<SEC-DOCUMENT>0001554795-23-000360.txt : 20231206
<SEC-HEADER>0001554795-23-000360.hdr.sgml : 20231206
<ACCEPTANCE-DATETIME>20231206172910
ACCESSION NUMBER:		0001554795-23-000360
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20231206
DATE AS OF CHANGE:		20231206

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Red Cat Holdings, Inc.
		CENTRAL INDEX KEY:			0000748268
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				880490034
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-256216
		FILM NUMBER:		231470576

	BUSINESS ADDRESS:	
		STREET 1:		15 AVE. MUNOZ RIVERA
		STREET 2:		STE 2200
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00901-2510
		BUSINESS PHONE:		833-373-3228

	MAIL ADDRESS:	
		STREET 1:		15 AVE. MUNOZ RIVERA
		STREET 2:		STE 2200
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00901-2510

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TimefireVR Inc.
		DATE OF NAME CHANGE:	20161121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EnergyTEK Corp.
		DATE OF NAME CHANGE:	20140723

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROADLEAF CAPITAL PARTNERS INC
		DATE OF NAME CHANGE:	20040928
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>rcat1206prospectus424b5_2.htm
<DESCRIPTION>PROSPECTUS SUPPLEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Filed Pursuant to Rule 424(b)(5)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Registration No. 333-256216 </B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0; color: red"><B>The information in this preliminary prospectus supplement
and the accompanying prospectus, relating to an effective registration statement under the Securities Act of 1933, as amended, is not
complete and may be changed. This preliminary prospectus supplement and the accompanying prospectus are not an offer to sell these securities
and we are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 40%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Red">PRELIMINARY PROSPECTUS SUPPLEMENT</FONT></P>
                         <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Red">(to Prospectus dated June 14, 2021)&nbsp;</FONT></P></TD>
  <TD STYLE="text-align: center; width: 30%"><FONT STYLE="color: Red">SUBJECT TO COMPLETION</FONT></TD>
  <TD STYLE="text-align: right; width: 30%"><FONT STYLE="color: Red">DATED DECEMBER 6, 2023</FONT></TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>Shares of Common Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0pt 2pt"><B>Red Cat Holdings, Inc.</B></P>

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

<P STYLE="border-bottom: Black 1pt solid; font: 1pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are offering&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock, par value
$0.0001 per share. The purchase price for each share is $ &nbsp;&nbsp;&nbsp;.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our common stock is listed on The Nasdaq Capital Market
under the symbol &ldquo;RCAT.&rdquo; On December 6, 2023, the last reported sale price of our common stock on The Nasdaq Capital Market
was $0.76 per share.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the date of this prospectus supplement, the
aggregate market value of our outstanding common stock held by non-affiliates, or our public float, was approximately $40,956,779 based
on 40,153,705 outstanding shares of common stock held by non-affiliates and a per share price of $1.02, the closing price of our common
stock on October 13, 2023, which is the highest closing sale price of our common stock on The Nasdaq Capital Market within the prior 60
days. During the 12-calendar month period that ends on, and includes, the date of this prospectus supplement (but excluding this offering),
we have offered and sold a total of $4,434,095 worth of our securities pursuant to General Instruction I.B.6 of Form S-3.&nbsp;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Investing in our common stock involves a high degree
of risk. See &ldquo;Risk Factors&rdquo; beginning on page S-11 of this prospectus supplement and the documents incorporated by reference
into this prospectus supplement for a discussion of information that you should consider in connection with an investment in our common
stock.</B></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement is truthful
or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Per Share</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">Public offering price</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">Underwriting discounts and commissions <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">Proceeds to us, before expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 53%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 19%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><SUP>&nbsp;</SUP></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; padding-left: 10pt; text-align: justify; text-indent: -10pt"><FONT STYLE="font-size: 9pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">We refer you to &ldquo;Underwriting&rdquo; beginning on page S-28 of this prospectus supplement for additional information regarding underwriters&rsquo; compensation.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have granted a 45-day option to the representative
of the underwriters to purchase up to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; additional shares of common stock solely to
cover over-allotments, if any.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The underwriters expect to deliver the shares to purchasers
on or about December &nbsp;&nbsp;, 2023.</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ThinkEquity</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The date of this prospectus supplement is December
&nbsp;&nbsp;, 2023</P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TABLE OF CONTENTS </B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B>&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">About this Prospectus Supplement</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">i</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Where You Can Find More Information</FONT></TD>
    <TD STYLE="vertical-align: top; width: 48px; text-align: center">i</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Incorporation of Certain Documents By Reference</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">ii</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Cautionary Statement Regarding Forward-Looking Statements</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">ii</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Prospectus Supplement Summary</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">S-1</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Summary of the Offering</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">S-3</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Risk Factors</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">S-4</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">S-7</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Dilution</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">S-8</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Description of Securities Offered</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">S-8</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Underwriting</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">S-8</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Legal Matters</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">S-17</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Experts</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">S-17</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B>&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">About this Prospectus</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Cautionary Statement Regarding Forward-Looking Statements</FONT></TD>
    <TD STYLE="vertical-align: top; width: 48px; text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">About Red Cat Holdings, Inc.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Risk Factors</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Description of Common Stock</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Description of Preferred Stock</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Description of Warrants</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Description of Units</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Plan of Distribution</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Experts</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Where you can find more information</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Incorporation of Certain Documents by Reference</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 7.3pt 0 8.25pt; text-align: justify; text-indent: 31.7pt"><FONT STYLE="letter-spacing: -0.35pt"><B>You
</B></FONT><B>should rely only on information contained in this prospectus. <FONT STYLE="letter-spacing: -0.25pt">We </FONT>have not,
and the underwriter has not, authorized anyone to provide you with additional information or information different from that contained
in this prospectus. Neither the delivery of this prospectus nor the sale of our securities means that the information contained in this
prospectus is correct after the date of this prospectus. This <FONT STYLE="letter-spacing: -0.15pt">prospectus </FONT>is not an offer
to sell or the solicitation of an offer to buy our securities in any circumstances under which the offer or solicitation is unlawful or
in any state or other jurisdiction where the offer is not permitted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 7.3pt 0 8.25pt; text-align: justify; text-indent: 31.7pt"><B>For investors
outside the United States: Neither we nor the underwriter has taken any action that would permit this offering or possession or distribution
of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the
United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the
offering of the securities covered hereby and the distribution of this prospectus outside of the United States.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 7.3pt 0 8.25pt; text-align: justify; text-indent: 31.7pt"><B>The information
in this prospectus is accurate only as of the date on the front cover of this prospectus. Our business, financial condition, results of
operations and prospects may have changed since those dates.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0.05pt 0.1in 0 8.25pt; text-align: justify; text-indent: 31.7pt"><B>No
person is authorized in connection with this prospectus to give any information or to make any representations about us, the securities
offered hereby or any matter discussed in this prospectus, other than the information and representations contained in this prospectus.
If any other information or representation is given or made, such information or representation may not be relied upon as having been
authorized by us.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0.1in 0 8.25pt; text-align: justify; text-indent: 31.7pt"><B>Neither
we nor the underwriters have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction
where action for that purpose is required, other than the United States. You are required to inform yourself about, and to observe any
restrictions relating to, this offering and the distribution of this prospectus.</B></P>

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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ABOUT THIS PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 43.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">This document is in two parts.
The first part is the prospectus supplement, including the documents incorporated by reference, which describes the specific terms of
this offering. The second part, the accompanying prospectus, including the documents incorporated by reference, provides more general
information. Generally, when we refer to this prospectus, we are referring to both parts of this document combined. Before you invest,
you should carefully read this prospectus supplement, the accompanying prospectus, all information incorporated by reference herein and
therein, as well as the additional information described under &ldquo;Where You Can Find More Information&rdquo; on page S-4 and &ldquo;Incorporation
of Certain Information by Reference&rdquo; on page S-4 of this prospectus supplement. These documents contain information you should consider
when making your investment decision. This prospectus supplement may add, update, or change information contained in the accompanying
prospectus. To the extent that any statement that we make in this prospectus supplement is inconsistent with statements made in the accompanying
prospectus or any documents incorporated by reference, the statements made in this prospectus supplement will be deemed to modify or supersede
those made in the accompanying prospectus and such documents incorporated by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">You should rely only on the
information contained or incorporated by reference in this prospectus supplement, the accompanying prospectus and in any free writing
prospectuses we authorize for use in connection with this offering. Neither we nor the underwriter have authorized any other person to
provide you with any information that is different. If anyone provides you with different or inconsistent information, you should not
rely on it. We are offering to sell, and seeking offers to buy, the securities offered hereby only in jurisdictions where offers and sales
are permitted. The distribution of this prospectus supplement and the offering of the securities offered hereby in certain jurisdictions
may be restricted by law. Persons outside the United States who come into possession of this prospectus supplement must inform themselves
about, and observe any restrictions relating to, the offering of the securities offered hereby and the distribution of this prospectus
supplement outside the United States. This prospectus supplement does not constitute, and may not be used in connection with, an offer
to sell, or a solicitation of an offer to buy, any securities offered by this prospectus supplement by any person in any jurisdiction
in which it is unlawful for such person to make such an offer or solicitation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The information appearing
in this prospectus supplement, the accompanying prospectus or any related free writing prospectus that we authorize for use in connection
with this offering is accurate only as of the date on the front of the document and any information we have incorporated by reference
is accurate only as of the date of such document incorporated by reference, regardless of the time of delivery of this prospectus supplement
or any related free writing prospectus, or any sale of a security. Our business, financial condition, results of operations and prospects
may have changed since those dates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">This prospectus supplement,
the accompanying prospectus and the documents incorporated by reference herein and therein contain summaries of certain provisions contained
in some of the documents described herein and therein, but reference is made to the actual documents for complete information. All of
the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to have been filed, will
be filed or will be incorporated by reference as exhibits to the registration statement of which this prospectus supplement and the accompanying
prospectus are a part, and you may obtain copies of those documents as described below under the heading &ldquo;Where You Can Find More
Information.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>WHERE YOU CAN FIND MORE
INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">We file annual, quarterly
and current reports, proxy statements and other information with the SEC. Our file number with the SEC is 001-40202. Our SEC filings
are available to the public over the Internet on the SEC&rsquo;s website at http://www.sec.gov. Our website address is <FONT STYLE="color: Blue">https://redcat.red</FONT>.
Information appearing on our website (other than the documents expressly incorporated by reference as described below) is not incorporated
by reference into this prospectus supplement and you should not consider such information a part of this prospectus supplement.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>INCORPORATION OF CERTAIN
DOCUMENTS BY REFERENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">This prospectus is part of
a registration statement filed with the SEC. The SEC allows us to &ldquo;incorporate by reference&rdquo; into this prospectus the information
that we file with them, which means that we can disclose important information to you by referring you to those documents. The information
incorporated by reference is considered to be part of this prospectus, and information that we file later with the SEC will automatically
update and supersede this information. The following documents are incorporated by reference and made a part of this prospectus:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our Annual Report on Form 10-K for the year ended April 30, 2023, filed
with the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/748268/000155479523000231/rcat0721form10k.htm">July 27, 2023</A>;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; background-color: white">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 20.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our Quarterly Report for the three months ended July 31, 2023, filed with
                                                                                                                            the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/748268/000155479523000305/rcat0919form10q.htm" STYLE="-sec-extract: exhibit">September 19, 2023</A>;</FONT></TD></TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our Current Reports on Form 8-K filed with the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/748268/000155479523000181/rcat0518form8k.htm" STYLE="-sec-extract: exhibit">May
                                                                                                                            22, 2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/748268/000155479523000213/rcat0712form8k.htm" STYLE="-sec-extract: exhibit">July
                                                                                                                            14, 2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/748268/000155479523000233/rcat0731form8k.htm" STYLE="-sec-extract: exhibit">July
                                                                                                                            31, 2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/748268/000155479523000251/rcat0807form8k.htm" STYLE="-sec-extract: exhibit">August
                                                                                                                            8, 2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/748268/000155479523000275/rcat0822form8k.htm" STYLE="-sec-extract: exhibit">August
                                                                                                                            22, 2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/748268/000155479523000279/rcat0829form8k.htm" STYLE="-sec-extract: exhibit">August
                                                                                                                            29, 2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/748268/000155479523000302/rcat0918form8k.htm" STYLE="-sec-extract: exhibit">September
                                                                                                                            18, 2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/748268/000155479523000311/rcat0922form8k.htm" STYLE="-sec-extract: exhibit">September
                                                                                                                            25, 2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/748268/000155479523000339/rcat1106form8k.htm" STYLE="-sec-extract: exhibit">November
                                                                                                                            7, 2023</A> (containing Item 5.07 disclosure), <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/748268/000155479523000351/rcat1129form8k.htm" STYLE="-sec-extract: exhibit">November
                                                                                                                            29, 2023</A>, and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/748268/000155479523000353/rcat1201form8k.htm" STYLE="-sec-extract: exhibit">December
                                                                                                                            1, 2023</A>; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 38.5pt; text-align: justify; text-indent: 0in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the description of our common stock contained in our Registration Statement
on Form 8-A filed with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479521000063/rcat0310form8a.htm" STYLE="-sec-extract: exhibit">March 11, 2021</A>, including any amendment or report filed for the purpose of updating such description.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.2pt 31.7pt 0 32.7pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.2pt 31.7pt 0 32.7pt; text-align: center">CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/102% Times New Roman, Times, Serif; margin: 0 7.25pt 0 8.25pt; text-align: justify; text-indent: 31.7pt">This prospectus
supplement contains forward-looking statements. Such statements include statements regarding our expectations, hopes, beliefs or intentions
regarding the future, including but not limited to statements regarding our market, strategy, competition, development plans (including
acquisitions and expansion), financing, revenues, operations, and compliance with applicable laws. Forward-looking statements involve
certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Factors that could
cause actual results to differ materially from such forward-looking statements include the risks described in greater detail in the following
paragraphs. All forward-looking statements in this document are made as of the date hereof, based on information available to us as of
the date hereof, and we assume no obligation to update any forward-looking statement. Market data used throughout this prospectus supplement
is based on published third party reports or the good faith estimates of management, which estimates are based upon their review of internal
surveys, independent industry publications and other publicly available information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 8.25pt"><B>Industry and Market Data</B></P>

