<SEC-DOCUMENT>0001193125-21-331817.txt : 20211117
<SEC-HEADER>0001193125-21-331817.hdr.sgml : 20211117
<ACCEPTANCE-DATETIME>20211117060901
ACCESSION NUMBER:		0001193125-21-331817
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20211117
DATE AS OF CHANGE:		20211117

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EyePoint Pharmaceuticals, Inc.
		CENTRAL INDEX KEY:			0001314102
		STANDARD INDUSTRIAL CLASSIFICATION:	LABORATORY ANALYTICAL INSTRUMENTS [3826]
		IRS NUMBER:				262774444
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-258598
		FILM NUMBER:		211418362

	BUSINESS ADDRESS:	
		STREET 1:		480 PLEASANT STREET
		STREET 2:		SUITE B300
		CITY:			WATERTOWN
		STATE:			MA
		ZIP:			02472
		BUSINESS PHONE:		617-926-5000

	MAIL ADDRESS:	
		STREET 1:		480 PLEASANT STREET
		STREET 2:		SUITE B300
		CITY:			WATERTOWN
		STATE:			MA
		ZIP:			02472

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	pSivida Corp.
		DATE OF NAME CHANGE:	20080619

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	pSivida LTD
		DATE OF NAME CHANGE:	20050111

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EyePoint Pharmaceuticals, Inc.
		CENTRAL INDEX KEY:			0001314102
		STANDARD INDUSTRIAL CLASSIFICATION:	LABORATORY ANALYTICAL INSTRUMENTS [3826]
		IRS NUMBER:				262774444
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		480 PLEASANT STREET
		STREET 2:		SUITE B300
		CITY:			WATERTOWN
		STATE:			MA
		ZIP:			02472
		BUSINESS PHONE:		617-926-5000

	MAIL ADDRESS:	
		STREET 1:		480 PLEASANT STREET
		STREET 2:		SUITE B300
		CITY:			WATERTOWN
		STATE:			MA
		ZIP:			02472

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	pSivida Corp.
		DATE OF NAME CHANGE:	20080619

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	pSivida LTD
		DATE OF NAME CHANGE:	20050111
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>d598784dfwp.htm
<DESCRIPTION>FWP
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Issuer Free Writing Prospectus dated November&nbsp;16, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed Pursuant to Rule 433 of the Securities Act of 1933 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration Statement <FONT STYLE="white-space:nowrap">No.&nbsp;333-258598</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Relating to the Preliminary Prospectus Supplement </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Dated November&nbsp;16, 2021 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pricing Term Sheet </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EyePoint Pharmaceuticals, Inc. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The
information in this pricing term sheet supplements EyePoint Pharmaceuticals, Inc.&#146;s preliminary prospectus supplement, dated November&nbsp;16, 2021 (the &#147;Preliminary Prospectus Supplement&#148;), and supersedes the information in the
Preliminary Prospectus Supplement to the extent inconsistent with the information in the Preliminary Prospectus Supplement. This free writing prospectus supplements the Preliminary Prospectus Supplement primarily to reflect the addition of certain <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants to the securities being offered by EyePoint Pharmaceuticals, Inc. Terms used, but not defined, in this pricing term sheet have the respective meanings set forth in the Preliminary Prospectus
Supplement. As used in this pricing term sheet, the &#147;Company,&#148; &#147;we,&#148; &#147;our&#148; and &#147;us&#148; refer to EyePoint Pharmaceuticals, Inc. and its subsidiaries. </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Issuer</B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Book-running Managers</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EyePoint Pharmaceuticals, Inc.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Cowen and Company, LLC, Guggenheim Securities, LLC</P></TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Passive Book-running Manager</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Cantor Fitzgerald&nbsp;&amp; Co.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Pricing Date</B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Settlement Date</B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Common Stock Offered by Us</B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Price to Public Per Share of Common Stock</B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Pre-funded</FONT> Warrants Offered by Us</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November&nbsp;16, 2021</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November&nbsp;19, 2021</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4,027,273 shares of common stock, par value $0.001 per share</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">$13.75</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">In lieu of common stock, certain investors have elected to purchase <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants to purchase an aggregate of
3,272,727 shares of common stock. The purchase price of each <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant will equal the price per share at which shares of our common stock are being sold to the public in this offering, minus $0.01,
and the exercise price of each <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant will equal $0.01 per share. Each <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant will be exercisable from the date of issuance until the date the
warrant is exercised in full. See &#147;Description of <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants.&#148; This free writing prospectus and the Preliminary Prospectus Supplement also relate to the offering of the shares of our common
stock issuable upon the exercise of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants.</P></TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Underwriters&#146; Option to Purchase Additional Shares</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">We have granted the underwriters an option for a period of 30 days, to purchase up to additional 1,095,000 shares of our common stock.</TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Listing</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Shares of our common stock are listed on the Nasdaq Global Market under the symbol &#147;EYPT.&#148; We do not intend to list the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants on the Nasdaq Global Market, any other
nationally recognized securities exchange or any other nationally recognized trading system.</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Description of <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following is a summary of certain terms and conditions of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants being offered in this offering.
