIRECTLY resulted from the escrow agent’s
gross negligence or willful misconduct, or (ii) special, Indirect or consequential damages or LOSSES OF ANY KIND WHATSOEVER (INCLUDING
WITHOUT LIMITATION LOST PROFITS), even if the escrow agent has been advised of the possibility of such LOSSES OR damages AND REGARDLESS
OF THE FORM OF ACTION.

 

Section 2.4. Resignation and Termination
of the Escrow Agent. The Escrow Agent may resign at any time by giving 30 days’ prior written notice of such resignation
to the Placement Agent and the Company. Upon providing such notice, the Escrow Agent shall have no further obligation hereunder
except to hold as depositary the Escrow Funds that it receives until the end of such 30-day period. In such event, the Escrow Agent
shall not take any action, other than receiving and depositing the Investor’s checks and wire transfers in accordance with
this Agreement, until the Company has designated a banking corporation, trust company, attorney or other person as successor. Upon
receipt of such written designation signed by the Placement Agent and the Company, the Escrow Agent shall promptly deliver the
Escrow Funds to such successor and shall thereafter have no further obligations hereunder. If such instructions are not received
within 30 days following the effective date of such resignation, then the Escrow Agent may deposit the Escrow Funds held by it
pursuant to this Agreement with a clerk of a court of competent jurisdiction pending the appointment of a successor. In either
case provided for in this paragraph, the Escrow Agent shall be relieved of all further obligations and released from all liability
thereafter arising with respect to the Escrow Funds.

 

Section 2.5 Termination.
The Company and the Placement Agent may terminate the appointment of the Escrow Agent hereunder upon written notice specifying
the date upon which such termination shall take effect, which date shall be at least 30 days from the date of such notice. In the
event of such termination, the Company and the Placement Agent shall, within 30 days of such notice, appoint a successor escrow
agent and the Escrow Agent shall, upon receipt of written instructions signed by the Company and the Placement Agent, turn over
to such successor escrow agent all of the Escrow Funds; provided, however, that if the Company and the Placement
Agent fail to appoint a successor escrow agent within such 30-day period, such termination notice shall be null and void and the
Escrow Agent shall continue to be bound by all of the provisions hereof. Upon receipt of the Escrow Funds, the successor escrow
agent shall become the escrow agent hereunder and shall be bound by all of the provisions hereof and the Escrow Agent shall be
relieved of all further obligations and released from all liability thereafter arising with respect to the Escrow Funds and under
this Agreement.

 

    9

     

    

 

Section 2.6 Compensation.
The Escrow Agent shall be entitled, for the duties to be performed by it hereunder, to compensation as stated in the schedule
attached hereto as Schedule III, which fee shall be paid by the Company upon the signing of this Agreement. In
addition, the Company shall be obligated to reimburse the Escrow Agent for all fees, costs and expenses incurred or that
become due in connection with this Agreement or the Escrow Account, including reasonable attorney’s fees. Neither the
modification, cancellation, termination or rescission of this Agreement nor the resignation or termination of the Escrow
Agent shall affect the right of the Escrow Agent to retain the amount of any fee which has been paid, or to be reimbursed or
paid any amount which has been incurred or becomes due, prior to the effective date of any such modification, cancellation,
termination, resignation or rescission. To the extent the Escrow Agent has incurred any such expenses, or any such fee
becomes due, prior to any closing, the Escrow Agent shall advise the Company and the Company shall direct all such amounts to
be paid directly at any such closing. The terms of this paragraph shall survive termination of this Agreement.

 

Section 2.7. Merger or Consolidation.
Any corporation or association into which the Escrow Agent may be converted or merged, or with which it may be consolidated, or
to which it may sell or transfer all or substantially all of its corporate trust business and assets as a whole or substantially
as a whole, or any corporation or association resulting from any such conversion, sale, merger, consolidation or transfer to which
the Escrow Agent is a party, shall be and become the successor escrow agent under this Agreement and shall have and succeed to
the rights, powers, duties, immunities and privileges as its predecessor, without the execution or filing of any instrument or
paper or the performance of any further act.