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

<P STYLE="font: 10pt/102% Times New Roman, Times, Serif; margin: 0 7.15pt 0 8.25pt; text-align: justify; text-indent: 31.7pt">This prospectus
supplement contains estimates made, and other statistical data published, by independent parties and by us relating to market size and
growth and other data about our industry. <FONT STYLE="letter-spacing: -0.4pt">We </FONT>obtained the industry and market data in this
prospectus supplement from our own research as well as from industry and general publications, surveys and studies conducted by third
parties. This data involves a number of assumptions and limitations and contains projections and estimates of the future performance of
the industries in which we operate that are inherently subject to a high degree of uncertainty and actual events or circumstances may
differ materially from events and circumstances reflected in this information. <FONT STYLE="letter-spacing: -0.4pt">We </FONT>caution
you not to give undue weight to such projections, assumptions and estimates. While we believe that these publications, studies and surveys
are reliable, we have not independently verified the data contained in them. In addition, while we believe that the results and estimates
from our internal research are reliable, such results and estimates have not been verified by any independent source.</P>

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

<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 0 7.15pt 0 8.25pt; text-align: center; text-indent: 0.75pt"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 0 7.15pt 0 8.25pt; text-align: center; text-indent: 0.75pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9.5pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border: Black 1pt solid; width: 100%">&nbsp;<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 0 7.15pt 0 8.25pt; text-align: center; text-indent: 0.75pt"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 0 7.15pt 0 8.25pt; text-align: center; text-indent: 0.75pt"><B>PROSPECTUS
SUPPLEMENT SUMMARY</B></P>

<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 0 7.15pt 0 8.25pt; text-align: justify; text-indent: 0.75pt">&nbsp;</P>

<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 0 7.15pt 0 8.25pt; text-align: justify; text-indent: 0.75pt">&nbsp;</P>

<P STYLE="font: 10pt/102% Times New Roman, Times, Serif; margin: 0 8.25pt 0 9.15pt; text-align: justify; text-indent: 31.7pt"><I>This
summary highlights certain information contained elsewhere in this prospectus supplement. This summary is not intended to be complete
and does not contain all of the information that you should consider in making your investment decision. <FONT STYLE="letter-spacing: -0.3pt">You
</FONT>should carefully read this entire prospectus supplement, including our consolidated financial statements and the related notes
and the information set forth under the headings &ldquo;Risk Factors&rdquo; and &ldquo;Management&rsquo;s Discussion and Analysis of Financial
Condition and Results of Operations&rdquo; contained in this prospectus supplement before making an investment decision.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/102% Times New Roman, Times, Serif; margin: 0 8.35pt 0 9.15pt; text-align: justify; text-indent: 31.7pt"><I>Unless
the context otherwise requires, references to &ldquo;we,&rdquo; <FONT STYLE="letter-spacing: -0.2pt">&ldquo;our,&rdquo; </FONT>&ldquo;us,&rdquo;
or the &ldquo;Company&rdquo; in this prospectus supplement are to Red Cat Holdings, Inc., a Nevada corporation, including its wholly owned
consolidated subsidiaries, Rotor Riot LLC (&ldquo;Rotor Riot&rdquo;), Fat Shark Holdings, Ltd. (&ldquo;Fat Shark&rdquo;), Skypersonic,
Inc. (&ldquo;Skypersonic&rdquo;), Teal Drones, Inc. (&ldquo;Teal&rdquo;), and Red Cat Propware, Inc. (&ldquo;Propware&rdquo;).</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 11.55pt"><B>Company Background</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/102% Times New Roman, Times, Serif; margin: 0 8.1pt 0 9.15pt; text-align: justify"><FONT STYLE="letter-spacing: -0.4pt">We
</FONT>are a Nevada corporation, originally incorporated in 1984 under the name Oravest International, Inc. in the state of Colorado and
subsequently renamed TimefireVR, Inc. in November 2016 and thereafter renamed Red Cat Holdings, Inc. in July 2019. Our principal corporate
office is located at 370 Harbour Drive, Palmas del Mar, Humacao, PR 00791 and our telephone number is (833) 373-3228. On May 15, 2019,
we acquired Red Cat Propware, Inc. in a share exchange. On January 23, 2020, we acquired Rotor Riot, LLC, in a merger in which our subsidiary
Rotor Riot Acquisition Corp. merged with and into Rotor Riot, LLC (&ldquo;Rotor Riot&rdquo;) with Rotor Riot surviving as our wholly owned
subsidiary. On November 2, 2020, we acquired Fat Shark Holdings, Ltd. through a share purchase agreement with our wholly-owned subsidiary
FS Acquisition Corp. On May 7, 2021, we acquired Skypersonic, Inc. through Share Purchase and Liquidity Event Agreements with our wholly-owned
subsidiary Red Cat Skypersonic, Inc. In August 2021, we acquired Teal Drones (&quot;Teal&quot;), a leader in providing sophisticated and
complex unmanned aerial vehicle (&quot;UAV&quot;) technology, primarily drones, to government and commercial enterprises, most notably,
the military. Teal manufactures drones approved by the U.S. Department of Defense for reconnaissance, public safety, and inspection applications.
Our internet address is <U>www.redcat.red</U>. Information on our website is not incorporated into this prospectus supplement.</P>

<P STYLE="font: 10pt/102% Times New Roman, Times, Serif; margin: 0 7.15pt 0 8.25pt; text-align: justify; text-indent: 31.7pt">&nbsp;</P>

<P STYLE="font: 10pt/102% Times New Roman, Times, Serif; margin: 0.05pt 8.1pt 0 9.15pt; text-align: justify"><B>Recent Developments</B></P>

<P STYLE="font: 10pt/102% Times New Roman, Times, Serif; margin: 0.05pt 8.1pt 0 9.15pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 9pt; text-align: justify">During the second half of the fiscal year
ending on April 30, 2022, the Company focused on integrating and organizing its acquired businesses. These efforts including refining
the establishment of Enterprise and Consumer segments in order to sharpen the Company's focus on the unique opportunities in each sector
of the drone industry. The Enterprise segment, consisting of Teal and Skypersonic, is focused on opportunities in the commercial sector
and the military. Enterprise's initial strategy was to provide UAV's, primarily drones, to navigate dangerous military environments and
confined industrial and commercial interior spaces. The Consumer segment, consisting of Rotor Riot and Fat Shark, is focused on enthusiasts
and hobbyists which are expected to increase as drones become more visible and useful in our daily lives. Consumer provides a growing
revenue base, strong brand visibility, and is an excellent source of professional pilots.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 9pt; text-align: justify">Following the establishment of the Enterprise
and Consumer segments in the first quarter of fiscal 2023, management spent much of fiscal 2023 evaluating and establishing the long-term
business strategy of each segment. This resulted in the Enterprise segment narrowing its near term focus on the military and other government
agencies. It was determined that Skypersonic's technology would be re-focused, for the next few years, on government applications and
that its technology would be consolidated into the operations of Teal Drones.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 9pt; text-align: justify">In the fall of calendar 2022, the Company
received inquiries and held discussions regarding the potential acquisition of the Consumer segment, specifically Rotor Riot and Fat Shark.
These discussions culminated in the execution of a Stock Purchase Agreement (&quot;SPA&rdquo;) with Unusual Machines, Inc. (&ldquo;Unusual
Machines&rdquo;) in November 2022.</P>
<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 0 7.15pt 0 8.25pt; text-align: center; text-indent: 0.75pt"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 9pt; text-align: justify">&nbsp;</P>

</TD></TR>
</TABLE>

<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 0 7.15pt 0 8.25pt; text-align: center; text-indent: 0.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 9pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 9pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 9pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border: Black 1pt solid; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 9pt; text-align: justify">&nbsp;</P>
                                                   <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 9pt; text-align: justify">Prior to signing the SPA, the Company
completed a comprehensive evaluation of its business segments, including (i) the synergies and challenges of operating two diverse business
segments, (ii) the future operating prospects for each segment including revenues, expenses, profits, and cash flows, and (iii) the financial
impact of a potential sale of the Consumer segment on the Company. The results of the evaluation indicated a number of significant operating
and financial differences between Enterprise and Consumer including (i) Consumer sources a substantial portion of its product from China
whereas Enterprise is focused on a &quot;Made in America&quot; policy which is very important to the U.S. government, its primary target
customer, (ii) Enterprise is required to meet ITAR export requirements which necessitates that all employees be U.S. persons and undergo
a background check whereas Consumer does not have such requirements, (iii) Consumer primarily markets through a social media platform
and strategy that focuses on maximizing its public presence whereas Enterprise's marketing efforts in dealing with its government target
market are more discrete and (iv) Consumer is focused on reaching profitability whereas Enterprise has been investing in a new manufacturing
facility and building strong relationships with government agencies. Collectively, these differences would require the Company to establish
separate departments for many common functions including purchasing, human resources, and sales and marketing. Finally, closing of the
SPA would strengthen the Company's financial position as it would generate immediate cash and eliminate the funding required to support
Consumer until it reached profitability. The Company concluded that the long-term business prospects of the Enterprise segment were significantly
greater than those of the Consumer segment, and that a sale of Consumer should be completed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 9pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 9pt; text-align: justify">The closing of the transaction is contingent
upon Unusual Machines completing (i) an initial public offering that raises sufficient capital to close the transaction, and (ii) listing
on a public stock exchange such as the NYSE or Nasdaq. The deadline for closing the transaction has been subject to voluntary extension
by the Company on several occasions, and we can provide no assurance that the transaction with Unusual Machines will in fact close. In
the event that the transaction does not close, management intends to continue operating the consumer business segment for the foreseeable
future.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 9pt; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 9pt; text-align: justify">On November 7, 2023, we announced
certain preliminary unaudited financial results for the quarter ended October 31, 2023, including:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 9pt; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 20pt; text-indent: 0pt; text-align: justify">Revenue of approximately $3.9
million for the fiscal second quarter of 2024, representing a sequential increase of 123%</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 9pt; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 20pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-style: normal; font-weight: 400; text-decoration: initial (error); text-transform: none; letter-spacing: normal; word-spacing: 0px; background-color: rgb(255, 255, 255)">6,861,517
shares of common stock issuable upon exercise of outstanding options under our equity incentive plans at a weighted-average exercise price
of $1.54 per share;</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 0pt; text-indent: 20pt; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 0pt; text-indent: 20pt; text-align: justify">As of October 31,
2023, we had available cash and cash equivalents of $4,024,266.</P>
&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 9pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 9pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 9pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 218.9pt; padding-left: 219.5pt; text-align: center; line-height: 10.6pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 218.9pt; padding-left: 219.5pt; text-align: center; line-height: 10.6pt"><FONT STYLE="font-size: 9.5pt"><B><BR>
Summary of the Offering</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; padding-left: 0.5pt; line-height: 10.65pt"><FONT STYLE="font-size: 9.5pt"><B>Common stock offered by us:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid">
    <P STYLE="font: 9.5pt/10.65pt Times New Roman, Times, Serif; margin: 0 0 0 5.65pt">_________ shares of our common stock.</P>
    <P STYLE="font: 9.5pt/10.65pt Times New Roman, Times, Serif; margin: 0 0 0 5.65pt">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; padding-left: 0.5pt; line-height: 10.65pt"><FONT STYLE="font-size: 10pt"><B>Public
    Offering Price</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share of
    common stock.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid">
    <P STYLE="font: 9.5pt/10.65pt Times New Roman, Times, Serif; margin: 0 0 0 0.5pt"><B>Shares of common stock outstanding prior to the</B></P>
    <P STYLE="font: 9.5pt/10.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0 0.5pt"><B>offering:</B></P>
    <P STYLE="font: 9.5pt/10.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0 0.5pt"><B>&nbsp;</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid">
    <P STYLE="font: 9.5pt/10.5pt Times New Roman, Times, Serif; margin: 0 0 0 5.65pt">55,762,655 shares</P>
    <P STYLE="font: 9.5pt/10.5pt Times New Roman, Times, Serif; margin: 0 0 0 5.65pt">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 4.35pt; padding-left: 0.5pt; line-height: 10.65pt"><FONT STYLE="font-size: 9.5pt"><B>Shares
    of common stock outstanding after the offering<SUP>(1)</SUP>:&#9;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid">
    <P STYLE="font: 9.5pt/10.5pt Times New Roman, Times, Serif; margin: 0.3pt 21.65pt 0 9.15pt; text-align: justify">_________ shares.</P>
    <P STYLE="font: 9.5pt/10.5pt Times New Roman, Times, Serif; margin: 0.3pt 21.65pt 0 9.15pt; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; padding-left: 0.5pt; line-height: 10.65pt"><FONT STYLE="font-size: 9.5pt"><B>Over-allotment
    option:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid">
    <P STYLE="font: 11pt/10.5pt Times New Roman, Times, Serif; margin: 0.3pt 21.65pt 0 5.65pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: 0.2pt">The
    underwriters have an option for a period of 45 days to purchase up to _________ additional Shares to cover over-allotments, if any.</FONT></P>
    <P STYLE="font: 9.5pt/10.5pt Times New Roman, Times, Serif; margin: 0.3pt 21.65pt 0 5.65pt; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; padding-left: 0.5pt; line-height: 10.65pt"><FONT STYLE="font-size: 9.5pt"><B>Use of proceeds:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid">
    <P STYLE="font: 10pt/102% Times New Roman, Times, Serif; margin: 0 21.65pt 0 5.65pt; text-align: justify"><FONT STYLE="letter-spacing: 0.2pt">We
    estimate that we will receive net proceeds of approximately $ from this offering, after deducting underwriting discounts and
    estimated offering expenses payable by us. <FONT STYLE="letter-spacing: 0.2pt">We intend to use the net proceeds from this offering
    for general corporate purposes, working capital, operating expenses, and capital expenditures. See the &ldquo;Use of Proceeds&rdquo;
    section in this prospectus supplement for a more complete description of the intended use of proceeds from this
    offering.</FONT></FONT></P>
    <P STYLE="font: 10pt/102% Times New Roman, Times, Serif; margin: 0 21.65pt 0 5.65pt; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; padding-left: 0.5pt; line-height: 10.65pt"><FONT STYLE="font-size: 9.5pt"><B>Nasdaq symbol:</B></FONT><B><FONT STYLE="font-size: 10pt">&#9;</FONT></B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 21.65pt; padding-left: 5.65pt; text-align: justify; line-height: 102%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9.5pt; line-height: 102%">Our common stock is listed on the Nasdaq Capital Market under the symbol &ldquo;RCAT&rdquo;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9.5pt; line-height: 102%">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; padding-left: 0.5pt; line-height: 10.65pt"><FONT STYLE="font-size: 9.5pt"><B>Risk factors:</B></FONT><B><FONT STYLE="font-size: 10pt">&#9;</FONT></B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 21.65pt; padding-left: 5.65pt; text-align: justify; line-height: 102%"><FONT STYLE="font-size: 9.5pt; line-height: 102%">Investing in our securities involves a high degree of risk and purchasers of our securities may lose their entire investment. See &ldquo;Risk Factors&rdquo; and <FONT STYLE="letter-spacing: -0.2pt">the </FONT>other information included and incorporated by reference into this prospectus supplement for a discussion of risk factors you should carefully consider before deciding to invest in our securities.</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; width: 43%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 56%">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">&nbsp;<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 4.75pt 2pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
                                                                                                                              number of shares of our common stock that will be outstanding immediately after this offering is based on 5,762,655 shares of common
                                                                                                                              stock outstanding as of December 4, 2023 and excludes the following:</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.75pt 2pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&bull;4,351,318
shares of common stock issuable upon exercise of outstanding options under our equity incentive plans at a weighted-average exercise price
of $1.71 per share;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.75pt 2pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&bull;
1,539,999 shares of common stock issuable upon exercise of outstanding warrants with a weighted-average exercise price of $3.83.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.75pt 2pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&bull;
3,896 shares of common stock issuable upon conversion of outstanding shares of our Series B Preferred Stock;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.75pt 2pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&bull;
662,136 shares of common stock awarded under employment agreements which have not yet been issued.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.75pt 2pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.75pt 2pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">Except
as otherwise indicated herein, all information in this prospectus assumes no exercise by the underwriter of its over-allotment option
to purchase additional shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.75pt 2pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

</TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 4.75pt 2pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.75pt 2pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.75pt 2pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="font: bold 9.5pt Times New Roman, Times, Serif; margin: 4.75pt 31.75pt 0 32.7pt; text-align: center">RISK FACTORS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 0 7.3pt 0 8.25pt; text-align: justify; text-indent: 31.7pt"><I>Any investment
in our securities involves a high degree of risk. Investors should carefully consider the risks described below and all of the information
contained in this prospectus supplement before deciding whether to purchase our securities. Our business, financial condition and results
of operations could be materially adversely affected by these risks if any of them actually <FONT STYLE="letter-spacing: -0.2pt">occur.
</FONT>This prospectus supplement also contains forward-looking statements that involve risks and uncertainties. Our actual results could
differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the risks we face
as described below and elsewhere in this prospectus supplement.</I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 0 8.25pt"><B>Risks Related to Our Business</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 0 8.25pt"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 0 8.25pt"><B><I>If we are not successful in obtaining a U.S. government
contract under the Short Range Reconnaissance program, our prospects for generating significant revenue in the near future may be adversely
affected.</I></B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 0 8.25pt"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 0 8.25pt; text-align: justify">The U.S. Department of Defense has unveiled
a new strategy focused on fielding thousands of cheap, smart and autonomous war drones across multiple domains within 18 to 24 months
for the purpose of countering potential threats from China and other countries. As part of this strategy, the U.S. government has established
a program of record known as Short Range Reconnaissance (&ldquo;SRR&rdquo;). Programs of record are programs that appear in the Department
of Defense&rsquo;s Future Years Defense Program, a projection of the forces, resources, and programs needed to support Department of Defense
operations, and for which Congress has appropriated funding or for which Congress intends to appropriate funding. Under Tranche 1 of the
SRR program, the U.S. government has proposed a $100 million contract for the production of 1,083 drones. We believe that our Teal 2 drone
platform meets the requirements of this program and we are seeking to secure a Department of Defense contract for the production of Teal
2 drone systems under SRR program. Government contracts like the one we are seeking under the SRR, however, are awarded on a competitive
basis following several rounds of evaluation by the Department of Defense. We can provide no guarantee that the Teal 2 system will be
selected as the drone system to be delivered under the SRR program or that we will in fact secure a large government contract for the
delivery of drone systems to the Department of Defense. In the event that we are not successful in obtaining a U.S. government contract
under the SRR program, our prospects for generating significant revenue in the near future may be adversely affected.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 0 8.25pt">&nbsp;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 0 8.25pt"><B>Risks Related To Our Common Stock and this Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt"><B><I>Our management has significant voting power over the
Company</I></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify">Jeffrey Thompson, our Chairman and Chief
Executive Officer, owns approximately 23% of our common stock and our current officers and directors currently own approximately 31% of
our common stock. In addition, Greg French, the founder of Fat Shark owns approximately 9% of our issued and outstanding common stock.
If they act together, they will be able to influence the outcome of all corporate actions requiring approval of our shareholders, including
the election of directors and approval of significant corporate transactions which may result in corporate actions that other stockholders
do not agree with. This concentration of ownership may have the effect of delaying or preventing a change in control and may adversely
affect the market price of our common stock.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify"><B><I>We have never paid dividends and
we do not expect to pay dividends for the foreseeable future.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify">We have reported net losses every year
since inception. We intend to retain future earnings, if any, to finance the growth and development of our business. If we ever become
profitable, we do not expect to pay cash dividends on shares of our common stock in the foreseeable future. The payment of future cash
dividends, if any, depends upon, among other things, conditions then existing including earnings, financial condition and capital requirements,
restrictions in financing agreements, business opportunities and other factors. As a result, capital appreciation, if any, of our common
stock, will be the sole source of gain for investors for the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify"><B><I>&nbsp;</I></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify"><B><I></I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify"><B><I>The listing of&nbsp;our securities
on Nasdaq subjects us to additional regulations and compliance requirements.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify">We are required to maintain compliance
with the continued listing standards of Nasdaq. These include certain financial and liquidity criteria to maintain such listing. If we
fail to meet any of Nasdaq&rsquo;s listing standards, our securities may be delisted. Nasdaq requires that the trading price of its listed
stocks remain above one dollar in order for the stock to remain listed. If a listed stock trades below one dollar for more than 30 consecutive
trading days, then it is subject to delisting from Nasdaq. On November 28, 2023, we received a letter from Nasdaq</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify">, indicating that we currently do not
meet the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the &ldquo;Minimum Bid Price Requirement&rdquo;) because
the closing bid price for our common stock was less than $1.00 for the previous 30 consecutive business days. The letter has no immediate
effect on the listing of our common stock on The Nasdaq Capital Market. Under Nasdaq Listing Rule 5810(c)(3)(A), however, we have a 180-calendar
day period, or until May 28, 2024 (the &ldquo;Compliance Date&rdquo;), to regain compliance with the Minimum Bid Price Requirement. The
Minimum Bid Price Requirement will be met if our common stock has a minimum closing bid price of at least $1.00 per share for a minimum
of 10 consecutive business days during the 180-calendar day period, unless Nasdaq exercises its discretion to extend such 10-day period.
If we do not regain compliance by the Compliance Date, we may be eligible for an additional 180-calendar day period, subject to satisfying
the conditions in the applicable Nasdaq Listing Rules. We are monitoring the closing bid price of its common stock and will consider options
to regain compliance with the Minimum Bid Price Requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify">In addition to the minimum bid price
requirement, we must continue to satisfy minimum financial and other continued listing requirements and standards, including those regarding
director and committee independence requirements, minimum stockholders&rsquo; equity, and certain corporate governance requirements. If
we are unable to satisfy these requirements or standards, we could be subject to delisting, which would have a negative effect on the
price of our common stock and would impair an investor&rsquo;s ability to sell or purchase our common stock. In the event of a delisting,
we would expect to take actions to restore our compliance with the listing requirements, but we can provide no assurance that any such
action would allow our common stock to become listed again, stabilize the market price, improve the liquidity of our common stock, or
prevent future non-compliance with the listing requirements. A delisting of our securities from Nasdaq may materially impair our stockholders&rsquo;
ability to buy and sell our securities and could have an adverse effect on the market price of, and the efficiency of the trading market
for, our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify"><B><I>Our Board of Directors may authorize
and issue shares of new classes of stock that could adversely affect current holders of our common stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify">Our Board of Directors has the power
to authorize and issue shares of classes of stock, including preferred stock that have voting powers, designations, preferences, limitations
and special rights, including preferred distribution rights, conversion rights, redemption rights and liquidation rights without further
shareholder approval. These powers could adversely affect the rights of the holders of our common stock. In addition, our board could
authorize the issuance of a series of preferred stock that has greater voting power than our common stock or that is convertible into
our common stock, which could decrease the relative voting power of our common stock or result in dilution to our existing common stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify">Any of these actions could significantly
adversely affect the investment made by holders of our common stock. In addition, holders of our common stock could receive less proceeds
in connection with any future sale of the Company, in liquidation or on any other basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify"><B><I>Our shares will be subordinate
to all of our debts and liabilities, which increases the risk that investors could lose their entire investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify">Our shares of common stock are equity
interests that will be subordinate to all of our current and future indebtedness with respect to claims on our assets. In any liquidation,
all of our debts and liabilities must be paid before any payment is made to our shareholders.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify"><B><I>The market price of our shares
of common stock is subject to fluctuation.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify">The market prices of our shares may fluctuate
significantly in response to a wide range of factors, many of which are beyond our control, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-top: 0.05pt; padding-left: 9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-top: 0.05pt; padding-left: 9pt; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 93%; padding-top: 0.05pt; padding-left: 9pt; text-align: justify"><FONT STYLE="font-size: 10pt">The announcement and release of new products by our competitors</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.05pt; padding-left: 9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-left: 9pt; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-left: 9pt; text-align: justify"><FONT STYLE="font-size: 10pt">Developments in our industry or target markets</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.05pt; padding-left: 9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-left: 9pt; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-left: 9pt; text-align: justify"><FONT STYLE="font-size: 10pt">General market conditions including factors unrelated to our operating performance</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.05pt; padding-left: 9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-left: 9pt; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-left: 9pt; text-align: justify"><FONT STYLE="font-size: 10pt">National or international economic or political events which result in a material effect on the stock market</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify">The stock market has, from time to time,
experienced extreme price and volume fluctuations. Continued market fluctuations could result in extreme market volatility in the price
of our shares of our common stock which could cause a decline in the value of our shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify"><B>&nbsp;<I>Future capital raises may
dilute our existing stockholders&rsquo; ownership and adversely impact the fair value of their investment. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 9pt; text-align: justify">If we raise additional capital by issuing
equity securities, our existing stockholders&rsquo; percentage ownership may decrease, and these stockholders may experience substantial
dilution. If we raise additional funds by issuing debt instruments, these debt instruments could impose significant restrictions on our
operations including liens on our assets. If we raise additional funds through collaborations and licensing arrangements, we may be required
to relinquish some rights to our technologies or products, or to grant licenses on terms that are not favorable to us or could diminish
the rights of our stockholders. Any of these developments could adversely impact our stock price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 9.5pt/102% Times New Roman, Times, Serif; margin: 0 7.6pt 0 8.25pt; text-align: justify">Our Board of Directors
may authorize and issue shares of new classes of stock that could be superior to or adversely affect current holders of our common stock.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 0 7.3pt 0 8.25pt; text-align: justify">Our board of directors has the
power to authorize and issue shares of classes of stock, including preferred stock that have voting powers, designations, preferences,
limitations and special rights, including preferred distribution rights, conversion rights, redemption rights and liquidation rights without
further shareholder approval which could adversely affect the rights of the holders of our common stock. In addition, our board could
authorize the issuance of a series of preferred stock that has greater voting power than our common stock or that is convertible into
our common stock, which could decrease the relative voting power of our common stock or result in dilution to our existing common stockholders.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.15pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 0 7.25pt 0 8.25pt; text-align: justify">Any of these actions could significantly
adversely affect the investment made by holders of our common stock. Holders of common stock could potentially not receive dividends that
they might otherwise have received. In addition, holders of our common stock could receive less proceeds in connection with any future
sale of the Company, in liquidation or on any other basis.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.25pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 9.5pt Times New Roman, Times, Serif; margin: 0 0 0 8.25pt; text-align: justify">Our shares will be subordinate
to all of our debts and liabilities, which increases the risk that you could lose your entire investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 0 7.8pt 0 8.25pt; text-align: justify">Our shares of common stock are
equity interests that will be subordinate to all of our current and future indebtedness with respect to claims on our assets. In any liquidation,
all of our debts and liabilities must be paid before any payment is made to our shareholders.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 9.5pt/102% Times New Roman, Times, Serif; margin: 0 7.4pt 0 8.25pt; text-align: justify">If securities or
industry analysts do not publish research or reports about our business, or if they adversely change their recommendations regarding our
Shares, the market price for our Shares and trading volume could decline.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 0 0.1in 0 8.25pt; text-align: justify">The trading market for our common
stock will be influenced by research or reports that industry or securities analysts publish about our business. If one or more analysts
who cover us downgrade our common stock, the market price for our common stock would likely decline. If one or more of these analysts
cease to cover us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause
the market price or trading volume for our common stock to decline.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 9.5pt Times New Roman, Times, Serif; margin: 4.75pt 0 0 8.25pt; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: italic bold 9.5pt Times New Roman, Times, Serif; margin: 4.75pt 0 0 8.25pt; text-align: justify">Negative publicity may
harm our brand and reputation and have a material adverse effect on our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 0 0.1in 0 8.25pt; text-align: justify">Negative publicity about us,
including our services, management, business model and practices, compliance with applicable <FONT STYLE="letter-spacing: -0.15pt">rules,
</FONT>regulations and policies, or our network partners may materially and adversely harm our brand and reputation and have a material
adverse effect on our business. <FONT STYLE="letter-spacing: -0.4pt">We </FONT>cannot assure you that we will be able to defuse any such
negative publicity within a reasonable period of time, or at all. Additionally, allegations, directly or indirectly against us, may be
posted on the internet by anyone on a named or anonymous basis, and can be quickly and widely disseminated. Information posted may be
inaccurate, misleading and adverse to us, and it may harm our reputation, business or prospects. The harm may be immediate without affording
us an opportunity for redress or correction. Our reputation may be negatively affected as a result of the public dissemination of negative
and potentially inaccurate or misleading information about our business and operations, which in turn may materially adversely affect
our relationships with our customers, employees or business partners, and adversely affect the price of our common stock.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.1pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 9.5pt/102% Times New Roman, Times, Serif; margin: 0.05pt 7.5pt 0 8.25pt; text-align: justify">Our management
will have significant discretion over our use of the net proceeds from this offering and we may use these proceeds in ways with which
you may not agree.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.25pt 0 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 0 7.15pt 0 8.25pt; text-align: justify">Our management&rsquo;s intended
used of the net proceeds of this offering is as set forth below under &ldquo;Use of Proceeds.&rdquo; The Use of Proceeds disclosed in
this prospectus supplement describes the broad categories of management&rsquo;s planned use of funds and does not represent a detailed
budget or a legally binding commitment to any specific expenditure. Our management will have considerable discretion in deciding how to
apply these proceeds. <FONT STYLE="letter-spacing: -0.35pt">You </FONT>will not have the opportunity to assess whether the proceeds are
being used appropriately before you make your investment decision. <FONT STYLE="letter-spacing: -0.35pt">You </FONT>must rely on the judgment
of our management regarding the application of the net proceeds of this offering. <FONT STYLE="letter-spacing: -0.4pt">We </FONT>cannot
assure you that the net proceeds will be used in a manner that would improve our results of operations or increase our Share price.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 9.5pt/102% Times New Roman, Times, Serif; margin: 0 11.75pt 0 8.25pt; text-align: justify">Because our public
offering price is substantially higher than our net tangible book value per share, you will experience immediate and substantial dilution.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.25pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 0 7.25pt 0 8.25pt; text-align: justify">If you purchase Shares in this
offering, you will pay more for your Shares than the amount paid by our existing shareholders for their common stock on a per share basis.
As a result, you will experience immediate and substantial dilution of approximately $______ per share, representing the difference between
the public offering price of US$____ per share, and our pro forma as adjusted net tangible book value-per Share as of July 31, 2023 immediately
upon the completion of this offering.</P>