The following description is subject in all respects to the provisions contained in the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Form </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants will be issued as individual warrant agreements to the purchasers. The form of <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant will be filed as an exhibit to a Current Report on
Form <FONT STYLE="white-space:nowrap">8-K</FONT> that we expect to file with the SEC. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Term </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants will expire on the date the warrant is exercised in full. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Exercisability </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants are exercisable at any time after their original issuance. The <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants will be exercisable, at the option of each holder, in whole or in
part by delivering to us a duly executed exercise notice and by payment in full of the exercise price in immediately available funds for the number of shares of common stock purchased upon such exercise. As an alternative to payment in immediately
available funds, the holder may, in its sole discretion, elect to exercise the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant through a cashless exercise, in which the holder would receive upon such exercise the net number of shares of
our common stock determined according to the formula set forth in the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant. No fractional shares of our common stock will be issued in connection with the exercise of a <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrant. In lieu of fractional shares, we will pay the holder an amount in cash equal to the fractional amount multiplied by the last closing trading price of our common stock on the exercise date. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Exercise Limitations </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We may not effect the exercise of
any <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant, and a holder will not be entitled to exercise any portion of any <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant that, upon giving effect to such exercise, would cause:
(i)&nbsp;the aggregate number of shares of our common stock beneficially owned by such holder (together with its affiliates) to exceed 9.99% of the number of shares of our common stock outstanding immediately after giving effect to the exercise; or
(ii)&nbsp;the combined voting power of our securities beneficially owned by such holder (together with its affiliates) to exceed 9.99% of the combined voting power of all of our securities outstanding immediately after giving effect to the exercise,
as such percentage ownership is determined in accordance with the terms of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants. However, any holder of a <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant may increase or decrease
such percentage to any other percentage not in excess of 19.99% upon at least 61 days&#146; prior notice from the holder to us. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Exercise Price
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The exercise price per whole share of our common stock purchasable upon the exercise of the <FONT STYLE="white-space:nowrap">pre-funded</FONT>
warrants is $0.01 per share of common stock. The exercise price of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants and the number of shares of our common stock issuable upon exercise of the
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants is subject to appropriate adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting our common
stock, as well as upon any distribution of assets, including cash, stock or other property, to our stockholders. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Transferability </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to applicable laws, the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants may be offered for sale, sold, transferred or assigned without our
consent. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Exchange Listing </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There is no established
trading market for the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, and we do not expect a market to develop. We do not intend to apply for the listing of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants on the Nasdaq
Global Market, any other national securities exchange or any other nationally recognized trading system. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fundamental Transactions </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon the consummation of a fundamental transaction (as described in the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, and generally including
any reorganization, recapitalization or reclassification of our common stock, the sale, transfer or other disposition of all or substantially all of our properties or assets, our consolidation or merger with or into another person, the acquisition
of more than 50% of our outstanding common stock, or any person or group becoming the beneficial owner of 50% of the voting power of our outstanding common stock), the holders of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants will
be entitled to receive, upon exercise of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, the kind and amount of securities, cash or other property that such holders would have received had they exercised the <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants immediately prior to such fundamental transaction, without regard to any limitations on exercise contained in the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants. In the event the
holder of a <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant does not exercise the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant as contemplated by the fundamental transaction provisions in the
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant, the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant will be deemed exercised in full without regard to any limitations on exercise contained herein pursuant to the &#147;cashless
exercise&#148; provision in the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant upon the effective date of the consummation of such fundamental transaction. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>No Rights as a Stockholder </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Except by virtue of such holder&#146;s ownership of shares of our common stock, the holder of a prefunded warrant does not have the rights or privileges of a
holder of our common stock, including any voting rights, until such holder exercises the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Risk Factors </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>There is no public market
