<SEC-DOCUMENT>0001193805-25-001417.txt : 20251007
<SEC-HEADER>0001193805-25-001417.hdr.sgml : 20251007
<ACCEPTANCE-DATETIME>20251007092407
ACCESSION NUMBER:		0001193805-25-001417
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251007
DATE AS OF CHANGE:		20251007

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SEALSQ Corp
		CENTRAL INDEX KEY:			0001951222
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				000000000
		STATE OF INCORPORATION:			D8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-286098
		FILM NUMBER:		251378414

	BUSINESS ADDRESS:	
		STREET 1:		AVENUE LOUIS-CASAI 58
		CITY:			COINTRIN
		STATE:			V8
		ZIP:			1216
		BUSINESS PHONE:		212-336-2039

	MAIL ADDRESS:	
		STREET 1:		CRAIGMUIR CHAMBERS, ROAD TOWN
		CITY:			TORTOLA
		STATE:			D8
		ZIP:			VG 1110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SEAL (BVI) Corp.
		DATE OF NAME CHANGE:	20221019
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>e664888_424b5-sealsq.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right; text-indent: 3.1pt"><B>Filed Pursuant
to Rule 424(b)(5)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right; text-indent: 3.1pt"><B>Registration Number 333-286098</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>(To Prospectus dated April 2, 2025)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Pre-funded Warrants to purchase up
to 15,000,000 Ordinary Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><B>Class C Warrants to purchase up to
26,250,000 Ordinary Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><B>41,250,000 Ordinary Shares issuable
upon exercise of the Class C Warrants and the Pre-funded Warrants</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">We are offering to certain investors holding Class A Warrants (the
&ldquo;Investors&rdquo;), in consideration for exercising in full all of the existing Class A Warrants held by such Investors at the exercise
price per Class A Warrant share as set forth in Class A Warrants of $4.60, (i) Class C warrants to purchase up to 26,250,000 Ordinary
Shares (the &ldquo;Class C Warrants&rdquo;) pursuant to this prospectus supplement and the accompanying prospectus and an amendment and
inducement agreement (&ldquo;Inducement Agreement&rdquo;) with such Investors, and (ii) up to 26,250,000 Ordinary Shares upon exercise
of the Class C Warrants in accordance with their terms. The Class C Warrants will be exercisable immediately upon issuance, and have a
term of exercise of seven (7) years, and an exercise price per share equal to $5.10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">We are also amending the
Class A Warrants to provide for the issuance of Ordinary Shares or Pre-funded Warrants (the &ldquo;Pre-funded Warrants&rdquo; and together
with the Class C Warrants, the &ldquo;Warrants&rdquo;), at the option of the holder, if, as a result of the exercise of the Class A Warrants,
the holder&rsquo;s beneficial ownership of the Company&rsquo;s Ordinary Shares would exceed such holder&rsquo;s beneficial ownership
blocker election as set forth in its Class A Warrant immediately following such exercise.&nbsp;<FONT STYLE="background-color: white">The
purchase price of each Pre-funded Warrant is equal to the exercise price of $4.60 per Ordinary Shares price, minus $0.0001. </FONT>Each
Pre-funded Warrant is exercisable for one Ordinary Share at $0.0001 per Ordinary Share <FONT STYLE="background-color: white">and the
Pre-funded Warrants are immediately exercisable and may be exercised at any time until all of the Pre-funded Warrants are exercised in
full.</FONT> The Pre-funded Warrants, the Class C Warrants and the Ordinary Shares issuable upon the exercise of the Class C Warrants
and the Pre-funded Warrants are sometimes collectively referred to herein as the &ldquo;securities.&rdquo; This prospectus supplement
also relates to the offering of the shares of Ordinary Shares issuable upon exercise of the Class C Warrants and the Pre-funded Warrants
sold in this offering. See &ldquo;<I>Description of Ordinary Shares</I>&rdquo; on page 9 of the accompanying prospectus and &ldquo;<I>Description
of Warrants</I>&rdquo; on page S-17 of this prospectus supplement and page 16 of the accompanying prospectus for a more complete description
of the securities offered hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">Maxim Group LLC is acting as the warrant inducement agent and as a
financial advisor in connection with the transaction (the &ldquo;Warrant Inducement Agent&rdquo; or &ldquo;Maxim&rdquo;). The Warrant
Inducement Agent is not purchasing or selling any of the securities offered by us in this offering and is not required to arrange the
purchase or sale of any specific number or dollar amount of securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">Our Ordinary
Shares are listed on Nasdaq Capital Market under the symbol &ldquo;LAES.&rdquo; The last reported sale price of our Ordinary Shares on
the Nasdaq Capital Market on October 3, 2025 was $4.64 per Ordinary Share. We do not intend to list the Class C Warrants or the Pre-funded
Warrants on any exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">We are
an emerging growth company as that term is used in the Jumpstart Our Business Startups Act of 2012 and, as such, are subject to certain
reduced public company reporting requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt"><B>Investing
in our securities involves a high degree of risk and uncertainty. See &ldquo;<I>Risk Factors</I>&rdquo; beginning on page <FONT>S-11</FONT>
of this prospectus supplement, on page 4 of the accompanying base prospectus and in the documents incorporated by reference into this
prospectus supplement and accompanying base prospectus concerning factors you should consider before investing in our securities.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt"><B>Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus supplement or accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Per Class A Warrant Exercised</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Public offering price</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares and Class C Warrants(1)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">4.600</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">41,170,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-funded Warrants and Class C Warrants(2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.599</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">27,823,950</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Warrant Inducement Agent fees(3)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.230</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,450,000</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Proceeds to us, before expenses(4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">65,543,950</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>&nbsp;</B></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: 16.45pt"></TD><TD STYLE="width: 20pt">(1)</TD><TD STYLE="padding-right: 15.6pt">8,950,000 Ordinary Shares and 15,662,500 Class C Warrants</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: 16.45pt"></TD><TD STYLE="width: 20pt">(2)</TD><TD STYLE="padding-right: 15.6pt">6,050,000 Pre-funded Warrants and 10,587,500 Class C Warrants</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: 16.45pt"></TD><TD STYLE="width: 20pt">(3)</TD><TD STYLE="padding-right: 15.6pt"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We have also agreed to reimburse the Warrant Inducement Agent for certain
of their offering-related expenses, which is not included in this fee. See &ldquo;<I>Plan of Distribution</I>&rdquo; for additional information
regarding Warrant Inducement Agent fees and estimated expenses.</P></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: 16.45pt"></TD><TD STYLE="width: 19.95pt">(4)</TD><TD>The above proceeds do not give effect to any proceeds from (i) the exercise of the Class C Warrants being issued in this offering
and (ii) the unfunded $0.0001 per Ordinary Share exercise price of the Pre-funded Warrants being issued in this offering.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">The delivery
to purchasers of the securities offered and sold in this offering is expected to be made on or about October 7, 2025, subject to satisfaction
of certain customary closing conditions.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B>Prospectus Supplement dated October
5, 2025</B></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"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TABLE OF CONTENTS</B></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#S-i">ABOUT THIS PROSPECTUS SUPPLEMENT</A></TD>
    <TD STYLE="width: 5%; text-align: right">S-ii</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#S-1">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right">S-1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#S-6">PROSPECTUS SUPPLEMENT SUMMARY</A></TD>
    <TD STYLE="text-align: right">S-6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#S-10">THE OFFERING</A></TD>
    <TD STYLE="text-align: right">S-10</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#S-11">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right">S-11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#S-14">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right">S-14</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#S-15">CAPITALIZATION</A></TD>
    <TD STYLE="text-align: right">S-15</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#S-16">DESCRIPTION OF ORDINARY SHARES</A></TD>
    <TD STYLE="text-align: right">S-16</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#S-17">DESCRIPTION OF WARRANTS</A></TD>
    <TD STYLE="text-align: right">S-17</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#S-18">CERTAIN TAX CONSIDERATIONS</A></TD>
    <TD STYLE="text-align: right">S-18</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#S-19">DILUTION</A></TD>
    <TD STYLE="text-align: right">S-19</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#S-21">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right">S-21</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#S-25">EXPENSES</A></TD>
    <TD STYLE="text-align: right">S-25</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#S-26">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right">S-26</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#S-26">EXPERTS</A></TD>
    <TD STYLE="text-align: right">S-26</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#S-26">ENFORCEABILITY OF CIVIL LIABILITIES</A></TD>
    <TD STYLE="text-align: right">S-26</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#S-26">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right">S-26</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#S-27">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></TD>
    <TD STYLE="text-align: right">S-27</TD></TR>
  </TABLE>
<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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PROSPECTUS</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#A-1">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="width: 5%; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#A-2">ABOUT OUR COMPANY</A></TD>
    <TD STYLE="text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#A-4">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#A-4">FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#A-7">CAPITALIZATION</A></TD>
    <TD STYLE="text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#A-8">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#A-9">DESCRIPTION OF ORDINARY SHARES</A></TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#A-16">DESCRIPTION OF WARRANTS</A></TD>
    <TD STYLE="text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#A-18">DESCRIPTION OF SUBSCRIPTION RIGHTS</A></TD>
    <TD STYLE="text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#A-19">DESCRIPTION OF UNITS</A></TD>
    <TD STYLE="text-align: right">19</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#A-20">TAXATION</A></TD>
    <TD STYLE="text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#A-21">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#A-23">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right">23</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#A-23">EXPERTS</A></TD>
    <TD STYLE="text-align: right">23</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#A-23">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></TD>
    <TD STYLE="text-align: right">23</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#A-24">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right">24</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#A-24">ENFORCEABILITY OF CIVIL LIABILITIES</A></TD>
    <TD STYLE="text-align: right">24</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#A-24">EXPENSES</A></TD>
    <TD STYLE="text-align: right">24</TD></TR>
  </TABLE>
<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"></P>

<!-- Field: Page; Sequence: 2; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-i</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">This prospectus
supplement and the accompanying base prospectus are part of a registration statement on Form F-3 (Registration No. 333-286098) that we
filed with the United States Securities and Exchange Commission (&ldquo;SEC&rdquo;) using a &ldquo;shelf&rdquo; registration process.
Under this &ldquo;shelf&rdquo; registration process, we may, from time to time, sell or issue any of the combination of securities described
in the accompanying base prospectus in one or more offerings with a maximum aggregate offering price of up to US$500,000,000. The accompanying
base prospectus provides you with a general description of us and the securities we may offer, some of which do not apply to this offering.
Each time we sell securities, we provide a prospectus supplement that contains specific information about the terms of that offering.
A prospectus supplement may also add, update, or change information contained in the accompanying base prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">This prospectus
supplement relates to the offering of our securities. To the extent there is a conflict between the information contained in this prospectus
supplement and the accompanying base prospectus, you should rely on the information in this prospectus supplement. This prospectus supplement,
the accompanying base prospectus, and the documents we incorporate by reference herein and therein include important information about
us and our securities and other information you should know before investing. You should read both this prospectus supplement and the
accompanying base prospectus, together with the additional information described below under the heading &ldquo;<I>Where You Can Find
More Information</I>.&rdquo; This prospectus supplement contains summaries of certain provisions contained in some of the documents described
in this prospectus supplement, but reference is made to the actual documents for complete information. All of the summaries are qualified
in their entirety by the actual documents. Copies of some of the documents referred to in this prospectus supplement have been filed,
will be filed or will be incorporated by reference as exhibits to the registration statement of which this prospectus supplement is a
part, and you may obtain copies of those documents as described under &ldquo;<I>Where You Can Find More Information.&rdquo;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">You should rely only on the information contained in or incorporated
by reference in this prospectus supplement, the accompanying base prospectus, and any free writing prospectus prepared by or on behalf
of us or to which we have referred you. Neither we, nor the Warrant Inducement Agent, have authorized anyone to provide you with different
information. If anyone provides you with different or inconsistent information, you should not rely on it. We are not making an offer
to sell these securities in any jurisdiction where the offer or sale is not permitted or in which the person making that offer or solicitation
is not qualified to do so or to anyone to whom it is unlawful to make an offer or solicitation. You should assume that the information
appearing in this prospectus supplement, the accompanying base prospectus, and the documents incorporated by reference herein and therein
is accurate only as of the date of those respective documents. Our business, financial condition, results of operations and prospects
may have changed since those dates. You should carefully read this entire prospectus supplement and the accompanying base prospectus,
including the information included and referred to under &ldquo;<I>Risk Factors</I>&rdquo; below, the information incorporated by reference
in this prospectus supplement and in the accompanying base prospectus, and the financial statements and the other information incorporated
by reference in the accompanying base prospectus, before making an investment decision.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">We prepare
our financial statements in United States dollars and in accordance with United States generally accepted accounting principles.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">All references in this prospectus to &ldquo;$,&rdquo; &ldquo;US$,&rdquo;
&ldquo;U.S. Dollars&rdquo; and &ldquo;dollars&rdquo; are to United States dollars.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">Unless
otherwise indicated, references to &ldquo;SEALSQ,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;our,&rdquo; &ldquo;us&rdquo;
or similar terms refer to the registrant, SEALSQ Corp, and its subsidiaries, except where the context otherwise requires.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">This prospectus
supplement, the base prospectus and the information incorporated by reference herein and therein include trademarks, service marks and
trade names owned by us or other companies. Solely for convenience, trademarks referred to in this prospectus supplement and the base
prospectus, including logos, artwork and other visual displays, may appear without the &reg; or &trade; symbols. We do not intend our
use or display of other companies&rsquo; trade names or trademarks to imply a relationship with, or endorsement or sponsorship of us by,
any other companies. All trademarks, service marks and trade names included or incorporated by reference into this prospectus supplement
and the base prospectus are the property of their respective owners.</P>

