<SEC-DOCUMENT>0001213900-22-060765.txt : 20220930
<SEC-HEADER>0001213900-22-060765.hdr.sgml : 20220930
<ACCEPTANCE-DATETIME>20220930171016
ACCESSION NUMBER:		0001213900-22-060765
CONFORMED SUBMISSION TYPE:	F-3/A
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20220930
DATE AS OF CHANGE:		20220930

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Newegg Commerce, Inc.
		CENTRAL INDEX KEY:			0001474627
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-RETAIL STORES, NEC [5990]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D8

	FILING VALUES:
		FORM TYPE:		F-3/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-265985
		FILM NUMBER:		221284879

	BUSINESS ADDRESS:	
		STREET 1:		17560 ROWLAND STREET
		CITY:			CITY OF INDUSTRY
		STATE:			CA
		ZIP:			91748
		BUSINESS PHONE:		(8610)8860-9850

	MAIL ADDRESS:	
		STREET 1:		17560 ROWLAND STREET
		CITY:			CITY OF INDUSTRY
		STATE:			CA
		ZIP:			91748

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Lianluo Smart Ltd
		DATE OF NAME CHANGE:	20161118

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Dehaier Medical Systems Ltd
		DATE OF NAME CHANGE:	20091015
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-3/A
<SEQUENCE>1
<FILENAME>ea166502-f3a1_newegg.htm
<DESCRIPTION>AMENDMENT NO. 1 TO FORM F-3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>As filed with the Securities and Exchange
Commission on September 30, 2022</B> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> <B>Registration No. 333-265985</B> </P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>AMENDMENT NO. 1</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM F-3</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Newegg Commerce,
Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of Registrant&rsquo;s name into English)</P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top; width: 49%; text-align: center; font-size: 10pt"><B>British Virgin Islands</B></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 49%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>98-1608057</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of<BR>
incorporation or organization)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">(I.R.S. Employer<BR>
Identification Number)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>17560 Rowland Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>City of Industry, CA 91748</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Telephone: +1 (626) 271-9700</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address and telephone number of Registrant&rsquo;s</P>

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75pt; text-align: center"><B>Cogency Global Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75pt; text-align: center"><B>122 East 42<SUP>nd</SUP> Street, 18<SUP>th</SUP> Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75pt; text-align: center"><B>New York, NY 10168</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75pt; text-align: center"><B>Telephone: +1 (800) 221-0102 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75pt; text-align: center">(Name, address, and telephone number
of agent for service)</P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Copies of communications, including communications
sent to agent for service, should be sent to</I>:</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>3161 Michelson Dr., Suite 1200</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Irvine, CA 92612</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+1 (949) 451-3800</B></P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Approximate date of commencement of proposed
sale to the public</B>: From time to time after the effectiveness of this registration statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check
the following box. </FONT>&#9744;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, check the following box. &#9746;</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering. &#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. </FONT>&#9744;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form is a registration statement pursuant to General Instruction I.C. or a post-effective amendment thereon that shall become effective
upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. </FONT>&#9744;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.C. filed to register additional
securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. </FONT>&#9744;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Emerging
growth company </FONT>&#9744;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards&dagger; provided
pursuant to Section 7(a)(2)(B) of the Securities Act. &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&dagger; The term &ldquo;new
or revised financial accounting standard&rdquo; refers to any update issued by the Financial Accounting Standards Board to its Accounting
Standards Codification after April 5, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>The registrant hereby
amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file
a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section
8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Commission acting pursuant
to said Section 8(a), may determine.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.55pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.55pt">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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

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

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Newegg Commerce,
Inc.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$300,000,000</B></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>60,000,000 additional Common Shares</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">We may offer and sell up to $300,000,000 in the
aggregate of our common shares (&ldquo;Common Shares&rdquo;), warrants to purchase Common Shares (&ldquo;Warrants&rdquo;) and/or units
consisting of Common Shares and Warrants (&ldquo;Units&rdquo;), which we refer to collectively as the &ldquo;securities.&rdquo; In addition,
the selling shareholder may offer and sell up to 60,000,000 Common Shares. This prospectus describes the general terms of these securities
and the general manner in which we and the selling shareholder will offer these securities. We or the selling shareholder will provide
the specific terms of the securities that may be offered, and the manner in which they are being offered, in one or more supplements to
this prospectus. Any supplement may also add, update or change information contained in this prospectus. This prospectus is not an offer
to sell the securities and it is not soliciting an offer to buy the securities in any state where the offer or sale is not permitted.
Neither we nor the selling shareholder will use this prospectus to offer any securities unless it is attached to a prospectus supplement.
You should read both this prospectus and any prospectus supplement, together with the additional information described under the heading
&ldquo;Where You Can Find More Information,&rdquo; before investing in the securities. The amount and price of the securities will be
determined at the time of any offering thereof.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt"> Our Common Shares are traded on The Nasdaq
Capital Market (&ldquo;Nasdaq&rdquo;) under the symbol &ldquo;NEGG.&rdquo; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt"> <B>Investing in the securities involves
risks. See the &ldquo;Risk Factors&rdquo; section on page 5 of this Prospectus and contained in our most recent annual report on
Form 20-F (our &ldquo;Annual Report&rdquo;) filed with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo; or the
&ldquo;Commission&rdquo;) and in any applicable prospectus supplement and may be described in certain of the documents we
incorporate by reference in this prospectus. See &ldquo;Item 3.D. Risk Factors&rdquo; beginning on page 1 of our Annual Report,
which is incorporated herein by reference.</B> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt"><B>Neither the SEC nor any state securities commission
has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the
contrary is a criminal offense.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>The date of this prospectus is September
30, 2022.</B> </P>

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


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-bottom: 1.5pt; vertical-align: top; width: 90%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">1</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND MORE
    INFORMATION</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCORPORATION OF CERTAIN
    INFORMATION BY REFERENCE</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ENFORCEABILITY OF CERTAIN
    CIVIL LIABILITIES</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE COMPANY </FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROSPECTUS SUPPLEMENT</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF COMMON SHARES</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_100"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF WARRANTS AND UNITS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>6</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SELLING SHAREHOLDER</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#a_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">We are responsible for the information contained
in this prospectus, any accompanying prospectus supplement and the documents incorporated by reference herein and therein. We have not
authorized any person to give you any other information, and we take no responsibility for any other information that others may give
you. This document may only be used where it is legal to sell the securities. You should not assume that the information contained in
this prospectus, any accompanying prospectus supplement and the documents incorporated by reference is accurate as of any date other than
their respective dates. Our business, financial condition, results of operations and prospects may have changed since those dates. We
are not making an offer of the securities in any state where the offer is not permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.55pt">&nbsp;</P>


<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_001"></A>About This Prospectus</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">This prospectus is part of a registration statement
on Form F-3 that we filed with the SEC using a shelf registration process. Under this shelf registration process, we or the selling shareholder
may offer and sell any combination of the securities described in this prospectus in one or more offerings. We will not receive any proceeds
from the sale by such selling shareholder of the securities offered by them described in this prospectus. Each time we or the selling
shareholder sell securities, we or such selling shareholder 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">Neither we nor the selling shareholder have authorized
anyone to provide you with any information or to make any representations other than those contained in this prospectus or any applicable
prospectus supplement or any free writing prospectuses prepared by or on behalf of us or to which we have referred you. Neither we nor
the selling shareholder take any responsibility for, and can provide no assurance as to the reliability of, any other information that
others may give you. Neither we nor the selling shareholder will not make an offer to sell these securities in any jurisdiction where
the offer or sale is not permitted.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt"> Unless the context otherwise requires, in
this prospectus the terms &ldquo;we&rdquo;, &ldquo;us&rdquo;, &ldquo;our&rdquo;, &ldquo;Newegg&rdquo;, &ldquo;the Company&rdquo; and
&ldquo;the registrant&rdquo; refer to Newegg Commerce, Inc. and its consolidated subsidiaries. </P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_002"></A>Where You Can Find
More Information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">We file periodic reports and other information
with the SEC. The SEC maintains a website (http://www.sec.gov) on which our annual and other reports are made available. In addition,
the securities may specify that certain documents are available for inspection at the office of the Company. All Internet references in
this prospectus are inactive textual references and we do not incorporate website contents into this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">Upon written or oral request, we will provide
to any person, at no cost to such person, including any beneficial owner to whom a copy of this prospectus is delivered, a copy of any
or all of the information that has been incorporated by reference in this prospectus but not delivered with this prospectus. You may make
such a request by writing or telephoning us at the following address or telephone number:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> 17560 Rowland Street </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> City of Industry, CA 91748 </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> Tel: +1 (626) 271-9700 </P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_003"></A>Incorporation of
Certain Information by Reference</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The SEC allows us to &ldquo;incorporate by reference&rdquo;
the information we file with the SEC, which means that we can disclose important information to you by referring you to those documents,
which are considered part of this prospectus. Information that we file with the SEC in the future and incorporate by reference will automatically
update and supersede the previously filed information. We incorporate by reference the documents listed below:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            annual report on <A HREF="http://www.sec.gov/Archives/edgar/data/1474627/000121390022022346/f20f2021_newegg.htm">Form
                                            20-F</A> for the fiscal year ended December 31, 2021 filed with the SEC on April 28, 2022;</FONT> </TD></TR></TABLE>