 

Section 2.8. Attachment of Escrow
Funds; Compliance with Legal Orders. In the event that any Escrow Funds shall be attached, garnished or levied upon by
any court order, or the delivery thereof shall be stayed or enjoined by an order of a court, or any order, judgment or decree shall
be made or entered by any court order affecting the Escrow Funds, the Escrow Agent is hereby expressly authorized, in its sole
discretion, to respond as it deems appropriate or to comply with all writs, orders or decrees so entered or issued, or which it
is advised by legal counsel of its own choosing is binding upon it, whether with or without jurisdiction. In the event that the
Escrow Agent obeys or complies with any such writ, order or decree it shall not be liable to any Party or to any other person,
firm or corporation, should, by reason of such compliance notwithstanding, such writ, order or decree be subsequently reversed,
modified, annulled, set aside or vacated.

 

Section 2.9 Force Majeure.
The Escrow Agent shall not be responsible or liable for any failure or delay in the performance of its obligation under this Agreement
arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation,
acts of God; earthquakes; fire; flood; wars; acts of terrorism; civil or military disturbances; sabotage; epidemic; riots; interruptions,
loss or malfunctions of utilities, computer (hardware or software) or communications services; accidents; labor disputes; acts
of civil or military authority or governmental action; it being understood that the Escrow Agent shall use commercially reasonable
efforts which are consistent with accepted practices in the banking industry to resume performance as soon as reasonably practicable
under the circumstances.

 

Section 2.10 Compliance with Legal
Orders. The Escrow Agent shall be entitled to consult with legal counsel in the event that a question or dispute arises
with regard to the construction of any of the provisions hereof, and shall incur no liability and shall be fully protected in acting
in accordance with the advice or opinion of such counsel.

 

    10

     

    

 

Section 2.11 No Financial Obligation.
The Escrow Agent shall not be required to use its own funds in the performance of any of its obligations or duties or the exercise
of any of its rights or powers, and shall not be required to take any action which, in the Escrow Agent's sole and absolute judgment,
could involve it in expense or liability unless furnished with security and indemnity which it deems, in its sole and absolute
discretion, to be satisfactory.

 

ARTICLE 3

MISCELLANEOUS

 

Section 3.1. Successors and Assigns.
This Agreement shall be binding on and inure to the benefit of each Party and the Escrow Agent and their respective successors
and permitted assigns. No other persons shall have any rights under this Agreement. No assignment of the interest of any of the
Parties shall be binding unless and until written notice of such assignment shall be delivered to the other Parties and the Escrow
Agent and shall require the prior written consent of the other Parties and the Escrow Agent (such consent not to be unreasonably
withheld).

 

Section 3.2. Escheat.
Each Party is aware that under applicable state law, property which is presumed abandoned may under certain circumstances escheat
to the applicable state. The Escrow Agent shall have no liability to any of the Parties, their respective heirs, legal representatives,
successors and assigns, or any other party, should any or all of the Escrow Funds escheat by operation of law.

 

Section 3.3. Notices.
All notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall
be deemed to have been duly given if sent by hand-delivery, by facsimile (followed by first-class mail), by nationally recognized
overnight courier service or by prepaid registered or certified mail, return receipt requested, to the addresses set forth below:

 

If to The Placement
Agent:

 

Univest Securities, LLC

375 Park Avenue, 15th Fl., New York, NY
10152 

Attention: Edric Guo

Phone: (212) 343-8888

Email: yguo@univest.us

 

With a copy to (which
shall not constitute notice):

 

Hunter Taubman Fischer & Li LLC

800 Third Avenue, Suite 2800, New York,
NY 10022

Attention: Ying Li

Phone: (212) 530-2206

E-Mail: yli@htflawyers.com

 

    11

     

    

 

If to the Company:

 

Ebang International Holdings Inc.