for the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants being offered in this offering. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There is no public trading market for the <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants being offered in this offering, and we do not expect a market to develop. In addition, we do not intend to list the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants on the Nasdaq
Global Market or any other national securities exchange or nationally recognized trading system. Without an active trading market, the liquidity of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants will be limited. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>We may not receive any additional funds upon the exercise of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants.</FONT> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Each&nbsp;pre-funded&nbsp;warrant</FONT> may be exercised by way of a cashless exercise, meaning that the holder may not pay a
cash purchase price upon exercise, but instead would receive upon such exercise the net number of shares of our common stock determined according to the formula set forth in <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrant.</FONT>
Accordingly, we may not receive any additional funds upon the exercise of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Holders of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants will have no rights as common stockholders until such holders exercise their <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants and acquire shares of our common stock. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Until holders of the
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants exercise their <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants and acquire shares of our common stock, such holders will have no rights with respect to the shares of our common
stock underlying such <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Significant holders or beneficial holders of our common stock may
not be permitted to <FONT STYLE="white-space:nowrap">exercise&nbsp;pre-funded&nbsp;warrants</FONT> that they hold. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A holder of <FONT
STYLE="white-space:nowrap">a&nbsp;pre-funded&nbsp;warrant</FONT> will not be entitled to exercise any portion of <FONT STYLE="white-space:nowrap">any&nbsp;pre-funded&nbsp;warrant</FONT> which, upon giving effect to such exercise, would cause
(i)&nbsp;the aggregate number of shares of our common stock beneficially owned by the holder (together with its affiliates) to exceed 9.99% of the number of shares of our common stock outstanding immediately after giving effect to the exercise, or
(ii)&nbsp;the combined voting power of our securities beneficially owned by the holder (together with its affiliates) to exceed 9.99% of the combined voting power of all of our securities then outstanding immediately after giving effect to the
exercise, as such percentage ownership is determined in accordance with the terms of <FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants.</FONT> Such percentage may be increased by the holder of
<FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrant</FONT> to any other percentage not in excess of 19.99% upon at least 61 days&#146; prior notice from the holder to us. As a result, you may not be able to exercise <FONT
STYLE="white-space:nowrap">your&nbsp;pre-funded&nbsp;warrants</FONT> for shares of our common stock at a time when it would be financially beneficial for you to do so. In such circumstance you could seek to sell
<FONT STYLE="white-space:nowrap">your&nbsp;pre-funded&nbsp;warrants</FONT> to realize value, but you may be unable to do so in the absence of an established trading market for
<FONT STYLE="white-space:nowrap">the&nbsp;pre-funded&nbsp;warrants.</FONT> </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following discussion is a summary of the material U.S. federal income tax consequences of the purchase, ownership and disposition of shares of our common
stock and <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants issued pursuant to this offering, but does not purport to be a complete analysis of all potential tax effects. The effects of other U.S. federal tax laws, such as estate and gift
tax laws, and any applicable state, local or foreign tax laws are not discussed. This discussion is based on the Internal Revenue Code of 1986, as amended, or the Code, Treasury Regulations promulgated thereunder, judicial decisions, and published
rulings and administrative pronouncements of the U.S. Internal Revenue Service, or IRS, in effect as of the date of this offering. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation
may be applied retroactively in a manner that could adversely affect a holder of our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants. We have not sought and will not seek any rulings from the IRS regarding the matters
discussed below. There can be no assurance the IRS or a court will not take a contrary position regarding the tax consequences of the purchase, ownership and disposition of our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT>
warrants. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This discussion is limited to holders that hold our common stock or
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants as a &#147;capital asset&#148; within the meaning of Section&nbsp;1221 of the Code (property held for investment). This discussion does not address all U.S. federal income tax consequences
relevant to a holder&#146;s particular circumstances, including the impact of the alternative minimum tax or the unearned income Medicare contribution tax. In addition, it does not address consequences relevant to holders subject to particular
rules, including, without limitation: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">U.S. expatriates and certain former citizens or long-term residents of the U.S.; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">persons holding our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants as part of a
hedge, straddle or other risk reduction strategy or as part of a conversion transaction or other integrated investment; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">banks, insurance companies, and other financial institutions; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">brokers, dealers or traders in securities; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">controlled foreign corporations, &#147;passive foreign investment companies,&#148; and corporations that
accumulate earnings to avoid U.S. federal income tax; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">partnerships or other entities or arrangements treated as partnerships for U.S. federal income tax purposes (and
investors therein); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">tax-exempt</FONT> organizations or governmental organizations;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">persons deemed to sell our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants under the