<P STYLE="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            description of our Common Shares contained in our <A HREF="http://www.sec.gov/Archives/edgar/data/1474627/000119312510057881/d8a12b.htm">Form
                                            8-A</A> (File No. 001-34661), originally filed with the SEC on March 16, 2010, and any amendment
                                            or report filed for the purpose of updating such description, including the description set
                                            forth in <A HREF="http://www.sec.gov/Archives/edgar/data/1474627/000121390022022346/f20f2021ex2-1_newegg.htm">Exhibit 2.1</A> to our annual report on Form 20-F for the fiscal year ended December
                                            31, 2021; and</FONT> </TD></TR></TABLE>

<P STYLE="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> our reports of foreign private issuer on Form 6-K filed on <A HREF="https://www.sec.gov/Archives/edgar/data/1474627/000121390022052291/ea165137-6k_neweggcommerce.htm">August 30, 2022</A> and <A HREF="https://www.sec.gov/Archives/edgar/data/1474627/000121390022053473/ea165316-6k_newegg.htm">September 2, 2022</A>. </P>


<FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
also incorporate by reference in this prospectus all subsequent annual reports filed with the SEC on Form 20-F under the U.S. Securities
Exchange Act of 1934, as amended (the &ldquo;Exchange</FONT> Act&rdquo;), and those of our reports on Form 6-K furnished to the SEC that
we specifically identify as being incorporated by reference in this prospectus after the date hereof and prior to the completion of an
offering of securities under this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">As you read the above documents, this prospectus
and any prospectus supplement, you may find inconsistencies in information from one document to another. If you find inconsistencies you
should rely on the statements made in the most recent document, including this prospectus and any prospectus supplement. All information
appearing in this prospectus is qualified in its entirety by the information and financial statements, including the notes thereto, contained
in the documents we have incorporated by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt"> When acquiring any securities discussed in
this prospectus, you should rely only on the information contained or incorporated by reference in this prospectus, any prospectus supplement
and any &ldquo;free writing prospectus&rdquo; that we authorize to be delivered to you. Neither we, the selling shareholder, nor any
underwriters or agents have authorized anyone to provide you with different information. We are not offering the securities in any jurisdiction
in which an offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so
or to anyone to whom it is unlawful to make an offer or solicitation. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">You should not assume that the information in
this prospectus, any prospectus supplement or any document incorporated by reference is accurate or complete at any date other than the
date mentioned on the cover page of those documents.&nbsp;</P>

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


<!-- Field: Page; Sequence: 4; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_004"></A>Forward-Looking
Statements</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in">This prospectus and the documents incorporated
by reference herein contain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended
(the &ldquo;Securities Act&rdquo;), and Section 21E of the Exchange Act, that involve substantial risks and uncertainties. Such forward-looking
statements concern our anticipated results and progress of our operations in future periods and plans related to our business and other
matters that may occur in the future. These statements relate to analyses and other information that are based on forecasts of future
results, estimates of amounts not yet determinable and assumptions of management. All statements contained herein that are not clearly
historical in nature are forward-looking, and the words &ldquo;approximate&rdquo;, &ldquo;anticipate&rdquo;, &ldquo;believe&rdquo;, &ldquo;expect&rdquo;,
&ldquo;estimate&rdquo;, &ldquo;project&rdquo;, &ldquo;may&rdquo;, &ldquo;will&rdquo;, &ldquo;could&rdquo;, &ldquo;leading&rdquo;, &ldquo;intend&rdquo;,
&ldquo;plan&rdquo; &ldquo;contemplate&rdquo;, &ldquo;should&rdquo;, &ldquo;shall&rdquo; and similar expressions are generally intended
to identify forward-looking statements. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties
and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements.
Forward-looking statements in this prospectus and the documents incorporated by reference herein include, but are not limited to, statements
with respect to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">future
                                            financial and operating results, including revenues, income, expenditures, cash balances
                                            and other financial items;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            ability to execute our growth, and expansion, including our ability to meet our goals;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">current
                                            and future economic and political conditions;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            ability to compete in an industry with low barriers to entry;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            capital requirements and our ability to raise any additional financing which we may require;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            ability to attract customers, and further enhance our brand recognition;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            ability to hire and retain qualified management personnel and key employees in order to enable
                                            us to develop our business;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">trends
                                            and competition in the e-commerce industry;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">uncertainty
                                            about the spread of the COVID-19 virus and the impact it may have on the Company&rsquo;s
                                            operations, the demand for the Company&rsquo;s products, supply chains, and economic activity
                                            in general;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">inflationary
                                            pressures that have affected and may continue to affect our business and financial condition;
                                            and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">other
                                            assumptions described in this prospectus underlying or relating to any forward-looking statements.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We describe material risks, uncertainties and
assumptions that could affect our business, including our financial condition and results of operations, under &ldquo;Risk Factors.&rdquo;
We base our forward-looking statements on our management&rsquo;s beliefs and assumptions based on information available to our management
at the time the statements are made. We caution you that actual outcomes and results may, and are likely to, differ materially from what
is expressed, implied or forecast by our forward-looking statements. You should not place undue reliance on forward-looking statements,
which speak only as of the date that they were made. Moreover, you should consider these cautionary statements in connection with any
written or oral forward-looking statements that we may issue in the future. Except as required under the U.S. federal securities laws,
we do not undertake any obligation to release publicly any revisions to forward-looking statements to reflect later events or circumstances
or to reflect the occurrence of unanticipated events. In light of the risks and uncertainties described above, the forward-looking events
and circumstances discussed in this prospectus and the documents incorporated by reference herein might not occur, and are not guarantees
of future performance.</P>

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

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

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_005"></A>Enforceability
of Certain Civil Liabilities</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">We are incorporated under the laws of the British
Virgin Islands as a company with limited liability. We believe there are certain benefits associated with being a British Virgin Islands
corporation, such as political and economic stability, an effective judicial system, a favorable tax system, the absence of foreign exchange
control or currency restrictions and the availability of professional and support services. However, the British Virgin Islands have a
less developed body of securities laws that provides significantly less protection to investors as compared to the securities laws of
the United States. In addition, British Virgin Islands companies may not have standing to sue before the federal courts of the United
States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">There is uncertainty as to whether the courts
of the British Virgin Islands would (i) recognize or enforce judgments of U.S. courts obtained against the Company or its directors or
officers, predicated upon civil liability provisions of the securities laws of the United States or any state in the United States, or
(ii) entertain original actions brought in the British Virgin Islands against the Company or its directors or officers, predicated upon
civil liability provisions of the securities laws of the United States or any state in the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">Although there is no statutory enforcement in
the British Virgin Islands of final and conclusive monetary judgments obtained in a competent federal or state court of the United States
for a definite sum (and the British Virgin Islands are not a party to any treaties for the reciprocal enforcement or recognition of such
judgments), we have been advised that the courts of the British Virgin Islands would recognize as a valid judgment, a final and conclusive
judgment <I>in personam</I> obtained in a competent federal or state court of the United States of America against the Company under
which a sum of money is payable (other than a sum of money payable in respect of multiple damages, taxes or other charges of a like nature
or in respect of a fine or other penalty) and would give a judgment based thereon provided that (a) such courts had proper jurisdiction
over the parties subject to such judgment; (b) such courts did not contravene the rules of natural justice of the British Virgin Islands;
(c) such judgment was not obtained by fraud; (d) the enforcement of the judgment would not be contrary to the public policy of the British
Virgin Islands; (e) no new admissible evidence relevant to the action is submitted prior to the rendering of the judgment by the courts
of the British Virgin Islands; and (f) there is due compliance with the correct procedures under the laws of the British Virgin Islands.
However, the British Virgin Islands courts are unlikely to enforce a judgment obtained from the U.S. courts under civil liability provisions
of the U.S. federal securities law if such judgment is determined by the courts of the British Virgin Islands to give rise to obligations
to make payments that are penal or punitive in nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">We have appointed Cogency Global Inc. as agent
in New York, New York, to accept service of process in the U.S. in connection with any investigation or administrative proceeding conducted
by the Commission, and any civil suit or action brought against or involving us in a U.S. court arising out of or relating to or concerning
an offering of securities under this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>


<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_006"></A>The Company</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">We are a technology-focused e-commerce company
in North America. We offer brands and sellers a wide range of options to sell through our platform, as well as services that we offer
to help make their online businesses more efficient and effective. Our Direct offering allows brands to sell directly to us and we manage
the inventory and transaction directly with our consumers. Our Marketplace offering allows brands to leverage our platform, buyer audience
and e-commerce solutions in order to generate sales on the Newegg platform.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">Our corporate headquarters is located at 17560
Rowland Street, City of Industry, California 91748, United States. The telephone number of our corporate headquarters is +1 (626) 271-9700.
Our registered office is located at the offices of Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British
Virgin Islands. The telephone number of our registered office is +1 284 852 3810.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt"> Our Common Shares are publicly traded on
Nasdaq under the symbol &ldquo;NEGG&rdquo;. </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">We also maintain web sites at www.newegg.com,
www.neweggbusiness.com, and www.newegg.ca. The information contained on our websites or available through our websites is not incorporated
by reference into and should not be considered a part of this prospectus, and the reference to our websites in this prospectus is an inactive
textual reference only.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>