<P STYLE="font: 10pt/102% Times New Roman, Times, Serif; margin: 0 7.25pt 0 8.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/102% Times New Roman, Times, Serif; margin: 0 7.25pt 0 8.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 9.5pt Times New Roman, Times, Serif; margin: 4.75pt 31.7pt 0 32.7pt; text-align: center">USE OF PROCEEDS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 0 7.6pt 0 8.25pt; text-align: justify; text-indent: 31.7pt"><FONT STYLE="letter-spacing: -0.4pt">We
</FONT>estimate that the net proceeds from this offering will be approximately $ after deducting estimated <FONT STYLE="letter-spacing: -0.1pt">underwriting
</FONT>discounts and estimated offering expenses payable by us. If the underwriter exercises its over-allotment option in full, we estimate
that the net proceeds will be approximately $__. We intend to use the net proceeds of this offering for general corporate purposes and
working capital and capital expenditures.</P>

<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 0 7.6pt 0 8.25pt; text-align: justify; text-indent: 31.7pt">&nbsp;</P>

<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 0 7.6pt 0 8.25pt; text-align: justify; text-indent: 31.7pt">As of the
date of this prospectus supplement, we cannot specify with certainty all of the particular uses for the net proceeds to be received upon
the completion of this offering. The amounts and timing of its actual expenditures will depend on numerous factors, including the status
of our product development efforts, sales and marketing activities, technological advances, the amount of cash generated or used by our
operations and competition. Accordingly, our management will have broad discretion in the application of the net proceeds and investors
will be relying on the judgment of our management regarding the application of the proceeds of this offering.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 0.05pt 7.4pt 0 8.25pt; text-align: justify; text-indent: 31.7pt">Pending
our use of the net proceeds from this offering, we intend to invest the net proceeds in a variety of capital preservation investments,
including short-term, investment-grade, interest-bearing instruments and U.S. government securities. We anticipate that the proceeds from
this offering will enable us to become cash flow from operations positive.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: bold 9.5pt Times New Roman, Times, Serif; margin: 0 31.7pt 0 32.7pt; text-align: center"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 31.7pt 0 32.7pt; text-align: center"><B>DILUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt/101% Times New Roman, Times, Serif; margin: 0 7.35pt 0 8.25pt; text-align: justify; text-indent: 31.7pt">If you
invest in our common stock in this offering, your interest will be diluted to the extent of the difference between the public offering
price per share of common stock and the as adjusted net tangible book value per share of common stock immediately after this offering.</P>

<P STYLE="font: 9.5pt/101% Times New Roman, Times, Serif; margin: 4.75pt 7.45pt 0 8.25pt; text-align: justify; text-indent: 31.7pt">Our
net tangible book value is the amount of our total tangible assets less our total tangible liabilities. Our net tangible book value as
of July 31, 2023 was $25,915,428, or ($0.47) per share of common stock. Net tangible book value per share represents the amount of total
tangible assets, minus the amount of total tangible liabilities, divided by the total number of shares of common stock outstanding. Pro
forma net tangible book value per share is calculated after giving effect to the conversion of all of our outstanding preferred shares.
Dilution is determined by subtracting pro forma net tangible book value per share from the public offering price per share.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9.5pt/101% Times New Roman, Times, Serif; margin: 0.05pt 7.15pt 0 8.25pt; text-align: justify; text-indent: 31.7pt">Without
taking into account any other changes in such net tangible book value after July 31, 2023, other than to give effect to our issuance and
sale of shares of common stock in this offering at a public offering price of US$ per share, and after deduction of underwriting discounts
and commissions and estimated offering expenses payable by us (assuming the over-allotment option is not exercised), our pro forma as
adjusted net tangible book value as <FONT STYLE="letter-spacing: -0.3pt">of </FONT>July 31, 2023 would have been US$ per outstanding share
of common stock. This represents an immediate increase in net tangible book value of US$ per share to existing shareholders and an immediate
dilution in net tangible book value of US$ per share or Pre-Funded Warrant to purchasers in this offering.</P>

<P STYLE="font: 9.5pt/101% Times New Roman, Times, Serif; margin: 0.05pt 7.15pt 0 8.25pt; text-align: justify; text-indent: 31.7pt"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt/101% Times New Roman, Times, Serif; margin: 0.05pt 7.15pt 12pt 8.25pt; text-align: center; text-indent: 31.7pt"><B>DESCRIPTION
OF SECURITIESOFFERED</B></P>

<P STYLE="font: 9.5pt/101% Times New Roman, Times, Serif; margin: 0.05pt 7.15pt 12pt 8.25pt; text-align: justify; text-indent: 31.7pt">For
a description of the rights associated with the common stock, see &ldquo;Description of Capital Stock&rdquo; in the accompanying prospectus.
Our commons is listed on The Nasdaq Capital Market under the symbol &ldquo;RCAT&rdquo;.</P>

<P STYLE="font: 9.5pt/102% Times New Roman, Times, Serif; margin: 0.05pt 7.15pt 0 8.25pt; text-align: justify; text-indent: 31.7pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ThinkEquity is acting as the representative of the
underwriters of the offering. We have entered into an underwriting agreement dated December , 2023 with the representative. Subject to
the terms and conditions of the underwriting agreement, we have agreed to sell to each underwriter named below, and each underwriter named
below has severally agreed to purchase, at the public offering price less the underwriting discounts set forth on the cover page of this
prospectus, the number of shares of common stock at the initial public offering price, less the underwriting discounts and commissions,
as set forth on the cover page of this prospectus, the number of shares of common stock listed next to its name in the following table:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 89%; border-bottom: black 1.5pt solid; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%"><B>Underwriter</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%; text-align: center; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%"><B>Number of Shares</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 106%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">ThinkEquity LLC</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">Total</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The underwriters are committed to purchase all the
shares of common stock offered by the Company, other than those covered by the over-allotment option described below. The obligations
of the underwriters may be terminated upon the occurrence of certain events specified in the underwriting agreement. Furthermore, the
underwriting agreement provides that the obligations of the underwriters to pay for and accept delivery of the shares offered by us in
this prospectus are subject to various representations and warranties and other customary conditions specified in the underwriting agreement,
such as receipt by the underwriters of officers&rsquo; certificates and legal opinions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have agreed to indemnify the underwriters against
specified liabilities, including liabilities under the Securities Act, and to contribute to payments the underwriters may be required
to make in respect thereof.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The underwriters are offering the shares of common
stock subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel and
other conditions specified in the underwriting agreement. The underwriters reserve the right to withdraw, cancel or modify offers to the
public and to reject orders in whole or in part.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have granted the underwriters an over-allotment
option. This option, which is exercisable for up to 45 days after the date of this prospectus, permits the underwriters to purchase up
to an aggregate of additional shares of common stock (equal to 15% of the total number of shares of common stock sold in this offering)
at the public offering price per share, less underwriting discounts and commissions, solely to cover over-allotments, if any. If the underwriters
exercise this option in whole or in part, then the underwriters will be severally committed, subject to the conditions described in the
underwriting agreement, to purchase the additional shares of common stock in proportion to their respective commitments set forth in the
prior table.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Discounts, Commissions and Reimbursement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The representative has advised us that the underwriters
propose to offer the shares of common stock to the public at the initial public offering price set forth on the cover page of this prospectus.
The underwriters may offer shares to securities dealers at that price less a concession of not more than $0.__ per share. After the
initial offering to the public, the public offering price and other selling terms may be changed by the representative.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the underwriting discounts
and commissions and proceeds, before expenses, to us assuming both no exercise and full exercise by the underwriters of their over-allotment
option:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%"><B>Per Share</B></FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%"><B>Without Option</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%"><B>With Option</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 67%; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">Public offering price</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; text-align: right; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 106%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">Underwriting discounts and commissions (7%)</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">Non-accountable expense allowance (0.5%)</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">Proceeds, before expenses, to us</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, we have also agreed to pay the following
expenses of the underwriters relating to the offering: (a) all fees, expenses and disbursements relating to background checks of our officers
and directors; (b) all filing fees and communication expenses associated with the review of this offering by FINRA; (c) all fees, expenses
and disbursements relating to the registration, qualification or exemption of securities offered under the securities laws of foreign
jurisdictions designated by the underwriter, including the reasonable fees and expenses of the underwriter&rsquo;s blue sky counsel; (d)
all fees and expenses relating to the listing of the shares on the Nasdaq Capital Market; (e) the costs associated with bound volumes
of the public offering materials as well as commemorative mementos and lucite tombstones, (f) the fees and expenses of the representatives&rsquo;
legal counsel incurred in connection with this offering, up to $75,000 if the gross proceeds from the Offering are $5 million or less,
or $90,000 if the gross proceeds from the Offering are greater than $5 million; (g) the $15,000 cost associated with the use of Ipreo&rsquo;s
book building, prospectus tracking and compliance software for the Offering; (h) the representative&rsquo;s actual accountable road show
expenses for the offering up to $5,000; and (j) up to $7,500 for costs of the representative&rsquo;s market making and trading and clearance
firm&rsquo;s settlement expenses in connection with the Offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We estimate the expenses of this offering payable
by us, not including underwriting discounts and commissions, will be approximately $150,000.</P>