constructive sale provisions of the Code; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">persons for whom our stock constitutes &#147;qualified small business stock&#148; within the meaning of
Section&nbsp;1202 of the Code; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">persons who hold or receive our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants
pursuant to the exercise of any employee stock option or otherwise as compensation; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">tax-qualified</FONT> retirement plans; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;qualified foreign pension funds&#148; as defined in Section&nbsp;897(1)(2) of the Code and entities, all of
the interests of which are held by qualified foreign pension funds. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If a partnership (or other entity treated as a partnership for U.S.
federal income tax purposes) holds our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, the tax treatment of a partner in the partnership will depend on the status of the partner, the activities of the partnership and
certain determinations made at the partner level. Accordingly, partnerships holding our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants and the partners in such partnerships should consult their tax advisors regarding the
U.S. federal income tax consequences to them. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THIS DISCUSSION IS FOR INFORMATION PURPOSES ONLY AND IS NOT INTENDED AS TAX ADVICE. INVESTORS SHOULD
CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR COMMON STOCK OR <FONT
STYLE="white-space:nowrap">PRE-FUNDED</FONT> WARRANTS ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL OR <FONT STYLE="white-space:nowrap">NON-U.S.</FONT> TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME
TAX TREATY. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of this discussion, a &#147;U.S. holder&#148; is any beneficial owner of our common stock or
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants that, for U.S. federal income tax purposes, is: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an individual who is a citizen or resident of the U.S.; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or
organized under the laws of the U.S., any state thereof, or the District of Columbia; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an estate, the income of which is subject to U.S. federal income tax regardless of its source; or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a trust that (1)&nbsp;is subject to the primary supervision of a U.S. court and the control of one or more U.S.
persons (within the meaning of Section&nbsp;7701(a)(30) of the Code), or (2)&nbsp;has made a valid election under applicable Treasury Regulations to continue to be treated as a U.S. person. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of this discussion, a <FONT STYLE="white-space:nowrap">&#147;Non-U.S.</FONT> holder&#148; is a beneficial owner of our common stock or <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants that is neither a U.S. holder nor an entity treated as a partnership for U.S. federal income tax purposes. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>General Treatment of <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although the law in this area is not completely settled, the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants are generally expected to be treated
as shares of our common stock for U.S. federal income tax purposes and a holder of <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants should generally be taxed in the same manner as a holder of common stock as described below. You should
discuss with your tax advisor the consequences of the purchase, ownership and disposition of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, as well as the exercise of, certain adjustments to, and any payments in respect of the <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants (including potential alternative characterizations). The balance of this discussion generally assumes that the characterization described above is respected for U.S. federal income tax purposes.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tax Considerations Applicable to U.S. Holders </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Distributions </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We do not anticipate declaring or
paying distributions to holders of our common stock in the foreseeable future. However, if we do make distributions on our common stock, those payments will constitute dividends for U.S. federal income tax purposes to the extent paid from our
current or accumulated earnings and profits, as determined under U.S. federal income tax principles. To the extent those distributions exceed both our current and our accumulated earnings and profits, the excess will constitute a return of capital
and will first reduce a U.S. holder&#146;s basis in our common stock, but not below zero, and then will be treated as gain from the sale of stock as described below under &#147;Tax Considerations Applicable to U.S. Holders&#151;Gain on Disposition
of Common Stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants.&#148; A preferential U.S. federal income tax rate may apply to any dividends paid to noncorporate U.S. holders meeting certain holding period requirements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The taxation of a distribution received with respect to a <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant is unclear. It is possible such a
distribution would be treated as a distribution on common stock as described in this section, although other treatments may also be possible. Investors should consult their tax advisors regarding the proper treatment of any payments in respect of
the prefunded warrants. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Gain on Disposition of Our Common Stock or <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon a sale or other taxable disposition of our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, a U.S. holder generally will
recognize capital gain or loss in an amount equal to the difference between the amount realized and the U.S. holder&#146;s adjusted tax basis in the common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant. Capital gain or loss
will constitute long-term capital gain or loss if such U.S. holder&#146;s holding period for the common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant exceeds one year. The deductibility of capital losses is subject to certain
limitations. U.S. holders who recognize losses with respect to a disposition of our common stock or prefunded warrants should consult their own tax advisors regarding the tax treatment of such losses. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Exercise of <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As discussed above under the section titled &#147;Description of <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants&#151;Exercisability,&#148; a U.S.