<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_007"></A>Risk Factors</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">Investment in any securities offered pursuant to
this prospectus and the applicable prospectus supplement involves risks. You should carefully consider the risk factors incorporated by
reference from our most recent Annual Report on Form 20-F and all other information contained or incorporated by reference into this prospectus,
as updated by our subsequent filings under the Exchange Act, and the risk factors and other information contained in the applicable prospectus
supplement and any applicable free writing prospectus before acquiring any of such securities. The occurrence of any of these risks might
cause you to lose all or part of your investment in the offered securities.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_008"></A>Use of Proceeds</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">Except as may be described otherwise in a prospectus
supplement, we will use the net proceeds from our sale of the securities under this prospectus for general corporate purposes. We may
designate a specific allocation of the net proceeds of an offering of securities by us to a specific purpose, if any, at the time of the
offering and will describe any allocation in the related prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">We will not receive any of the proceeds from
the sale of Common Shares being offered by the selling shareholder. The selling shareholder will pay any underwriting fees, discounts
and selling commissions incurred by the selling shareholder in disposing of its Common Shares.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_009"></A>Prospectus Supplement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt"> This prospectus provides you with a general
description of the securities that may be offered. With respect to a particular offering of the securities registered hereby, to the
extent required, an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the registration statement of
which this prospectus is a part will be prepared. You should read both this prospectus and any prospectus supplement and the documents
incorporated by reference in this prospectus and any prospectus supplement, together with additional information described under the
heading &ldquo;Where You Can Find More Information&rdquo; carefully before investing in the securities. The prospectus supplement to
be attached to this prospectus will describe the terms of the offering, including the amount and more detailed items of the securities,
the initial public offering price, the price paid for the securities, net proceeds, the expenses of the offering, the terms of offers
and sales outside of the United States, if any, our capitalization, the nature of the plan of distribution, the terms of any rights offering,
including the subscription price for Common Shares, record date, ex-rights date and exercise period, the other specific terms related
to the offering, and any U.S. federal income tax considerations and British Virgin Islands tax considerations applicable to the securities.
Any information in a prospectus supplement, if any, or information incorporated by reference after the date of this prospectus is considered
part of this prospectus and may add, update or change information contained in this prospectus. Any information in such subsequent filings
that is inconsistent with this prospectus will supersede the information in this prospectus. </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">Neither we nor the selling shareholder have authorized anyone to provide
any information other than that contained or incorporated by reference in this prospectus. Neither we nor the selling shareholder take
any responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. Neither
we nor the selling shareholder have authorized any other person to provide you with different information. Neither we nor the selling
shareholder are making an offer to sell the securities in any jurisdiction where the offer or sale is not permitted. You should assume
that the information appearing 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 that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">Newegg Commerce, Inc. is a company incorporated
in the British Virgin Islands. We publish our financial statements in United States dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>


<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_010"></A>Description of
Common Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">For a description of our Common Shares, including
the rights and obligations attached thereto, please refer to Exhibit 2.1 to our Annual Report for the year ended December 31, 2021, which
is incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_100"></A>Description of
Warrants AND uNITS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">We will set forth in the applicable prospectus
supplement a description of any warrants or units that may be offered pursuant to this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_012"></A>Selling Shareholder</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">The selling shareholder listed below and its
permitted transferees, pledgees or other successors may from time to time offer and sell any or all of the Common Shares set forth below
pursuant to this prospectus. When we refer to the &ldquo;selling shareholder&rdquo; in this prospectus, we refer to the person listed
in the table below, and the pledgees, donees, transferees, assignees, successors and other permitted transferees that hold any of the
selling shareholder&rsquo;s interest in the Common Shares after the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">We cannot advise you as to whether the selling
shareholder will in fact sell any or all of such Common Shares. In particular, the selling shareholder identified below may have sold,
transferred or otherwise disposed of all or a portion of its securities after the date on which it provided us with information regarding
its securities. Any changed or new information given to us by the selling shareholder, including regarding the identity of, and the securities
held by, the selling shareholder, will be set forth in a prospectus supplement or amendments to the registration statement of which this
prospectus is a part, if and when necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt"> The following table sets forth certain information
as of September 30, 2022 concerning the Common Shares that may be offered from time to time by the selling shareholder with this prospectus.
On September 30, 2022, Newegg had 375,939,815 Common Shares outstanding. The selling shareholder may sell all, some or none of such securities
in this offering. See &ldquo;Plan of Distribution.&rdquo; </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.55pt"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.55pt">Beneficial ownership is determined in accordance
with SEC rules. The information is not necessarily indicative of beneficial ownership for any other purpose. In general, under these rules
a beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship
or otherwise has or shares voting power or investment power with respect to such security. A person is also deemed to be a beneficial
owner of a security if that person has the right to acquire beneficial ownership of such security within 60 days. To our knowledge, except
as otherwise indicated, and subject to applicable community property laws, the persons named in the table have shared voting and investment
power with respect to all Common Shares beneficially owned by that person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    and Address of Selling Shareholder</B></FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number
    of <BR>
    Common <BR>
    Shares <BR>
    Beneficially <BR>
    Owned <BR>
    Prior to the <BR>
    Offering</B></FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number
    of<BR>
    Common<BR>
    Shares<BR>
    Being<BR>
    Offered</B></FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number
    of <BR>
    Common <BR>
    Shares <BR>
    Beneficially <BR>
    Owned After <BR>
    the Offered <BR>
    Common <BR>
    Shares are <BR>
    Sold</B></FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percentage
    <BR>
    of Common <BR>
    Shares <BR>
    Beneficially <BR>
    Owned <BR>
    After the <BR>
    Common <BR>
    Shares are <BR>
    Sold</B></FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 52%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digital Grid (Hong Kong) Technology
    Co., Limited</FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 9%; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">231,949,382</FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 9%; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60,000,000</FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 9%; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">171,949,382</FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 9%; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45.7</FONT> </TD>
    <TD STYLE="width: 1%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT> </TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt"> Digital Grid (Hong Kong) Technology Co.,
Limited (&ldquo;Digital Grid&rdquo;), is a limited liability company organized under the laws of Hong Kong. Its business address is Room
1003, 10/F, Tower 1, Lippo Centre, 89 Queensway, Admiralty, Hong Kong. Its beneficially owned Common Shares are comprised of (i) 222,821,592
Common Shares owned by Digital Grid, (ii) 473,388 Common Shares and warrants to purchase 125,000 Common Shares at an exercise price of
$17.60/share owned by Hangzhou Liaison Interactive Information Technology Co., Ltd. (&ldquo;Hangzhou Lianluo&rdquo;), a company organized
under the laws of the People&rsquo;s Republic of China, which is the parent company of Digital Grid; (iii) 58,937 Common Shares owned
by Hyperfinite Galaxy Holding Limited, a company solely owned by Mr. Zhitao He, who is the Chairman of our Board of Directors and the
controlling stockholder of Hangzhou Lianluo and (iv) vested stock options exercisable for 8,470,465 Common Shares at an exercise price
of $0.5478/share held by Mr. Zhitao He. All of those persons are affiliated with each other and under the control of Mr. Zhitao He. </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt"> The Common Shares owned by Digital Grid have
been pledged to the Bank of China (&ldquo;BOC&rdquo;) as collateral to support working capital loans and letters of credit provided by
BOC to Digital Grid, Hangzhou Lianluo and their affiliates (other than Newegg). The loans have been guaranteed jointly and severally
by Beijing Digital Grid Technology Co., Ltd., a wholly-owned subsidiary of Hangzhou Lianluo and the sole parent company of Digital Grid,
and by Mr. Zhitao He. In May 2020, BOC filed several lawsuits against Hangzhou Lianluo, Digital Grid, Beijing Digital Grid Technology
Co., Ltd. and Mr. Zhitao He in the Hangzhou Intermediate People&rsquo;s Court in China alleging that the defendants had failed to repay
the loans when due and were in breach of the loan agreements. The court has ruled that the loans are in default in a final, non-appealable
judgment. The estimated total amount owed under these loans as of September 30, 2022 was principal of RMB 399,964,014 in RMB denominated
loans, plus approximately RMB 77,384,557 in interest, fees, expenses and penalties on such amount, plus principal of $66,463,775 in U.S.
dollar loans, plus approximately $34,993,178 in interest, fees, expenses and penalties on such amount. Digital Grid intends to use all
or a portion of the proceeds received from this offering to repay and discharge these loans. </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt"> &nbsp; </P>