26-27/F, Building 3, Xinbei Qianjiang International
Building, Qianjiang Economic and

Technological Development Zone, Yuhang District, Hangzhou, Zhejiang, 311100,

People’s Republic
of China

Attention: Mr. Dong Hu

Phone: +86-173-6452-6411

Email: hd@ebang.com.cn

 

With a copy to (which
shall not constitute notice):

 

Sullivan & Worcester
LLP

1633 Broadway

New York, NY 10019

Email: ddanovitch@sullivanlaw.com

Attention: David E.
Danovitch; Esq.

 

If to Escrow Agent:

 

WILMINGTON TRUST, NATIONAL
ASSOCIATION

166 Mercer Street,
Suite 2R

New York, New York
10012

Attention: Boris Treyger

Phone: (212) 941-4416

Email: btreyger@wilmingtontrust.com

 

Section 3.4. Governing Law and
Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. Each
Party and Escrow Agent hereby consents to the exclusive personal jurisdiction of the courts located in the State of New York in
the event of a dispute arising out of or under this Agreement. Each Party and Escrow Agent hereby irrevocably waives any objection
to the laying of the venue of any suit, action or proceeding and irrevocably submits to the exclusive jurisdiction of such court
in such suit, action or proceeding.

 

Section 3.5. Entire Agreement.
This Agreement and the Schedules and Exhibits attached hereto (as updated from time to time in accordance herewith) set forth the
entire agreement and understanding of the parties related to the Escrow Account.

 

Section 3.6. Amendment.
This Agreement may be amended, modified, superseded, rescinded, or canceled only by a written instrument executed by each of the
Parties and the Escrow Agent.

 

Section 3.7. Waivers.
The failure of any party to this Agreement at any time or times to require performance of any provision under this Agreement shall
in no manner affect the right at a later time to enforce the same performance. A waiver by any party to this Agreement of any such
condition or breach of any term, covenant, representation, or warranty contained in this Agreement, in any one or more instances,
shall neither be construed as a further or continuing waiver of any such condition or breach nor a waiver of any other condition
or breach of any other term, covenant, representation, or warranty contained in this Agreement.

 

    12

     

    

 

Section 3.8. Headings.
Section headings of this Agreement have been inserted for convenience of reference only and shall in no way restrict or otherwise
modify any of the terms or provisions of this Agreement.

 

Section 3.9. Counterparts.
This Agreement may be executed in one or more counterparts, each of which when executed shall be deemed to be an original, and
such counterparts shall together constitute one and the same instrument.

 

Section 3.10. Waiver of Jury Trial.
EACH OF THE PARTIES HERETO AND THE ESCROW AGENT EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN RESOLVING ANY CLAIM OR COUNTERCLAIM
RELATING TO OR ARISING OUT OF THIS AGREEMENT.

 

Section 3.11 Form of Signature.
The Parties and the Escrow Agent agree to accept a facsimile or email PDF transmission copy of their respective actual signatures
as evidence of their actual signatures to this Agreement and any modification or amendment of this Agreement; provided,
however, that each party who produces a facsimile or email PDF signature agrees, by the express terms hereof, if requested
by another party hereto, to place, promptly after transmission of his or her signature by fax, a true and correct original copy
of his or her signature in overnight mail to the address of the other party.

 

Section 3.12 Termination.
This Agreement will terminate upon the Termination Date or Final Termination Date, as applicable.

 

Section 3.13 Anti-Terrorism/Anti-Money Laundering Laws.

 

IMPORTANT INFORMATION
ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT - To help the United States government fight the funding of terrorism or money laundering
activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person
who opens a new account. What this means for the parties to this Agreement: the Escrow Agent will ask for your name, address, date
of birth, and other information that will allow the Escrow Agent to identify you (e.g., your social security number or tax
identification number.) The Escrow Agent may also ask to see your driver’s license or other identifying documents (e.g.,
passport, evidence of formation of corporation, limited liability company, limited partnership, etc., certificate of good standing.)

 

Each Party to this
Agreement hereby agrees to provide the Escrow Agent, prior to the establishment of the Escrow Account, with the information identified
above pertaining to it by completing the form attached as Exhibit C and returning it to the Escrow Agent. Exhibit
C includes one form for individuals and another form for entities.