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

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

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Representative Warrants</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Upon the closing of this offering, we have agreed
to issue to the representative warrants, or the Representative&rsquo;s Warrants, to purchase a number of shares of common stock equal
to 4% of the total number of shares sold in this public offering. The Representative&rsquo;s Warrants will be exercisable at a per share
exercise price equal to 125% of the public offering price per share of common stock sold in this offering. The Representative&rsquo;s
Warrants are exercisable at any time and from time to time, in whole or in part, during the four and one-half year period commencing six
months from the effective date of the registration statement related to this offering. The Representative&rsquo;s Warrants also provide
for one demand registration right of the shares underlying the Representative&rsquo;s Warrants, and unlimited &ldquo;piggyback&rdquo;
registration rights with respect to the registration of the shares of common stock underlying the Representative&rsquo;s Warrants and
customary antidilution provisions. The demand registration right provided will not be greater than five years from the effective date
of the registration statement related to this offering in compliance with FINRA Rule 5110(g)(8)(C). The piggyback registration right provided
will not be greater than seven years from the effective date of the registration statement related to this offering in compliance with
FINRA Rule 5110(g)(8)(D).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Representative&rsquo;s Warrants and the shares
of common stock underlying the Representative&rsquo;s Warrants have been deemed compensation by the Financial Industry Regulatory Authority,
or FINRA, and are therefore subject to a 180-day lock-up pursuant to Rule&nbsp;5110(e)(1) of FINRA. The representative, or permitted assignees
under such rule, may not sell, transfer, assign, pledge, or hypothecate the Representative&rsquo;s Warrants or the securities underlying
the Representative&rsquo;s Warrants, nor will the representative engage in any hedging, short sale, derivative, put, or call transaction
that would result in the effective economic disposition of the Representative&rsquo;s Warrants or the underlying shares for a period of
180&nbsp;days from the date of the underwriting agreement. Additionally, the Representative&rsquo;s Warrants may not be sold transferred,
assigned, pledged or hypothecated for a 180-day period following the date of the underwriting agreement except to any underwriter and
selected dealer participating in the offering and their bona fide officers or partners. The Representative&rsquo;s Warrants will provide
for adjustment in the number and price of the Representative&rsquo;s Warrants and the shares of common stock underlying such Representative&rsquo;s
Warrants in the event of recapitalization, merger, stock split or other structural transaction, or a future financing undertaken by us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Right of First Refusal</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Until June , 2024, the representative shall have an
irrevocable right of first refusal to act as sole investment banker, sole book-runner and/or sole placement agent, at the representative
sole discretion, for each and every future public and private equity and debt offerings for the Company, or any successor to or any subsidiary
of the Company, including all equity linked financings, on terms customary to the representative. The representative shall have the sole
right to determine whether or not any other broker-dealer shall have the right to participate in any such offering and the economic terms
of any such participation. The representative will not have more than one opportunity to waive or terminate the right of first refusal
in consideration of any payment or fee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Lock-Up Agreements</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company, each of its directors and officers as
of the date of this prospectus, have agreed for a period of ninety (90) days after the date of this prospectus supplement, without the
prior written consent of the representative, not to directly or indirectly:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">issue (in the case of us), offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any shares of common stock or other capital stock or any securities convertible into or exercisable or exchangeable for our common stock or other capital stock, other than in the case of certain customary exemptions; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">in the case of us, file or cause the filing of any registration statement under the Securities Act with respect to any shares of common stock or other capital stock or any securities convertible into or exercisable or exchangeable for our common stock or other capital stock, other than certain registration statements on Form S-8; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">complete any offering of debt securities of the Company, other than entering into a line of credit, term loan arrangement or other debt instrument with a traditional bank; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">enter into any swap or other agreement, arrangement, hedge or transaction that transfers to another, in whole or in part, directly or indirectly, any of the economic consequences of ownership of our common stock or other capital stock or any securities convertible into or exercisable or exchangeable for our common stock or other capital stock, whether any transaction described in any of the foregoing bullet points is to be settled by delivery of our common stock or other capital stock, other securities, in cash or otherwise, or publicly announce an intention to do any of the foregoing.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Electronic Offer, Sale and Distribution of Securities</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A prospectus in electronic format may be made available
on the websites maintained by one or more of the underwriters or selling group members. The representative may agree to allocate a number
of securities to underwriters and selling group members for sale to its online brokerage account holders. Internet distributions will
be allocated by the underwriters and selling group members that will make internet distributions on the same basis as other allocations.
Other than the prospectus in electronic format, the information on these websites is not part of, nor incorporated by reference into,
this prospectus or the registration statement of which this prospectus forms a part, has not been approved or endorsed by us, and should
not be relied upon by investors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Stabilization</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with this offering, the underwriters
may engage in stabilizing transactions, over-allotment transactions, syndicate-covering transactions, penalty bids and purchases to cover
positions created by short sales.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Stabilizing transactions permit bids to purchase shares
so long as the stabilizing bids do not exceed a specified maximum, and are engaged in for the purpose of preventing or retarding a decline
in the market price of the shares while the offering is in progress.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Over-allotment transactions involve sales by the underwriters
of shares in excess of the number of shares the underwriters are obligated to purchase. This creates a syndicate short position which
may be either a covered short position or a naked short position. In a covered short position, the number of shares over-allotted by the
underwriters is not greater than the number of shares that they may purchase in the over-allotment option. In a naked short position,
the number of shares involved is greater than the number of shares in the over-allotment option. The underwriters may close out any short
position by exercising their over-allotment option and/or purchasing shares in the open market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Syndicate covering transactions involve purchases
of shares in the open market after the distribution has been completed in order to cover syndicate short positions. In determining the
source of shares to close out the short position, the underwriters will consider, among other things, the price of shares available for
purchase in the open market as compared with the price at which they may purchase shares through exercise of the over-allotment option.
If the underwriters sell more shares than could be covered by exercise of the over-allotment option and, therefore, have a naked short
position, the position can be closed out only by buying shares in the open market. A naked short position is more likely to be created
if the underwriters are concerned that after pricing there could be downward pressure on the price of the shares in the open market that
could adversely affect investors who purchase in the offering.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Penalty bids permit the representative to reclaim
a selling concession from a syndicate member when the shares originally sold by that syndicate member are purchased in stabilizing or
syndicate covering transactions to cover syndicate short positions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These stabilizing transactions, syndicate covering
transactions and penalty bids may have the effect of raising or maintaining the market price of our shares of common stock or preventing
or retarding a decline in the market price of our shares of common stock. As a result, the price of our common stock in the open market
may be higher than it would otherwise be in the absence of these transactions. Neither we nor the underwriters make any representation
or prediction as to the effect that the transactions described above may have on the price of our common stock. These transactions may
be effected in the&nbsp;over-the-counter&nbsp;market or otherwise and, if commenced, may be discontinued at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Other Relationships</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain of the underwriters and their affiliates may
in the future provide various investment banking, commercial banking and other financial services for us and our affiliates for which
they may in the future receive customary fees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Offer restrictions outside the United States</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other than in the United States, no action has been
taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where
action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor
may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed
or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations
of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions
relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation
of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Australia</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This prospectus is not a disclosure document under
Chapter 6D of the Australian Corporations Act, has not been lodged with the Australian Securities and Investments Commission and does
not purport to include the information required of a disclosure document under Chapter 6D of the Australian Corporations Act. Accordingly,
(i)&nbsp;the offer of the securities under this prospectus is only made to persons to whom it is lawful to offer the securities without
disclosure under Chapter 6D of the Australian Corporations Act under one or more exemptions set out in section 708 of the Australian Corporations
Act, (ii)&nbsp;this prospectus is made available in Australia only to those persons as set forth in clause (i)&nbsp;above, and (iii)&nbsp;the
offeree must be sent a notice stating in substance that by accepting this offer, the offeree represents that the offeree is such a person
as set forth in clause (i)&nbsp;above, and, unless permitted under the Australian Corporations Act, agrees not to sell or offer for sale
within Australia any of the securities sold to the offeree within 12 months after its transfer to the offeree under this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>China</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The information in this document does not constitute
a public offer of the securities, whether by way of sale or subscription, in the People&rsquo;s Republic of China (excluding, for purposes
of this paragraph, Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan). The securities may not be
offered or sold directly or indirectly in the PRC to legal or natural persons other than directly to &ldquo;qualified domestic institutional
investors.&rdquo;</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>European Economic Area&mdash;Belgium, Germany,
Luxembourg and Netherlands</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The information in this document has been prepared
on the basis that all offers of securities will be made pursuant to an exemption under the Directive 2003/71/EC (&ldquo;Prospectus Directive&rdquo;),
as implemented in Member States of the European Economic Area (each, a &ldquo;Relevant Member State&rdquo;), from the requirement to produce
a prospectus for offers of securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An offer to the public of securities has not been
made, and may not be made, in a Relevant Member State except pursuant to one of the following exemptions under the Prospectus Directive
as implemented in that Relevant Member State:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">to legal entities that are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">to any legal entity that has two or more of (i)&nbsp;an average of at least 250 employees during its last fiscal year; (ii)&nbsp;a total balance sheet of more than &euro;43,000,000 (as shown on its last annual unconsolidated or consolidated financial statements) and (iii)&nbsp;an annual net turnover of more than &euro;50,000,000 (as shown on its last annual unconsolidated or consolidated financial statements);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">to fewer than 100 natural or legal persons (other than qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive) subject to obtaining the prior consent of the Company or any underwriter for any such offer; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">in any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such offer of securities shall result in a requirement for the publication by the Company of a prospectus pursuant to Article 3 of the Prospectus Directive.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>France</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This document is not being distributed in the context
of a public offering of financial securities (offre au public de titres financiers) in France within the meaning of Article&nbsp;L.411-1&nbsp;of
the French Monetary and Financial Code (Code Mon&eacute;taire et Financier) and Articles&nbsp;211-1 et seq. of the General Regulation
of the French Autorit&eacute; des march&eacute;s financiers (&ldquo;AMF&rdquo;). The securities have not been offered or sold and will
not be offered or sold, directly or indirectly, to the public in France.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This document and any other offering material relating
to the securities have not been, and will not be, submitted to the AMF for approval in France and, accordingly, may not be distributed
or caused to distributed, directly or indirectly, to the public in France.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Such offers, sales and distributions have been and
shall only be made in France to (i) qualified investors (investisseurs qualifi&eacute;s) acting for their own account, as defined in and
in accordance with Articles L.411-2-II-2&deg; and D.411-1 to D.411-3, D.744-1, D.754-1 ;and D.764-1 of the French Monetary and Financial
Code and any implementing regulation and/or (ii) a restricted number of non-qualified investors (cercle restreint d&rsquo;investisseurs)
acting for their own account, as defined in and in accordance with Articles L.411-2-II-2&deg; and D.411-4, D.744-1, D.754-1; and D.764-1
of the French Monetary and Financial Code and any implementing regulation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to Article 211-3 of the General Regulation
of the AMF, investors in France are informed that the securities cannot be distributed (directly or indirectly) to the public by the investors
otherwise than in accordance with Articles L.411-1, L.411-2, L.412-1 and L.621-8 to L.621-8-3 of the French Monetary and Financial Code.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Ireland</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The information in this document does not constitute
a prospectus under any Irish laws or regulations and this document has not been filed with or approved by any Irish regulatory authority
as the information has not been prepared in the context of a public offering of securities in Ireland within the meaning of the Irish
Prospectus (Directive 2003/71/EC) Regulations 2005 (the &ldquo;Prospectus Regulations&rdquo;). The securities have not been offered or
sold, and will not be offered, sold or delivered directly or indirectly in Ireland by way of a public offering, except to (i)&nbsp;qualified
investors as defined in Regulation 2(l) of the Prospectus Regulations and (ii)&nbsp;fewer than 100 natural or legal persons who are not
qualified investors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Israel</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The securities offered by this prospectus have not
been approved or disapproved by the Israeli Securities Authority (the ISA), or ISA, nor have such securities been registered for sale
in Israel. The shares may not be offered or sold, directly or indirectly, to the public in Israel, absent the publication of a prospectus.
The ISA has not issued permits, approvals or licenses in connection with the offering or publishing the prospectus; nor has it authenticated
the details included herein, confirmed their reliability or completeness, or rendered an opinion as to the quality of the securities being
offered. Any resale in Israel, directly or indirectly, to the public of the securities offered by this prospectus is subject to restrictions
on transferability and must be effected only in compliance with the Israeli securities laws and regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Italy</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The offering of the securities in the Republic of
Italy has not been authorized by the Italian Securities and Exchange Commission (Commissione Nazionale per le Societ&aacute; e la Borsa,
&ldquo;CONSOB&rdquo; pursuant to the Italian securities legislation and, accordingly, no offering material relating to the securities
may be distributed in Italy and such securities may not be offered or sold in Italy in a public offer within the meaning of Article 1.1(t)
of Legislative Decree No.&nbsp;58 of 24&nbsp;February 1998 (&ldquo;Decree No.&nbsp;58&rdquo;), other than:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">to Italian qualified investors, as defined in Article 100 of Decree no.58 by reference to Article&nbsp;34-ter&nbsp;of CONSOB Regulation no. 11971 of 14&nbsp;May 1999 (&ldquo;Regulation no. 1197l&rdquo;) as amended (&ldquo;Qualified Investors&rdquo;); and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">in other circumstances that are exempt from the rules on public offer pursuant to Article 100 of Decree No.&nbsp;58 and Article&nbsp;34-ter&nbsp;of Regulation No.&nbsp;11971 as amended.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Any offer, sale or delivery of the securities or distribution
of any offer document relating to the securities in Italy (excluding placements where a Qualified Investor solicits an offer from the
issuer) under the paragraphs above must be:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">made by investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with Legislative Decree No.&nbsp;385 of 1&nbsp;September 1993 (as amended), Decree No.&nbsp;58, CONSOB Regulation No.&nbsp;16190 of 29&nbsp;October 2007 and any other applicable laws; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 106%"><FONT STYLE="font-size: 10pt; line-height: 106%">in compliance with all relevant Italian securities, tax and exchange controls and any other applicable laws.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Any subsequent distribution of the securities in Italy
must be made in compliance with the public offer and prospectus requirement rules provided under Decree No.&nbsp;58 and the Regulation
No.&nbsp;11971 as amended, unless an exception from those rules applies. Failure to comply with such rules may result in the sale of such
securities being declared null and void and in the liability of the entity transferring the securities for any damages suffered by the
investors.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Japan</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The securities have not been and will not be registered