<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="a_013"></A>Plan of Distribution</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">We or the selling shareholder may sell the securities
from time to time pursuant to underwritten public offerings, directly or through agents in one or more transactions, including negotiated
transactions, at a fixed public offering price or prices, which may be changed, or at market prices prevailing at the time of sale, at
prices related to prevailing market prices or at negotiated prices. The securities may be sold in portions outside the United States at
an offering price and on terms specified in the applicable prospectus supplement relating to a particular issue of the securities. Without
limiting the generality of the foregoing, any one or more of the following methods may be used when selling the securities:</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary
                                            brokerage transactions and transactions in which the broker-dealer solicits purchasers;</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                                                                                                           </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">block
                                            trades in which the broker-dealer will attempt to sell the securities as agent but may position
                                            and resell a portion of the block as principal to facilitate the transaction;</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                           </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">purchases
                                            by a broker-dealer as principal and resale by the broker-dealer for its account;</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                                                                                                     </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                            exchange distribution in accordance with the rules of the applicable exchange;</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                                                                                            </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">privately
                                            negotiated transactions;</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                                             </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">settlement
                                            of short sales entered into after the date of this prospectus;</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                                                                                    </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">sales
                                            in which broker-dealers agree with us or a selling securityholder to sell a specified number
                                            of securities at a stipulated price per security;</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
                       </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">through
                                            the writing or settlement of options or other hedging transactions, whether through an options
                                            exchange or otherwise;</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                                                                                                                                        </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                            pledge to secure debts or other obligations;</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                                                          </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                            an underwritten public offering;</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                                              </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            a combination of any of the above; or</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                                                   </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            other method permitted pursuant to ap</FONT>plicable law.&nbsp;</TD></TR></TABLE>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">In addition, the securities may be sold by way
of exercise of rights granted pro rata to our existing shareholders.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">The securities may also be sold short and securities
covered by this prospectus may be delivered to close out such short positions, or the securities may be loaned or pledged to broker-dealers
that in turn may sell them. Options, swaps, derivatives or other transactions may be entered into with broker-dealers or other financial
institutions which require the delivery to such broker-dealer or other financial institution of the securities and Common Shares, respectively,
which securities such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended
to reflect such transaction).</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">Any underwriters or agents will be identified
and their compensation described in the applicable prospectus supplement.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">Each time that we or the selling shareholder
sell securities covered by this prospectus, we or the selling shareholder will provide a prospectus supplement or supplements that will
describe the method of distribution and set forth the terms and conditions of the offering of such securities, including the offering
price of the securities and the proceeds to us or the selling shareholder, if applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">In connection with the sale of securities, the
underwriters or agents may receive compensation from us, the selling shareholder or from purchasers of the securities for whom they may
act as agents. The underwriters may sell securities to or through dealers, who may also receive compensation from the underwriters or
from purchasers of the securities for whom they may act as agents. Compensation may be in the form of discounts, concessions or commissions.
Underwriters, dealers and agents that participate in the distribution of the securities may be deemed to be underwriters as defined in
the Securities Act, and any discounts or commissions received by them from us or the selling shareholder and any profit on the resale
of the securities by them may be treated as underwriting discounts and commissions under the Securities Act.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">We or the selling shareholder may enter into
agreements that will entitle the underwriters, dealers and agents to indemnification by us or the selling shareholder against and contribution
toward certain liabilities, including liabilities under the Securities Act.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">Certain underwriters, dealers and agents and
their associates may be customers of, engage in transactions with or perform commercial banking, investment banking, advisory or other
services for the selling shareholder or us, including our subsidiaries, in the ordinary course of their business.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">If so indicated in the applicable prospectus
supplement relating to a particular issue of securities, the underwriters, dealers or agents will be authorized to solicit offers by certain
institutions to purchase the securities under delayed delivery contracts providing for payment and delivery at a future date. These contracts
will be subject only to those conditions set forth in the applicable prospectus supplement, and the prospectus supplement will set forth
the commission payable for solicitation of these contracts.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">We will advise the selling shareholder that
while it is engaged in a distribution of the securities, it is required to comply with Regulation M promulgated under the Exchange Act
(&ldquo;Regulation M&rdquo;). With limited exceptions, Regulation M precludes the selling shareholder, any affiliated purchasers and
any broker-dealer or other person who participates in the distribution from bidding for or purchasing, or attempting to induce any person
to bid for or purchase, any security which is the subject of the distribution until the entire distribution is complete. All of the foregoing
might affect the marketability of the securities.</P>


<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_014"></A>Legal
Matters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21.55pt">Certain legal matters with respect to British Virgin
Islands law will be passed upon for us by Conyers Dill &amp; Pearman. Gibson, Dunn &amp; Crutcher LLP may rely upon Conyers Dill &amp;
Pearman with respect to matters governed by British Virgin Islands law. Certain legal matters with respect to United States and New York
law will be passed upon for us by Gibson, Dunn &amp; Crutcher LLP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_015"></A>Experts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt">The consolidated financial statements as of
December 31, 2021 and 2020 and for each of the three years in the period ended December 31, 2021 incorporated by reference in this Prospectus
and in the Registration Statement have been so incorporated in reliance on the report of BDO USA, LLP, an independent registered public
accounting firm, incorporated herein by reference, given on the authority of said firm as experts in auditing and accounting.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PART
II</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>INFORMATION
NOT REQUIRED IN PROSPECTUS</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item
8. Indemnification of Directors and Officers</B></FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 21.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">British
Virgin Islands law does not limit the extent to which a company&rsquo;s memorandum and articles of association may provide for indemnification
of officers and directors, except to the extent any such provision may be held by the British Virgin Islands courts to be contrary to
public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our Amended and Restated
Memorandum and Articles of Association permit indemnification of officers and directors against all actions, proceedings, costs, charges,
expenses, losses, damages or liabilities incurred in connection with the execution of their duties, powers, authorities or discretions
as a director or officer of the Company, unless such losses or damages arise through the willful neglect or default of such directors
or officers.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 21.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 21.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to the terms of the Amended and Restated Shareholders Agreement for the Company, all directors of the Company and its subsidiaries shall
be indemnified and held harmless by the Company against any losses, liabilities and reasonable expenses (including reasonable attorneys&rsquo;
fees) arising from proceedings in which the director may be involved, as a party or otherwise, by reason of being such a director or
such director&rsquo;s involvement in the management of the affairs of the Company or its subsidiaries, other than such losses, liabilities
and expenses arising out of the fraud, dishonesty, intentional misconduct, or knowing or reckless breach of the director&rsquo;s obligations
under the Shareholders Agreement, or the bad faith of such director. In addition, the director shall be entitled to indemnification by
the Company against reasonable expenses as incurred by the director in connection with the defense of any action to which the director
may be made a party (without regard to the success of such defense), to the fullest extent permitted under the provisions of applicable
law.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 21.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 21.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling
us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy
as expressed in the Securities Act and is therefore unenforceable.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item
9. Exhibits</B></FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.6in; text-align: justify; text-indent: -0.6in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 9%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 45%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    of Document </B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 44%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Method
    of Filing </B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of underwriting agreement for equity securities of the Company</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1474627/000121390021059362/ff12021ex3-1_newegg.htm">Amended
    and Restated Memorandum and Articles of Association</A></FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to Exhibit 3.1 to the Company&rsquo;s Registration Statement on Form F-1/A, filed December 10, 2021. </FONT> </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1474627/000121390021059362/ff12021ex4-2_newegg.htm">Amended
    and Restated Newegg Inc. Shareholders Agreement</A></FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to Exhibit 4.2 to the Company&rsquo;s Registration Statement on Form F-1/A, filed December 10, 2021.</FONT> </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1474627/000121390022022083/ea158996ex1-1_neweggcom.htm">First
    Amendment to the Amended and Restated Newegg Inc. Shareholders Agreement</A></FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to Exhibit 1.1 to the Company&rsquo;s Report on Form 6-K filed on April 28, 2022</FONT> .</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> 4.3 </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1474627/000121390022053473/ea165316ex99-3_newegg.htm"> Second Amendment to the Amended and Restated Newegg Inc. Shareholders Agreement </A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> Incorporated by reference to Exhibit 99.3 to the Company&rsquo;s Report on
    Form 6-K filed on September 2, 2022. </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1474627/000121390022022346/f20f2021ex2-1_newegg.htm">Description
    of Securities</A></FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to Exhibit 2.1 to the Company&rsquo;s Annual Report on Form 20-F (File No. 001-34661) filed on April 28, 2022.</FONT> </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ea166502ex5-1_newegg.htm"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Conyers, Dill &amp; Pearman, British Virgin Islands counsel, relating to the base prospectus</FONT> </A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> Filed herewith. </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ea166502ex5-2_newegg.htm"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Gibson, Dunn &amp; Crutcher LLP, U.S. counsel, relating to the base prospectus</FONT> </A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
    herewith.</FONT> </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ea166502ex23-1_newegg.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of BDO USA, LLP, Independent Registered Public Accounting Firm</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
    herewith.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ea166502ex5-1_newegg.htm"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Conyers, Dill &amp; Pearman</FONT> </A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included
    in Exhibit 5.1.</FONT> </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ea166502ex5-2_newegg.htm"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Gibson, Dunn &amp; Crutcher LLP</FONT> </A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included
    in Exhibit 5.2.</FONT> </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1474627/000121390022036697/ea162295ex-fee_newegg.htm">Filing
    Fee Table.</A> </FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> ** </TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    be filed by amendment or incorporated by reference to a subsequently furnished Report on Form 6-K.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">**</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Previously filed.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 12; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item
10. Undertakings</B></FONT></P>