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

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

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-ii</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P ID="S-1" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">This prospectus supplement,
the accompanying prospectus and the information incorporated by reference herein and therein contain forward-looking statements. These
forward-looking statements include information about possible or assumed future results of our operations or our performance. Words such
as &ldquo;expects,&rdquo; &ldquo;intends,&rdquo; &ldquo;plans,&rdquo; &ldquo;believes,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;estimates,&rdquo;
&ldquo;projects,&rdquo; &ldquo;forecasts&rdquo; and variations of such words and similar expressions, as they relate to us, WISeKey International
Holding S.A., our parent company (&ldquo;WISeKey&rdquo;), our management or third parties, are intended to identify the forward-looking
statements. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations,
market data, events or developments that SEALSQ expects or anticipates will occur in the future, as well as any other statements which
are not historical facts. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance
can be given that such expectations will prove to have been correct. These statements are based on information available as of the date
of this prospectus supplement, involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently
subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from
those expressed or implied by such forward-looking statements. Forward- looking statements include, but are not limited to, statements
we make regarding:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.45pt">These forward-looking statements include, but are not limited
to, statements relating to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.2pt"></TD><TD STYLE="width: 14.25pt">&bull;</TD><TD>Our anticipated goals, growth strategies and profitability;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.2pt"></TD><TD STYLE="width: 14.25pt">&bull;</TD><TD>Future operating or financial results;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.2pt"></TD><TD STYLE="width: 14.25pt">&bull;</TD><TD>Our planned capital expenditure program for additional production lines to be added to our supply chain;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.2pt"></TD><TD STYLE="width: 14.25pt">&bull;</TD><TD>The development of our post-quantum cryptography products and our expectation to generate revenue from such products;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.2pt"></TD><TD STYLE="width: 14.25pt">&bull;</TD><TD STYLE="text-align: justify; padding-right: 15.65pt">The potential for post-quantum cryptography products and estimated market size
and market growth including with respect to our long-term business strategy for post-quantum cryptography;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.2pt"></TD><TD STYLE="width: 14.25pt">&bull;</TD><TD STYLE="text-align: justify; padding-right: 15.65pt">Our intention to make investments in sales and marketing operations including
research and development (&ldquo;R&amp;D&rdquo;) of new products such as post- quantum cryptography;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.2pt"></TD><TD STYLE="width: 14.25pt">&bull;</TD><TD>Our plans for global customer base expansion;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.2pt"></TD><TD STYLE="width: 14.25pt">&bull;</TD><TD STYLE="text-align: justify; padding-right: 15.65pt">The establishment of a Design Center, Outsource Semiconductors Assembly and Testing
(&ldquo;OSAT&rdquo;) and Personalization project and the projected additional revenue that it will generate;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.2pt"></TD><TD STYLE="width: 14.25pt">&bull;</TD><TD>Our anticipated pipe growth in 2026;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.2pt"></TD><TD STYLE="width: 14.25pt">&bull;</TD><TD>Our belief that the products resulting from our R&amp;D will create additional opportunities for growth;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.2pt"></TD><TD STYLE="width: 14.25pt">&bull;</TD><TD STYLE="text-align: justify; padding-right: 15.65pt">Our expectation about the development of the markets for SEALSQ, including post-quantum
cryptography products, customized security offerings through Application-Specific Integrated Circuit (&ldquo;ASICs&rdquo;), expanding
the role of Metaverse, increase in cyber threats and growth of secure hardware market, growing demand for Internet of Things (&ldquo;IoT&rdquo;)
solutions, and increase in cybersecurity spending based on recent regulations and legislation;</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.2pt"></TD><TD STYLE="width: 14.25pt">&bull;</TD><TD STYLE="padding-right: 15.65pt">Our intent to invest heavily in the ongoing development of our products and technology, including anticipated
fab capacity expansion and utilization and expected ramp and production timelines for the Company&rsquo;s post-quantum semiconductors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.2pt"></TD><TD STYLE="width: 14.25pt">&bull;</TD><TD STYLE="padding-right: 15.65pt">Our expectation that we will continue to gain several benefits from our parent company, WISeKey, including
the financial reporting and legal support via certain service agreements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.2pt"></TD><TD STYLE="width: 14.25pt">&bull;</TD><TD STYLE="padding-right: 15.65pt">Our forecasted decrease in the sales of our traditional semiconductor chips, as our customers transition
towards post- quantum semiconductor technologies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.2pt"></TD><TD STYLE="width: 14.25pt">&bull;</TD><TD>Our investment in quantum-as-a-service and quantum computing in the cloud;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.2pt"></TD><TD STYLE="width: 14.25pt">&bull;</TD><TD STYLE="padding-right: 15.65pt">Changes in global trade policies, including the adoption and expansion of tariffs and trade barriers,
that could affect the macro- economic environment and adversely impact the demand for our products;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.2pt"></TD><TD STYLE="width: 14.25pt">&bull;</TD><TD STYLE="padding-right: 15.65pt">The availability and costs of equipment, raw materials, utilities, third-party manufacturing services
and technology, or other supplies required by our operations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 22.2pt"></TD><TD STYLE="width: 14.25pt">&bull;</TD><TD STYLE="padding-right: 15.65pt">The timing, size, composition, and performance of our treasury fund, including our plans to acquire,
hold, rebalance, or dispose of Bitcoin, Ethereum, HBAR and WECAN, expected benefits to liquidity, diversification, capital allocation,
and shareholder value, and our risk management, custody, accounting, and compliance practices;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.2pt"></TD><TD STYLE="width: 14.25pt">&bull;</TD><TD>The anticipated future growth of the Company as a result of the acquisition of IC&rsquo;ALPS;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 22.2pt"></TD><TD STYLE="width: 14.25pt">&bull;</TD><TD>The future revenue that will be generated by IC&rsquo;ALPs; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.2pt"></TD><TD STYLE="width: 14.25pt">&bull;</TD><TD>Assumptions underlying or related to any of the foregoing.</TD></TR></TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">The preceding
list is not intended to be an exhaustive list of all of our forward-looking statements. The forward-looking statements are based on our
beliefs, assumptions and expectations of future performance, taking into account the information currently available to us and are only
predictions based upon our current expectations and projections about future events. There are important factors that could cause our
actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance
or achievements expressed or implied by these forward-looking statements. Those factors include, in addition to those set forth in <I>Item
3.D. </I>&ldquo;<I>Risk Factors</I>&rdquo; in this prospectus of our 2024 Annual Report on Form 20-F and those included elsewhere in this
report, among others, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 16.45pt"></TD><TD STYLE="width: 27.2pt">&bull;</TD><TD>The adoption by developers and customers of quantum computing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 16.45pt"></TD><TD STYLE="width: 27.2pt">&bull;</TD><TD>Our ability to sell post-quantum cryptography products to customers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 16.45pt"></TD><TD STYLE="width: 27.2pt">&bull;</TD><TD>The inability to realize estimated financial position, results of operations or cash flows;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 16.45pt"></TD><TD STYLE="width: 27.2pt">&bull;</TD><TD>Our ability to anticipate market needs and opportunities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 16.45pt"></TD><TD STYLE="width: 27.2pt">&bull;</TD><TD>Our ability to attract new customers and retain existing customer base;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 16.45pt"></TD><TD STYLE="width: 27.2pt">&bull;</TD><TD>Our ability to foster innovation, to develop new products and enhancements to our existing products;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 16.45pt"></TD><TD STYLE="width: 27.2pt">&bull;</TD><TD>The demand for our products or for the goods into which our products are incorporated;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 16.45pt"></TD><TD STYLE="width: 27.2pt">&bull;</TD><TD>Our expectation that order commitments and non-cancellable orders we received are properly executed;</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.7pt">&bull;</TD><TD>The sufficiency of our cash and cash equivalents to meet our liquidity needs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.7pt">&bull;</TD><TD>The impact of any supply chain disruption that we may experience;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.7pt">&bull;</TD><TD>Our dependency on the timely supply of equipment and materials from our third-party suppliers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.7pt">&bull;</TD><TD>Our ability to protect our intellectual property rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.7pt">&bull;</TD><TD>Our ability to keep pace with technical advances in cryptography and semiconductor design;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.75pt">&bull;</TD><TD STYLE="padding-right: 33.9pt">Our ability to raise funds for investment by cash flow from operating activities, advance payments from
a key customer, and grants and other available subsidies from funding agencies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.7pt">&bull;</TD><TD>Our ability to reduce our cost structure and general and administrative costs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.7pt">&bull;</TD><TD>Our ability to attract and retain qualified employees and key personnel;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.7pt">&bull;</TD><TD>Our ability to attract new customers and retain and expand within our existing customer base;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.7pt">&bull;</TD><TD>Our ability to foster innovation, to develop new products and enhancements to our existing products;<BR>
<BR>
</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: 22.85pt"></TD><TD STYLE="width: 21.7pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD>Our ability to integrate IC&rsquo;ALPS into our existing operations and realize anticipated benefits, synergies, efficiencies, cost
savings, and growth opportunities, and the timing thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.7pt">&bull;</TD><TD>The future growth of the information technology and cybersecurity industry;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.7pt">&bull;</TD><TD>Risks relating to SEALSQ&rsquo;s ability to implement its growth strategies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.7pt">&bull;</TD><TD>Our ability to successfully form new strategic partnerships with our alliance partners;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.75pt">&bull;</TD><TD STYLE="padding-right: 35.9pt">Our ability to continue beneficial transactions with material parties, including WISeKey and a limited
number of significant customers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.7pt">&bull;</TD><TD>Our ability to prevent security breaches and unauthorized access to confidential customer information;</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.7pt">&bull;</TD><TD>Our ability to comply with modified or new laws and regulations relating to our industries;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.7pt">&bull;</TD><TD>The activities of our competitors and the introduction of competing products by our competitors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.7pt">&bull;</TD><TD>Market demand and semiconductor industry conditions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.7pt">&bull;</TD><TD>Our ability to successfully introduce new technologies and products;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.7pt">&bull;</TD><TD>Uncertain negative effects from the imposition by the United States of tariffs, sanction or other restrictions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.7pt">&bull;</TD><TD>The cyclical nature of the semiconductor industry;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.7pt">&bull;</TD><TD>An economic downturn in the semiconductor industry;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.7pt">&bull;</TD><TD>Our ability to comply with U.S. and other applicable international laws and regulations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.75pt">&bull;</TD><TD STYLE="padding-right: 22.65pt">Changes in our overall tax position as a result of changes in tax laws or tax rates, new or revised
legislation, the outcome of tax audits or changes in international tax treaties which may impact our results of operations as well as
our ability to accurately estimate tax credits, benefits, deductions and provisions and to realize deferred tax assets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.7pt">&bull;</TD><TD>Fluctuations in the exchange rates between the U.S. dollar and the other major currencies we use for our operations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.7pt">&bull;</TD><TD>Our ability to collect accounts receivable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.7pt">&bull;</TD><TD>Changes in certain commodities used as raw material, which may affect our gross margin; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 22.85pt"></TD><TD STYLE="width: 21.7pt">&bull;</TD><TD>How long we will qualify as an emerging growth company or a foreign private issuer.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.95pt">Given these risks and uncertainties,
you should not place undue reliance on forward-looking statements as a prediction of actual results.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><B>WE UNDERTAKE NO OBLIGATION
TO PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS CONTAINED IN THIS PROSPECTUS SUPPLEMENT OR THE BASE PROSPECTUS OR THE DOCUMENTS
TO WHICH WE REFER YOU TO IN THIS PROSPECTUS SUPPLEMENT OR THE BASE PROSPECTUS, TO REFLECT ANY CHANGE IN OUR EXPECTATIONS WITH RESPECT
TO SUCH STATEMENTS OR ANY CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH ANY STATEMENT IS BASED, EXCEPT AS REQUIRED BY LAW.</B></P>

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

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

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

<P ID="S-6" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt"><I>This
summary contains basic information about us and our business but does not contain all of the information that is important to your investment
decision. Before making an investment decision, you should carefully read this summary together with the more detailed information contained
elsewhere in this prospectus supplement and the accompanying base prospectus and the documents incorporated herein and therein by reference,
including our Annual Report on Form 20-F for the fiscal year ended December 31, 2024 (the &ldquo;Annual Report&rdquo;). Investors should
carefully consider the information set forth under the caption &ldquo;Risk Factors&rdquo; appearing elsewhere in this prospectus supplement,
including those described in documents incorporated by reference herein.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">This summary
highlights selected information contained elsewhere in this prospectus supplement that we consider important. This summary does not contain
all of the information you should consider before investing in our securities. You should read this summary together with the entire prospectus
supplement and accompanying base prospectus, including the risks related to our business, our industry and investing in our securities
that we describe under &ldquo;<I>Risk Factors</I>,&rdquo; and our consolidated financial statements and the related notes incorporated
by reference in this prospectus supplement before making an investment in our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">Our strategy involves
(i) developing post-quantum technology hardware and software solutions and (ii) using our cash and other sources of liquidity to maximize
shareholder value, including through potential investment and/or acquisition opportunities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">On September 3,
2025, the Board of Directors of SEALSQ Corp (the &quot;Board&quot;) authorized the establishment of an investment committee (the &ldquo;Investment
Committee&rdquo;) comprised of a minimum of three members of the Board with a mandate to oversee the implementation of the Company&rsquo;s
investment policy (the &ldquo;Investment Policy&rdquo;). In accordance with the Board resolution, the Board has delegated authority to
manage the Company&rsquo;s portfolio of securities or other investments to the Investment Committee, together with such personnel and
advisors as the Investment Committee may choose. The Investment Committee is expected to regularly review risks related to the Company's
investment portfolio, including concentration risk. When allocating cash to various investment opportunities and considering related investment
risks, the Investment Committee is expected to consider market-based factors, including risk adjusted after-tax yields. When reviewing
concentration risk, the Investment Committee should consider the liquidity needs of the Company, among other things. Investments are to
be made in accordance with the guidelines in the Investment Policy that will be reviewed at least annually, with oversight conducted by
senior officers and the Investment Committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">The overall goals
of the Investment Policy are to provide sufficient liquidity to meet the day-to-day financial obligations of the Company, and to optimize
investment returns within the guidelines of the Investment Policy. Permissible investment instruments include cash and cash equivalents
(e.g. bank obligations, money market funds, and commercial paper), fixed income securities (e.g. obligations of the U.S. Treasury and
U.S. Government, tax exempt obligations of states and municipalities, and corporate bonds/notes), equity securities (limited to those
listed on the New York Stock Exchange (&ldquo;NYSE&rdquo;), NYSE American, NYSE Arca or the Nasdaq Stock Market and in compliance with
the listing standards of the applicable exchange) and certain crypto-currencies, including Bitcoin, Ethereum, HBAR (which are digital
assets based on an open source cryptographic protocol existing on the Hedera Network), WECAN tokens (which are Ethereum-based native utility
token compliant with the ERC-20 standard tokens issued by WeCan Group SA, a Swiss blockchain and data compliance company in which SEALSQ
Corp has a 28.30% equity stake), and other tokens subject to approval by the Investment Committee. Individual exceptions to the Investment
Policy may only be made by the unanimous agreement of the Investment Committee or, if the Investment Committee is unable to reach unanimous
agreement on such exception, by the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">On September 3,
2025, as part of our establishment of the Investment Committee, the Board approved the addition of Bitcoin, Ethereum, HBAR, and WeCan
Tokens (collectively, the &ldquo;Approved Crypto-Currencies&rdquo;) as treasury reserve assets, so that up to $30 million of our cash,
or proceeds from future debt and equity issuances, may be invested in the Approved Crypto-Currencies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">The Investment
Committee will direct the investment activity of the Company in public and private markets pursuant to authority granted by the Board.
Depending on certain market conditions and various risk factors, members of the Investment Committee, each in their personal capacity
or through affiliated investment vehicles, may at times invest in the same securities, instruments or other assets (including crypto-currencies)
in which the Company invests. The Board anticipates that such investments will align the interests of the Company with the interests of
related parties because it places the personal resources of such Investment Committee members at risk in substantially the same manner
as resources of the Company in connection with investment decisions made by the Investment Committee on behalf of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">Our Chairman,
Chief Executive Officer and member of the Board of Directors, Carlos Moreira, is a member of the board of directors of WeCan Group SA
(&ldquo;WeCan&rdquo;), the developer of the WeCan Token. Mr. Moreira will recuse himself from any decision making regarding any investment
in the WeCan Token. As of September 9, 2025, we hold a 28.3% equity stake in WeCan. We intend to take a similar approach with respect
to recusal for purchase of other securities or digital assets issued by companies with which SEALSQ board members and executives have
an &ldquo;affiliation&rdquo; (other than passively owning shares or digital assets).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">In
December 2023, the FASB issued ASU No. 2023-08, &quot;Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and
Disclosure of Crypto Assets.&quot; This standard provides accounting and disclosure guidance for crypto assets that meet the definition
of an intangible asset and certain other criteria. In-scope assets are subsequently measured at fair value with changes recorded in the
income statement. The standard requires separate presentation of (1) in-scope crypto assets from other intangible assets and (2) changes
in the fair value of those crypto assets. Disclosure of significant crypto asset holdings and an annual reconciliation of the beginning
and ending balances of crypto assets are also required. This ASU becomes effective for annual periods beginning in 2025, including interim
periods, with early adoption permitted. The Company has adopted this policy and there was no impact of this standard on its historic consolidated
financial statements.&nbsp;</FONT>The Company anticipates that this standard may have an impact on its consolidated&nbsp;<FONT STYLE="background-color: white">financial
statements in the future due to potential fluctuations in the value of its proposed investment in the Approved Crypto-Currencies.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">SEALSQ
is a leading innovator in Post-Quantum Technology hardware and software solutions. Our technology seamlessly integrates Semiconductors,
Public Key Infrastructure (&ldquo;PKI&rdquo;), and Provisioning Services, with a strategic emphasis on developing state- of-the-art Quantum
Resistant Cryptography and Semiconductors designed to address the urgent security challenges posed by quantum computing. Our products
are engineered to safeguard critical systems, enhancing resilience and security across diverse industries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">SEALSQ
was established as a subsidiary of WISeKey International Holding AG, combining decades of expertise in cryptographic security and trusted
digital infrastructure. Headquartered in Switzerland, we operate across Europe, the United States, and other strategic markets. Our solutions
provide the foundation of digital trust for businesses and governments worldwide.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">SEALSQ&rsquo;s
comprehensive portfolio, which includes secure microcontrollers, PKI services, compliance with IoT standards like Matter, GSMA eUICC root
certificates, tailored ASICs, and post-quantum cryptography capabilities, uniquely positions the Company to address evolving market needs.
These capabilities, combined with SEALSQ&rsquo;s entry into the Trust Platform Module (&ldquo;TPM&rdquo;) market, ensure strong growth
potential and market leadership in the cybersecurity and IoT sectors.</P>