under Article 4, paragraph 1 of the Financial Instruments and Exchange Law of Japan (Law No.&nbsp;25 of 1948), as amended (the &ldquo;FIEL&rdquo;)
pursuant to an exemption from the registration requirements applicable to a private placement of securities to Qualified Institutional
Investors (as defined in and in accordance with Article 2, paragraph 3 of the FIEL and the regulations promulgated thereunder). Accordingly,
the securities may not be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan other
than Qualified Institutional Investors. Any Qualified Institutional Investor who acquires securities may not resell them to any person
in Japan that is not a Qualified Institutional Investor, and acquisition by any such person of securities is conditional upon the execution
of an agreement to that effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Portugal</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This document is not being distributed in the context
of a public offer of financial securities (oferta p&uacute;blica de valores mobili&aacute;rios) in Portugal, within the meaning of Article
109 of the Portuguese Securities Code (C&oacute;digo dos Valores Mobili&aacute;rios). The securities have not been offered or sold and
will not be offered or sold, directly or indirectly, to the public in Portugal. This document and any other offering material relating
to the securities have not been, and will not be, submitted to the Portuguese Securities Market Commission (Comiss&abreve;o do Mercado
de Valores Mobili&aacute;rios) for approval in Portugal and, accordingly, may not be distributed or caused to distributed, directly or
indirectly, to the public in Portugal, other than under circumstances that are deemed not to qualify as a public offer under the Portuguese
Securities Code. Such offers, sales and distributions of securities in Portugal are limited to persons who are &ldquo;qualified investors&rdquo;
(as defined in the Portuguese Securities Code). Only such investors may receive this document and they may not distribute it or the information
contained in it to any other person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Sweden</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This document has not been, and will not be, registered
with or approved by Finansinspektionen (the Swedish Financial Supervisory Authority). Accordingly, this document may not be made available,
nor may the securities be offered for sale in Sweden, other than under circumstances that are deemed not to require a prospectus under
the Swedish Financial Instruments Trading Act (1991:980) (Sw. lag (1991:980) om handel med finansiella instrument). Any offering of securities
in Sweden is limited to persons who are &ldquo;qualified investors&rdquo; (as defined in the Financial Instruments Trading Act). Only
such investors may receive this document and they may not distribute it or the information contained in it to any other person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Switzerland</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The securities may not be publicly offered in Switzerland
and will not be listed on the SIX Swiss Exchange (&ldquo;SIX&rdquo;) or on any other stock exchange or regulated trading facility in Switzerland.
This document has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the
Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing
rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering material
relating to the securities may be publicly distributed or otherwise made publicly available in Switzerland.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Neither this document nor any other offering material
relating to the securities have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document
will not be filed with, and the offer of securities will not be supervised by, the Swiss Financial Market Supervisory Authority (FINMA).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This document is personal to the recipient only and
not for general circulation in Switzerland.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>United Arab Emirates</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Neither this document nor the securities have been
approved, disapproved or passed on in any way by the Central Bank of the United Arab Emirates or any other governmental authority in the
United Arab Emirates, nor has the Company received authorization or licensing from the Central Bank of the United Arab Emirates or any
other governmental authority in the United Arab Emirates to market or sell the securities within the United Arab Emirates. This document
does not constitute and may not be used for the purpose of an offer or invitation. No services relating to the securities, including the
receipt of applications and/or the allotment or redemption of such shares, may be rendered within the United Arab Emirates by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No offer or invitation to subscribe for securities
is valid or permitted in the Dubai International Financial Centre.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>United Kingdom</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Neither the information in this document nor any other
document relating to the offer has been delivered for approval to the Financial Services Authority in the United Kingdom and no prospectus
(within the meaning of section 85 of the Financial Services and Markets Act 2000, as amended (&ldquo;FSMA&rdquo;) has been published or
is intended to be published in respect of the securities. This document is issued on a confidential basis to &ldquo;qualified investors&rdquo;
(within the meaning of section 86(7) of FSMA) in the United Kingdom, and the securities may not be offered or sold in the United Kingdom
by means of this document, any accompanying letter or any other document, except in circumstances which do not require the publication
of a prospectus pursuant to section 86(1) FSMA. This document should not be distributed, published or reproduced, in whole or in part,
nor may its contents be disclosed by recipients to any other person in the United Kingdom.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Any invitation or inducement to engage in investment
activity (within the meaning of section 21 of FSMA) received in connection with the issue or sale of the securities has only been communicated
or caused to be communicated and will only be communicated or caused to be communicated in the United Kingdom in circumstances in which
section 21(1) of FSMA does not apply to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the United Kingdom, this document is being distributed
only to, and is directed at, persons (i)&nbsp;who have professional experience in matters relating to investments falling within Article
19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (&ldquo;FPO&rdquo;),
(ii) who fall within the categories of persons referred to in Article 49(2)(a) to (d) (high net worth companies, unincorporated associations,
etc.) of the FPO or (iii)&nbsp;to whom it may otherwise be lawfully communicated (together &ldquo;relevant persons&rdquo;). The investments
to which this document relates are available only to, and any invitation, offer or agreement to purchase will be engaged in only with,
relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Canada</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The securities may be sold in Canada only to purchasers
purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument&nbsp;45-106&nbsp;Prospectus
Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103&nbsp;Registration
Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the securities must be made in accordance with an exemption
from, or in a transaction not subject to, the prospectus requirements of applicable securities laws. Securities legislation in certain
provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment
thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the
time limit prescribed by the securities legislation of the purchaser&rsquo;s province or territory. The purchaser should refer to any
applicable provisions of the securities legislation of the purchaser&rsquo;s province or territory for particulars of these rights or
consult with a legal advisor. Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters
are not required to comply with the disclosure requirements of NI33-105 regarding underwriter conflicts of interest in connection with
this offering.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 31.75pt 0 32.7pt; text-align: center">LEGAL MATTERS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/102% Times New Roman, Times, Serif; margin: 0.05pt 6.7pt 0 8.25pt; text-indent: 31.7pt">The Crone Law Group, P.C.
has opined on the validity of the shares being offered hereby. Loeb &amp; Loeb LLP is acting as counsel for the underwriters in connection
with this offering.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.75pt 31.7pt 0 32.7pt; text-align: center">EXPERTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/102% Times New Roman, Times, Serif; margin: 0 7.35pt 0 8.25pt; text-align: justify; text-indent: 31.7pt">The consolidated
financial statements of the Company as of April 30, 2023 and 2022, and for the years then ended, incorporated by reference to this Prospectus
Supplement, have been so included in reliance on the report of BF Borges, <FONT STYLE="letter-spacing: -0.25pt">CPA, </FONT>PC an independent
registered public accounting firm, which includes an explanatory paragraph about the Company&rsquo;s ability to continue as a going concern,
given on the authority of said firm as experts in auditing and accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.75pt 2pt 0 0; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="font: bold 9.5pt Times New Roman, Times, Serif; margin: 4.75pt 31.75pt 0 32.7pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 9.5pt Times New Roman, Times, Serif; margin: 4.75pt 31.75pt 0 32.7pt; text-align: center"></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><IMG SRC="image_002.jpg" ALT="">&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: center"><B>Red Cat Holdings, Inc.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>$100,000,000</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We may from time to time, in one or more offerings
at prices and on terms that we will determine at the time of each offering, sell common stock, preferred stock, warrants, or a combination
of these securities, or units, for an aggregate initial offering price of up to $100,000,000. This prospectus describes the general manner
in which our securities may be offered using this prospectus. Each time we offer and sell securities, we will provide you with a prospectus
supplement that will contain specific information about the terms of that offering. Any prospectus supplement may also add, update, or
change information contained in this prospectus. You should carefully read this prospectus and the applicable prospectus supplement as
well as the documents incorporated or deemed to be incorporated by reference in this prospectus before you purchase any of the securities
offered hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This prospectus may not be used to offer and sell
securities unless accompanied by a prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our common stock is currently listed on the Nasdaq
Capital Market under the symbol &ldquo;RCAT.&rdquo; On May 14, 2021, the last reported sales price for our common stock was $3.17 per
share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The securities offered by this prospectus involve
a high degree of risk. See &ldquo;Risk Factors&rdquo; beginning on page 2, in addition to Risk Factors contained in the applicable prospectus
supplement.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Neither the Securities and Exchange Commission
nor any State securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We may offer the securities directly or through agents
or to or through underwriters or dealers. If any agents or underwriters are involved in the sale of the securities their names, and any
applicable purchase price, fee, commission or discount arrangement between or among them, will be set forth, or will be calculable from
the information set forth, in an accompanying prospectus supplement. We can sell the securities through agents, underwriters or dealers
only with delivery of a prospectus supplement describing the method and terms of the offering of such securities. See &ldquo;Plan of Distribution.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify">The aggregate market value of our outstanding
voting and non-voting common equity held by non-affiliates, or our public float, was approximately $39,059,894 as of June 9, 2021.&nbsp;Pursuant
to General Instruction I.B.6, in no event will we sell our common stock in a public primary offering with a value exceeding one-third
of our public float in any 12-month period unless our public float subsequently rises to $75.0 million or more. We have not sold any securities
pursuant to General Instruction I.B.6 in the 12 months immediately prior to the date of this Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The date of this prospectus is June 14, 2021.</P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 97%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B>&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">About this Prospectus</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Cautionary Statement Regarding Forward-Looking Statements</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">About Red Cat Holdings, Inc.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Risk Factors</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Description of Common Stock</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Description of Preferred Stock</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Description of Warrants</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Description of Units</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Plan of Distribution</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Experts</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Where you can find more information</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Incorporation of Certain Documents by Reference</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>You should rely only on information
contained in this prospectus. We have not, and the underwriter has not, authorized anyone to provide you with additional information or
information different from that contained in this prospectus. Neither the delivery of this prospectus nor the sale of our securities means
that the information contained in this prospectus is correct after the date of this prospectus. This prospectus is not an offer to sell
or the solicitation of an offer to buy our securities in any circumstances under which the offer or solicitation is unlawful or in any
state or other jurisdiction where the offer is not permitted.</B></P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ABOUT THIS PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This prospectus is part of a registration
statement that we filed with the Securities and Exchange Commission, or SEC, using a &ldquo;shelf&rdquo; registration process. Under this
shelf registration process, we may sell any combination of the securities described in this prospectus in one of more offerings up to
a total dollar amount of proceeds of $100,000,000. This prospectus describes the general manner in which our securities may be offered
by this prospectus. Each time we sell securities, we will provide a prospectus supplement that will contain specific information about
the terms of that offering. The prospectus supplement may also add, update or change information contained in this prospectus or in documents
incorporated by reference in this prospectus. The prospectus supplement that contains specific information about the terms of the securities
being offered may also include a discussion of certain U.S. Federal income tax consequences and any risk factors or other special considerations
applicable to those securities. To the extent that any statement that we make in a prospectus supplement is inconsistent with statements
made in this prospectus or in documents incorporated by reference in this prospectus, you should rely on the information in the prospectus
supplement. You should carefully read both this prospectus and any prospectus supplement together with the additional information described
under &ldquo;Where You Can Find More Information&rdquo; before buying any securities in this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The terms &ldquo;Red Cat,&rdquo;
&ldquo;Red Cat Holdings,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;our&rdquo; or &ldquo;us&rdquo; in this prospectus
refer to Red Cat Holdings, Inc., unless the context suggests otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This prospectus contains forward-looking
statements. Such statements include statements regarding our expectations, hopes, beliefs or intentions regarding the future, including
but not limited to statements regarding our market, strategy, competition, development plans (including acquisitions and expansion), financing,
revenues, operations, and compliance with applicable laws. Forward-looking statements involve certain risks and uncertainties, and actual
results may differ materially from those discussed in any such statement. Factors that could cause actual results to differ materially
from such forward-looking statements include the risks described in greater detail in the following paragraphs. All forward-looking statements
in this document are made as of the date hereof, based on information available to us as of the date hereof, and we assume no obligation
to update any forward-looking statement. Market data used throughout this prospectus is based on published third party reports or the
good faith estimates of management, which estimates are based upon their review of internal surveys, independent industry publications
and other publicly available information.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ABOUT RED CAT HOLDINGS, INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s business is
to provide products, services and solutions to the drone industry. We design, develop, market, and sell drone software and products. Our
business emphasis focusses on drones piloted with wearable display devices. These are head mounted displays (&ldquo;HMDs&rdquo;) for pilots.
HMDs give pilots &ldquo;first person view&rdquo; (&ldquo;FPV&rdquo;) perspective to control their drone in flight. This is a unique experience
where the pilot is interacting with an aircraft through visual immersion. In this augmented virtual reality, the pilot sees only what
the drone sees, as if sitting in the pilot seat. This experience is accomplished by live streaming footage from a camera mounted on the
nose of the drone directly into specially-designed goggles worn by the pilot. The image is transmitted via radio (traditionally analog
but increasingly digital) to the pilot. The drone remote control unit, the drone device, and the FPV goggles are all inter-connected via
radio. This effect requires sophisticated electronics that transmits visual information with sufficient speed and reliability to allow
pilot control over the drone in real-time. Pilots routinely achieve speeds of over 90 mph in racing and other mission critical applications.
An FPV pilot must experience a near complete transfer of their visual consciousness into the body of their piloted device.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">There are three common categories
of FPV flight &ndash; freestyle flight, racing and aerial photography. In freestyle the pilot navigates around obstacles, focused on acrobatics
and exploring the environment around the aircraft through the HMD. This type of flight includes remote utility and crop inspection with
onboard navigation and special equipment, such as moisture or heat sensors, and package delivery. FPV racing describes a growing spectator
sport where pilots fly their drones in competitions through a series of obstacles, flags, and gates in a racetrack. Aerial photography
is the process of viewing and recording a subject matter from the air from the viewpoint of the pilot.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We sell flight design cameras,
video transmitters, goggles, as well as the mounts, airframes and accessories to build or operate drone aircraft. We design, develop,
assemble and sell each of these FPV components individually and in packages. We believe that our products have become favorites in FPV
racing and we sponsor several racing teams and pilots. We purchase and resell drones and components from leading manufacturers, including
the industry leader Da Jiang Innovations (&ldquo;DJI&rdquo;) and custom design and build our own line of branded products. Approximately
50% of our revenue has historically been generated as a reseller and the balance from sale of branded products prior to our recent acquisition
of Fat Shark Holdings, Ltd. (&ldquo;Fat Shark&rdquo;). In addition, we are developing a blockchain-based black box to enhance reliability
and reporting of drone performance and operations as software as a service (&ldquo;SaaS&rdquo;). Red Cat&rsquo;s Dronebox software and