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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a) The undersigned
registrant hereby undertakes:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)
To file, during any period in which offers or sales are being made of securities registered hereby, a post-effective amendment to this
registration statement:</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)
To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(B)
To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total U.S. dollar value of
securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering
range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes
in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation of
Registration Fee&rdquo; table in the effective registration statement; and</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(C)
To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or
any material change to such information in the registration statement; provided, however, that paragraphs (a)(1)(A), (a)(1)(B) and (a)(1)(C)
of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange
Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant
to Rule 424(b) that is part of the registration statement.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)
That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)
To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F
at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by
Section 10(a)(3) of the Securities Act need not be furnished, provided, that the registrant includes in the prospectus, by means of a
post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that
all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing,
with respect to registration statements on Form F-3, a post-effective amendment need not be filed to include financial statements and
information required by Section 10(a)(3) of the Securities Act or Item 8.A. of Form 20-F if such financial statements and information
are contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d)
of the Securities Exchange Act of 1934 that are incorporated by reference in the Form F-3.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5)
That, for the purpose of determining liability under the Securities Act to any purchaser:</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)
Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the
date the filed prospectus was deemed part of and included in the registration statement; and</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(B)
Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on
Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required
by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of
the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering
described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter,
such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement
to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of
the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify
any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such
document immediately prior to such effective date.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6)
That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution
of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant
to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities
are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to
the purchaser and will be considered to offer or sell such securities to such purchaser:</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)
Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule
424;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(B)
Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by
the undersigned registrant;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(C)
The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(D)
Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b) The undersigned
registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant&rsquo;s
annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&rsquo;s
annual report pursuant to section 15(d) of the Securities Exchange Act) that is incorporated by reference in the registration statement
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering thereof.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c) Insofar as
indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission
such indemnification is against public policy as expressed in the Securities Act, and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director,
officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 21.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 21.55pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to the requirements of the U.S. Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on Form F-3 and has duly caused this registration statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the City of Industry, State of California on September 30, 2022.</FONT> </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 21.55pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 21.55pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Newegg
    Commerce, Inc.</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 60%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 4%">By:</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; width: 36%">/s/ Anthony Chow</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anthony
    Chow</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 21.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 21.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to the requirements of the Securities Act of 1933, as amended, this Form F-3 registration statement has been signed by the following
persons in the capacities and on the date indicated.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 21.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 21.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 32%"> <FONT STYLE="font-size: 10pt"><B>Name</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; width: 1%"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 43%"> <FONT STYLE="font-size: 10pt"><B>Title</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; width: 1%"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 23%"> <FONT STYLE="font-size: 10pt"><B>Date</B></FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; vertical-align: bottom"> <FONT STYLE="font-size: 10pt">/s/ Anthony
    Chow</FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">Chief Executive Officer and Director </FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-size: 10pt">September 30, 2022</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anthony Chow</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> (Principal Executive Officer) </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; vertical-align: bottom"> <FONT STYLE="font-size: 10pt">/s/ Robert
    Chang</FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">Chief Financial Officer &nbsp;</FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-size: 10pt">September 30, 2022</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert Chang</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> (Principal Financial and Accounting Officer) </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid"> <FONT STYLE="font-size: 10pt">*</FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">Chairman</FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-size: 10pt">September 30, 2022</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhitao He</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid"> <FONT STYLE="font-size: 10pt">*</FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">Vice Chairman</FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-size: 10pt">September 30, 2022</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fred Chang</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid"> <FONT STYLE="font-size: 10pt">*</FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-size: 10pt">September 30, 2022</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fuya Zheng</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid"> <FONT STYLE="font-size: 10pt">*</FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-size: 10pt">September 30, 2022</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gregory Moore</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid"> <FONT STYLE="font-size: 10pt">*</FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-size: 10pt">September 30, 2022</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yingmei Yang</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid"> <FONT STYLE="font-size: 10pt">*</FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-size: 10pt">September 30, 2022</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Poi (Paul) Wu</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 21.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 4%"> *By: </TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; width: 36%"> /s/ Anthony Chow </TD>
    <TD STYLE="width: 60%"> &nbsp; </TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anthony
    Chow</FONT> </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"> <I>Attorney-in-fact</I> </TD>
    <TD> &nbsp; </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SIGNATURE
OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Pursuant to the Securities Act of 1933, as
amended, the undersigned, the duly authorized representative in the United States of America, has signed this registration statement
thereto in New York, NY on September 30, 2022. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 21.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 21.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="3" STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COGENCY
    GLOBAL INC.</B></FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="3" STYLE="text-align: justify"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT> </TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;/s/
    Colleen A. DeVries</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"> &nbsp; </TD>
    <TD STYLE="width: 4%"> &nbsp; </TD>
    <TD STYLE="text-align: justify; width: 5%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT> </TD>
    <TD STYLE="text-align: justify; width: 31%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colleen
    A. DeVries</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President on
    behalf of<BR>
    Cogency Global Inc.</FONT> </TD></TR>
  </TABLE>
<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">II-5</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>ea166502ex5-1_newegg.htm
<DESCRIPTION>OPINION OF CONYERS, DILL & PEARMAN, BRITISH VIRGIN ISLANDS COUNSEL, RELATING TO THE BASE PROSPECTUS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="text-align: left; width: 70%; vertical-align: middle"><IMG SRC="ex5-1_001.jpg" ALT=""></TD>
  <TD STYLE="width: 30%"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">CONYERS DILL &amp; PEARMAN<BR>
29<SUP>th</SUP> Floor<BR>
One Exchange Square<BR>
8 Connaught Place<BR>
Central<BR>
Hong Kong<BR>
T +852 2524 7106 | F +852 2845 9268<BR>
conyers.com</P></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">30 September 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Matter No.: 864750<BR>
Doc ref: 108439670<BR>
852 2842 9530<BR>
Richard.Hall@conyers.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Newegg Commerce, Inc. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">17560 Rowland Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">City of Industry, CA 91748</P>

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Re: Newegg Commerce, Inc. (the &ldquo;Company&rdquo;)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We have acted as special British Virgin Islands
legal counsel to the Company in connection with a registration statement on Form F-3 (File No. 333-265985) filed with the U.S. Securities
and Exchange Commission (the &ldquo;Commission&rdquo;) on 1 July 2022, as amended by Amendment No. 1 filed with the Commission on 30 September
2022 (the &ldquo;<B>Registration Statement</B>&rdquo;, which term does not include any other document or agreement whether or not specifically
referred to therein or attached as an exhibit or schedule thereto) relating to the shelf registration under the U.S. Securities Act of
1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;) of up to US$300,000,000 of common shares in the Company of par value of US$0.021848
(&ldquo;<B>Common Shares</B>&rdquo;), warrants to purchase Common Shares (&ldquo;<B>Warrants</B>&rdquo;) and/or units consisting of Common
Shares and/or Warrants (&ldquo;<B>Units</B>&rdquo;, together with the Warrants the &ldquo;<B>non-Equity Securities</B>&rdquo;, and collectively
with the Common Shares, the &ldquo;<B>Securities</B>&rdquo;) described in the Registration Statement in any combination.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">1.</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">DOCUMENTS REVIEWED</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">For the purposes of giving this opinion, we have
examined the following document(s):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">1.1.</TD><TD STYLE="text-align: left">A copy of the Registration Statement.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We have also reviewed:</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">1.2.</TD><TD STYLE="text-align: left">a copy of the certificate of incorporation, the certificates of change of name, the current restated and
amended memorandum and articles of association of the Company adopted on 13 May 2021 (the &ldquo;<B>M&amp;A</B>&rdquo;), as obtained from
the Registrar of Corporate Affairs at 3.30 p.m. on 20 September 2022;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Partners: Piers J. Alexander, Christopher W. H.
Bickley, Peter H. Y. Ch&rsquo;ng, Anna W. T. Chong, Angie Y. Y. Chu, Vivien C. S. Fung, Richard J. Hall, Norman Hau, Wynne Lau, Paul M.
L. Lim, Michael J. Makridakis, Teresa F. Tsai, Flora K. Y. Wong, Lilian S. C. Woo, Mark P. Yeadon</P>

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

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

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

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-transform: uppercase"><B>BERMUDA | BRITISH VIRGIN
ISLANDS | CAYMAN ISLANDS</B></FONT></P>