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

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

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">SEALSQ
delivers <B>integrated digital security solutions </B>that combine four critical components into a unified offering: <B>Root- of- Trust</B>,
<B>Secure Chips</B>, trusted <B>Identity Generation and Management (PKI)</B>, and <B>Personalization Services</B>. Together, these components
ensure the confidentiality, integrity, and authenticity of connected devices and digital communications.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Our offerings are structured around four foundational technology
pillars:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 60.1pt"></TD><TD STYLE="width: 27.2pt">1.</TD><TD>Our Swiss-based Post Quantum Root of Trust:</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Offering neutrality, reliability, and is certified
by leading industry standards such as WebTrust (browsers), Matter (Smart Home), and Wi-SUN (Smart Grid).</TD></TR>
                                                                                                                         </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 60.1pt"></TD><TD STYLE="width: 27.2pt">2.</TD><TD>Public Key Infrastructure Services:</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                 <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Leveraging this root-of-trust we offer a SaaS solution
to issue and manage cryptographic credentials that authenticate users, devices, and systems. Our platform uses Quantum Resistant Cryptographic
Algorithms recommended by the National Institute of Standards and Technology (NIST).</TD></TR>
                                                                                                                 </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 60.1pt"></TD><TD STYLE="width: 27.2pt">3.</TD><TD>Personalization Services:</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                       <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Industrial-scale systems for embedding digital identities
into secure microcontrollers, enabling seamless integration and secure operation at scale.</TD></TR>
                                                                                                       </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 60.1pt"></TD><TD STYLE="width: 27.2pt">4.</TD><TD>Quantum Resistant certified secure microcontrollers:</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Designed to protect and store digital identities, ensuring
robust authentication for connected devices and systems.</TD></TR>
                                                                                                                                  </TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">SEALSQ&rsquo;s comprehensive product range meets the growing
demand for secure, certified solutions across industries:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 60.1pt"></TD><TD STYLE="width: 27.2pt">&bull;</TD><TD STYLE="padding-right: 0pt">Post-Quantum Chips: SEALSQ is developing two secure microcontrollers with quantum-resistant cryptographic
capabilities, scheduled for market release in Q4 2025.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 60.1pt"></TD><TD STYLE="width: 27.2pt">&bull;</TD><TD STYLE="padding-right: 0pt">VaultIC Secure Microcontrollers: Pre-certified cryptographic chips for IoT devices, enabling secure
authentication and protection against cyber threats. Recent innovations include VaultIC292 for Matter &amp; devices, and VaultIC408 for
smart meters and industrial IoT.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 60.1pt"></TD><TD STYLE="width: 27.2pt">&bull;</TD><TD STYLE="padding-right: 0pt">Public Key Infrastructure: INeS, our PKI-as-a-Service software leverages on our Swiss-based Root of
Trust to conveniently and scalably issue and manage trusted device identities ensuring IoT device compliance with protocols such as Matter,
Wi-SUN, and WebTrust. Our PKI solutions now include post-quantum algorithms to protect against quantum threats.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 60.1pt"></TD><TD STYLE="width: 27.2pt">&bull;</TD><TD STYLE="padding-right: 0pt">Personalization Services: Enabling clients to pre-provision private keys and certificates into chips
within 4 weeks, reducing costs and time-to-market. But also, on-line or off-line during device manufacturing using our INeS Box device.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">SEALSQ solutions serve high-growth industries requiring
secure, scalable, and certified solutions. Some examples of the use cases of our products are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 60.1pt"></TD><TD STYLE="width: 27.2pt">&bull;</TD><TD STYLE="text-align: justify; padding-right: 0pt">Smart Homes &amp; Consumer Electronics: SEALSQ products help device makers accelerating
time to market and reducing costs by easing compliance with the growingly adopted Matter protocol that ensures secure and seamless interoperability
across connected devices, addressing a market projected to reach $78 billion by 2025 (Source: Statista 2023).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 60.1pt"></TD><TD STYLE="width: 27.2pt">&bull;</TD><TD STYLE="text-align: justify; padding-right: 0pt">Automotive: Securing Plug-and-Charge infrastructure (EV Charging stations), a
sector expected to grow at a 31% CAGR through 2030 (Source: Fortune Business Insights 2022).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 60.1pt"></TD><TD STYLE="width: 27.2pt">&bull;</TD><TD STYLE="padding-right: 0pt">IoT and Smart Cities: Protecting billions of IoT devices, with the number of connected devices requiring
protection anticipated to reach 28.3 billion units by 2027 (Source: IoT Analytics 2023).</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 60.1pt"></TD><TD STYLE="width: 27.2pt">&bull;</TD><TD>Critical Infrastructure: Securing smart grids and utilities through FIPS 140-3 certified solutions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 60.1pt"></TD><TD STYLE="width: 27.2pt">&bull;</TD><TD>Healthcare: Enabling secure communication for medical devices and sensitive patient data.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 60.1pt"></TD><TD STYLE="width: 27.2pt">&bull;</TD><TD>Industrial IoT: Providing tamper-resistant chips for sensors and mission-critical systems.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">SEALSQ
semiconductors and PKI services contribute to secure millions of objects: luxury products, routers, gateways, utilities meters, E.V. chargers,
drones, authentication dongles, storage memory USB sticks, medical devices, connected door-locks, and a variety of other electronic consumers
devices.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>Implications of Being an Emerging Growth Company and
a Foreign Private Issuer</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">We are an &ldquo;emerging growth company&rdquo;, as
defined in the JOBS Act, and we may take advantage of certain exemptions from various reporting requirements that are applicable to other
public companies that are not emerging growth companies. We cannot predict if investors will find our Ordinary Shares less attractive
because we may rely on these exemptions. If some investors find our Ordinary Shares less attractive as a result, there may be a less active
trading market for our Ordinary Shares and our share price may be more volatile.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">In addition, under the JOBS Act, our independent registered
public accounting firm will not be required to attest to the effectiveness of our internal control over financial reporting pursuant to
Section 404 of the Sarbanes-Oxley Act of 2002 for so long as we are an emerging growth company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">For as long as we take advantage of the reduced reporting
obligations, the information that we provide our shareholders may be different from information provided by other public companies.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">As a foreign private issuer, we are permitted to,
and we do, rely on exemptions from certain Nasdaq corporate governance standards applicable to domestic U.S. issuers. This may afford
less protection to holders of our Ordinary Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">We are exempted from certain corporate governance
requirements of Nasdaq by virtue of being a foreign private issuer. We are required to provide a brief description of the significant
differences between our corporate governance practices and the Nasdaq corporate governance practices required to be followed by domestic
U.S. companies listed on Nasdaq. The standards applicable to us are considerably different from the standards applied to domestic U.S.
issuers. For instance, we are not required to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 16.45pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 15.65pt">have a majority of the board of directors be independent (although all of the members of the audit
committee must be independent under the Securities Exchange Act);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 16.45pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 15.65pt">have a compensation committee or a nominating or corporate governance committee consisting entirely
of independent directors; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 16.45pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>have regularly scheduled executive sessions with only independent directors.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">We have relied on and intend to continue to rely on
some of these exemptions. As a result, you may not be provided with the benefits of certain corporate governance requirements of Nasdaq.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Because we qualify as a foreign private issuer under
the Exchange Act, we are also exempt from certain provisions of the securities rules and regulations in the United States that are applicable
to U.S. domestic issuers, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 16.45pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 15.65pt">the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q
or current reports on Form 8-K;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 16.45pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 15.65pt">the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations
in respect of a security registered under the Exchange Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 16.45pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 15.65pt">the sections of the Exchange Act requiring insiders to file public reports of their stock ownership
and trading activities and liability for insiders who profit from trades made in a short period of time; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 16.45pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the selective disclosure rules by issuers of material non-public information under Regulation FD.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><I>Sales under the ATM Facility</I></P>

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

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt">On May 19, 2025, we entered into a Controlled Equity
Offering<FONT STYLE="font-size: 10pt">SM </FONT>Sales Agreement with Cantor Fitzgerald &amp; Co. and Maxim, pursuant to which we may elect
to sell, from time to time through Cantor, acting as the sole designated sales agent and/or principal, Ordinary Shares, having an aggregate
offering amount of up to $100,000,000 (the &ldquo;ATM Facility&rdquo;).</P>

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

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt">As of the date hereof, we have sold an aggregate of 10,488,300
Ordinary Shares under the ATM Facility.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><I>Increase of Authorized Capital</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in">On October 6, 2025, we intend to amend
our Memorandum and Articles of Association to increase our authorized share capital from 200,000,000 Ordinary Shares to 500,000,000 Ordinary
Shares, as approved by the Company&rsquo;s board of directors on October 6, 2025.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><I>Reports on Form 6-K</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.55pt">Information contained in our Reports on Form
6-K furnished by us to the SEC on July 15, 2025, August 4, 2025, September 22, 2025, September 26, 2025, and October 7, 2025.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.55pt">Information contained in Exhibit
<FONT STYLE="background-color: white">99.2 (except for Sections 1.1, 1.2, 2.2.3, 2.2.4, 2.3.1, and 2.4) and Exhibit 99.3 to the Report
on Form 6-K furnished by us to the SEC on September 9, 2025. </FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">SEALSQ
Corp is a BVI business company incorporated and existing under the laws of the British Virgin Islands. Our registered office in the British
Virgin Islands is at Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands. Our principal executive offices and effective
place of management are located at Avenue Louis-Casa&iuml; 58, 1216 Cointrin, Switzerland. Our telephone number from the United States
is 011 41 22 594 3000. Our website can be accessed at www.SEALSQ.com. The information on or linked to on our website is not a part of
this prospectus supplement.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><I>The following summary contains
basic information about the offering and is not intended to be complete. It does not contain all the information that is important to
you. You should carefully read the entire prospectus supplement, the accompanying prospectus and the documents incorporated by reference
herein and therein before making an investment decision.</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 45%"><I>Warrants offered by us</I></TD>
    <TD STYLE="text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Class C Warrants to purchase up to 26,250,000 Ordinary Shares. The
                                    Class C Warrants are immediately exercisable upon issuance and may be exercised at any time on or prior to the date that is seven
                                    years after the date such warrants are issued. Each Class C Warrant is exercisable for one Ordinary Share at an initial exercise
                                    price of $5.10.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><I>Pre-funded Warrants offered by us</I></TD>
    <TD STYLE="text-align: justify">Pre-funded Warrants to purchase up to 15,000,000 Ordinary Shares The purchase price of each Pre-funded
    Warrants is equal to the exercise price of $4.60 per Ordinary Share, minus $0.0001. Each Pre-funded Warrant is exercisable for one
    Ordinary Share at an exercise price of $0.0001 per Ordinary Share. The Pre-funded Warrants are immediately exercisable and may be
    exercised at any time until all of the Pre-funded Warrants are exercised in full. For more information, see the section titled &ldquo;<I>Description
    of Warrants</I>&rdquo; on page S-17 of this prospectus supplement.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><I>Ordinary Shares Outstanding After This Offering</I></TD>
    <TD STYLE="text-align: justify">151,662,873 Ordinary Shares (or 183,962,873 Ordinary Shares if the Pre-funded Warrants and Class C Warrants were exercised in full).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><I>Use of Proceeds</I></TD>
    <TD STYLE="text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">We estimate that our net proceeds from this offering will be
                                    approximately $65,350,000.00, after deducting the warrant inducement agent fees and estimated offering expenses payable by us.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><I>&nbsp;</I></TD>
    <TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We intend to use the net proceeds from this offering for general corporate
purposes. General corporate purposes may include funding the deployment of its next-generation post-quantum semiconductor technology and
ASIC capabilities in the United States, to support working capital, additions to working capital, financing of capital expenditures, repayment
or redemption of existing indebtedness, repurchases of stock and future acquisitions and strategic investment opportunities. See &ldquo;<I>Use
of Proceeds</I>&rdquo; for a more complete description of the intended use of proceeds from this offering.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><I>Risk Factors</I></TD>
    <TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">See the sections titled &ldquo;<I>Risk Factors</I>&rdquo; commencing
on page <FONT>S-11</FONT> of this prospectus supplement and in our base prospectus and the Annual Report
and other filings incorporated by reference herein for a discussion of factors you should consider carefully before deciding to invest
in our Ordinary Shares.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><I>Listing</I></TD>
    <TD STYLE="text-align: justify">Our Ordinary Shares are listed on the Nasdaq Capital Market under the symbol &ldquo;LAES.&rdquo;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><I>Transfer Agent</I></TD>
    <TD STYLE="text-align: justify">Computershare Trust Company, N.A. is the registrar and transfer agent of our Ordinary Shares.</TD></TR>
  </TABLE>
<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; text-indent: 39.9pt">The number of our Ordinary Shares to
be outstanding after this offering is based on 142,712,873 of our Ordinary Shares outstanding as of October 3, 2025 and excludes the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 32.9pt"></TD><TD STYLE="width: 27.2pt">&bull;</TD><TD STYLE="padding-right: 55.1pt">3,658,945 Ordinary Shares issuable upon the exercise of options to purchase up to 3,658,945 Ordinary
Shares at an exercise price of $0.01 per share issued under our Employee Ordinary Share Ownership Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 32.9pt"></TD><TD STYLE="width: 27.2pt">&bull;</TD><TD STYLE="padding-right: 55.1pt">up to 15,000,000 Ordinary Shares issuable upon the exercise of the Class A Warrants at an exercise price
of $4.60 per share.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 32.9pt"></TD><TD STYLE="width: 27.2pt">&bull;</TD><TD STYLE="padding-right: 55.1pt">up to 15,000,000 Ordinary Shares issuable upon the exercise of the Class B Warrants at an exercise price
of $4.60 per share.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P ID="S-11" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt"><I>An
investment in our Ordinary Shares involves a high degree of risk. Before investing in our Ordinary Shares, you should carefully consider
the risk factors set forth below and those described under &ldquo;Risk Factors&rdquo; in the documents incorporated by reference herein,
including in our most recent Annual Report on Form 20-F filed with the SEC, together with the other information included in this prospectus
supplement, the base prospectus and incorporated by reference herein from our filings with the SEC. If any of such risks or uncertainties
occurs, our business, financial condition, and operating results could be materially and adversely affected. Additional risks and uncertainties
not currently known to us or that we currently deem immaterial also may materially and adversely affect our business operations. As a
result, the trading price of our Ordinary Shares could decline and you could lose all or a part of your investment.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>Risks Related to this Offering</B></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt">Our management will have broad discretion
over the use of the net proceeds from this offering, and you may not agree with how we use the proceeds and the proceeds may not be invested
successfully.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">Our management
will have broad discretion as to the use of the net proceeds from this offering and could use them for purposes other than those contemplated
at the time of this offering. Accordingly, you are relying on the judgment of our management with regard to the use of these net proceeds,
and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds will be used appropriately.
We intend to use the proceeds from this offering in the manner described under &ldquo;<I>Use of Proceeds</I>.&rdquo; It is possible that
the proceeds will be invested in a way that does not yield a favorable, or any, return for SEALSQ.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt">Purchasers may experience immediate dilution
in the net tangible book value per Ordinary Share of the Ordinary Shares purchased upon the exercise of the Warrants in the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.55pt">The exercise price per Ordinary
Share upon the exercise of Warrants offered and sold in this offering may exceed the pro forma as adjusted net tangible book value per
Ordinary Share outstanding prior to this offering. We calculate net tangible book value per Ordinary Share by dividing the net tangible
book value, which is tangible assets less total liabilities, by the number of outstanding Ordinary Shares. Dilution represents the difference
between (i) the exercise price per Ordinary Share upon the exercise of Class A Warrants, and in the case of the Pre-funded Warrants, the
pre-funded payment paid by purchasers of Pre-funded Warrants in this offering and the remaining exercise price of the Pre-funded Warrants,
and (ii) the pro forma as adjusted net tangible book value per Ordinary Share immediately after the exercise of the Class A Warrants or
Pre-funded Warrants, as applicable. As of June 30, 2025, our net tangible book value was $118.1 million, or $0.95 per Ordinary Share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">After
giving effect to the issuance of 93,512 Ordinary Shares at a price of $0.01 per share during the period from September 16, 2025 to September
30, 2025 pursuant to stock option exercises under our stock option plan, the issuance on July 15, 2025 of 15,000,000 Ordinary Shares at
an offering price of $4.00 per share pursuant to a registered direct offering, and to the issuance of 2,978,563 Ordinary Shares during
the period from September 23, 2025 to October 2, 2025 at an average sales price of $4.0936 per share pursuant to sales under our ATM facility,
our pro forma net tangible book value as of June 30, 2025 would have been approximately $185.4 million or $1.31 per Ordinary Share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">After
giving effect to the exercise of the Class A Warrants for 15,000,000 Ordinary Shares at a price of $4.60 per share on October 7, 2025,
the issuance of the Pre-funded Warrants, and after deducting aggregate offering expenses paid by us, our pro forma as adjusted net tangible
book value as of June 30, 2025 would have been approximately $250.8 million or $1.60 per Ordinary Share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">This represents
an immediate increase in pro forma as adjusted net tangible book value to existing shareholders of $0.29 per Ordinary Share and an immediate
dilution to purchasers in this offering of $3.00 per Ordinary Share.</P>