platform enable an easy-to-use flight log system that keeps clients compliant with regulators and helps track and collect critical drone
data and feed the data to various applications. The software and platform use a patent-pending blockchain-based cloud architecture. To
keep the data secure, we hash each log file on our private block chain, proving that the data is immutable and reliable. Reliable data
is mandatory for regulators and insurance companies and is essential for analyzing drone flights and effective drone fleet management.
Through our blockchain-based black box for drones, we can offer one easy to use system for analytics and services. By applying machine
learning to the log files, we can prevent drone flight problems before they happen through artificial intelligence. We charge a monthly
recurring fee for each drone in the customer&rsquo;s drone fleet. We store all flight logs, photos, and videos from the black box service,
which allows detailed flight replay.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The target market for drone services in the commercial
and civil markets is focused on the need to inspect and/or survey equipment, structures, insurance claims, land areas, jobsites and emergencies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inspection and survey drone services for the industry
is estimated to be a $21 billion market. We market through social media and attract buyers to our ecommerce platforms. We maintain a robust
presence on Facebook and YouTube where we sponsor competitions and provide education. Sports networks, and sponsors such as NBC, Sky,
Liberty Media, Fox Sports, MGM, Hearst, Twitter, ProSieben, Groupe AB and Weibo broadcast and sponsor global events where professional
pilots and amateurs compete for prizes and sponsorships. Drone racing is a global sport with chapters, leagues, and pilots and established
guidelines, rules and regulations for participation adopted by organizations such as MultiGP, Drone Racing League (&ldquo;DRL&rdquo;),
IUDRO, DR1 Racing, Rotomatch League, FPVR, and Freespace Drone Racing. Pilots specially design their custom-built aircraft, selecting
and customizing frames, motors, propellors and controllers for speed and maneuverability from Rotor Riot. Rotor Riot sponsors a team of
six of the leading pilots on the competitive FPV racing circuit, including the 2019 and 2018 Drone Racing League champion. Drone pilots
and spectators alike experience real-time flight through their own HMD. In 2015 Fat Shark sponsored the first annual US National Drone
Racing Championships held at the California State Fair with a prize of $25,000. Subsequent events featured prizes of up to $1 million.
Rotor Riot has a social network of over 215,000 youtube subscribers, 68,000 instagram followers. This gives us quick access to a large
number of commercial pilots for beta testing, product enhancements, and remote drone piloting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On November 2, 2020 we acquired
Fat Shark Holdings, Ltd., a Cayman Islands Exempted Company. The Company believes Fat Shark and its subsidiaries are leaders in the design,
development, marketing and sale of HMDs for pilots.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The operations of Fat Shark are
expected to constitute a significant majority of our revenue and results of operations and will position us to become a fully-integrated
drone business with a strong supply chain while we continue to develop and promote industry standards through our blockchain-based distributed
network that provides secure data storage, operational analytics, reporting, and SaaS solutions for the drone industry. We are also developing
the means to accurately track, report and review flight data, which we believe will be the mainstay of future regulatory specifications
and insurability. We maintain a commitment to deliver unparalleled innovation to make drones, pilots, and products accountable and the
sky a safer place.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 11, 2021, we signed
a definitive agreement to acquire Skypersonic, Inc., a provider of drone products and software solutions that enable drone inspection
flights that can be executed by pilots anywhere in the world. Skypersonic powers drones to &ldquo;Fly Anywhere&rdquo; and &ldquo;Inspect
the Impossible&rdquo;. Its patented software and hardware solutions allow for inspection services in restricted spaces where GPS is not
allowed or available. Skycopter is a miniature drone fitted into a cage to avoid damage to inspected areas and the drone. Skyloc is a
stand-alone, real time, software system which enables the drone to record and transmit inspection data while being operated from thousands
of miles away. Skypersonic&rsquo;s intellectual property portfolio includes eight US and European patents. We closed the Skypersonic transaction
on or before May 7, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
internet address is&nbsp;<U>www.redcat.red</U>. Information on our website is not incorporated into this prospectus.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Any investment in our securities
involves a high degree of risk. Investors should carefully consider the risks described below and all of the information contained in
this prospectus before deciding whether to purchase our securities. Our business, financial condition and results of operations could
be materially adversely affected by these risks if any of them actually occur. This prospectus also contains forward-looking statements
that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements
as a result of certain factors, including the risks we face as described below and elsewhere in this prospectus.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Investing in our securities involves
a high degree of risk. Before making an investment decision, you should consider carefully the risks, uncertainties and other factors
described in our most recent Annual Report on Form 10-K, as supplemented and updated by subsequent quarterly reports on Form 10-Q and
current reports on Form 8-K that we have filed or will file with the SEC, which are incorporated by reference into this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our business, affairs, prospects,
assets, financial condition, results of operations and cash flows could be materially and adversely affected by these risks. For more
information about our SEC filings, please see &ldquo;Where You Can Find More Information&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Unless otherwise indicated in
a prospectus supplement, we intend to use the net proceeds from the sale of the securities under this prospectus for general corporate
purposes, including working capital.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DESCRIPTION OF COMMON STOCK</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our authorized capital stock consists
of 500,000,000 shares of common stock, par value $0.001 per share, and 10,000,000 shares of preferred stock, par value $0.001 per share,
of which 2,200,000 shares have been designated Series A Preferred Stock and 4,300,000 shares have been designated Series B Preferred Stock.
As of March 26, 2021, there were (i) 28,991,093 shares of common stock outstanding, (ii) 158,704 shares of Series A Preferred Stock outstanding
that are convertible into 1,322,004 shares of common stock, and (iii) 2,366,882 shares of Series B Preferred Stock outstanding that are
convertible into 1,972,402 shares of common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This description is intended as
a summary and is qualified in its entirety by reference to our amended and restated articles of incorporation and amended and restated
by-laws, which are filed, or incorporated by reference, as exhibits to the registration statement of which this prospectus forms a part.
&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The holders of our common stock
are entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders and do not have cumulative
voting rights. Accordingly, holders of a majority of the shares of common stock and preferred stock entitled to vote in any election of
directors may elect all of the directors standing for election. Subject to preferences that may be applicable to any outstanding shares
of preferred stock, the holders of common stock are entitled to receive ratably such dividends as may be declared by the board of directors
out of funds legally available therefor. Upon the liquidation, dissolution or winding up of the Company, holders of our common stock are
entitled to share ratably in all assets remaining after payment of liabilities and the liquidation preferences of any outstanding shares
of preferred stock. Holders of common stock have no preemptive rights and no right to convert their common stock into any other securities.
Our common stock has no redemption or sinking fund provisions. All outstanding shares of common stock are fully paid and non-assessable.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DESCRIPTION OF PREFERRED STOCK</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to our articles of incorporation,
our board of directors has the authority, without further action by the stockholders, to issue up to 10,000,000 shares of preferred stock,
in one or more series.&nbsp;Our articles of incorporation, as amended, provide that our Board of Directors has the authority, without
further action by the shareholders, to issue shares of preferred stock in one or more series and to fix the rights, preferences, privileges
and restrictions granted to or imposed upon the preferred stock. Preferred stock may be designated and issued without authorization of
shareholders unless such authorization is required by applicable law, the rules of the principal market or other securities exchange on
which our stock is then listed or admitted to trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our Board of Directors may authorize
the issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders
of common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate
purposes could, under some circumstances, have the effect of delaying, deferring or preventing a change in control of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The description of preferred stock
in this prospectus and the description of the terms of a particular series of preferred stock in any applicable prospectus supplement
are not complete. You should refer to any applicable certificate of designation for complete information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">All shares of preferred stock
offered hereby will, when issued, be fully paid and nonassessable, including shares of preferred stock issued upon the exercise of preferred
stock warrants or subscription rights, if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Series A Convertible Preferred Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On May 15, 2019, we closed a Share
Exchange Agreement (the &ldquo;Exchange Agreement&rdquo;) with Red Cat Propware, Inc., a Nevada corporation (&ldquo;Red Cat Propware&rdquo;)
and its then current shareholders (the &ldquo;Acquisition&rdquo;) pursuant to which we acquired all of the issued and outstanding capital
stock of Red Cat Propware in exchange for our issuance of our common stock and Series A Preferred Stock (&ldquo;Series A Stock&rdquo;)
to the Red Cat Propware shareholders which constituted approximately 83.33% of our issued an outstanding share capital on a fully-diluted
basis at such time. With the exception of shares held by our current Chief Executive Officer, Jeffrey Thompson, the convertibility of
shares of Series A Stock is limited such that a holder of Series A Stock may not convert Series A Stock to our common stock to the extent
that the number of shares of Common Stock to be issued pursuant to such conversion, when aggregated with all other shares of common stock
owned by the holder at such time, would result in the holder beneficially owning more than 4.99% of all of our outstanding common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On May 15, 2019 we filed with
the Secretary of State of the State of Nevada a Certificate of Designation of Series A Preferred Stock (the &ldquo;Series A Certificate
of Designation&rdquo;). Pursuant to the Series A Certificate of Designation, the Company designated&nbsp;2,200,000 shares of its blank
check preferred stock as Series A Preferred Stock. Each share of Series A Preferred Stock has no stated value.&nbsp;In the event of a
liquidation, dissolution or winding up of the Company, each share of Series A Preferred Stock will not be entitled to a per share preferential
payment but will be entitled to participate in any distribution out of the assets of the Company on an equal basis per share with the
holders of Common Stock, as if all shares of Series A Preferred Stock had been converted to Common Stock immediately prior to the distribution.
Each share of Series A Preferred Stock is convertible at the option of the holder into 8.33 shares of common stock for every one share
of Series A Preferred Stock held (the &ldquo;A Conversion Rate&rdquo;). The conversion ratio is subject to adjustment in the event of
stock splits, stock dividends, combination of shares and similar recapitalization transactions.&nbsp;The Company is prohibited from effecting
the conversion of the Series A Preferred Stock to the extent that, as a result of such conversion, the holder beneficially owns more than
4.99%, in the aggregate, which beneficial ownership limitation may be increased by the holder up to, but not exceeding, 9.99% of the issued
and outstanding shares of the Company&rsquo;s Common Stock calculated immediately after giving effect to the issuance of shares of Common
Stock upon the conversion of the Series A Preferred Stock (the &ldquo;Beneficial Ownership Limit&rdquo;). The Beneficial Ownership Limit
is inapplicable to a shareholder who, in advance issuance of Series A Preferred Stock, specifically waives such limitations and our Chief
Executive Officer, Jeffrey Thompson, waived such limitations prior to the Red Cat Propware acquisition. Under the Series A Certificate
of Designation, no consideration (including any modification of this Certificate of Designation or related transaction document) shall
be offered or paid to any person or entity to amend or consent to a waiver or modification of any provision of this Certificate of Designation
or related transaction document unless the same consideration is also offered to all of the holders of the outstanding shares of Series
A Preferred Stock.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Series B Convertible Preferred Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On May 13, 2019 we filed with
the Secretary of State of the State of Nevada a Certificate of Designation of Series B Preferred Stock (the &ldquo;Series B Certificate
of Designation&rdquo;). Pursuant to the Series B Certificate of Designation, the Company designated 4,300,000 shares of its blank check
preferred stock as Series B Preferred Stock. Each share of Series B Preferred Stock has no stated value.&nbsp; In the event of a liquidation,
dissolution or winding up of the Company, each share of Series B Preferred Stock will not be entitled to a per share preferential payment
but will be entitled to participate in any distribution out of the assets of the Company on an equal basis per share with the holders
of Common Stock, as if all shares of Series B Preferred Stock had been converted to Common Stock immediately prior to the distribution.
Each share of Series B Preferred Stock is convertible at the option of the holder into 0.83 shares of common stock for every one share
of Series B Preferred Stock held (the &ldquo;B Conversion Rate&rdquo;). The conversion ratio is subject to adjustment in the event of
stock splits, stock dividends, combination of shares and similar recapitalization transactions.&nbsp;The Company is prohibited from effecting
the conversion of the Series B Preferred Stock to the extent that, as a result of such conversion, the holder beneficially owns more than
4.99%, in the aggregate, which beneficial ownership limitation may be increased by the holder up to, but not exceeding, 9.99% of the issued
and outstanding shares of the Company&rsquo;s Common Stock calculated immediately after giving effect to the issuance of shares of Common
Stock upon the conversion of the Series A Preferred Stock (the &ldquo;Beneficial Ownership Limit&rdquo;). Under the Series B Certificate
of Designation, no consideration (including any modification of this Certificate of Designation or related transaction document) shall
be offered or paid to any person or entity to amend or consent to a waiver or modification of any provision of this Certificate of Designation
or related transaction document unless the same consideration is also offered to all of the holders of the outstanding shares of Series
B Preferred Stock.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DESCRIPTION OF WARRANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify; text-indent: 0.5in">We may issue warrants
for the purchase of preferred stock or common stock. Warrants may be issued independently or together with any preferred stock or common
stock, and may be attached to or separate from any offered securities. Each series of warrants will be issued under a separate warrant
agreement to be entered into between a warrant agent specified in the agreement and us. The warrant agent will act solely as our agent
in connection with the warrants of that series and will not assume any obligation or relationship of agency or trust for or with any holders
or beneficial owners of warrants. This summary of some provisions of the warrants is not complete. You should refer to the warrant agreement,
including the forms of warrant certificate representing the warrants, relating to the specific warrants being offered for the complete
terms of the warrant agreement and the warrants. The warrant agreement, together with the terms of the warrant certificate and warrants,
will be filed with the SEC in connection with the offering of the specific warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The applicable prospectus supplement
will describe the following terms, where applicable, of the warrants in respect of which this prospectus is being delivered:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the title of the warrants;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the aggregate number of the warrants;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the price or prices at which the warrants will be issued;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the designation, amount and terms of the offered securities purchasable upon exercise of the warrants;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if applicable, the date on and after which the warrants and the offered securities purchasable upon exercise of the warrants will be separately transferable;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the terms of the securities purchasable upon exercise of such warrants and the procedures and conditions relating to the exercise of such warrants;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any provisions for adjustment of the number or amount of securities receivable upon exercise of the warrants or the exercise price of the warrants;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the price or prices at which and currency or currencies in which the offered securities purchasable upon exercise of the warrants may be purchased;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the date on which the right to exercise the warrants shall commence and the date on which the right shall expire;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the minimum or maximum amount of the warrants that may be exercised at any one time;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">information with respect to book-entry procedures, if any;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if appropriate, a discussion of Federal income tax consequences; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any other material terms of the warrants, including terms, procedures and limitations relating to the exchange and exercise of the warrants.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Warrants for the purchase of common
stock or preferred stock will be offered and exercisable for U.S. dollars only. Warrants will be issued in registered form only.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Upon receipt of payment and the
warrant certificate properly completed and duly executed at the corporate trust office of the warrant agent or any other office indicated
in the applicable prospectus supplement, we will, as soon as practicable, forward the purchased securities. If less than all of the warrants
represented by the warrant certificate are exercised, a new warrant certificate will be issued for the remaining warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Prior to the exercise of any warrants
to purchase preferred stock or common stock, holders of the warrants will not have any of the rights of holders of the common stock or
preferred stock purchasable upon exercise, including in the case of warrants for the purchase of common stock or preferred stock, the