holder may exercise the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant by payment of exercise price or through a cashless exercise. The U.S. federal income tax treatment of a cashless exercise of
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants into our common stock is unclear, and a U.S. holder should consult their own tax advisors regarding the U.S. federal income tax consequences of a cashless exercise of <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants. In general, however, a U.S. holder should not recognize gain or loss for U.S. federal income tax purposes upon exercise of a prefunded warrant pursuant to either method, except to the extent
such U.S. holder receives a cash payment for a fractional share that would otherwise have been issuable upon exercise of the <FONT STYLE="white-space:nowrap">pre-</FONT> funded warrant, which will be treated as a sale subject to the rules described
above under &#147;Tax Considerations Applicable to U.S. Holders&#151;Gain on Disposition of Our Common Stock or <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants.&#148; A U.S. holder&#146;s initial tax basis in the share of common stock
received upon exercise of the prefunded warrant generally should be equal to the sum of (i)&nbsp;such U.S. holder&#146;s tax basis in the <FONT STYLE="white-space:nowrap">pre-</FONT> funded warrant and (ii)&nbsp;the exercise price paid or treated as
paid by such U.S. holder on the exercise of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant. A U.S. holder&#146;s holding period in the common stock received upon exercise generally should include such U.S. holder&#146;s holding
period in the prefunded warrants exchanged therefor. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Certain Adjustments to the <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under Section&nbsp;305 of the Code, an adjustment to the number of shares of common stock that will be issued on the exercise of the <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants, or an adjustment to the exercise price of the <FONT STYLE="white-space:nowrap">pre-</FONT> funded warrants, may be treated as a constructive distribution to a U.S. holder of the <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants if, and to the extent that, such adjustment has the effect of increasing your proportionate interest in our earnings and profits or assets, depending on the circumstances of such adjustment (for
example, if such adjustment is to compensate for a distribution of cash or other property to our shareholders). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Lapse of <FONT
STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If a U.S. holder allows a <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant to
expire unexercised, such U.S. holder will recognize a capital loss in an amount equal to such U.S. holder&#146;s tax basis in <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant. The deductibility of capital losses is subject to certain
limitations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Information Reporting and Backup Withholding </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Information reporting requirements generally will apply to payments of dividends (including constructive dividends) on the common stock or <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants and to the proceeds of a sale or other disposition of common stock or prefunded warrants paid by us to you unless you are an exempt recipient, such as certain corporations. Backup withholding
will apply to those payments if a U.S. holder fails to provide their taxpayer identification number, or certification of exempt status, or if a U.S. holder otherwise fails to comply with applicable requirements to establish an exemption. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Backup withholding is not an additional tax. Rather, any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a
U.S. holder&#146;s U.S. federal income tax liability, if any, provided the required information is timely furnished to the IRS. Investors should consult their own tax advisors regarding their qualification for exemption from information reporting
and backup withholding and the procedure for obtaining such exemption. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tax Consequences Applicable to <FONT STYLE="white-space:nowrap">Non-U.S.</FONT>
Holders </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Distributions </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We do not
anticipate declaring or paying distributions to holders of our common stock in the foreseeable future. However, if we do make distributions on our common stock, such distributions of cash or property will constitute dividends for U.S. federal income
tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Amounts not treated as dividends for U.S. federal income tax purposes will constitute a return of capital
and first be applied against and reduce a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s adjusted tax basis in its common stock, but not below zero. Any excess will be treated as capital gain and will be treated as described below in
the section relating to the sale or disposition of our common stock. Because we may not know the extent to which a distribution is a dividend for U.S. federal income tax purposes at the time it is made, for purposes of the withholding rules
discussed below we or the applicable withholding agent may treat the entire distribution as a dividend. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to the discussion below on backup withholding and FATCA, dividends paid to a <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder of our common stock that are not effectively connected with the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s conduct of a trade or business within the U.S. will be subject to U.S.