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

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

<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">See the
section entitled &ldquo;<I>Dilution</I>&rdquo; on page <FONT>S-19</FONT> below for a more detailed illustration
of the dilution you may incur if you participate in this offering.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt">You may experience future dilution as a result
of future equity offerings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">In order
to raise additional capital, we may in the future offer additional of our Ordinary Shares or other securities convertible into or exchangeable
for our Ordinary Shares. We cannot assure you that we will be able to sell Ordinary Shares or other securities in any other offering at
a price per Ordinary Share that is equal to or greater than the price per Ordinary Share and accompanying Warrants paid by investors in
this offering, and investors purchasing Ordinary Shares or other securities in the future could have rights superior to existing shareholders.
The price per Ordinary Share at which we sell additional Ordinary Shares or other securities convertible into or exchangeable for our
Ordinary Shares in future transactions may be higher or lower than the price per Ordinary Share and accompanying Warrants in this offering.
In addition, the market price of our Ordinary Share could fall as a result of resales of any of these Ordinary Shares due to an increased
number of Ordinary Shares available for sale in the market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>Risks Related to the Warrants</B></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt">There is no public trading market for the Warrants
to purchase Ordinary Shares in this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 19.95pt; margin: 0pt; text-align: justify">There is no established public
trading market for the Warrants being sold in this offering, and we do not expect such a market to develop. This may negatively affect
the market value of the Warrants and your ability to transfer or sell your Warrants. In addition, we do not intend to apply to list the
Warrants on any securities exchange or other nationally recognized trading system. Without an active market, the liquidity of the Warrants
will be limited.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">The
market price of our Ordinary Shares, which has been volatile and may continue to be volatile, may adversely affect the value of the Class
C Warrants sold in this offering, and you may not be able to recover the value of your investment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 19.95pt; margin: 0pt; text-align: justify">The market price of our Ordinary
Shares, which has been volatile and may continue to be volatile, will affect the value of the Class C Warrants sold in this offering.
The market price of our Ordinary Shares will likely fluctuate in response to a number of factors, including our financial condition and
operating results, as well as economic, financial and other factors, many of which are beyond our control. In order for you to recover
the value of your investment in the Class C Warrants, the market price of our Ordinary Shares must increase from the price in effect on
the date of this prospectus supplement. However, there can be no assurance that the price of our Ordinary Shares will exceed the price
required for you to achieve a positive return on your investment upon a warrant exercise date.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt">The Warrants are speculative in nature.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 19.95pt; margin: 0pt; text-align: justify">The Warrants offered hereby do not confer any rights of Ordinary Share
ownership on their holders, such as voting rights or the right to receive dividends, but rather merely represent the right to acquire
Ordinary Shares at a fixed price. Specifically, commencing on the date of issuance, holders of the Class C Warrants may exercise their
right to acquire Ordinary Shares and pay an exercise price of $5.10 per share, subject to certain adjustments. The Warrants will expire
in seven years from the original issuance date, after which each time any unexercised Class C Warrants will expire and have no further
value. Holders of Pre-funded Warrants have substantially identical rights, except that the Pre-funded Warrants have an exercise price
of $0.0001 and do not expire until exercised in full. Moreover, following this offering, the market value of the Pre-Funded Warrants and
Class C Warrants, if any, is uncertain and there can be no assurance that the market value of the Pre-Funded Warrants and Class C Warrants
will equal or exceed their imputed offering price. There can be no assurance that the market price of the Ordinary Shares will ever equal
or exceed the exercise price of the Class C Warrants and consequently, whether it will ever be profitable for holders of the Class C Warrants
to exercise the Class C Warrants.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt">The holders of the Warrants will have no rights
as shareholders until they acquire Ordinary Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 19.95pt; margin: 0pt; text-align: justify">Until you become a holder of
record of our Ordinary Shares issued upon settlement of your Warrants, you will have no rights with respect to such shares, including
rights to vote or rights to respond to tender offers. Upon exercise of your Warrants, you will be entitled to exercise the rights of a
shareholder only as to matters for which the record date occurs on or after the date you become the holder of record of such shares.</P>

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt">Acquisitions, joint ventures, and strategic
alliances may have an adverse effect on our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">We expect
to continue making acquisitions and entering into joint ventures and strategic alliances as part of our long-term business strategy. Acquisitions
and other transactions and arrangements involve significant challenges and risks, including that they do not receive the required government
approvals to close, that they do not advance our business strategy, that we get an unsatisfactory return on our investment, that they
raise new compliance-related obligations and challenges, that we have difficulty integrating and retaining new employees, business systems,
and technology, that they distract management from our other businesses, or that announced transactions may not be completed. If an arrangement
fails to adequately anticipate changing circumstances and interests of a party, it may result in early termination or renegotiation of
the arrangement. We also have limited ability to control or influence third parties with whom we have arrangements, which may impact our
ability to realize the anticipated benefits. The success of these transactions and arrangements depend in part on our ability to leverage
them to enhance our existing products and services or develop compelling new ones, as well as the acquired companies&rsquo; ability to
meet our policies and processes in areas such as data governance, privacy, and cybersecurity. It may take longer than expected to realize
the full benefits from these transactions and arrangements, such as increased revenue or enhanced efficiencies, or the benefits may ultimately
be smaller than we expected.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt">Resales of our Ordinary Shares in the public
market following this offering may cause the trading price to fall.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">The resale
of a substantial number of Ordinary Shares could depress the trading price of our Ordinary Shares. This offering of new Ordinary Shares
could result in resales of our Ordinary Shares by our current shareholders concerned about the potential dilution of their holdings. If
our shareholders sell substantial amounts of our Ordinary Shares in the public market following the offering contemplated by this prospectus
supplement, the trading price of our Ordinary Shares could fall.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt">Our stock price has been and may continue to
be volatile.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">The market
price of our Ordinary Shares has been, and is likely to continue to be, volatile. The variance in our stock price makes it difficult to
forecast the stock price at which an investor may be able to buy or sell Ordinary Shares. The market price for our Ordinary Shares could
be subject to fluctuations as a result of factors that are out of our control, such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 66.65pt"></TD><TD STYLE="width: 14.25pt">&bull;</TD><TD>actual or anticipated variations in our results of operations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 66.65pt"></TD><TD STYLE="width: 14.25pt">&bull;</TD><TD>general conditions and trends in the semiconductor industry; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 66.65pt"></TD><TD STYLE="width: 14.25pt">&bull;</TD><TD>general economic, political and market conditions.</TD></TR></TABLE>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt">We may, in the future, issue additional
Ordinary Shares, which would reduce investors&rsquo; percent of ownership and may dilute our share value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">The future
issuance of Ordinary Shares, including in &ldquo;at the market&rdquo; or continuous equity offerings may result in substantial dilution
in the percentage of our Ordinary Shares held by our then existing shareholders. We may value any Ordinary Shares in the future on an
arbitrary basis. The issuance of Ordinary Shares for future services or acquisitions or other corporate actions may have the effect of
diluting the value of the shares held by our investors, might have an adverse effect on any trading market for our Ordinary Shares and
could impair our ability to raise capital in the future through the sale of equity securities. . Under &ldquo;at the market&rdquo; or
continuous equity offerings&rdquo;, we will have discretion, subject to market demand, to vary the timing, prices and number of shares
sold.</P>

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

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

<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt">An active trading market for our Ordinary Shares
may not be sustained.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">Although
our Ordinary Shares are listed on the Nasdaq Stock Market, LLC, the market for our Ordinary Shares has demonstrated varying levels of
trading activity. The current level of trading may not be sustained in the future. The lack of an active market for our Ordinary Shares
may impair investors&rsquo; ability to sell their Ordinary Shares at the time they wish to sell them or at a price that they consider
reasonable, may reduce the fair market value of their Ordinary Shares and may impair our ability to raise capital to continue to fund
operations by selling Ordinary Shares and may impair our ability to acquire additional assets by using our Ordinary Shares as consideration.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt">Our business could suffer as a result of tariffs
and trade sanctions or similar actions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">The imposition
by the U.S. government of trade measures, including tariffs, sanctions or other restrictions on goods exported from, or imported into,
the United States, or countermeasures imposed in response to such U.S. government trade measures, could adversely affect global economic
conditions, our operations or our ability to sell our products globally, which could adversely affect our operating results and financial
condition. Recently, the U.S. government has initiated the imposition of stronger trade measures on certain goods exported from, or imported
into, the U.S., and reciprocally non-U.S. governments have increased their threat and implementation of countermeasures. For example,
recently, the U.S. government announced proposed tariffs on imports of semiconductor chips into the U.S. The U.S. President has increased,
and reserved for further increases in, the scope and amount of tariffs in the event of retaliatory countermeasures, and the future of
existing tariffs and, as a result, the possibility for new tariffs and countermeasures, remains very uncertain. A large amount of our
current supply chain does not directly import products to the U.S. as we supply to contract manufacturers located outside the U.S. This
is the case even when our ultimate customer is a U.S. company. However, the tariffs on imports of semiconductor chips, or products containing
semiconductor chips, into the U.S. could impact upon the contract manufacturers, and the entire semiconductor supply chain, when the finished
goods are delivered to the end-customer. Furthermore, end-customers may seek to restructure the supply chain to areas or countries unaffected
by tariffs, or demand for the semiconductor supply chain to absorb the added costs of the tariffs and that will, in turn, reduce our revenue
and gross profit. There is a further possibility that any future tariffs may still impact upon our ability to sell our product and to
remain competitive in the market. Escalations in trade measures may directly impair our business by increasing trade-related costs or
disrupting established supply chains and may indirectly impair our business by causing a negative effect on global economic conditions
and financial markets. In addition, de-escalation of trade measures, or selected exemptions from trade measures, may not result in an
immediate increase in our business activity. The ultimate impact of the evolving trade measures is uncertain and may be affected by various
factors, including whether and when such trade measures are implemented, the timing when such measures may become effective, and the amount,
scope, or nature of such trade measures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">Additional
changes or threatened changes in U.S. trade measures have affected and may continue to affect trade involving many countries as well,
including Mexico, Canada, Colombia, Taiwan, the People&rsquo;s Republic of China, the United Kingdom, and the member countries of the
European Union. Each of these measures or threatened measures may instigate reciprocal countermeasures by affected countries, potentially
accelerating further increases in trade measures. Any trade measure against Taiwan may specifically target imports of semiconductor products,
which, if imposed, could seriously and negatively affect our business and the U.S. economy overall. The materials subject to these trade
measures may impact the cost or availability of raw materials used by our suppliers or in our customers&rsquo; products. We cannot predict
the evolving trade policies, but the imposition of trade measures by the U.S. on a broader range of imports, or further retaliatory trade
measures taken in response to additional U.S. trade measures, could increase costs in our supply chain or reduce demand of our customers&rsquo;
products, either of which could adversely affect our results of operations. Any increase in trade-related costs associated with such measures
may impair the profitability of such international production, may strain our suppliers&rsquo; ability to reliably provide inputs necessary
to produce these items, and may otherwise affect our partners&rsquo; abilities to provide our products at previously contracted prices.
Our business and financial results could be negatively affected as a result.</P>

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

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

<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P ID="S-14" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">We estimate that the net proceeds from the sale of our securities (which
represents the proceeds from the exercise of the Class A Warrants into Ordinary Shares and the Pre-funded Warrants) in this offering will
be approximately $65,350,000, after deducting warrant inducement agent fees and estimated offering expenses payable by us. We intend to
use the net proceeds from this offering for working capital and general corporate purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 22.5pt">We intend to use the net proceeds from
this offering for general corporate purposes. General corporate purposes may include funding the deployment of its next-generation post-quantum
semiconductor technology and ASIC capabilities in the United States, to support working capital, additions to working capital, financing
of capital expenditures, repayment or redemption of existing indebtedness, repurchases of stock and future acquisitions and strategic
investment opportunities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">This expected
use of the net proceeds from this offering and our existing cash represents our intentions based upon our current plans, financial condition
and business conditions. The amount, timing and nature of specific expenditures of net proceeds from this offering will depend on a number
of factors, including the timing, scope, progress and results of our development efforts and the timing and progress of any collaboration
efforts. As of the date of this prospectus supplement, we cannot specify with certainty all of the particular uses of the proceeds from
this offering. Accordingly, we will retain broad discretion over the use of such proceeds. Pending any use of the net proceeds from this
offering, if any, we intend to deposit the proceeds in checking or money market accounts, or invest in short term highly rated investments,
at financial institutions.</P>