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.3.</TD><TD STYLE="text-align: left">copies of resolutions in writing signed by all the directors of the Company and dated 30 June 2022 (the
&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Resolutions</B></FONT>&rdquo;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">1.4.</TD><TD STYLE="text-align: left">a copy of a certificate of good standing issued by the Registrar of Corporate Affairs and dated 20 September
2022; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">1.5.</TD><TD STYLE="text-align: left">such other documents and made such enquiries as to questions of law as we have deemed necessary in order
to render the opinion set forth below.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">2.</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">ASSUMPTIONS</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">2.1.</TD><TD STYLE="text-align: left">the genuineness and authenticity of all signatures and the conformity to the originals of all copies (whether
or not certified) examined by us and the authenticity and completeness of the originals from which such copies were taken;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">2.2.</TD><TD STYLE="text-align: left">that where a document has been examined by us in draft form, it will be or has been executed in the form
of that draft, and where a number of drafts of a document have been examined by us all changes thereto have been marked or otherwise drawn
to our attention;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">2.3.</TD><TD STYLE="text-align: left">the accuracy and completeness of all factual representations made in the Registration Statement and other
documents reviewed by us;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">2.4.</TD><TD STYLE="text-align: left">that the Resolutions were passed at one or more duly convened, constituted and quorate meetings or by
unanimous written resolutions, remain in full force and effect and have not been rescinded or amended;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">2.5.</TD><TD STYLE="text-align: left">that the Company and its subsidiaries do not own an interest in any land in the British Virgin Islands;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">2.6.</TD><TD STYLE="text-align: left">that there is no provision of the law of any jurisdiction, other than the British Virgin Islands, which
would have any implication in relation to the opinions expressed herein;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">2.7.</TD><TD STYLE="text-align: left">that on the date of allotment (where applicable) and issuance of any non-Equity Securities the Company
is, and after any such allotment and issuance the Company will be able to, pay its liabilities as they become due;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">2.8.</TD><TD STYLE="text-align: left">none of the parties to any applicable purchase, underwriting, or similar agreement and any other agreement
or other document relating to any Securities is or will be carrying on unauthorised financial services business for the purposes of the
Financial Services Commission Act of the British Virgin Islands;</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>conyers.com | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></B></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.9.</TD><TD STYLE="text-align: left">that neither the Company nor any of its shareholders is a sovereign entity of any state and none of them
is a subsidiary direct or indirect of any sovereign entity or state;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">2.10.</TD><TD STYLE="text-align: left">that the Company will issue the Securities in furtherance of its objects as set out in its M&amp;A;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">2.11.</TD><TD STYLE="text-align: left">that the M&amp;A of the Company will not be amended in any manner that would affect the opinions expressed
herein;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">2.12.</TD><TD STYLE="text-align: left">that the Company will have sufficient authorised shares available to issue under its M&amp;A to effect
the issue of any Common Shares at the time of issuance, whether as a principal issue or on the conversion, exchange or exercise of any
non-Equity Securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">2.13.</TD><TD STYLE="text-align: left">that the form and terms of any and all non-Equity Securities, the issuance and sale of any Securities
by the Company, and the Company&rsquo;s incurrence and performance of its obligations thereunder or in respect thereof (including, without
limitation, its obligations under any related agreement, indenture or supplement thereto) in accordance with the terms thereof will not
violate the M&amp;A of the Company nor any applicable law, regulation, order or decree in the British Virgin Islands;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">2.14.</TD><TD STYLE="text-align: left">that no invitation has been or will be made by or on behalf of the Company to the public in the British
Virgin Islands to subscribe for any Securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">2.15.</TD><TD STYLE="text-align: left">none of the Securities have been offered or issued to residents of the British Virgin Islands;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">2.16.</TD><TD STYLE="text-align: left">that all necessary corporate action will be taken to authorise and approve any issuance of the Securities,
the terms of the offering thereof and related matters, and that the applicable definitive purchase, underwriting or similar agreement,
will be duly approved, executed and delivered by or on behalf of the Company and all other parties thereto;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">2.17.</TD><TD STYLE="text-align: left">that the non-Equity Securities to be offered and sold will be valid and binding in accordance with their
terms pursuant to the applicable governing law;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">2.18.</TD><TD STYLE="text-align: left">that the issuance and sale of and payment for the Securities will be in accordance with the applicable
purchase, underwriting or similar agreement duly approved by the board of directors of the Company and/or where so required, the shareholders
of the Company and the Registration Statement (including the prospectus set forth therein and any applicable supplement thereto);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">2.19.</TD><TD STYLE="text-align: left">that, upon the issue of any Common Shares, the Company will receive consideration for the full issue price
thereof which shall be equal to at least the par value thereof; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">2.20.</TD><TD STYLE="text-align: left">the validity and binding effect under the laws of the United States of America of the Registration Statement
and that the Registration Statement will be duly filed with the Commission.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>conyers.com | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></B></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">QUALIFICATIONS</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.1.</TD><TD STYLE="text-align: left">The obligations of the Company in connection with any offer, issuance and sale of any Securities:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in">(a)</TD><TD STYLE="text-align: left">will be subject to the laws from time to time in effect relating to bankruptcy, insolvency, liquidation,
possessory liens, rights of set off, reorganisation, merger, consolidation, moratorium, bribery, corruption, money laundering, terrorist
financing, proliferation financing or any other laws or legal procedures, whether of a similar nature or otherwise, generally affecting
the rights of creditors as well as applicable international sanctions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in">(b)</TD><TD STYLE="text-align: left">will be subject to statutory limitation of the time within which proceedings may be brought;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in">(c)</TD><TD STYLE="text-align: left">will be subject to general principles of equity and, as such, specific performance and injunctive relief,
being equitable remedies, may not be available;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in">(d)</TD><TD STYLE="text-align: left">may not be given effect to by a British Virgin Islands court, whether or not it was applying the Foreign
Laws, if and to the extent they constitute the payment of an amount which is in the nature of a penalty;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in">(e)</TD><TD STYLE="text-align: left">in the case of any applicable purchase, underwriting, or similar agreement and any other agreement or
other document relating to the issue of any Common Shares, may be subject to the Common Law rules that damages against the Company are
only available where the purchaser of such Common Shares rescinds such agreement; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in">(f)</TD><TD STYLE="text-align: left">may not be given effect by a British Virgin Islands court to the extent that they are to be performed
in a jurisdiction outside the British Virgin Islands and such performance would be illegal under the laws of that jurisdiction. Notwithstanding
any contractual submission to the exclusive or non-exclusive jurisdiction of specific courts, a British Virgin Islands court has inherent
discretion to stay or allow proceedings in the British Virgin Islands courts.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">3.2.</TD><TD STYLE="text-align: left">We express no opinion as to the enforceability of any provision of any document which provides for the
payment of a specified rate of interest on the amount of a judgment after the date of judgment or which purports to fetter the statutory
powers of the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">3.3.</TD><TD STYLE="text-align: left">We have undertaken no enquiry and express no view as to the compliance of the Company with the Economic
Substance (Companies and Limited Partnerships) Act, 2018.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">3.4.</TD><TD STYLE="text-align: left">We have made no investigation of and express no opinion in relation to the laws of any jurisdiction other
than the British Virgin Islands. This opinion is to be governed by and construed in accordance with the laws of the British Virgin Islands
and is limited to and is given on the basis of the current law and practice in the British Virgin Islands. This opinion is issued solely
for your benefit and use in connection with the matter described herein and is not to be relied upon by any other person, firm or entity
or in respect of any other matter.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>conyers.com | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></B></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">OPINION</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the basis of and subject to the foregoing,
we are of the opinion that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.1.</TD><TD STYLE="text-align: left">The Company is duly incorporated and existing under the laws of the British Virgin Islands in good standing
(meaning solely that it has not failed to make any filing with any British Virgin Islands governmental authority or to pay any British
Virgin Islands government fee or tax which would make it liable to be struck off the Register of Companies and thereby cease to exist
under the laws of the British Virgin Islands).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">4.2.</TD><TD STYLE="text-align: left">Upon the due issuance of any Common Shares, and payment of the consideration therefor, such Common Shares
will be validly issued, fully paid and non-assessable (which term when used herein means that no further sums are required to be paid
by the holders thereof in connection with the issue thereof).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">4.3.</TD><TD STYLE="text-align: left">Upon the due issuance, execution and delivery of any non-Equity Securities by the Company and payment
of the consideration therefor, such non-Equity Securities will constitute legal, valid and binding obligations of the Company in accordance
with the terms thereof.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We hereby consent to the filing of this opinion
as an exhibit to the Registration Statement and to the references to our firm under the caption &ldquo;Legal Matters&rdquo; in the Prospectus
forming a part of the Registration Statement. In giving such consent, we do not hereby admit that we are experts within the meaning of
Section 11 of the Securities Act or that we are in the category of persons whose consent is required under Section 7 of the Securities
Act or the Rules and Regulations of the Commission promulgated thereunder.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>/s/</B> <B>Conyers Dill &amp; Pearman</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>conyers.com | 5</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>3
<FILENAME>ea166502ex5-2_newegg.htm
<DESCRIPTION>OPINION OF GIBSON, DUNN & CRUTCHER LLP, U.S. COUNSEL, RELATING TO THE BASE PROSPECTUS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&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: 50%"><IMG SRC="ex5-2_001.jpg" ALT="">&nbsp;</TD>
  <TD STYLE="text-align: right; width: 50%"><IMG SRC="ex5-2_002.jpg" ALT=""></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Client: 66728-00006</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September 30, 2022</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Newegg Commerce, Inc.<BR>
17560 Rowland Street<BR>
City of Industry, CA 91748</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">Re:</TD><TD>Newegg Commerce, Inc.<BR>
Registration Statement on Form F-3</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">We have acted as U.S. counsel to Newegg Commerce, Inc., a company incorporated
under the laws of the British Virgin Islands (the&nbsp;&ldquo;<U>Company</U>&rdquo;), in connection with the preparation and filing with
the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) of a Registration Statement on Form F-3 (the&nbsp;&ldquo;<U>Registration
Statement</U>&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), relating to the registration
under the Securities Act and the proposed issuance and sale from time to time pursuant to Rule 415 under the Securities Act, together
or separately and in one or more series (if applicable) of:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 1in">(i) the
Company&rsquo;s common shares (the&nbsp;&ldquo;<U>Common Shares</U>&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 1in">(ii) warrants
for the purchase of Common Shares (the&nbsp;&ldquo;<U>Warrants</U>&rdquo;); and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 1in">(iii) units
of the Company comprised of any combination of Common Shares or Warrants (the &ldquo;<U>Units</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">The Common Shares, Warrants and Units are collectively
referred to herein as the &ldquo;<U>Securities</U>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">In arriving at the opinions expressed below, we have examined originals,
or copies certified or otherwise identified to our satisfaction as being true and complete copies of the originals, of such documents,
corporate records, certificates of officers of the Company and of public officials and other instruments as we have deemed necessary or
advisable to enable us to render these opinions. In our examination, we have assumed the genuineness of all signatures, the legal capacity
and competency of all natural persons, the authenticity of all documents submitted to us as originals and the conformity to original documents
of all documents submitted to us as copies. As to any facts material to these opinions, we have relied to the extent we deemed appropriate
and without independent investigation upon statements and representations of officers and other representatives of the Company and others.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="ex5-2_003.jpg" ALT=""></P>