federal withholding tax at a rate of 30% of the gross amount of the dividends (or such lower rate specified by an applicable income tax treaty). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> holders may be entitled to a reduction in or an exemption from withholding on dividends as a result of either (a)&nbsp;an applicable income tax treaty or (b)&nbsp;the
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder holding our common stock in connection with the conduct of a trade or business within the U.S. and dividends being effectively connected with that trade or business. To claim such a reduction
in or exemption from withholding, the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder must provide the applicable withholding agent with a properly executed (a)&nbsp;IRS Form <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> (or other applicable documentation) claiming an exemption from or reduction of the withholding tax under the benefit of an income tax treaty between the U.S. and the
country in which the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder resides or is established, or (b)&nbsp;IRS Form <FONT STYLE="white-space:nowrap">W-8ECI</FONT> stating that the dividends are not subject to withholding tax because they
are effectively connected with the conduct by the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder of a trade or business within the U.S., as may be applicable. These certifications must be provided to the applicable withholding agent prior
to the payment of dividends and must be updated periodically. <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> holders that do not timely provide the applicable withholding agent with the required certification, but that qualify for a reduced rate
under an applicable income tax treaty, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If dividends paid to a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder are effectively connected with the
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s conduct of a trade or business within the U.S. (and, if required by an applicable income tax treaty, the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder maintains a permanent
establishment in the U.S. to which such dividends are attributable), then, although exempt from U.S. federal withholding tax (provided the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder provides appropriate certification, as described
above), the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder will be subject to U.S. federal income tax on such dividends on a net income basis at the regular graduated U.S. federal income tax rates. In addition, a <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder that is a corporation may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on its effectively connected earnings and profits for
the taxable year that are attributable to such dividends, as adjusted for certain items. <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> holders should consult their tax advisors regarding their entitlement to benefits under any applicable income
tax treaty. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The taxation of a distribution received with respect to a <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant is unclear. It is
possible such a distribution would be treated as a distribution as described in this section, although other treatments may also be possible. Investors should consult their tax advisors regarding the proper treatment of any payments in respect of
the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Sale or Other Disposition of Common Stock or
<FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to the discussions below on backup withholding and foreign accounts, a <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder will not be subject to U.S. federal income tax on any gain realized upon the sale or other disposition of our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants unless: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the gain is effectively connected with the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s conduct
of a trade or business within the U.S. (and, if required by an applicable income tax treaty, the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder maintains a permanent establishment in the U.S. to which such gain is attributable);
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder is a nonresident alien individual present in the U.S.