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

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

<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P ID="S-15" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">The following table presents our total capitalization and
cash and cash equivalents as of June 30, 2025,</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 18pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">on an actual basis;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">on a pro forma basis to give effect, from June 30, 2025 to the date of this prospectus supplement, to the issuance of 93,512 Ordinary Shares at a price of $0.01 per share during the period from September 16, 2025 to September 30, 2025 pursuant to stock option exercises under our stock option plan, the issuance on July 14, 2025 of 15,000,000 Ordinary Shares at an offering price of $4.00 per share pursuant to a registered direct offering, and to the issuance of 2,978,563 Ordinary Shares during the period from September 23, 2025 to October 2, 2025 at an average sales price of $4.0936 per share pursuant to sales under our ATM facility; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">on a pro forma, as adjusted basis, giving effect to the exercise of the Class A Warrants for the issuance of 15,000,000 Ordinary Shares at a price of $4.60 per share and the payment for the Pre-funded Warrants.</FONT></TD></TR>
  </TABLE>
<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; text-align: justify; text-indent: 19.95pt">The information
set forth in the following table should be read in conjunction with, and is qualified in its entirety by, reference to our financial statements
and the notes thereto incorporated by reference into this prospectus supplement and the accompanying prospectus.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 22.25pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Actual</B></P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0"><B>(audited)</B></P></TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Pro Forma (unaudited)</B></TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: left"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>Pro Forma,</B></P>
                                                                             <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>As Adjusted</B></P>
                                             <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>(unaudited)</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0pt"><B>USD'000</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0pt">Debt(1):&#8239; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 22.25pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 55%; text-align: left; padding-left: 22.25pt">Bonds, mortgages and other long-term debt</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">1,907</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">1,907</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">1,907</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 22.25pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 22.25pt">Indebtedness to related parties, noncurrent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,531</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,531</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,531</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Total debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,438</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,438</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,438</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Shareholders&rsquo; equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9.2pt">Capital stock(2)(3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.2pt">&mdash;Ordinary Shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,238</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,419</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,569</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9.2pt">&mdash;Class F Shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Additional Paid-in Capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177,863</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">244,960</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">310,160</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Accumulated other comprehensive income / (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">866</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">866</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">866</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accumulated deficit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(61,913</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(61,913</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(61,913</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">118,129</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">185,407</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">250,757</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total capitalization</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">123,567</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">190,845</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">256,195</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<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: 37.95pt"></TD><TD STYLE="width: 16.65pt">(1)</TD><TD>All debt is unsecured.</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: 37.95pt"></TD><TD STYLE="width: 16.8pt">(2)</TD><TD STYLE="padding-right: 77.7pt">Under our Amended and Restated Memorandum and Articles of Association, as amended through June 30, 2025,
we were authorized to issue up to 200,000,000 Ordinary Shares, US$0.01 par value per share, of which 123,731,729 were issued and outstanding
as of June 30, 2025, and 10,000,000 Class F Shares, US$0.05 par value per share, of which 1,499,800 were issued and outstanding as of
June 30, 2025. See <I>&ldquo;Description of Ordinary Shares&rdquo; </I>in the accompanying base prospectus.</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: 37.95pt"></TD><TD STYLE="width: 16.75pt">(3)</TD><TD STYLE="padding-right: 44.15pt">Except as otherwise noted, all information in this prospectus reflects and assumes no exercise of outstanding
options or warrants.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The above table excludes (i) 2,981,777 Ordinary Shares issuable upon
the exercise of options to purchase up to 2,981,777 Ordinary Shares at an exercise price of $0.01 per share issued under our Employee
Ordinary Share Ownership Plan and (ii) 41,250,000 Ordinary Shares issuable upon exercise of Class B and Class C Warrants.</P>

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

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

<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P ID="S-16" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.95pt">For a description of the rights
associated with the Ordinary Shares, see &ldquo;<I>Description of Ordinary Shares</I>&rdquo; in the accompanying base prospectus.</P>

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

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

<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P ID="S-17" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.55pt">The following is a brief summary
of certain terms and conditions of the Pre-funded Warrants and Class C Warrants being offered pursuant to this prospectus supplement.
The following description is subject in all respects to the provisions contained in the respective Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><U>Pre-funded Warrants</U>:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.55pt">The form of Pre-funded Warrant
will be filed as an exhibit to our Current Report on Form 6-K that we expect to file with the SEC.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.55pt">Each of the Pre-funded Warrants <FONT STYLE="background-color: white">are
immediately exercisable and may be exercised at any time until all of the Pre-funded Warrants are exercised in full</FONT> for the purchase
of Ordinary Shares (the &ldquo;Pre-funded Warrant Shares&rdquo;). The Pre-funded Warrants are exercisable via &ldquo;cashless&rdquo; exercise
upon the issuance of the Pre-funded Warrant Shares to the Pre-funded Warrant holders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.55pt">The aggregate exercise price
of the Pre-funded Warrants, except for a nominal exercise price of $0.0001 per Pre-funded Warrant Share, will be pre-funded to the Company
on or prior to the initial exercise date and, consequently, no additional consideration (other than the nominal exercise price of $0.0001
per Pre-funded Warrant Share) will be required to be paid by the holder to effect any exercise of this Warrant. The holder shall not be
entitled to the return or refund of all, or any portion, of such pre-paid aggregate exercise price under any circumstance or for any reason
whatsoever. The remaining unpaid exercise price per Ordinary Share under the Pre-funded Warrant shall be $0.0001, subject to adjustment
thereunder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.55pt">No fractional Ordinary Shares
are to be issued upon the exercise of Pre-funded Warrants. In lieu of a fractional Ordinary Share, we will, upon exercise, either pay
a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the exercise price or round up to
the nearest whole number the number of Ordinary Shares to be issued upon such exercise.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.55pt">A holder will not have the right to exercise any portion of the Pre-funded
Warrants if the holder (together with its affiliates) would beneficially own in excess of 4.99% (or 9.99% at the election of the holder)
of the total number of issued and outstanding Ordinary Shares immediately after giving effect to such exercise, except that upon at least
61 days&rsquo; prior notice from the holder to us, the holder may increase the amount of ownership of outstanding stock after exercising
the holder&rsquo;s Warrants up to 9.99% of the number of Ordinary Shares outstanding immediately after giving effect to the exercise,
as such percentage ownership is determined in accordance with the terms of the Warrants.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.55pt">Subject to applicable laws, the Pre-funded Warrants may be offered
for sale, sold, transferred or assigned without our consent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>Antidilution and other adjustments</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">The exercise price of the Pre-funded Warrants and the number of Ordinary
Shares issuable upon exercise of the Pre-funded Warrants is subject to appropriate adjustment in the event of certain stock dividends
and distributions, stock splits, stock combinations, reclassifications or similar events affecting our Ordinary Shares. The holders of
Pre-funded Warrants have the right to participate on an as-exercised basis in certain distributions to our holders of our Ordinary Shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.55pt">Under the Pre-funded Warrants,
we have agreed that upon consummation of a <I>Fundamental Transaction </I>(as defined below), then, upon any subsequent exercise of the
Pre-funded Warrants, the holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise
immediately prior to the occurrence of such Fundamental Transaction, at the option of the holder, the number of shares of common equity
of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration receivable
as a result of such Fundamental Transaction by a holder of the number of Ordinary Shares for which such Pre-funded Warrant is exercisable
immediately prior to such Fundamental Transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.55pt">&ldquo;<U>Fundamental Transaction</U>&rdquo;
means a transaction in which (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation
of the Company with or into another Person, (ii) the Company or any Subsidiary, directly or indirectly, effects any sale, lease, license,
assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions,
(iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed
pursuant to which holders of Ordinary Shares are permitted to sell, tender or exchange their shares for other securities, cash or property
and has been accepted by the holders of greater than 50% of the outstanding Ordinary Shares or greater than 50% of the voting power of
the common equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares are effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related
transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group
acquires greater than 50% of the outstanding Ordinary Shares or greater than 50% of the voting power of the common equity of the Company.
Notwithstanding the foregoing, a Fundamental Transaction shall not include (i) any merger of the Company, parent of the Company or any
of their, direct or indirect, consolidated subsidiaries with or into any of the foregoing Persons, (ii) any reorganization, recapitalization
or reclassification of the Ordinary Shares in which holders of the Company&rsquo;s voting power immediately prior to such reorganization,
recapitalization or reclassification continue after such reorganization, recapitalization or reclassification to hold publicly traded
securities and, directly or indirectly, are, in all material respects, the holders of the voting power of the surviving entity (or entities
with the authority or voting power to elect the members of the board of directors (or their equivalent if other than a corporation) of
such entity or entities) after such reorganization, recapitalization or reclassification, or (iii) pursuant to a migratory merger effected
solely for the purpose of changing the jurisdiction of incorporation of the Company or any of its Subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>No rights as a shareholder</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.55pt">Except as provided in the Pre-funded
Warrants, the holder of a Pre-funded Warrant, solely in its capacity as holder of a Pre-funded Warrant, does not have the rights of a
holder of Ordinary Shares including any voting rights, prior to the issuance to the holder of the Ordinary Shares which it is then entitled
to receive upon the due exercise of a Pre-funded Warrant.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.55pt">We do not plan on applying to list
the Pre-funded Warrants on The Nasdaq Capital Market, any other national securities exchange, or any other nationally recognized trading
system.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.55pt">The form of Class C Warrant
will be filed as an exhibit to our Current Report on Form 6-K that we expect to file with the SEC.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.55pt">Each of the Class C Warrants
is exercisable immediately on or after the issuance date and at any time prior to 5:00 p.m., New York City time, on October 7, 2032 (the
&ldquo;Expiration Date&rdquo;) for the purchase of Ordinary Shares (the &ldquo;Warrant Shares&rdquo;). The Class C Warrants are exercisable
via &ldquo;cashless&rdquo; exercise in the absence of an effective registration statement registering the issuance of the Warrant Shares
to the Class C Warrant holders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.55pt">The exercise price per Ordinary
Share purchasable upon the exercise of the Class C Warrants is $5.10 per Ordinary Share. The exercise price of the Class C Warrants and
the number of Ordinary Shares issuable upon exercise are subject to applicable adjustment in the event of certain share dividends and
distributions, share splits, share combinations, reclassifications or similar events affecting our Ordinary Shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.55pt">No fractional Ordinary Shares
are to be issued upon the exercise of Class C Warrants. In lieu of a fractional Ordinary Share, we will, upon exercise, either pay a cash
adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the exercise price or round up to the nearest
whole number the number of Ordinary Shares to be issued upon such exercise.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.55pt">A holder will not have the right to exercise any portion of the Class
C Warrants if the holder (together with its affiliates) would beneficially own in excess of 4.99% (or 9.99% at the election of the holder)
of the total number of issued and outstanding Ordinary Shares immediately after giving effect to such exercise, except that upon at least
61 days&rsquo; prior notice from the holder to us, the holder may increase the amount of ownership of outstanding stock after exercising
the holder&rsquo;s Warrants up to 9.99% of the number of Ordinary Shares outstanding immediately after giving effect to the exercise,
as such percentage ownership is determined in accordance with the terms of the Warrants.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.55pt">Subject to applicable laws, Class
C Warrants may be offered for sale, sold, transferred or assigned without our consent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>Antidilution and other adjustments</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.55pt">The exercise price of the Class C Warrants and the number of Ordinary
Shares issuable upon exercise of the Class C Warrants is subject to appropriate adjustment in the event of certain stock dividends and
distributions, stock splits, stock combinations, reclassifications or similar events affecting our Ordinary Shares. The holders of Class
C Warrants have the right to participate on an as-exercised basis in certain distributions to our holders of our Ordinary Shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.55pt">Under the Class C Warrants,
we have agreed that upon consummation of a <I>Fundamental Transaction </I>(as defined above), then, upon any subsequent exercise of the
Class C Warrants, the holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise
immediately prior to the occurrence of such Fundamental Transaction, at the option of the holder, the number of shares of common equity
of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration receivable
as a result of such Fundamental Transaction by a holder of the number of Ordinary Shares for which such Class C Warrant is exercisable
immediately prior to such Fundamental Transaction.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>No rights as a shareholder</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.55pt">Except as provided in the Class
C Warrants, the holder of a Class C Warrant, solely in its capacity as holder of a Class C Warrant, does not have the rights of a holder
of Ordinary Shares including any voting rights, prior to the issuance to the holder of the Ordinary Shares which it is then entitled to
receive upon the due exercise of a Class C Warrant.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.55pt">We do not plan on applying to list
the Class C Warrants on The Nasdaq Capital Market, any other national securities exchange, or any other nationally recognized trading
system.</P>

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

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

<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P ID="S-18" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">You should
carefully read the discussion of the material British Virgin Islands and U.S. federal income tax considerations associated with our operations
and the acquisition, ownership and disposition of our Ordinary Shares set forth in Section E, &ldquo;<I>Taxation</I>,&rdquo; of Item 10
of our Annual Report, filed with the SEC on March 20, 2025 and incorporated by reference herein.</P>

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

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

<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P ID="S-19" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 19.55pt">If you invest in our securities
from this offering, your ownership interest will be diluted to the extent of the difference between the exercise price per Ordinary Share
upon the exercise of all outstanding Class A Warrants, including the Pre-funded Warrants, paid by purchasers in this offering and the
pro forma as adjusted net tangible book value per Ordinary Share immediately after the exercise of the Class A Warrants. We calculate
net tangible book value per share by dividing the net tangible book value, which is tangible assets less total liabilities, by the number
of outstanding Ordinary Shares. Dilution represents the difference between (i) the exercise price per Ordinary Share upon the exercise of Class A Warrants, and in the
case of the Pre-funded Warrants, the pre-funded payment paid by purchasers of Pre-funded Warrants in this offering and the remaining exercise
price of the Pre-funded Warrants, and (ii) the pro forma as adjusted net tangible book value per Ordinary Share immediately after the
exercise of the Class A Warrants or Pre-funded Warrants, as applicable. As of June 30, 2025, our net tangible
book value was $118.1 million, or $0.95 per Ordinary Share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">After
giving effect to the issuance of 93,512 Ordinary Shares at a price of $0.01 per share during the period from September 16, 2025 to September
30, 2025 pursuant to stock option exercises under our stock option plan, the issuance on July 14, 2025 of 15,000,000 Ordinary Shares at
an offering price of $4.00 per share pursuant to a registered direct offering, and to the issuance of 2,978,563 Ordinary Shares during
the period from September 23, 2025 to October 2, 2025 at an average sales price of $4.0936 per share pursuant to sales under our ATM facility,
our pro forma net tangible book value as of June 30, 2025 would have been approximately $185.4 million or $1.31 per Ordinary Share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">After
giving effect to the exercise of the Class A Warrants for the issuance of 15,000,000 Ordinary Shares at a price of $4.60 per share on
October 7, 2025, the issuance of the Pre-funded Warrants, and after deducting aggregate offering expenses paid by us, our pro forma as
adjusted net tangible book value as of June 30, 2025 would have been approximately $250.8 million or $1.60 per Ordinary Share. This represents
an immediate increase in as adjusted pro forma net tangible book value to existing shareholders of $0.29 per Ordinary Share and an immediate
dilution to purchasers in this offering of $3.00 per Ordinary Share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">The following table illustrates this calculation on a per
Ordinary Share basis and assumes no exercise of the Warrants.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Offering price per Ordinary Share and Pre-funded Warrants</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%">$</TD>
    <TD STYLE="text-align: right; width: 11%">4.60</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Net tangible book value per share as of June 30, 2025</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.95</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Increase per Ordinary Share attributable to the Ordinary Share issuances made during the period from July 1, 2025 to October 7, 2025 as disclosed above</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.36</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Pro forma net tangible book value as of June 30, 2025</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.31</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Increase per Ordinary Share attributable to this offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.29</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Pro forma as adjusted net tangible book value per Ordinary Share as of June 30, 2025, after giving effect to this offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.60</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Dilution per Ordinary Share to new investors purchasing Ordinary Shares in this offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">3.00</TD>
    <TD>&nbsp;</TD>
    </TR>
  </TABLE>

<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">&nbsp;</P>

<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">The foregoing
discussion and table are based on 123,731,729 Ordinary Shares outstanding as of June 30, 2025, and exclude, as of that date, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 65.6pt"></TD><TD STYLE="width: 18.3pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT>3,071,237 Ordinary Shares issuable upon the exercise of options to
purchase up to 3,071,237 Ordinary Shares at an exercise price of $0.01 per share issued under our Employee Ordinary Share Ownership Plan;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 65.6pt"></TD><TD STYLE="width: 18.3pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt">up to 15,000,000 Ordinary Shares issuable upon the exercise of the Class A Warrants
at an exercise price of $4.60 per share; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 65.6pt"></TD><TD STYLE="width: 18.3pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt">up to 15,000,000 Ordinary Shares issuable upon the exercise of the Class B Warrants
at an exercise price of $4.60 per share.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">We may
choose to raise additional capital due to market conditions or strategic considerations even if we believe we have sufficient funds for
our current or future operating plans. To the extent that additional capital is raised through the sale of equity or convertible debt
securities, the issuance of these securities may result in further dilution to our shareholders.</P>

