<SEC-DOCUMENT>0000950103-23-004198.txt : 20230316
<SEC-HEADER>0000950103-23-004198.hdr.sgml : 20230316
<ACCEPTANCE-DATETIME>20230316065953
ACCESSION NUMBER:		0000950103-23-004198
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230316
DATE AS OF CHANGE:		20230316

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHOTRONICS INC
		CENTRAL INDEX KEY:			0000810136
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				060854886
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-39099
		FILM NUMBER:		23737079

	BUSINESS ADDRESS:	
		STREET 1:		15 SECOR ROAD
		STREET 2:		PO BOX 5226
		CITY:			BROOKFIELD
		STATE:			CT
		ZIP:			06804
		BUSINESS PHONE:		2037759000

	MAIL ADDRESS:	
		STREET 1:		15 SECOR ROAD
		STREET 2:		P O BOX 5226
		CITY:			BROOKFIELD
		STATE:			CT
		ZIP:			06804

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHOTRONIC LABS INC
		DATE OF NAME CHANGE:	19900514

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Norbel Investments, S.L.
		CENTRAL INDEX KEY:			0001968949
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			U3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		CALLE DE JULIAN CAMARILLO 35
		CITY:			MADRID
		STATE:			U3
		ZIP:			28037
		BUSINESS PHONE:		34 913 756 230

	MAIL ADDRESS:	
		STREET 1:		CALLE DE JULIAN CAMARILLO 35
		CITY:			MADRID
		STATE:			U3
		ZIP:			28037
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<FILENAME>dp190557_sc13g.htm
<DESCRIPTION>FORM SC 13G
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<FONT STYLE="font-size: 10pt"><BR>
</FONT>Washington, D.C. 20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">SCHEDULE 13G</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #0F0F0F">Under the Securities Exchange
Act of 1934</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #0F0F0F">&nbsp;</P>

<P STYLE="color: #0F0F0F; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><U>Photronics,
Inc.</U></FONT></P>

<P STYLE="color: #0F0F0F; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Issuer)</P>

<P STYLE="color: #0F0F0F; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="color: #0F0F0F; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Common Stock</U></P>

<P STYLE="color: #0F0F0F; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Title of Class of Securities)</P>

<P STYLE="color: #0F0F0F; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="color: #0F0F0F; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>719405102</U></P>

<P STYLE="color: #0F0F0F; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(CUSIP Number)</P>

<P STYLE="color: #0F0F0F; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="color: #0F0F0F; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>March 13, 2023</U></P>

<P STYLE="color: #0F0F0F; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Date of Event Which Requires Filing
of this Statement)</P>