for 183 days or more during the taxable year of the disposition and certain other requirements are met; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants constitute U.S. real property
interests, or USRPIs, by reason of our status as a U.S. real property holding corporation, or USRPHC, for U.S. federal income tax purposes. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gain described in the first bullet point above will generally be subject to U.S. federal income tax on a net
income basis at the regular graduated U.S. federal income tax rates. A <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder that is a foreign corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified
by an applicable income tax treaty) on such effectively connected gain, as adjusted for certain items. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A <FONT STYLE="white-space:nowrap">non-U.S.</FONT>
holder described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on any gain derived from the disposition, which may be offset by certain
U.S. source capital losses of the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder (even though the individual is not considered a resident of the U.S.) provided the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder has timely filed
U.S. federal income tax returns with respect to such losses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With respect to the third bullet point above, we believe we are not currently and do not
anticipate becoming a USRPHC. Because the determination of whether we are a USRPHC depends on the fair market value of our USRPIs relative to the fair market value of our other business assets and our <FONT STYLE="white-space:nowrap">non-U.S.</FONT>
real property interests, however, there can be no assurance we are not a USRPHC or will not become one in the future. Even if we are or were to become a USRPHC, gain arising from the sale or other taxable disposition by a <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder of our common stock will not be subject to U.S. federal income tax if our common stock is &#147;regularly traded,&#148; as defined by applicable Treasury Regulations, on an established securities
market such as the Nasdaq Global Market, and such <FONT STYLE="white-space:nowrap">non-U.S.</FONT> Holder owned, actually and constructively, 5% or less of our common stock throughout the shorter of the five- year period ending on the date of the
sale or other taxable disposition or the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> Holder&#146;s holding period. Special rules may apply to <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holders of
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, who should consult their tax advisors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-U.S.</FONT>
holders should consult their tax advisors regarding potentially applicable income tax treaties that may provide for different rules. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Exercise of <FONT
STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As discussed above under the section titled &#147;Description of <FONT
STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants&#151;Exercisability,&#148; a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> holder may exercise the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant by payment of the exercise price
or through a cashless exercise. The U.S. federal income tax treatment of a cashless exercise of <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants into our common stock is unclear, and <FONT STYLE="white-space:nowrap">Non-U.S.</FONT>
holder&#146;s should consult their own tax advisors regarding the U.S. federal income tax consequences of a cashless exercise of <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants. In general, however, a
<FONT STYLE="white-space:nowrap">Non-U.S.</FONT> holder should not recognize gain or loss for U.S. federal income tax purposes upon exercise of a <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant pursuant to either method, except to the
extent such <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> holder receives a cash payment for a fractional share that would otherwise have been issuable upon exercise of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant, which will be
treated as a sale subject to the rules described above under &#147;Tax Considerations Applicable to <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holders&#151;Gain on Disposition of Our Common Stock or
<FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Certain Adjustments to the <FONT STYLE="white-space:nowrap">Pre-Funded</FONT>
Warrants </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under Section&nbsp;305 of the Code, an adjustment to the number of shares of common stock that will be issued on the exercise of the <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants, or an adjustment to the exercise price of the <FONT STYLE="white-space:nowrap">pre-</FONT> funded warrants, may be treated as a constructive distribution to a
<FONT STYLE="white-space:nowrap">Non-U.S.</FONT> holder of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants if, and to the extent that, such adjustment has the effect of increasing such <FONT STYLE="white-space:nowrap">Non-U.S.</FONT>
holder&#146;s proportionate interest in our &#147;earnings and profits&#148; or assets, depending on the circumstances of such adjustment (for example, if such adjustment is to compensate for a distribution of cash or other property to our
shareholders). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Information Reporting and Backup Withholding </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to the discussion below on foreign accounts, a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder will not be subject to backup withholding with
respect to distributions we make on our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants to the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder, provided the applicable withholding agent does not have actual
knowledge or reason to know such holder is a U.S. person and the holder certifies its <FONT STYLE="white-space:nowrap">non-U.S.</FONT> status, such as by providing a valid IRS Form <FONT STYLE="white-space:nowrap">W-8BEN,</FONT> <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> or <FONT STYLE="white-space:nowrap">W-8ECI,</FONT> or other applicable certification. However, information returns generally will be filed with the IRS in connection
with any distributions (including deemed distributions) made on our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants to the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder, regardless of whether any tax was
actually withheld. Copies of these information returns may also be made available under the provisions of a specific treaty or agreement to the tax authorities of the country in which the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder