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

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

<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P ID="S-21" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">Maxim Group LLC is acting as warrant inducement agent and financial
advisor in connection with the transaction (the &ldquo;Warrant Inducement Agent&rdquo;) pursuant to certain letter agreement dated as
of October 5, 2025. The Warrant Inducement Agent is not purchasing or selling any of the securities offered by us in this offering and
is not required to arrange the purchase or sale of any specific number or dollar amount of securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 40.5pt"><FONT STYLE="background-color: white">Delivery
of the securities offered hereby is expected to take place on or about October 7, 2025, subject to satisfaction of customary closing conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>Warrant Inducement Agent Fees, Commissions and Expenses</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">We have
agreed to pay the Warrant Inducement Agent a fee equal to 5.0% of the total proceeds received from the exercise of any and all of the
Warrants until November 5, 2025 (the &ldquo;Fee&rdquo;). The Fee will not be payable with respect to Warrants exercised at their original
exercise price and with respect to which the Company does not offer the holders of the Warrants any additional consideration for such
exercise We have also agreed to reimburse the Warrant Inducement Agent up to $10,000 for the reasonable expenses of in connection with
its engagement. The following table shows the per Class A warrant exercised and total cash Warrant Inducement Agent&rsquo;s fees we will pay to the Warrant
Inducement Agent in connection with the securities offered pursuant to this prospectus supplement and the accompanying prospectus.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 62.1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: right"><B>Per Class A Warrant Exercised</B></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%">Offering price</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary Shares and Class C Warrants(1)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">41,170,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-funded Warrants and Class C &#9;Warrants(2)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.599</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">27,823,950</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Warrant Inducement Agent&rsquo;s fees(3)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.230</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,450,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Proceeds, before expenses, to us(4)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">65,543,950</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 95%; text-align: left"><FONT STYLE="font-size: 10pt">8,950,000 Ordinary Shares and 15,662,500 Class C Warrants</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">6,050,000 Pre-funded Warrants and 10,587,500 Class C Warrants</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">We have also agreed to reimburse the Warrant Inducement Agent for certain of their offering-related expenses. See &ldquo;<I>Plan of Distribution</I>&rdquo; for additional information regarding Warrant Inducement Agent fees and estimated expenses.</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The above proceeds do not give effect to any proceeds from (i) the exercise of the Class C Warrants being issued in this offering and (ii) the unfunded $0.0001 per Ordinary Share exercise price of the Pre-funded Warrants being issued in this offering.</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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

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

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

<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">The Warrant
Inducement Agent may be deemed to be an underwriter within the meaning of Section 2(a)(11) of the Securities Act of 1933, as amended (the
&ldquo;Securities Act&rdquo;), and any commissions received by it and any profit realized on the resale of the shares sold by it while
acting as principal might be deemed to be underwriting discounts or commissions under the Securities Act. As underwriter, the Warrant
Inducement Agent would be required to comply with the requirements of the Securities Act and the Securities Exchange Act of 1934, as amended
(the &ldquo;Exchange Act&rdquo;), including, without limitation, Rule 415(a)(4) under the Securities Act and Rule 10b-5 and Regulation
M under the Exchange Act. These rules and regulations may limit the timing of purchases and sales of Ordinary Shares by the Warrant Inducement
acting as principal. Under these rules and regulations, the Warrant Inducement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 63.55pt"></TD><TD STYLE="width: 24.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>may not engage in any stabilization activity in connection with our securities; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 63.5pt"></TD><TD STYLE="width: 24.9pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 72.1pt">may not bid for or purchase any of our securities or attempt to induce any person
to purchase any of our securities, other than as permitted under the Exchange Act, until it has completed its participation in the distribution.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">We have
agreed to indemnify the Warrant Inducement Agent and certain specified other persons against certain liabilities, including liabilities
under the Securities Act and the Exchange Act, and to contribute to payments the Warrant Inducement Agent and such other persons may be
required to make in respect thereof.</P>

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

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

<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">This prospectus supplement
and the accompanying prospectus may be made available in electronic format on websites or through other online services maintained by
the Warrant Inducement Agent or by an affiliate. Other than this prospectus supplement and the accompanying prospectus, the information
on the Warrant Inducement Agent&rsquo;s website and any information contained in any other website maintained by the Warrant Inducement
Agent is not part of this prospectus supplement and the accompanying prospectus or the registration statement of which this prospectus
supplement and the accompanying prospectus form a part, has not been approved and/or endorsed by us or the Warrant Inducement Agent,
and should not be relied upon by investors.&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 26; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">The Warrant Inducement Agent and its affiliates may provide from time
to time in the future certain commercial banking, financial advisory, investment banking and other services for us in the ordinary course
of their business, for which they may receive customary fees and commissions. In addition, from time to time, the Warrant Inducement Agent
and its affiliates may effect transactions for their own account or the account of customers, and hold on behalf of themselves or their
customers, long or short positions in our debt or equity securities or loans, and may do so in the future. However, except as disclosed
in this prospectus supplement, we have no present arrangements with the Warrant Inducement Agent for any further services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">Below
is a description of certain recent investment banking and financial advisory services that Maxim has provided to us in the ordinary course
of business, for which Maxim received customary fees, commissions and other compensation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><I>Convertible Note and Warrant Private Placements</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt; color: #202529">Maxim
served as the sole placement agent for us in connection with the private placements of notes and warrants to certain investors on July
11, 2023, January 9, 2024 and March 1, 2024, respectively. Under the terms of this arrangement, SEALSQ has paid a total of $1,515,000
to Maxim.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><I>December 16, 2024 Registered Direct Offering</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt; color: #202529">Maxim
served as the sole placement agent for us in connection with the December 16, 2024 Offering. Under the terms of this arrangement, SEALSQ
paid a total of $700,000.03 to Maxim.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><I>December 17, 2024 Registered Direct Offering</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt; color: #202529">Maxim
served as the sole placement agent for us in connection with the December 17, 2024 Offering. Under the terms of this arrangement, SEALSQ
paid a total of $1,750,000.17 to Maxim.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><I>December 19, 2024 Registered Direct Offering</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt; color: #202529">Maxim
served as the sole placement agent for us in connection with the December 19, 2024 Offering. Under the terms of this arrangement, SEALSQ
paid a total of $1,750,000.17 to Maxim.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><I>May 6, 2025 Registered Direct Offering</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt; color: #202529">Maxim
served as the sole placement agent for us in connection with the May 6, 2025 Offering. Under the terms of this arrangement, SEALSQ paid
a total of $1,400,000.00 to Maxim.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><I>May 19, 2025 ATM Facility</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt; color: #202529">Maxim
serves as co-sales agent for us in connection with the May 19, 2025 ATM Facility. Under the terms of this arrangement, SEALSQ has paid
a total of $364,103.00 to Maxim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt; color: #202529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><I>July 15, 2025 Registered Direct Offering</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt; color: #202529">Maxim
served as the sole placement agent for us in connection with the July 15, 2025 Offering. Under the terms of this arrangement, SEALSQ paid
a total of $ 4,200,000.00 to Maxim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt"></P>

<!-- Field: Page; Sequence: 27; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P ID="S-25" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">We estimate that the total expenses of this offering payable
by us, excluding the Warrant Inducement Agents&rsquo; commissions, will be approximately $200,000.00  as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; text-align: left">SEC registration fee*</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right"></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">FINRA filing fee**</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Legal fees and expenses***</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">200,000.00</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Accounting fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">200,000.00</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 66%; text-align: left">$76,550.00 previously paid</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD>
    <TD STYLE="text-align: left">$75,500.00 previously paid</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">***</FONT></TD>
    <TD STYLE="text-align: left">Estimated</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 28; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P ID="S-26" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">Certain
legal matters with respect to British Virgin Islands law in connection with this offering are being passed upon for us by Harney Westwood
&amp; Riegels (BVI) LP. Certain matters of U.S. federal and New York law are being passed upon for us by Patterson Belknap Webb &amp;
Tyler LLP, New York, New York. Ellenoff Grossman &amp; Schole LLP, New York, New York has acted as counsel to the Warrant Inducement Agent.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">The financial
statements of SEALSQ Corp as of and for the year ended December 31, 2024 and December 31, 2023, in each case incorporated by reference
in this prospectus supplement from the Company&rsquo;s Annual Report on Form 20-F for the year ended December 31, 2024 have been so incorporated
in reliance on the reports of BDO Ltd, an independent registered public accounting firm, given upon the authority of said firm as experts
in accounting and auditing. The financial statements of SEALSQ Corp Predecessor as of and for the year ended December 31, 2022, incorporated
by reference in this prospectus supplement from the Company&rsquo;s Annual Report on Form 20-F for the year ended December 31, 2024 have
been so incorporated in reliance on the report of BDO Rh&ocirc;ne Alpes, an independent registered public accounting firm, given upon
their authority as experts in accounting and auditing.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">We are
incorporated under the laws of the British Virgin Islands and our principal executive offices are located outside the United States. Most
of our directors and officers and those of our subsidiaries are residents of countries other than the United States. Substantially all
of our and our subsidiaries&rsquo; assets and a substantial portion of the assets of our directors and officers are located outside the
United States. As a result, it may be difficult or impossible for United States investors to effect service of process within the United
States upon us, our directors or officers or our subsidiaries, or to realize against us or them judgments obtained in United States courts,
including judgments predicated upon the 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">Furthermore,
there is substantial doubt that courts in jurisdictions outside the U.S. (i) would enforce judgments of U.S. courts obtained in actions
against us or our directors or officers based upon the civil liability provisions of applicable U.S. federal and state securities laws
or (ii) would enforce, in original actions, liabilities against us or our directors or officers based on those laws.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">We have
filed with the SEC a registration statement on Form F-3 under the Securities Act, relating to this offering of securities. This prospectus
supplement does not contain all of the information contained in the registration statement. The rules and regulations of the SEC allow
us to omit certain information from this prospectus supplement that is included in the registration statement. Statements made in this
prospectus supplement concerning the contents of any contract, agreement or other document are summaries of all material information about
the documents summarized, but are not complete descriptions of all terms of these documents. If we filed any of these documents as an
exhibit to the registration statement, you may read the document itself for a complete description of its terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">We are
subject to the informational requirements of the Exchange Act applicable to foreign private issuers. In accordance with the Exchange Act,
we file reports, including annual reports on Form 20-F containing financial statements audited by an independent accounting firm. We also
furnish to the SEC, under cover of Reports of Foreign Private Issuer on Form 6-K, material information required to be made public by us
or filed by us with and made public by any stock exchange or distributed by us to our shareholders. Such reports and other information
filed with the SEC are available to the public over the internet at the SEC&rsquo;s website at http://www.sec.gov. We also generally make
available on our own website (www.sealsq.com) our quarterly and year-end financial statements as well as other information.</P>

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

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

<!-- Field: Page; Sequence: 29; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P ID="S-27" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">As a foreign
private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements to shareholders,
and our officers, directors and principal shareholders are exempt from the &ldquo;short-swing profits&rdquo; reporting and liability provisions
contained in Section 16 of the Exchange Act and related Exchange Act rules. In addition, we are not required under the Exchange Act to
file periodic reports and financial statements as frequently or as promptly as U.S. companies whose securities are registered under the
Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">We maintain
a corporate website at www.sealsq.com. Information contained on, or that can be accessed through, our website does not constitute a part
of this prospectus supplement. We have included our website address in this prospectus supplement solely as an inactive textual reference.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 39.95pt">The SEC
allows us to incorporate by reference our publicly filed reports into this prospectus supplement, which means that information included
in those reports is considered part of this prospectus supplement. Because we are incorporating by reference future filings with the SEC,
this prospectus supplement is continually updated and those future filings may modify or supersede some of the information included or
incorporated by reference in this prospectus supplement. This means that you must look at all of the SEC filings that we incorporate by
reference to determine if any of the statements in this prospectus supplement or in any document previously incorporated by reference
have been modified or superseded. This prospectus supplement incorporates by reference the documents listed below and any future filings
we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;)
(in each case, other than those documents or the portions of those documents furnished, rather than filed), and, to the extent designated
therein, reports on Form 6-K, until the offering of the securities under the registration statement of which this prospectus supplement
and accompanying base prospectus forms a part is terminated or completed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 60.1pt"></TD><TD STYLE="width: 27.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 20, 2025;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 60.1pt"></TD><TD STYLE="width: 27.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 61.45pt"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">our Reports on Form 6-K furnished by us to the SEC on July 15, 2025,
August 4, 2025, September 22, 2025, September 26, 2025, and October 7, 2025;</P></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 60.1pt"></TD><TD STYLE="width: 27.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 61.45pt">Exhibit 99.2 (except for Sections 1.1, 1.2, 2.2.3, 2.2.4, 2.3.1, and 2.4) and Exhibit 99.3 to the Report
on Form 6-K furnished by us to the SEC on September 9, 2025;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 60.1pt"></TD><TD STYLE="width: 27.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 38.45pt">the description of our Ordinary Shares contained in our Registration Statement on Form 8-A filed with
the SEC on May 18, 2023, as amended by Exhibit 2.4 to our Annual Report on Form 20-F for the year ended December 31, 2024, filed with
the SEC on March 20, 2025, as further amended and supplemented by the description of our Securities contained in this prospectus under
&ldquo;<I>Description of Ordinary Shares</I>,&rdquo; including any subsequent amendment or any report filed for the purpose of updating
such description.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 30; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">The SEC
maintains an Internet site at http://www.sec.gov that contains reports, proxy and information statements, and other information regarding
issuers like us that file electronically with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">We will
also incorporate by reference all subsequent Annual Reports on Form 20-F that we file with the SEC. In addition, we will incorporate by
reference certain future materials furnished to the SEC on Form 6-K after the date of the initial registration statement, but only to
the extent specifically indicated in those submissions or in a future prospectus supplement. Each subsequently filed Annual Report should
be deemed to supersede entirely each earlier filed Annual Report and the materials furnished on an earlier Form 6-K and, unless explicitly
stated otherwise, such earlier reports should not be deemed to be part of this prospectus supplement and you should not rely upon statements
made in those earlier periodic reports. In all cases, you should rely on the later information over different information in this prospectus
supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">We will
furnish without charge to you, on written or oral request, a copy of any or all of the above documents, other than exhibits to such documents
which are not specifically incorporated by reference therein. You should direct any requests for documents to:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Avenue Louis-Casa&iuml; 58</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">1216 Cointrin Switzerland</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Tel: 011-41-22-594-3000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Fax: 011-41-22-594-3001</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">The information relating
to us contained in this prospectus supplement is not comprehensive and should be read together with the information contained in the
incorporated documents. Descriptions contained in the incorporated documents as to the contents of any contract or other document may
not contain all of the information which is of interest to you. You should refer to the copy of such contract or other document filed
as an exhibit to our filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt"></P>

<!-- Field: Page; Sequence: 31; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 19.95pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B>$500 million</B></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">This prospectus
relates to the offer and sale by SEALSQ Corp from time to time of Ordinary Shares, warrants to purchase Ordinary Shares, subscription
rights or units. We may also offer securities that may be issuable upon the conversion, exercise or exchange of warrants or subscription
rights. We refer to all of the foregoing securities collectively as the &ldquo;securities&rdquo; in this prospectus. The aggregate initial
offering price of the securities that we may offer and sell under this prospectus will not exceed $500 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Each time
we sell securities pursuant to this prospectus, we will provide in a supplement to this prospectus the price and any other material terms
of any such offering. Any prospectus supplement may also add, update or change information contained in this prospectus. You should read
this prospectus and any applicable prospectus supplement, as well as the documents incorporated by reference or deemed incorporated by
reference into this prospectus, carefully before you invest in any securities. <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>This
prospectus may not be used to offer or sell securities unless accompanied by a prospectus supplement.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">We may, from
time to time, offer to sell the securities, through public or private transactions, directly or through underwriters, agents or dealers,
on or off the Nasdaq Capital Market, or Nasdaq, at prevailing market prices or at privately negotiated prices. If any underwriters, agents
or dealers are involved in the sale of any of these securities, the applicable prospectus supplement will set forth the names of the underwriter,
agent or dealer, and any applicable fees, commissions or discounts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Our Ordinary
Shares are listed on the Nasdaq Capital Market under the ticker symbol &ldquo;LAES.&rdquo; The last reported sale price of our Ordinary
Shares on the Nasdaq Capital Market on March 24, 2025 was $3.16 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><B>Investing
in our securities involves a high degree of risk. Please carefully consider the risks discussed in this prospectus under &ldquo;Risk Factors&rdquo;
beginning on page 4 and the &ldquo;Risk Factors&rdquo; in &ldquo;Item 3.D: Key Information&mdash;Risk Factors&rdquo; of our most recent
Annual Report on Form 20-F incorporated by reference in this prospectus and in any applicable prospectus supplement for a discussion of
the factors you should consider carefully before deciding to purchase these securities.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><B>Neither the Securities and
Exchange Commission, nor any other regulatory body has approved or disapproved of these securities or determined if this prospectus supplement
or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">Prospectus dated April 2, 2025.<BR STYLE="clear: both"></P>