right to vote or to receive any payments of dividends on the preferred stock or common stock purchasable upon exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DESCRIPTION OF UNITS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As specified in the applicable
prospectus supplement, we may issue units consisting of shares of common stock, shares of preferred stock or warrants or any combination
of such securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The applicable prospectus supplement
will specify the following terms of any units in respect of which this prospectus is being delivered:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the terms of the units and of any of the common stock, preferred stock and warrants comprising the units, including whether and under what circumstances the securities comprising the units may be traded separately;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a description of the terms of any unit agreement governing the units; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a description of the provisions for the payment, settlement, transfer or exchange of the units.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PLAN OF DISTRIBUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We may sell the securities offered
through this prospectus (i)&nbsp;to or through underwriters or dealers, (ii)&nbsp;directly to purchasers, including our affiliates, (iii)&nbsp;through
agents, or (iv) through a combination of any these methods. The securities may be distributed at a fixed price or prices, which may be
changed, market prices prevailing at the time of sale, prices related to the prevailing market prices, or negotiated prices. The prospectus
supplement will include the following information:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the terms of the offering;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the names of any underwriters or agents;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the name or names of any managing underwriter or underwriters;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the purchase price of the securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any over-allotment options under which underwriters may purchase additional securities from us;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the net proceeds from the sale of the securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any delayed delivery arrangements;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 11pt"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 10pt">any underwriting discounts, commissions and other items constituting underwriters&rsquo; compensation;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 11pt"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 10pt">any initial public offering price;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 11pt"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 10pt">any discounts or concessions allowed or reallowed or paid to dealers;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 11pt"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 10pt">any commissions paid to agents; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 11pt"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 10pt">any securities exchange or market on which the securities may be listed.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Sale Through Underwriters or Dealers</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Only underwriters named in the
prospectus supplement are underwriters of the securities offered by the prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If underwriters are used in the
sale, the underwriters will acquire the securities for their own account, including through underwriting, purchase, security lending or
repurchase agreements with us. The underwriters may resell the securities from time to time in one or more transactions, including negotiated
transactions. Underwriters may sell the securities in order to facilitate transactions in any of our other securities (described in this
prospectus or otherwise), including other public or private transactions and short sales. Underwriters may offer securities to the public
either through underwriting syndicates represented by one or more managing underwriters or directly by one or more firms acting as underwriters.
Unless otherwise indicated in the prospectus supplement, the obligations of the underwriters to purchase the securities will be subject
to certain conditions, and the underwriters will be obligated to purchase all the offered securities if they purchase any of them. The
underwriters may change from time to time any initial public offering price and any discounts or concessions allowed or reallowed or paid
to dealers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If dealers are used in the sale
of securities offered through this prospectus, we will sell the securities to them as principals. They may then resell those securities
to the public at varying prices determined by the dealers at the time of resale. The prospectus supplement will include the names of the
dealers and the terms of the transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Direct Sales and Sales Through Agents</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We may sell the securities offered
through this prospectus directly. In this case, no underwriters or agents would be involved. Such securities may also be sold through
agents designated from time to time. The prospectus supplement will name any agent involved in the offer or sale of the offered securities
and will describe any commissions payable to the agent. Unless otherwise indicated in the prospectus supplement, any agent will agree
to use its reasonable best efforts to solicit purchases for the period of its appointment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We may sell the securities directly
to institutional investors or others who may be deemed to be underwriters within the meaning of the Securities Act with respect to any
sale of those securities. The terms of any such sales will be described in the prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Delayed Delivery Contracts</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If the prospectus supplement indicates,
we may authorize agents, underwriters or dealers to solicit offers from certain types of institutions to purchase securities at the public
offering price under delayed delivery contracts. These contracts would provide for payment and delivery on a specified date in the future.
The contracts would be subject only to those conditions described in the prospectus supplement. The applicable prospectus supplement will
describe the commission payable for solicitation of those contracts.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Continuous Offering Program</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Without limiting the generality
of the foregoing, we may enter into a continuous offering program equity distribution agreement with a broker-dealer, under which we may
offer and sell shares of our common stock from time to time through a broker-dealer as our sales agent. If we enter into such a program,
sales of the shares of common stock, if any, will be made by means of ordinary brokers&rsquo; transactions on the Nasdaq Capital Market
or other market on which are shares may then trade at market prices, block transactions and such other transactions as agreed upon by
us and the broker-dealer. Under the terms of such a program, we also may sell shares of common stock to the broker-dealer, as principal
for its own account at a price agreed upon at the time of sale. If we sell shares of common stock to such broker-dealer as principal,
we will enter into a separate terms agreement with such broker-dealer, and we will describe this agreement in a separate prospectus supplement
or pricing supplement.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Market Making, Stabilization and Other Transactions</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Unless the applicable prospectus
supplement states otherwise, other than our common stock, all securities we offer under this prospectus will be a new issue and will have
no established trading market. We may elect to list offered securities on an exchange or in the over-the-counter market. Any underwriters
that we use in the sale of offered securities may make a market in such securities, but may discontinue such market making at any time
without notice. Therefore, we cannot assure you that the securities will have a liquid trading market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Any underwriter may also engage
in stabilizing transactions, syndicate covering transactions and penalty bids in accordance with Rule&nbsp;104 under the Securities Exchange
Act. Stabilizing transactions involve bids to purchase the underlying security in the open market for the purpose of pegging, fixing or
maintaining the price of the securities. Syndicate covering transactions involve purchases of the securities in the open market after
the distribution has been completed in order to cover syndicate short positions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Penalty bids permit the underwriters
to reclaim a selling concession from a syndicate member when the securities originally sold by the syndicate member are purchased in a
syndicate covering transaction to cover syndicate short positions. Stabilizing transactions, syndicate covering transactions and penalty
bids may cause the price of the securities to be higher than it would be in the absence of the transactions. The underwriters may, if
they commence these transactions, discontinue them at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>General Information</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Agents, underwriters, and dealers
may be entitled, under agreements entered into with us, to indemnification by us against certain liabilities, including liabilities under
the Securities Act. Our agents, underwriters, and dealers, or their affiliates, may be customers of, engage in transactions with or perform
services for us, in the ordinary course of business.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Crone Law Group, P.C. has
opined on the validity of the securities being offered hereby.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The consolidated financial statements
of the Company as of April 30, 2020 and 2019, and for the years then ended included in this prospectus have been so included in reliance
on the report of BF Borgers, CPA, PC an independent registered public accounting firm, which includes an explanatory paragraph about the
Company&rsquo;s ability to continue as a going concern, given on the authority of said firm as experts in auditing and accounting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The consolidated financial statements
of the acquired company Fat Shark Holdings, Ltd. as of December 31, 2019 and 2018, and for the years then ended included in this prospectus
have been so included in reliance on the report of BF Borgers, CPA, PC an independent registered public accounting firm.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The consolidated financial statements
of the acquired company Rotor Riot, LLC as of December 31, 2019 and 2018, and for the years then ended included in this prospectus have
been so included in reliance on the report of BF Borgers, CPA, PC an independent registered public accounting firm.&nbsp;</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WHERE YOU CAN FIND MORE INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We file annual, quarterly and
special reports, along with other information with the SEC. The SEC maintains an Internet site that contains reports, proxy and information
statements, and other information regarding issuers that file electronically with the SEC. Our SEC filings are available to the public
over the Internet at the SEC&rsquo;s website at http://www.sec.gov.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This prospectus is part of a registration
statement on Form S-3 that we filed with the SEC to register the securities offered hereby under the Securities Act of 1933, as amended.
This prospectus does not contain all of the information included in the registration statement, including certain exhibits and schedules.
You may obtain the registration statement and exhibits to the registration statement from the SEC&rsquo;s internet site.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This prospectus is part of a registration
statement filed with the SEC. The SEC allows us to &ldquo;incorporate by reference&rdquo; into this prospectus the information that we
file with them, which means that we can disclose important information to you by referring you to those documents. The information incorporated
by reference is considered to be part of this prospectus, and information that we file later with the SEC will automatically update and
supersede this information. The following documents are incorporated by reference and made a part of this prospectus:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 11pt"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">our Annual Report on Form 10-K for the year ended April 30, 2020 filed with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479520000206/rcat0811form10k.htm" STYLE="-sec-extract: exhibit">August 13, 2020</A>;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 11pt"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">our Quarterly Report on Form 10-Q for the quarterly period ended July 31, 2020 filed with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479520000248/rcat0918form10q.htm" STYLE="-sec-extract: exhibit">September 21, 2020</A>;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 11pt"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">our Quarterly Report on Form 10-Q for the quarterly period ended January 31, 2021 filed with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479521000080/rcat0316form10q.htm" STYLE="-sec-extract: exhibit">March 22, 2021</A>;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 11pt"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">our Quarterly Report on Form 10-Q for the quarterly period ended October 31, 2020 filed with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479520000327/rcat1220form10q.htm" STYLE="-sec-extract: exhibit">December 21, 2020</A>;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 11pt"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">our Current Reports on Form 8-K filed with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479520000254/rcat1005form8k.htm" STYLE="-sec-extract: exhibit">October 5, 2020</A>; <A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479520000256/rcat1009form10q.htm" STYLE="-sec-extract: exhibit">October 9, 2020</A>; <A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479520000294/rcat1104form8k.htm" STYLE="-sec-extract: exhibit">November 6, 2020</A>; <A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479520000296/rcat1110form8k.htm" STYLE="-sec-extract: exhibit">November 12, 2020</A>; <A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479520000319/rcat1119form8ka1.htm" STYLE="-sec-extract: exhibit">December 4, 2020</A>; <A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479521000012/rcat0112form8k.htm" STYLE="-sec-extract: exhibit">January 13, 2021</A>; <A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479521000020/rcat0122form8k.htm" STYLE="-sec-extract: exhibit">January 22, 2021</A>; <A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479521000028/rcat0127form8k.htm" STYLE="-sec-extract: exhibit">January 28, 2021</A>; <A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479521000046/rcat0216form8k.htm" STYLE="-sec-extract: exhibit">February 17, 2021</A>; <A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479521000049/rcat0219form8k.htm" STYLE="-sec-extract: exhibit">February 19, 2021</A>; <A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479521000087/rcat0324form8k.htm" STYLE="-sec-extract: exhibit">March 24, 2021</A>; <A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479521000124/rcat0406form8k.htm" STYLE="-sec-extract: exhibit">April 6, 2021</A>; <A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479521000128/rcat0413form8k.htm" STYLE="-sec-extract: exhibit">April 13, 2021</A>; <A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479521000152/rcat0429form8k.htm" STYLE="-sec-extract: exhibit">April 30, 2021</A>; <A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479521000156/rcat0504form8k.htm" STYLE="-sec-extract: exhibit">May 4, 2021</A>; <A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479521000158/rcat0505form8k.htm" STYLE="-sec-extract: exhibit">May 5, 2021</A>; and <A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479521000172/rcat0512form8k.htm" STYLE="-sec-extract: exhibit">May 13, 2021</A>; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 11pt"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">the description of our common stock contained in our Registration Statement on Form 8-A filed with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/748268/000155479521000063/rcat0310form8a.htm" STYLE="-sec-extract: exhibit">March 11, 2021</A>, including any amendment or report filed for the purpose of updating such description.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All documents that we file with the SEC pursuant to
Sections 13(a), 13(c), 14, and 15(d) of the Exchange Act subsequent to the date of this registration statement and prior to the filing
of a post-effective amendment to this registration statement that indicates that all securities offered under this prospectus have been
sold, or that deregisters all securities then remaining unsold, will be deemed to be incorporated in this registration statement by reference
and to be a part hereof from the date of filing of such documents. Nothing in this prospectus shall be deemed to incorporate information
furnished but not filed with the SEC (including without limitation, information furnished under Item 2.02 or Item 7.01 of Form 8-K, and
any exhibits relating to such information).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Any statement contained in this prospectus or in a
document incorporated or deemed to be incorporated by reference in this prospectus shall be deemed to be modified or superseded for purposes
of this prospectus to the extent that a statement contained herein or in the applicable prospectus supplement or in any other subsequently
filed document which also is or is deemed to be incorporated by reference modifies or supersedes the statement. Any statement so modified
or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The information about us contained in this prospectus
should be read together with the information in the documents incorporated by reference. You may request a copy of any or all of these
filings, at no cost, by writing or telephoning us at: Red Cat Holdings, Inc., 370 Harbour Drive, Palmas del Mar, Humacao, PR, 00791. (833)
373-3228.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"></P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 4.8pt; margin-bottom: 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 4.8pt; margin-bottom: 0; text-align: center"><B>Common Stock</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 4.8pt; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; text-align: center; margin-top: 0.35pt; margin-bottom: 0"><BR STYLE="clear: both">
</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><B><IMG SRC="image_001.jpg" ALT="">&nbsp;</B></P>

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

<P STYLE="text-align: center; font: 12.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>

<P STYLE="font: 15.5pt Times New Roman, Times, Serif; margin-top: 4.65pt; margin-bottom: 0; text-align: center"><B>Red Cat Holdings, Inc.</B></P>

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

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

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

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

<P STYLE="text-align: center; font: 9.5pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 9.5pt Times New Roman, Times, Serif; width: 40%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-top: Black 1pt solid; width: 100%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><B>PROSPECTUS SUPPLEMENT</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; text-align: center; margin-top: 0.35pt; margin-bottom: 0"><BR STYLE="clear: both"><BR STYLE="clear: both"></P>

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

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

<P STYLE="text-align: center; font: 14pt Times New Roman, Times, Serif; margin-top: 0.15pt; margin-bottom: 0"><B>&nbsp;</B></P>

<P STYLE="font: 15.5pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0; text-align: center"><B>ThinkEquity</B></P>

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

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

<P STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">December &nbsp;&nbsp;, 2023</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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











































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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