<P STYLE="color: #0F0F0F; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&#8239;&#8239;Rule
13d-l(b)<BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT>&#8239;&#8239;Rule 13d-l(c)<BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&#8239;&#8239;Rule 13d-l(d)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* The remainder of this cover page shall be filled out for a reporting
person&rsquo;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing
information which would alter the disclosures provided in a prior cover page.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information required in the remainder of this cover page shall
not be deemed to be &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the <U>&ldquo;Act&rdquo;)</U>
or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see
the <I>Notes).</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; border: Black 2.25pt solid; text-align: center; font-size: 10pt; font-weight: bold">CUSIP No. 719405102</TD>
    <TD STYLE="width: 35%; border-top: Black 2.25pt solid; border-right: Black 2.25pt solid; border-bottom: Black 2.25pt solid; text-align: center; font-size: 10pt; font-weight: bold">Schedule 13G</TD>
    <TD STYLE="width: 33%; border-top: Black 2.25pt solid; border-right: Black 2.25pt solid; border-bottom: Black 2.25pt solid; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 6%; border: black 2.25pt solid">1</TD>
    <TD STYLE="width: 94%; border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-bottom: black 2.25pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">NAME
OF REPORTING PERSON</P>
                                                                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><BR> Norbel Inversiones, S.L.</P>
                                                                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-right: black 2.25pt solid; border-bottom: black 2.25pt solid; border-left: black 2.25pt solid">2</TD>
    <TD STYLE="border-right: black 2.25pt solid; border-bottom: black 2.25pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<BR> (a)&nbsp;&nbsp;&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT><BR> (b)&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-right: black 2.25pt solid; border-bottom: black 1.5pt solid; border-left: black 2.25pt solid">3</TD>
    <TD STYLE="border-right: black 2.25pt solid; border-bottom: black 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">SEC USE ONLY</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-right: Black 2.25pt solid; border-left: Black 2.25pt solid">4</TD>
    <TD STYLE="border-right: Black 2.25pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Spain</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="4" STYLE="border-top: Black 2.25pt solid; width: 20%; border-right: Black 2.25pt solid; border-left: Black 2.25pt solid; text-align: center; font-size: 10pt">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH<FONT STYLE="color: #2D2D2D">:</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top; width: 6%; border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-bottom: black 2.25pt solid; font-size: 10pt">5</TD>
    <TD STYLE="vertical-align: top; width: 74%; border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-bottom: black 2.25pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3,123,800</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-right: black 2.25pt solid; border-bottom: black 2.25pt solid; font-size: 10pt">6</TD>
    <TD STYLE="border-right: black 2.25pt solid; border-bottom: black 2.25pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-right: black 2.25pt solid; border-bottom: black 2.25pt solid; font-size: 10pt">7</TD>
    <TD STYLE="border-right: black 2.25pt solid; border-bottom: black 2.25pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3,123,800</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-right: Black 2.25pt solid; font-size: 10pt">8</TD>
    <TD STYLE="border-right: Black 2.25pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 6%; border-top: black 2.25pt solid; border-right: black 1.5pt solid; border-bottom: black 2.25pt solid; border-left: black 2.25pt solid; font-size: 10pt">9</TD>
    <TD STYLE="width: 94%; border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-bottom: black 2.25pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3,123,800</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-right: black 1.5pt solid; border-bottom: black 2.25pt solid; border-left: black 2.25pt solid; font-size: 10pt">10</TD>
    <TD STYLE="border-right: black 2.25pt solid; border-bottom: black 2.25pt solid; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-right: black 1.5pt solid; border-bottom: black 2.25pt solid; border-left: black 2.25pt solid; font-size: 10pt">11</TD>
    <TD STYLE="border-right: black 2.25pt solid; border-bottom: black 2.25pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.0% (1)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-right: black 1.5pt solid; border-bottom: black 2.25pt solid; border-left: black 2.25pt solid; font-size: 10pt">12</TD>
    <TD STYLE="border-right: black 2.25pt solid; border-bottom: black 2.25pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CO</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
(1)&nbsp; &#9;Based on 62,474,604 shares of the Issuer's common stock outstanding as of March 2, 2023 as reported in the Issuer's Annual
Report on Form 10-Q filed with the Securities and Exchange Commission on March 9, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item l(a). Name of lssuer:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Photronics, Inc. (the <FONT STYLE="color: #232323">&ldquo;<U>Issuer</U>&rdquo;)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item l(b). Address of lssuer&rsquo;s Principal Executive Offices:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">15 Secor Road, Brookfield, CT 06804</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 2(a). Name of Person Filing:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Norbel Inversiones, S.L. (the <FONT STYLE="color: #232323">&ldquo;<U>Reporting
</U></FONT><U>Person</U>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 2(b). Address of Principal Business Office or, if none, Residence:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Calle de Julian Camarillo 35</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Madrid 28037, Spain</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 2(c). Citizenship:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Spain</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 2(d). Title of Class of Securities:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Common Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 2(e). CUSIP Number:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">719405102</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b),
or 13d-2(b) or (c), Check Whether the Person Filing is a:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 4. Ownership</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">The responses to Items 5-11 of the cover pages of this Schedule
13G are incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">The Reporting Person is the record holder of such shares
of Common Stock. Norbel Inversiones, S.L. is equally owned by Juan L&oacute;pez-Belmonte Encina, Iv&aacute;n L&oacute;pez-Belmonte Encina
and Javier L&oacute;pez-Belmonte Encina, each of whom is a member of its Board of Directors. Each director has one vote, and the approval
of a majority of the three directors is required to approve an action of Norbel Inversiones, S.L. Under the so-called &ldquo;rule of three,&rdquo;
if voting and dispositive decisions regarding an entity&rsquo;s securities are made by three or more individuals, and voting or dispositive
decisions require the approval of a majority of those individuals, then none of the individuals is deemed a beneficial owner of the entity&rsquo;s
securities. This is the case with regard to Norbel Inversiones, S.L., the Reporting Person. Based upon the foregoing analysis, no individual
director or shareholder of Norbel Inversiones, S.L. exercises voting or dispositive control over any of the securities held by Norbel
Inversiones, S.L., even those in which such director or shareholder holds a pecuniary interest. Accordingly, none of them is deemed to
have or share beneficial ownership of such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 5. Ownership of Five Percent or Less of a Class.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-weight: normal">If this statement is
being filed to report the fact that as of the date hereof the Reporting Person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following: &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 6. Ownership of More than Five Percent on Behalf of Another
Person.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding Company.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 8. Identification and Classification of Members of the Group.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 9. Notice of Dissolution of Group.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 10. Certification.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing
the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction
having that purpose or effect, other than activities solely in connection with a nomination under &sect; 240.14a-11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SIGNATURE</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">After reasonable inquiry and to the best of my
knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: March 16, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>Norbel Inversiones, S.L.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%; font-size: 10pt">By:</TD>
    <TD STYLE="vertical-align: top; width: 45%; border-bottom: Black 1pt solid; font-size: 10pt">/s/ Javier L&oacute;pez-Belmonte</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:</TD>
    <TD STYLE="font-size: 10pt">Javier L&oacute;pez-Belmonte</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="font-size: 10pt">Authorized Signatory</TD></TR>
  </TABLE>

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