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

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

<!-- Field: Page; Sequence: 32; Options: NewSection; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P ID="A-1" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">This prospectus
is part of a registration statement that we have filed with the SEC, utilizing a &ldquo;shelf&rdquo; registration process. Under this
shelf process, we may sell the securities or any combination of the securities described in this prospectus in one or more offerings for
an aggregate offering amount of up to $500 million. This prospectus does not contain all of the information set forth in the registration
statement, certain parts of which are omitted in accordance with the rules and regulations of the SEC. Accordingly, you should refer to
the registration statement and its exhibits for further information about us and our securities. Copies of the registration statement
and its exhibits are on file with the SEC. Statements contained in this prospectus concerning the documents we have filed with the SEC
are not intended to be comprehensive, and in each instance we refer you to a copy of the actual document filed as an exhibit to the registration
statement or otherwise filed with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Each time we
offer our securities pursuant to this registration statement, we will provide you with a prospectus supplement that will describe the
specific amounts, prices and terms of the securities we offer. The prospectus supplement may also add, update or change information contained
in this prospectus. This prospectus, together with applicable prospectus supplements and the documents incorporated by reference in this
prospectus and any prospectus supplements, includes all material information relating to this offering. Please read carefully both this
prospectus and any prospectus supplement together with additional information described below under &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Where
You Can Find More Information</I></FONT>&rdquo; and &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Incorporation of
Certain Documents by Reference</I></FONT>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">This prospectus
does not contain all of the information provided in the registration statement that we filed with the Commission. For further information
about us or our securities, you should refer to that registration statement, which you can obtain from the Commission as described below
under &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Where You Can Find More Information</I></FONT>&rdquo; and &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Incorporation
of Certain Documents by Reference</I></FONT>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">You should
rely only on the information incorporated by reference or provided in this prospectus or any prospectus supplement. &ldquo;Incorporated
by reference&rdquo; means that we can disclose important information to you by referring you to another document filed separately with
the SEC. We have not authorized anyone to provide you with different information. We are offering to sell, and seeking offers to buy,
our securities only in jurisdictions where offers and sales are permitted. We are not making, nor will we make, an offer to sell securities
in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus and
any supplement to this prospectus is current only as of the dates on their respective covers. 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; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">We prepare
our financial statements in United States dollars and in accordance with United States generally accepted accounting principles.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Certain figures
included in this prospectus have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not
be an arithmetic aggregation of the figures that precede them.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">In this prospectus,
&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; the &ldquo;Company&rdquo; and &ldquo;SEALSQ&rdquo; refers to SEALSQ Corp. Any reference
to &ldquo;WISeKey&rdquo; is to WISeKey International Holding AG and its subsidiaries, except where the context otherwise requires.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">All references in this prospectus to &ldquo;$,&rdquo; &ldquo;U.S.
Dollars&rdquo; and &ldquo;dollars&rdquo; are to United States dollars.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">This prospectus and the information
incorporated by reference herein and therein include trademarks, service marks and trade names owned by us or other companies. Solely
for convenience, trademarks referred to in this prospectus, including logos, artwork and other visual displays, may appear without the
&reg; or &trade; symbols. We do not intend our use or display of other companies&rsquo; trade names or trademarks to imply a relationship
with, or endorsement or sponsorship of us by, any other companies. All trademarks, service marks and trade names included or incorporated
by reference into this prospectus or an accompanying prospectus supplement are the property of their respective owners.</P>

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

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

<!-- Field: Page; Sequence: 33; Options: NewSection; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P ID="A-2" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">This summary
highlights selected information contained elsewhere in this prospectus that we consider important. This summary does not contain all of
the information you should consider before investing in our securities. You should read this summary together with the entire prospectus,
including the risks related to our business, our industry and investing in our securities that we describe under &ldquo;Risk Factors,&rdquo;
and our consolidated financial statements and the related notes incorporated by reference in this prospectus before making an investment
in our securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">SEALSQ is
a leading innovator in Post-Quantum Technology hardware and software solutions. Our technology seamlessly integrates Semiconductors, PKI
(Public Key Infrastructure), and Provisioning Services, with a strategic emphasis on developing state-of-the-art Quantum Resistant Cryptography
and Semiconductors designed to address the urgent security challenges posed by quantum computing. Our products are engineered to safeguard
critical systems, enhancing resilience and security across diverse industries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">SEALSQ was
established as a subsidiary of WISeKey International Holding AG, combining decades of expertise in cryptographic security and trusted
digital infrastructure. Headquartered in Switzerland, we operate across Europe, the United States, and other strategic markets. Our solutions
provide the foundation of digital trust for businesses and governments worldwide.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">SEALSQ delivers <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>integrated
digital security solutions</B></FONT> that combine four critical components into a unified offering: <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Root-of-Trust</B></FONT>,
<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Secure Chips</B></FONT>, trusted <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Identity
Generation and Management (PKI)</B></FONT>, and <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Personalization Services</B></FONT>.
Together, these components ensure the confidentiality, integrity, and authenticity of connected devices and digital communications.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">SEALSQ delivers integrated digital
security solutions that combine four critical components into a unified offering: Root-of- Trust, Secure Chips, trusted Identity Generation
and Management (PKI), and Personalization Services. Together, these components ensure the confidentiality, integrity, and authenticity
of connected devices and digital communications.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Our offerings are structured around four foundational technology
pillars:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Our Swiss-based Post Quantum Root of Trust:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Offering neutrality, reliability, and is certified by leading industry standards such as WebTrust (browsers), Matter (Smart Home), and Wi-SUN (Smart Grid).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Public Key Infrastructure services:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Leveraging this root-of-trust we offer a SaaS solution to issue and manage cryptographic credentials that authenticate users, devices, and systems. Our platform uses Quantum Resistant Cryptographic Algorithms recommended by the National Institute of Standards and Technology (NIST).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Personalization Services:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Industrial-scale systems for embedding digital identities into secure microcontrollers, enabling seamless integration and secure operation at scale.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Quantum Resistant certified secure microcontrollers:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Designed to protect and store digital identities, ensuring robust authentication for connected devices and systems.</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">SEALSQ&rsquo;s comprehensive product range meets the growing
demand for secure, certified solutions across industries:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 79px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Post-Quantum Chips:</B></FONT> <FONT STYLE="font-size: 10pt">SEALSQ is developing two secure microcontrollers with quantum-resistant cryptographic capabilities, scheduled for market release in Q4 2025.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 79px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VaultIC Secure Microcontrollers:</B></FONT> <FONT STYLE="font-size: 10pt">Pre-certified cryptographic chips for IoT devices, enabling secure authentication and protection against cyber threats. Recent innovations include VaultIC292 for Matter &amp; devices, and VaultIC408 for smart meters and industrial IoT.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 79px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Public Key Infrastructure (PKI):</B></FONT> <FONT STYLE="font-size: 10pt">INeS, our PKI-as-a-Service software leverages on our Swiss-based Root of Trust to conveniently and scalably issue and manage trusted device identities ensuring IoT device compliance with protocols such as Matter, Wi-SUN, and WebTrust. Our PKI solutions now include post-quantum algorithms to protect against quantum threats.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 79px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Personalization Services:</B></FONT> <FONT STYLE="font-size: 10pt">Enabling clients to pre-provision private keys and certificates into chips within 4 weeks, reducing costs and time-to-market. But also, on-line or off-line during device manufacturing using our INeS Box device.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">SEALSQ solutions serve high-growth industries requiring
secure, scalable, and certified solutions. Some examples of the use cases of our products are as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Smart Homes &amp; Consumer Electronics:</B></FONT> <FONT STYLE="font-size: 10pt">SEALSQ products help device makers accelerating time to market and reducing costs by easing compliance with the growingly adopted Matter protocol that ensures secure and seamless interoperability across connected devices, addressing a market projected to reach $78 billion by 2025 (Source: Statista 2023).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;&nbsp;</P>

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

<!-- Field: Page; Sequence: 34; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Automotive:</B></FONT> <FONT STYLE="font-size: 10pt">Securing Plug-and-Charge infrastructure (EV Charging stations), a sector expected to grow at a 31% CAGR through 2030 (Source: Fortune Business Insights 2022).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IoT and Smart Cities:</B></FONT> <FONT STYLE="font-size: 10pt">Protecting billions of IoT devices, with the number of connected devices requiring protection anticipated to reach 28.3 billion units by 2027 (Source: IoT Analytics 2023).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Critical Infrastructure:</B></FONT> <FONT STYLE="font-size: 10pt">Securing smart grids and utilities through Wi-SUN-certified solutions.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Healthcare:</B></FONT> <FONT STYLE="font-size: 10pt">Enabling secure communication for medical devices and sensitive patient data.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Industrial IoT:</B></FONT> <FONT STYLE="font-size: 10pt">Providing tamper-resistant chips for sensors and mission-critical systems.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">SEALSQ semiconductors and PKI services contribute to secure
millions of objects: luxury products, routers, gateways, utilities meters, E.V. chargers, drones, authentication dongles, storage memory
USB sticks, medical devices, connected door-locks, and a variety of other electronic consumers devices.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">SEALSQ Corp is a BVI business company incorporated
and existing under the laws of the British Virgin Islands. Our registered office in the British Virgin Islands is at Craigmuir Chambers,
Road Town, Tortola, VG 1110, British Virgin Islands. Our principal executive offices and effective place of management are located at
Avenue Louis-Casa&iuml; 58, 1216 Cointrin, Switzerland. Our telephone number from the United States is 011 41 22 594 3000. Our website
can be accessed at www.SEALSQ.com. The information on or linked to on our website is not a part of this prospectus.</P>

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

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

<!-- Field: Page; Sequence: 35; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P ID="A-4" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Investing
in our securities involves significant risks. Before making an investment decision, you should carefully consider the risks described
under &ldquo;Risk Factors&rdquo; in the applicable prospectus supplement and under <FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&ldquo;Item
3.D: Key Information&mdash;Risk Factors</I></FONT>&rdquo; in our most recent Annual Report on Form 20-F, or any updates in our Reports
on Form 6-K, together with all of the other information appearing in this prospectus or incorporated by reference into this prospectus
and any applicable prospectus supplement, in light of your particular investment objectives and financial circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The risks
so described are not the only risks facing us. Additional risks not presently known to us or that we currently deem immaterial may also
impair our business operations. Our business, financial condition and results of operations could be materially adversely affected by
any of these risks. The trading price of our securities could decline due to any of these risks, and you may lose all or part of your
investment. The discussion of risks includes or refers to forward-looking statements; you should read the explanation of the qualifications
and limitations on such forward-looking statements discussed elsewhere in this prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">This prospectus
contains forward-looking statements. These forward-looking statements include information about possible or assumed future results of
our operations or our performance. Words such as &ldquo;expects,&rdquo; &ldquo;intends,&rdquo; &ldquo;plans,&rdquo; &ldquo;believes,&rdquo;
&ldquo;anticipates,&rdquo; &ldquo;estimates,&rdquo; &ldquo;projects,&rdquo; &ldquo;forecasts&rdquo; and variations of such words and similar
expressions, as they relate to us, WISeKey International Holding S.A., our parent company (&ldquo;WISeKey&rdquo;), our management or third
parties, are intended to identify the forward-looking statements. Forward-looking statements include statements regarding our business
strategy, financial performance, results of operations, market data, events or developments that SEALSQ expects or anticipates will occur
in the future, as well as any other statements which are not historical facts. Although we believe that the expectations reflected in
such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These
statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant
uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied
by such forward-looking statements. Forward-looking statements include, but are not limited to, statements we make regarding:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">These forward-looking statements
include, but are not limited to, statements relating to:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our anticipated goals, growth strategies and profitability;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Future operating or financial results;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our planned capital expenditure program for additional production lines to be added to our supply chain;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The development of our post-quantum cryptography products and our expectation to generate revenue from such products;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The potential for post-quantum cryptography products and estimated market size and market growth including with respect to our long-term business strategy for post-quantum cryptography;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our intention to make investments in sales and marketing operations including R&amp;D of new products such as post-quantum cryptography;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our plans for global customer base expansion;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The establishment of a Design Center, OSAT and Personalization project and the projected additional revenue that is will generate;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our anticipated pipe growth in 2025;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our belief that the products resulting from our R&amp;D will create additional opportunities for growth;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our expectation about the development of the markets for SEALSQ, including post-quantum cryptography products, customized security offerings through ASICs, expanding the role of Metaverse, increase in cyber threats and growth of secure hardware market, growing demand for IoT solutions, increase in cybersecurity spending based on the recent regulations and legislations;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our intent to invest heavily in the ongoing development of our products and technology, <FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">including anticipated fab capacity expansion and utilization and expected ramp and production timelines for the Company&rsquo;s post-quantum semiconductors</FONT>;;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our expectation that we will continue to gain several benefits from our parent company, WISeKey, including the financial reporting and legal support via certain service agreements;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our forecasted decrease in the sales of our traditional semiconductor chips, as our customers transition towards post-quantum semiconductor technologies;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our investment in quantum-as-a-service and quantum computing in the cloud;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changes in global trade policies, including the adoption and expansion of tariffs and trade barriers, that could affect the macro-economic environment and adversely impact the demand for our products;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

<!-- Field: Page; Sequence: 36; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The availability and costs of equipment, raw materials, utilities, third-party manufacturing services and technology, or other supplies required by our operations; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Assumptions underlying or related to any of the foregoing</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The preceding list is not
intended to be an exhaustive list of all of our forward-looking statements. The forward-looking statements are based on our beliefs, assumptions
and expectations of future performance, taking into account the information currently available to us and are only predictions based upon
our current expectations and projections about future events. There are important factors that could cause our actual results, levels
of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed
or implied by these forward-looking statements. Those factors include, in addition to those set forth in <FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Item
3.D. Risk Factors</I></FONT> and those included elsewhere in this report, among others, the following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The adoption by developers and customers of quantum computing;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our ability to sell post-quantum cryptography products to customers;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The inability to realize estimated financial position, results of operations or cash flows;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our ability to anticipate market needs and opportunities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our ability to attract new customers and retain existing customer base;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our ability to foster innovation, to develop new products and enhancements to our existing products;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The demand for our products or for the goods into which our products are incorporated;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our expectation that order commitments and non-cancellable orders we received are properly executed;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The sufficiency of our cash and cash equivalents to meet our liquidity needs;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The impact of any supply chain disruption that we may experience;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our dependency on the timely supply of equipment and materials from our third-party suppliers;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our ability to protect our intellectual property rights;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our ability to keep pace with technical advances in cryptography and semiconductor design;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our ability to raise funds for investment by cash flow from operating activities, advance payments from a key customer, and grants and other available subsidies from funding agencies;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our ability to reduce our cost structure and general and administrative costs;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our ability to attract and retain qualified employees and key personnel;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our ability to attract new customers and retain and expand within our existing customer base;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our ability to foster innovation, to develop new products and enhancements to our existing products;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The future growth of the information technology and cybersecurity industry;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Risks relating to SEALSQ&rsquo;s ability to implement its growth strategies;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our ability to successfully form new strategic partnerships with our alliance partners;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our ability to continue beneficial transactions with material parties, including WISeKey and a limited number of significant customers;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our ability to prevent security breaches and unauthorized access to confidential customer information;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our ability to comply with modified or new laws and regulations relating to our industries;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The activities of our competitors and the introduction of competing products by our competitors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Market demand and semiconductor industry conditions;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our ability to successfully introduce new technologies and products;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt"><STRIKE>&middot;</STRIKE></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Uncertain negative effects from the imposition by the United States of tariffs, sanction or other restrictions;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The cyclical nature of the semiconductor industry;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">An economic downturn in the semiconductor industry;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 37; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our ability to comply with U.S. and other applicable international laws and regulations;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changes in our overall tax position as a result of changes in tax laws or tax rates, new or revised legislation, the outcome of tax audits or changes in international tax treaties which may impact our results of operations as well as our ability to accurately estimate tax credits, benefits, deductions and provisions and to realize deferred tax assets;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Fluctuations in the exchange rates between the U.S. dollar and the other major currencies we use for our operations;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our ability to collect accounts receivable;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changes in certain commodities used as raw material, which may affect our gross margin; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">How long we will qualify as an emerging growth company or a foreign private issuer.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Given these
risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><B>WE UNDERTAKE NO OBLIGATION
TO PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS CONTAINED IN THIS PROSPECTUS OR THE DOCUMENTS TO WHICH WE REFER YOU IN THIS
PROSPECTUS, TO REFLECT ANY CHANGE IN OUR EXPECTATIONS WITH RESPECT TO SUCH STATEMENTS OR ANY CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES
ON WHICH ANY STATEMENT IS BASED, EXCEPT AS REQUIRED BY LAW.</B></P>