 

[The balance of this page intentionally
left blank – signature page follows]

 

    13

     

    

 

IN WITNESS WHEREOF, the parties
have duly executed this Agreement as of the date first set forth above.

 

Ebang
International Holdings Inc.

 

	By:	 	 

 

Name:

 Title:

 

UNIVEST SECURITIES, LLC

 

	By:	 	 

Name: Edric Guo

Title: COO

 

WILMINGTON TRUST, NATIONAL ASSOCIATION

 

	By:	 	 

Name:  Boris Treyger

Title: Vice President

 

     

     

    

 

Schedule
I

 

Securities Purchase Agreement

Other Transaction Documents

 

     

     

    

 

 

 

Schedule
II

 

Certificate
as to Authorized Signatures

 

of
Company

 

Company hereby designates
each of the following persons as its Authorized Representative for purposes of this Agreement, and confirms that the title, contact
information and specimen signature of each such person as set forth below is true and correct. Each such Authorized Representative
is authorized to initiate and approve transactions of all types for the Escrow Account established under the Agreement to which
this Schedule II is attached, on behalf of Company.

 

	
        Name (print):
	 
	Specimen Signature:	
         

         

	Title:	 
	
        Telephone Number (required):

        If more than one, list all applicable telephone numbers.
	
         

         

	
        E-mail (required):

        If more than one, list all applicable email addresses.
	 

 

	Name (print):	 
	Specimen Signature:	
         

         

	Title:	 
	
        Telephone Number (required):

        If more than one, list all applicable telephone numbers.
	
         

         

         

	
        E-mail (required):

        If more than one, list all applicable email addresses.
	 

 

     

     

    

 

Additional Email Addresses: 

The following additional email addresses
also may be used by Escrow Agent to verify the email address used to send any Payment Notice to Escrow Agent:

	Email 1: 	 	 
	Email 2: 	 	 
	Email 3: 	 	 

 

COMPLETE BELOW TO UPDATE SCHEDULE II

 

If Company wishes to update this Schedule
II, Company must complete, sign and send to Escrow Agent an updated copy of this Schedule II with such changes. Any updated Schedule
II shall be effective once signed by Company and Escrow Agent and shall entirely supersede and replace any prior Schedule II to
this Agreement.

 

EBANG INTERNATIONAL HOLDINGS INC.

 

	By:	 	 

Name: 

Title: 

 

Date:  

 

WILMINGTON TRUST, NATIONAL ASSOCIATION (as Escrow Agent)

 

	By:	 	 

Name: 

Title: 

 

Date:  

 

     

     

    

 

 

 

Certificate
as to Authorized Signatures

 

of
Placement Agent

 

The Placement Agent
hereby designates each of the following persons as its Authorized Representative for purposes of this Agreement, and confirms that
the title, contact information and specimen signature of each such person as set forth below is true and correct. Each such Authorized
Representative is authorized to initiate and approve transactions of all types for the Escrow Account established under the Agreement
to which this Schedule II is attached, on behalf of the Placement Agent.

 

	
        Univest Securities, LLC

	Name (print):	Edric Guo
	Specimen Signature:	
         

         

	Title:	COO
	
        Telephone Number (required):

        If more than one, list all applicable telephone numbers.
	
        (212) 343-8888

        (646) 775-0000 Cell

	
        E-mail (required):

        If more than one, list all applicable email addresses.
	yguo@univest.us

 

	Univest Securities, LLC
	Name (print):	 
	Specimen Signature:	
         

         

	Title:	 
	
        Telephone Number (required):

        If more than one, list all applicable
        telephone numbers.
	 
	
        E-mail (required):

        If more than one, list all applicable
        email addresses.
	
        Email 1:

        Email 2:

 

Additional Email Addresses: 

The following additional email addresses
also may be used by Escrow Agent to verify the email address used to send any Payment Notice to Escrow Agent:

	Email 1: 	 	 
	Email 2: 	 	 
	Email 3: 	 	 

 

     

     

    

 

COMPLETE BELOW TO UPDATE SCHEDULE II

 

If the Placement Agent wishes to update
this Schedule II, the Placement Agent must complete, sign and send to Escrow Agent an updated copy of this Schedule II with such
changes. Any updated Schedule II shall be effective once signed by the Placement Agent and Escrow Agent and shall entirely supersede
and replace any prior Schedule II to this Agreement.