resides or is established. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Information reporting and backup withholding may apply to the proceeds of a sale or other taxable
disposition of our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants within the U.S., and information reporting may (although backup withholding generally will not) apply to the proceeds of a sale or other taxable
disposition of our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants outside the U.S. conducted through certain U.S.-related financial intermediaries, in each case, unless the beneficial owner certifies under penalty of
perjury that it is a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder on IRS Form <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E,</FONT></FONT> or other applicable
form (and the payor does not have actual knowledge or reason to know that the beneficial owner is a U.S. person) or such owner otherwise establishes an exemption. Proceeds of a disposition of our common stock or
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants conducted through a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> office of a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> broker generally will not be subject to backup withholding
or information reporting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund
or a credit against a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s U.S. federal income tax liability, provided the required information is timely furnished to the IRS. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Additional Withholding Tax on Payments Made to Foreign Accounts </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Withholding taxes may be imposed under the Foreign Account Tax Compliance Act, or FATCA, on certain types of payments made to
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> financial institutions and certain other <FONT STYLE="white-space:nowrap">non-U.S.</FONT> entities. Specifically, a 30% withholding tax may be imposed on dividends (including deemed dividends) paid on
our common stock or <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, to a &#147;foreign financial institution&#148; or a <FONT STYLE="white-space:nowrap">&#147;non-financial</FONT> foreign entity&#148; (each as defined in the Code),
unless (1)&nbsp;the foreign financial institution undertakes certain diligence and reporting obligations, (2)&nbsp;the <FONT STYLE="white-space:nowrap">non-financial</FONT> foreign entity either certifies it does not have any &#147;substantial
United States owners&#148; (as defined in the Code) or furnishes identifying information regarding each substantial U.S. owner, or (3)&nbsp;the foreign financial institution or <FONT STYLE="white-space:nowrap">non-financial</FONT> foreign entity
otherwise qualifies for an exemption from these rules, in each case subject to the proposed Treasury Regulations discussed below. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in
(1)&nbsp;above, it must enter into an agreement with the U.S. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Department of the Treasury requiring, among other things, that it undertake to identify
accounts held by certain &#147;specified United States persons&#148; or &#147;United States-owned foreign entities&#148; (each as defined in the Code), annually report certain information about such accounts. Because we may not know the extent to
which a distribution is a dividend for U.S. federal income tax purposes at the time it is made, for purposes of these withholding rules we or the applicable withholding agent may treat the entire distribution as a dividend. While withholding under
FATCA would have applied also to payments of gross proceeds from the sale or other disposition of stock on or after January&nbsp;1, 2019, proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers
generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued. Prospective investors should consult their tax advisors regarding the potential application of these withholding provisions. Foreign financial
institutions located in jurisdictions that have an intergovernmental agreement with the U.S. governing FATCA may be subject to different rules. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Underwriting </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The underwriters will
purchase the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants pursuant to the underwriting agreement described in the Preliminary Prospectus Supplement on terms generally consistent with those applicable to the shares of common stock
being sold in the offering. The per share underwriting discounts and commissions for the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants will be equal to the per share underwriting discounts and commissions on the shares of our common
stock sold in the offering. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>General </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have filed a registration statement (including the Preliminary Prospectus Supplement and the accompanying base prospectus) with the SEC for the offering to
which this communication relates. Before you invest, you should read the Preliminary Prospectus Supplement, the accompanying prospectus and other documents the Company has filed with the SEC for more complete information about the Company and this
offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, copies of the Preliminary Prospectus Supplement, when available, and accompanying prospectus relating to the offering may be obtained
from Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Prospectus Department, by telephone at (833) <FONT STYLE="white-space:nowrap">297-2926,</FONT> or by email at PostSaleManualRequests@broadridge.com, Guggenheim Securities, LLC Attention: Equity
Syndicate Department, 330 Madison Avenue, New York, NY 10017 or by telephone at (212) <FONT STYLE="white-space:nowrap">518-9544,</FONT> or by email at&nbsp;GSEquityProspectusDelivery@guggenheimpartners.com, or Cantor Fitzgerald &amp; Co., Attn:
Capital Markets, 499 Park Avenue, 4th floor, New York, NY 10022; Email: prospectus@cantor.com. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>You should rely only on the information contained or
incorporated by reference in the Preliminary Prospectus Supplement and the accompanying prospectus, as supplemented by this pricing term sheet, in making an investment decision with respect to the securities described above. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Neither this pricing term sheet, nor the Preliminary Prospectus Supplement and accompanying prospectus constitute an offer to sell or a solicitation of an
offer to buy any securities in any jurisdiction where it is unlawful to do so, where the person making the offer is not qualified to do so or to any person who cannot legally be offered the securities. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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