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="ex5-2_001.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September 30, 2022</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Page 2</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">We have assumed without independent investigation that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 1in">(i) at the
time any Securities are sold pursuant to the Registration Statement (the &ldquo;<U>Relevant Time</U>&rdquo;), the Registration Statement
and any supplements and amendments thereto (including post-effective amendments) will be effective and will comply with all applicable
laws;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 1in">(ii) at
the Relevant Time, a prospectus supplement will have been prepared and filed with the Commission describing the Securities offered thereby
and all related documentation and will comply with all applicable laws;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 1in">(iii) all
Securities will be issued and sold in the manner stated in the Registration Statement and the applicable prospectus supplement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 1in">(iv) at
the Relevant Time, all corporate or other action required to be taken by the Company to duly authorize each proposed issuance of Securities
and any related documentation (including (i) the due reservation of any Common Shares for issuance upon exercise, conversion or exchange
of any Securities for Common Shares (a &ldquo;<U>Convertible Security</U>&rdquo;), and (ii) the execution (in the case of certificated
Securities), delivery and performance of the Securities and any related documentation referred to in paragraphs 1 and 2 below) shall have
been duly completed and shall remain in full force and effect;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 1in">(v) at the
Relevant Time, a definitive purchase, underwriting or similar agreement and any other necessary agreement with respect to any Securities
offered or issued will have been duly authorized by all necessary corporate or other action of the Company and duly executed and delivered
by the Company and the other parties thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Based on the foregoing and in reliance thereon, and subject to the
assumptions, exceptions, qualifications and limitations set forth herein, we are of the opinion that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">With respect to any Warrants, when:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 1in"></TD><TD STYLE="text-align: left; width: 0.25in">a.</TD><TD STYLE="text-align: left">the warrant agreement relating to such Warrants (the &ldquo;<U>Warrant Agreement</U>&rdquo;), if any, has been duly executed and delivered
by the Company and each other party thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 1in"></TD><TD STYLE="text-align: left; width: 0.25in">b.</TD><TD STYLE="text-align: left">the terms of the Warrants have been established in accordance with the Warrant Agreement, if any, and the applicable definitive purchase,
underwriting or similar agreement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 1in"></TD><TD STYLE="text-align: left; width: 0.25in">c.</TD><TD STYLE="text-align: left">the Warrants have been duly executed (in the case of certificated Warrants) and delivered in accordance with the Warrant Agreement,
if any, and the applicable definitive purchase, underwriting or similar agreement for the consideration provided for therein,</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.75in; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><IMG SRC="ex5-2_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September 30, 2022</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Page 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">such Warrants will be legal, valid and
binding obligations of the Company, enforceable against the Company in accordance with their terms.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify">With respect to any Units, when:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 1in"></TD><TD STYLE="text-align: left; width: 0.25in">a.</TD><TD STYLE="text-align: left">the unit agreement relating to the Units (the &ldquo;<U>Unit Agreement</U>&rdquo;), if any, has been duly executed and delivered by
the Company and each other party thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 1in"></TD><TD STYLE="text-align: left; width: 0.25in">b.</TD><TD STYLE="text-align: left">the terms of the Units have been duly established in accordance with the Unit Agreement, if any, and the applicable definitive purchase,
underwriting or similar agreement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 1in"></TD><TD STYLE="text-align: left; width: 0.25in">c.</TD><TD STYLE="text-align: left">the Units have been duly executed (in the case of certificated Units) and delivered in accordance with the Unit Agreement, if any,
and the applicable definitive purchase, underwriting or similar agreement for the consideration provided for therein,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">the Units will be legal, valid and binding
obligations of the Company, enforceable against the Company in accordance with their terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">The opinions expressed above are subject to the following exceptions,
qualifications, limitations and assumptions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 1in">A. We render
no opinion herein as to matters involving the laws of any jurisdiction other than the State of New York and the United States of America.
This opinion is limited to (i) the effect of the current state of the laws of the State of New York and the facts as they currently exist
and (ii) general principles of equity, including without limitation concepts of materiality, reasonableness, good faith and fair dealing
and the possible unavailability of specific performance, injunctive relief or other equitable remedies regardless of whether enforceability
is considered in a proceeding in equity or at law. We assume no obligation to revise or supplement this opinion in the event of future
changes in such laws or the interpretations thereof or such facts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 1in">B. The opinions
above with respect to the Warrants, the Warrant Agreement, the Units and the Unit Agreement (collectively, the &ldquo;<U>Documents</U>&rdquo;)
are each subject to the effect of any bankruptcy, insolvency, reorganization, moratorium, arrangement or similar laws affecting the rights
and remedies of creditors&rsquo; generally, including, without limitation, the effect of statutory or other laws regarding fraudulent
transfers or preferential transfers.</P>

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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><IMG SRC="ex5-2_001.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September 30, 2022</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 1in">C. We express
no opinion regarding the effectiveness of: (i) any waiver of stay, extension or usury laws; (ii) provisions relating to indemnification,
exculpation or contribution, to the extent such provisions may be held unenforceable as contrary to public policy or federal or state
securities laws or due to the negligence or willful misconduct of the indemnified party; (iii) any provision in any Document waiving the
right to object to venue in any court; (iv) any agreement to submit to the jurisdiction of any Federal court; (v) any waiver of the right
to jury trial; or (vii) any provision to the effect that every right or remedy is cumulative and may be exercised in addition to any other
right or remedy or that the election of some particular remedy does not preclude recourse to one or more others.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 1in">D. To the
extent relevant to our opinions, we have assumed that any securities, currencies or commodities underlying, comprising or issuable upon
exchange, conversion or exercise of any Warrants or Units are validly issued, fully paid and non-assessable (in the case of an equity
security) or a legal, valid and binding obligation of the issuer thereof, enforceable against such issuer in accordance with its terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">You have informed us that you intend to issue Securities from time
to time on a delayed or continuous basis, and we understand that prior to issuing any Securities pursuant to the Registration Statement
(i) you will advise us in writing of the terms thereof, and (ii) you will afford us an opportunity to (x) review the operative documents
pursuant to which such Securities are to be issued or sold (including the applicable offering documents), and (y) file such supplement
or amendment to this opinion (if any) as we may reasonably consider necessary or appropriate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">We consent to the filing of this opinion as an exhibit to the Registration
Statement, and we further consent to the use of our name under the caption &ldquo;Legal Matters&rdquo; in the Registration Statement and
the prospectus that forms a part thereof. In giving these consents, we do not thereby admit that we are within the category of persons
whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Gibson, Dunn &amp; Crutcher LLP</P>

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>ea166502ex23-1_newegg.htm
<DESCRIPTION>CONSENT OF BDO USA, LLP, INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Consent of Independent Registered Public Accounting
Firm</U></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We hereby consent to the incorporation by reference
in the Prospectus constituting a part of this Registration Statement of our report dated April 28, 2022, relating to the consolidated
financial statements of Newegg Commerce, Inc. appearing in the Company&rsquo;s Annual Report on Form 20-F for the year ended December
31, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also consent to the reference to us under the
caption &ldquo;Experts&rdquo; in the Prospectus.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September 30, 2022</P>