 

UNIVEST SECURITIES, LLC

 

	By:	 	 

Name: Edric Yi Guo

Title: Chief Operating Officer

 

Date:  

 

WILMINGTON TRUST, NATIONAL ASSOCIATION (as Escrow Agent)

 

	By:	 	 

Name: 

Title: 

 

Date:

 

 

     

     

    

 

Schedule III

 

Fees of Escrow Agent

 

	
        Acceptance Fee:
	Waived

 

Initial Fees as they relate to Wilmington Trust acting in the
capacity of Escrow Agent – includes review of the Escrow Agreement; acceptance of the Escrow appointment; setting up of Escrow
Account(s) and accounting records; and coordination of receipt of Escrow Information for deposit to the Escrow Account(s). Acceptance
Fee payable at time of Escrow Agreement execution.

 

	
        Escrow Agent Administration Fee:
	$4,000

 

For ordinary administrative services by Escrow Agent –
includes daily routine account management; monitoring claim notices pursuant to the agreement; and disbursement of Escrow Information
in accordance with the agreement.

 

Wilmington Trust’s bid is based on the following
assumptions:

 

		●	Number of Escrow Accounts to be established: 1

 

		●	Est. Term: Under 12 months

 

		●	Escrow funds remain un-invested

 

	
        Out-of-Pocket Expenses:
	Billed At Cost

 

     

     

    

 

Exhibit A

 

Extension Notice

 

Date: __________________

 

WILMINGTON TRUST, N.A.

166 Mercer Street, Suite 2R

New York, NY 10012

Attention: Boris Treyger

 

Dear Mr./Ms. [_____]:

 

In accordance with
the terms of Section 1.2(c) an Escrow Agreement dated [●], 2021 by and among EBANG INTERNATIONAL HOLDINGS INC., a
company organized under the laws of the Cayman Islands (the “Company”); UNIVEST SECURITIES, LLC (the
“Placement Agent”), and WILMINGTON TRUST, NATIONAL ASSOCIATION (the “Escrow Agent”),
the Company and Placement Agent hereby notify the Escrow Agent that the Closing Date has been extended from __________ __, 2021
to __________ __, 2021.

 

Very truly yours,

 

Ebang International
Holdings Inc.

 

	By:	 	 

Name:

Title:

 

UNIVEST SECURITIES, LLC

 

	By:	 	 

Name: Edric Yi GUo

Title: Chief Operating Officer

 

     

     

    

 

Exhibit B

 

FORM OF ESCROW DISBURSEMENT INSTRUCTIONS

AND RELEASE NOTICE

 

Date:

 

WILMINGTON TRUST, NATIONAL ASSOCIATION

166 Mercer Street, Suite 2R

New York, NY 10012

Attention: Boris Treyger

 

Dear Mr./Ms _______:

 

In accordance with the terms of Section
1.2(d) of an Escrow Agreement dated as of February [●], 2021 (the “Escrow Agreement”), by and among EBANG
INTERNATIONAL HOLDINGS INC., a company organized under the laws of the Cayman Islands (the “Company”); UNIVEST
SECURITIES, LLC (the “Placement Agent”), and WILMINGTON TRUST, NATIONAL ASSOCIATION (the “Escrow Agent”),
the Company and the Placement Agent hereby direct the Escrow Agent to distribute all of the Escrow Funds (as defined in the Escrow
Agreement) in accordance with the following wire instructions:

 

________________________: $

________________________: $

________________________: $

 

Very truly yours,

 

Ebang International
Holdings Inc.

 

	By:	 	 

Name:

Title:

 

UNIVEST SECURITIES, LLC

 

	By:	 	 

Name: Edric Yi Guo

Title: Chief Operating Officer

 

     

     

    

 

Exhibit C

 

CIP Form

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