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !. )\# 2(  A$! Q$!_\0
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%** /_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>ex5-1_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex5-1_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  _ 0T# 2(  A$! Q$!_\0
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MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#^_BBBN/\
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MDT_Z^6[1N@VEF==RLS,'8LK,KARH"K*&!$B*,1R;HP %K^$O_@I)^RE\9?\
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MCFT/028/$GQ ^$VH,-6UK2]%.1]K\6>#-4LH/%'P^BQM_ME]8BWB1XT?S/\
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M-PDY98HK/Q%IUEK<-O\ : 9&=/$,MUND8^8"-J=_^R/_ ,'*G[,GC'Q[XZ^
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0HX6E[%-)N"N[62T^7J?_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>ex5-2_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex5-2_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  6 ,$# 2(  A$! Q$!_\0
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MJJFX>QZ5XOTOXW_"JR\7_"3QXVEV/BG2X[_0?%NG:?8ZI<:;,O,MM>Z1J:O
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7PK491K*5*:?(XQG.$OH2BBBO(/5/_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>ex5-2_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex5-2_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" !) 'T# 2(  A$! Q$!_\0
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M(WT?0[F+2EFTG2WCU'4$?3[![>T9+Z\4PE;J</<TKX3?"O0]&'AS1/AG\/\
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M0%5(U V7VO*J?.X& #\\8?\ @HIXWGTN^\<CX8^$%^'VG:"@95\67\WBB_\
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MU"#3X-)@O;BVMXX9;J'2[5WMM.BG=#)'8V[M#:HPAB8HBFM6@ HHHH ^)O\
M@H5K/C3PC^RK\2?B!\/OB+XK^&GBWP';Z3K>D:WX5GTR-YY;K7M*T2:RU6WU
M73]1M;W3GM=4N)/LYCB87:6TXES"$;YR^*_[8/Q"^&^I?M#_  (\$^'/%.LO
M\"OA5\1+&?XW>+KQKO7K?QOI_P"S1-\>_#7C.Y>71;+PSKVD02:II?A>;3[>
M4:K)JUAJ-\]J=.L)H)?U4UC1M(\0:;=:-KVEZ?K6D7R+'>Z7JMG;ZAI]W&DB
M3(ES9W<<MO.B2QQRJLL;!9$1P R@CE]5^&'PWUSQ#+XMUKP%X/U;Q1-HUWX=
MF\0:EX<TF^UB;0K^UN+&]TB74+FTDN9-/NK&[N[&:V>1HI+*\N[-E-M=7$4@
M!\8?M,_%SXW>"/A)\*/'7@K7+_0- F^'WB3Q9\2_&&A>%_"/B[6[?6=-^'=M
MKWA"Q?0/%5W:V%MX9\0:^+Z+Q)KEJB_V/$EDMQJ.A65S+J4?SH/VY_CIXX^)
M^D^#/!5IX=\*>*=?_9@^*=_X;^#_ (MT"XL]>UW]HOPE\.?A_P"/4U)M>U?[
M#96'@?1-0\5W?A&PAFU);#7[G3]6OK[4+&.RM_-_6;Q'X!\$>+[+2]-\5>$O
M#OB+3M$N;>\TG3]9TBQU"QT^XM8Q%;R6MI=0R6\8BC C5!'Y>Q54H0J@:>LZ
M3X=O(9+W7M.TBXALM*U>SEO-3MK21+31=3MXEURV:YN4/V?3KZVM(1J<6]+>
MXAMHOM(=84V@'Y_?!;]K#Q#9^"?VF];^),GC#QKIGP+ULQ>$-9UGP=H/A3X@
M_$:&'X?:%XL\0Z##X)\&"XM!J/A;7M4D\.S&TTV#4H8C'=:MIL6$FN/F_P +
M_M<?M(>,OA$_C2Q^(G@O5I?AM\;?VF].^-&M>"4^'GAR2#P1\*I8M9\-^$/"
M.F?$FQOQXDOM/T/45TV75-)T[[;KUYI=M>W^H^'H-6DE@_6;P;X7^%%E;::G
M@+0_ T5MX5FOQI;>&;/16&@W7B*TM;K5&@ET]&>QO-=L9+*ZU"0O'<ZG;R6U
MQ=-.CQN;>N_"_P"&WBB&VM_$?@'P?KD%IK5UXCMH=5\.:3?1PZ]?R"74-71+
MBTD47^HR#=J-S@R7_2\:9210!\^_"WXR:GXF^/7Q:TO4O'-M<?#2/X!_LV_%
M_P '>'=<TOP]X?U?P./B-<?%RQ\2/K%[;R)J=S#JT'@[P[J<\6N.T>AWTUU9
MV4JVD\:GY8_:3_:B^,/P:^(_C>#PU\0=+UGPEKGPQ^*=WX$-_HWPXU+PUIOQ
M-\+OX3TWP_X(\.3>%]5U/Q[!XLM=2UETUO4?BWIVF^ WO=3L889A;VMQ&OZ4
MW7PS^'%QK'B'Q+>^"/"<^M^*-"M_#GBC6;K1--DO==\-V*C[+HFM74L!?4-'
MLU7-O87C2VEOEVCB0NY;)T_X8_!K5GU/Q5I?@3X=:K_PG&DFWU77;'P_X>OX
M/%.BW\47F)<WT-K-!JMAJ4$=O]H8O-#J$4%KY[3I;V_E@'Y*^%/VN_VD-=L_
MBCX;\5_$&#X1>*O@KX5^,OQ%NAX]\,?"G5?$7B0^"8/"<WA3X;>,[OP?>ZC\
M-)99[74K[Q!K>H?";6+[41X;USPU;_;]/UV'48J^D_@-^T7\5_'OQ,^&=_XD
M\4:6^C_%_5_CKH>I_ S^PM%M/$/P77X47%A%I%]?:Q:A?$5[=7"HB^)H_$&Z
MU:7QGX;.E06,<*F^^UE^!_P<32])T0?"[P$=)T/5IM>TG3W\*Z-);6.M72PI
M=ZK"DEFW^GWB6UM'>73EIKN.VMDN7E2WA"=+I_@'P1I/B;5?&FE^$?#>G>+M
M=B$&L^)K+1M/MM<U.+]SN2]U.*W2[G$OV:U%P9)2;D6=D+@R"SMO* .MHHHH
M **** "BBB@#XO\ VXO!_P"T?XP^&&@6/[+WBC6O"_Q$N_&-EX4U#4-+UBWT
MB'1_!OQ'T[4?A]XH\?79NF$=]=_"?3_$;?$[P]8QI+<S^(?"VFBUBDGV(WYS
M^)/ ?_!6"T\->$/&?A#5O$\WCJ_TKQS\0?%7@35OB)I-QH6G^+/A1XDUGPA\
M!?A>WG7#6)T'XO>#/%]IXZ^,,EAMM;[6/ %JD\D5W=)&_P"]%% 'XR:)\'_^
M"AGA_P#:'\+>'&^(/C[7OV<]%\=>&O!VI>)M5^(5O=>(]7^&.H:#;?'#Q7X^
MU R3?VK=>*]+^,FD)\!=-BD)<_"+7+VR2+[%DKYO\6?C'\7O&G[:%QX1_M+X
MP?#K2[CP_P##Q_!7@K3_ !SK=OJ,OC/Q+\'OB0;CX9>(OA5X;UX>&K_PI/XM
MO/#7B3Q3\6]1M=;LO#VLZ%IV@)=/I-W=S6G[QUYO>_\ )4-&_P"Q=NO_ $9=
MT ?D#I_P0_:HTG6/B%!X<M/V@O ?CCQS+_;GC3Q_X5\9:9<^#;[P:O[*\'A"
MZ;PGX6OO%=GX9D^-4/QPM/#EWID[Z9H^L7%II6I7D7BNPTJ5XYM[PKX8_;@O
M&\%&]TKXTZ/JEE+X>TSX8ZF/B+KP\)QZ!H7Q'\:W/Q*\4_'WPOXI\:^(M<AU
MKQ]\.;GPF?"OA'Q-K/Q#N_#US!'HGAOQ'9ZC9W6IS?M110!^,D7PF_:T\+:3
MX8TWQ-?_ +1WC;X9WWA?X9ZS\7]'T#XNZSJGQ:U;Q_J?@CXN:5XFM_"'B&3Q
M5IFL:1H&F^.G^%6H^*_#N@ZYI/AUM*2>YMM.OK5=7M+C$\&>!/VV? ?PO^'W
MP<\.>&_BGH][I?@[X;7MGJNE^)]#A\+^$-$T3]F;Q7X3U?P7<ZF-8$S>(_\
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!V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>ex5-2_003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex5-2_003.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  9 ?\# 2(  A$! Q$!_\0
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M\.N>'+CXB:1X)UG7-&U.Q^-L#Z#?W'AG1M-OBGB.#488K[1-+-U]<:=^Q?\
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M'CG5/%WC^/25CMO'OQ)35C<6>G>-;BQT::PT74]9TV+32-4GF !YU\</VO\
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MO7]2@TJ]L;JU:ZU,:E!-8Y_Q2_;$\27G_!/OXW?M<?#3X9?%7X5>+/!7P_\
MBSKGA;P!^T)\,[CP9\0+?6_AOJ^O:#;S:Q\/[W5][Z;XFNM".J^$VDUB"'7M
M!U31M1,UI'>E(OKSPY\*OA?X=\7S>._"WA;1=+\71^"M#^%MWK.DM+#.W@SP
MG<37OAWPO?V\%Q]CGB\/RWURVEM>6TE_IT%[<6]O<16UU+%)T?C7P5X4^(WA
M+Q#X$\=:#IWBCP?XKTNZT3Q'X=U:'[1IFLZ3>QF*[L+Z#*^;;SQDK(F1D=Q0
M!^:6D_M]_$:[^.GQ8^'*? 'XBIJ$<?P1T?X-_"?Q[;^#_AIXNU/6?$?@;X\_
M$GXF>(-<\6'Q3XJ\/P>&;3PG\)F&@>8QOKGQ!9SZ1':+;7DVJ6%N3_@J-X.7
M3M6\<0_!GQ]<?"&VL=9CT3QU'K7A4ZUK_B?1_P!F?3?VIY]!7P&M\VJZ79Q^
M KG4=)O/$%]?"RMO$VEF"""]TB[CUB/[?\>?LY? WXGS>);KQ]\,?"WBB\\7
M_P#")'Q%?ZC9R'4=1;P(FO0^$G.HP30WMK+HEKXJ\36-K+97%M(^F^(=:TVY
M:>PU.]MIO-_C!^R1^SY\8/ 'C?X.77A[0/"4OC+3=3U"6;PE:Z-8Z]HLFK_#
MV+X,W.O:;I,UO<645I<?#BWC^'-U$=-73[CPL9M"C-OO62, \5\5_ME>-]6_
M81_:?_:?\+^"++P)XD^$/@OXQ:CX'FDUBU^*7A'Q=>?#;PU-J-KXP\*ZGH]I
MH5KXU\'ZGK$-UI^E26(MVU>73;F!7MYV,47G/@7_ (*#>,KCP1KGCCQ+\,-?
MU+QUXC^*/QFT72_V;;B/0_ 'CCX#^!?@!X2@\4^+;+XJ^)-<U*]TS5?B-KO@
MQ]#^)6F:58/%I=[%\1_"GA_2[R/0].U7QFWU1\$?V1? 'PQ^#WQ ^"^OZHWQ
M1\$?$V_U:X\4^%=6LH-.^']EH^N>']+\.7O@_P '>"+.[O+'PGX0O=.TQ;Z^
MT:VO[H7^N:IK>L2W'FZFT476_$W]GS]F'QE>:O??%7X??#K4;[QUKGAS5-8N
M?$QMK.?Q/K_A30KKPIH=Q,\MW:M?WT/A34KKPG>)'O;6/"UR?#>LIJ&B^78J
M ?(UU_P5 \(V)\:ZW=_![QG#\/-%TSXEW'@OQK_PD/ADR>-]2^&'A[X:^*=:
MCNO#AF74/!F@R:+\3])N7\0:Y,[V!T?Q ][I,=I:V%WJ7L6G_MJ3Q?LQ:O\
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M\9_#GQ1\-/C+XUU6VO-,T;5Y]-\7^"HM26ZM88FD[+]HSX5?M2^)OV*/V]/
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M:?X=U3Q3XEB^,G@_X<:Q\4]/T*:RMM:\2ZK?^(;C4?#_ /0[10!^*_[/VO\
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;4)?"-O+-H=S^L=% !1110 4444 %%%% '__9

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