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

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

<!-- Field: Page; Sequence: 38; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P ID="A-7" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Our capitalization will be set forth in a prospectus
supplement to this prospectus or in a report of foreign private issuer on Form 6-K subsequently furnished to the SEC and specifically
incorporated herein by reference.</P>

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

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

<!-- Field: Page; Sequence: 39; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P ID="A-8" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Except as
otherwise provided in the applicable prospectus supplement, we intend to use the net proceeds of this offering for general corporate purposes,
which may include but are not limited to merger and acquisition activities, working capital and research and development expenditure.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The intended application of
proceeds from the sale of any particular offering of securities using this prospectus will be described in the accompanying prospectus
supplement relating to such offering. The precise amount and timing of the application of these proceeds will depend on our funding requirements
and the availability and costs of other funds.</P>

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

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

<!-- Field: Page; Sequence: 40; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P ID="A-9" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><I>The following
description of our share structure is a summary of the material terms of our amended and restated memorandum and articles of association
and BVI corporate law regarding our shares and the holders thereof. This description contains all material information concerning our
shares but does not purport to be complete.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">We are a
British Virgin Islands Business Company (company number 2095496) and our affairs are governed by our memorandum and articles of association
(&ldquo;Articles&rdquo;), the BVI Business Companies Act (&ldquo;BVI Act&rdquo;) and common law of the British Virgin Islands. Based upon
the Articles, we are authorized to issue a maximum of 210,000,000 shares in two classes as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">200,000,000 Ordinary Shares with a par value of USD 0.01 per share (&ldquo;Ordinary Shares&rdquo;); and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">10,000,000 Class F Shares with a par value of USD 0.05 per share (&ldquo;Class F Shares&rdquo;).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">As of the
date of this prospectus, 104,508,901 Ordinary Shares are issued and outstanding and 1,499,800 Class F Shares are issued and outstanding.
No preferred shares are issued or outstanding or authorized by our Articles. The following description summarizes the material terms of
our shares as set out more particularly in our Articles. Because it is only a summary, it may not contain all the information that is
important to you.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Each Ordinary Share confers upon the shareholder:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the right to attend any meeting of shareholders;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the right to one vote per Ordinary Share on any resolution of shareholders as against each other Ordinary Share but, as a class, the Ordinary Shares shall retain 50.01% of the Company&rsquo;s voting power;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the right to an equal share in any dividend paid by the Company against each other Ordinary Share, which shall be one fifth of any amount paid by the Company against each Class F Share but which shall not rank in preference or be subordinate to any other share;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the right to an equal share in the distribution of the surplus assets of the Company against each other Ordinary Share, which shall be one fifth of any amount paid by the Company against each Class F Share but which shall not rank in preference to any other share; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">such other rights and entitlements as may be specified in the Articles.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Our Ordinary Shareholders have
no conversion, pre-emptive or other subscription rights and there are no sinking fund or redemption provisions applicable to the Ordinary
Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Each Class F Share confers upon the shareholder:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the right to attend any meeting of shareholders;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a number of votes per Class F Share, on any matter that is submitted to a vote of shareholders, that would cause the total votes of all Class F Shares to equal 49.99% of the voting power of all shares (or, if the applicable voting standard is &ldquo;a majority of the shares present in person or represented by proxy and entitled to vote on such matter&rdquo;, 49.999999% of the voting power of shares present in person or represented by proxy and entitled to vote on such matter);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the right to an equal share in any dividend paid by the Company against each other Class F Shares, and which shall be five times greater than any amount paid by the Company against each Ordinary Share but which shall not rank in preference to any other share; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the right to an equal share in the distribution of the surplus assets of the Company against each other Class F Shares, and which shall be five times greater than any amount paid by the Company against each Ordinary Share but which shall not rank in preference to any other share.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The Class F Shares are subject
to mandatory and automatic redemption, in the event of a change of control (being the acquisition by any person or entity, alone or jointly,
of more than 50% of the voting rights of any Class F Shareholder which is a corporate entity), as determined by the Company&rsquo;s board
of directors, in exchange for the issuance of new Ordinary Shares at a ratio of five (5) Ordinary Shares for each one (1) Class F Share
redeemed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">The Class F Shares are non-transferable.</P>

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

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

<!-- Field: Page; Sequence: 41; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The Company
and the holders of the Class F Shares have entered into a Class F Shareholders&rsquo; Agreement that provides, among other things, that
the holders of Class F Shares:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 43px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">will vote the Class F Shares held by them as one and in accordance with the majority (by the number of shares held) view of the holders of the Class F Shares; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 43px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">are bound by the redemption provisions set out in the Articles and that they will take all necessary action to comply with them.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Under the BVI Act, the shares are deemed to be issued
when the name of the shareholder is entered in the register of members. Our register of members will be maintained by our transfer agent,
Computershare Inc.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">information that is required to be entered in the register of members is omitted from the register or is inaccurately entered in the register; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">there is unreasonable delay in entering information in the register,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">a shareholder
of the company, or any person who is aggrieved by the omission, inaccuracy or delay, may apply to the British Virgin Islands Courts for
an order that the register be rectified, and the court may either refuse the application or order the rectification of the register, and
may direct the Company to pay all costs of the application and any damages the applicant may have sustained.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">We have not
paid any cash dividends on our shares to date. The payment of cash dividends in the future will be dependent upon our revenues and earnings.
Under the laws of the British Virgin Islands and our Articles, we may only pay a dividend or make a distribution to our shareholders if,
following such dividend or distribution, the value of our assets will exceed our liabilities and we will be able to pay our debts as they
fall due. In addition, the Second Tranche Notes prohibit us and our subsidiaries from paying dividends or other cash distributions, except
for intercompany transfers to us and payments to WISeKey.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>Comparison of Shareholder Rights</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; text-align: center; width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DELAWARE CORPORATE LAW</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BVI CORPORATE LAW</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class actions and derivative actions generally are available to shareholders of a Delaware corporation for, among other things, breach of fiduciary duty, corporate waste and actions not taken in accordance with applicable law. In such actions, the court has discretion to permit the winning party to recover attorneys&rsquo; fees incurred in connection with such action.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Class actions and derivative actions
    are generally not available to shareholders under British Virgin Islands law.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 7.9pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The British Virgin Islands courts,
    however, would ordinarily be expected to permit a shareholder to commence an action in the name of a company to remedy a wrong to the
    company where the act complained of is alleged to be beyond the corporate power of the company or illegal, or would result in the violation
    of the company&rsquo;s memorandum and articles of association. Furthermore, consideration would be given by a British Virgin Islands court
    to acts that are alleged to constitute a fraud against the minority shareholders or, for instance, where an act requires the approval
    of a greater percentage of the company&rsquo;s shareholders than that which actually approved it.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 7.9pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">When the affairs of a company are
    being conducted in a manner which is oppressive or prejudicial to the interests of some part of the shareholders, one or more shareholders
    may apply to the High Court of the British Virgin Islands, which may make such order as it sees fit, including an order regulating the
    conduct of the company&rsquo;s affairs in the future or ordering the purchase of the shares of any shareholders by other shareholders
    or by the company.</P></TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 42; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; text-align: center; width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DELAWARE CORPORATE LAW</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BVI CORPORATE LAW</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Under the Delaware General Corporation Law,
the board of directors has the authority to fix the compensation of directors, unless otherwise restricted by the certificate of incorporation
or bylaws.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Articles contain a provision that the board of directors has the power to determine the remuneration, if any, of the directors.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt">Unless directors are elected by
    written consent in lieu of an annual meeting, directors are elected in an annual meeting of stockholders on a date and at a time designated
    by or in the manner provided in the bylaws. Re-election is possible.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Classified boards are permitted.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Articles provide that the directors shall be appointed at the Company&rsquo;s annual general meeting and will hold office until the next annual general meeting or until their earlier death, resignation or removal. Re-election is possible. The directors of the Company may appoint directors where there is a vacancy.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The Delaware General Corporation
    Law provides that a certificate of incorporation may contain a provision eliminating or limiting the personal liability of directors (but
    not other controlling persons) of the corporation for monetary damages for breach of a fiduciary duty as a director, except no provision
    in the certificate of incorporation may eliminate or limit the liability of a director for:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 7.9pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44pt 0pt 36.7pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;   <FONT STYLE="font-family: Times New Roman, Times, Serif">any breach of a director&rsquo;s duty of loyalty to the corporation or its shareholders;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44pt 0pt 36.7pt; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.75pt 0pt 36.7pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acts or omissions not in good faith or which involve intentional misconduct or
    a knowing violation of law;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.75pt 0pt 36.7pt; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22.4pt 0pt 36.7pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;statutory liability for unlawful payment of dividends or unlawful stock purchase
    or redemption; or</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22.4pt 0pt 36.7pt; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 29.95pt 0pt 36.7pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any transaction from which the director derived an improper personal benefit.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 29.95pt 0pt 36.7pt; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">A Delaware corporation may indemnify
    any person who was or is a party or is threatened to be made a party to any proceeding, other than an action by or on behalf of the corporation,
    because the person is or was a director or officer, against liability incurred in connection with the proceeding if the director or officer
    acted in good faith and in a manner reasonably believed to be in, or not opposed to, the best interests of the corporation; and the director
    or officer, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Unless ordered by a court, any foregoing
    indemnification is subject to a determination that the director or officer has met the applicable standard of conduct:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 37.15pt 0pt 36.7pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by a majority vote of the directors who are not parties to the proceeding, even
    though less than a quorum;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 37.15pt 0pt 36.7pt; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30.7pt 0pt 36.7pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by a committee of directors designated by a majority vote of the eligible directors,
    even though less than a quorum;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30.7pt 0pt 36.7pt; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 34.9pt 0pt 36.7pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by independent legal counsel in a written opinion if there are no eligible directors,
    or if the eligible directors so direct; or</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 34.9pt 0pt 36.7pt; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.8pt; text-indent: -22.1pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by the shareholders.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.8pt; text-indent: -22.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Moreover, a Delaware corporation
    may not indemnify a director or officer in connection with any proceeding in which the director or officer has been adjudged to be liable
    to the corporation unless and only to the extent that the court determines that, despite the adjudication of liability but in view of
    all the circumstances of the case, the director or officer is fairly and reasonably entitled to indemnity for those expenses which the
    court deems proper.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Section 132 of the BVI Act, and
    the Articles, provide that, subject to certain limitations, SEALSQ shall indemnify its directors and officers against all expenses, including
    legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative
    or investigative proceedings. Such indemnity only applies if the person acted honestly and in good faith with a view to the best interests
    of the company and, in the case of criminal proceedings, the person had no reasonable cause to believe that their conduct was unlawful.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Section 133 of the BVI Act permits
    a company to purchase and maintain insurance for the benefit of any officer or director in respect of any loss or liability attaching
    to them in respect of any negligence, default, breach of duty or breach of trust, whether or not we may otherwise indemnify such officer
    or director.</P></TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 43; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; text-align: center; width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DELAWARE CORPORATE LAW</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BVI CORPORATE LAW</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">A director of a Delaware corporation
    has a fiduciary duty to the corporation and its shareholders. This duty has two components:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 7.9pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.8pt; text-indent: -27.1pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the duty of care; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.8pt; text-indent: -27.1pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.8pt; text-indent: -27.1pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the duty of loyalty.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The BVI Act imposes a duty on directors
    and officers of a British Virgin Islands company:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 7.9pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 26.7pt 0pt 33.2pt; text-indent: -21.3pt">(a) <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;to
    act honestly and in good faith and in what the director believes to be in the best interests of the company when exercising their powers
    as a director;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 26.7pt 0pt 33.2pt; text-indent: -21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 33.2pt; text-indent: -21.3pt">(b) <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;to
    exercise the reasonable care, diligence, and skill that a reasonable director would exercise in the</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.2pt">same circumstances taking into account, but without limitation:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.2pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.55pt; text-indent: -15.3pt">i. <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;the
    nature of the company;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.55pt; text-indent: -15.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.8pt; text-indent: -15.55pt">ii. &nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">the
    nature of the decision; and</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.8pt; text-indent: -15.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.65pt 0pt 54.45pt; text-indent: -14.2pt">iii. the position of the director
    and the nature of their responsibilities;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.65pt 0pt 54.45pt; text-indent: -14.2pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.75pt 0pt 33.2pt; text-indent: -21.3pt">(c) &nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">to
    exercise their duties for proper purpose and in accordance with the BVI Act and the memorandum and association of the company; and</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.75pt 0pt 33.2pt; text-indent: -21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.6pt 0pt 33.2pt; text-indent: -21.3pt">(d) &nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">to
disclose any interest which they have in a transaction entered into or to be entered into by the company.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.6pt 0pt 33.2pt; text-indent: -21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The statutory duties imposed on
    directors, by the BVI Act, are further supplemented by common law duties established (over centuries) of case law. There is considerable
    overlap between the common law and the BVI Act and in most circumstances it is not necessary to consider the two separately.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 7.9pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">In addition, the BVI Act imposes
    various duties on directors and officers of a company with respect to certain matters of management and administration of the company.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The duty of care requires that a
    director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty,
    a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant
    transaction. The duty of loyalty requires that a director act in a manner he reasonably believes to be in the best interests of the corporation.
    He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that
    the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling
    shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed
    basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption
    may be rebutted by evidence a breach of one of the fiduciary duties.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Should such evidence be presented
    concerning a transaction by a director, a director must prove the procedural fairness of the transaction, and that the transaction was
    of fair value to the corporation.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The BVI Act also imposes a duty
    on directors and officers of a British Virgin Islands company to:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 7.9pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 26.3pt 0pt 33.2pt; text-indent: -21.3pt">(a) <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;act
    honestly and in good faith with a view to the best interests of the company; and</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 26.3pt 0pt 33.2pt; text-indent: -21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22.45pt 0pt 33.2pt; text-indent: -21.3pt">(b) <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;exercise
    the care, diligence and skill that a reasonable director or officer would exercise in the same circumstances.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22.45pt 0pt 33.2pt; text-indent: -21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">In addition, the BVI Act imposes
    various duties on directors and officers of a company with respect to certain matters of management and administration of the company.</P></TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 44; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; text-align: center; width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DELAWARE CORPORATE LAW</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BVI CORPORATE LAW</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A Delaware corporation may, in its certificate of incorporation, eliminate the right of shareholders to act by written consent.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The BVI Act provides that shareholders may
    take action by written consent. Under the Articles a resolution in writing is passed when it is signed by the shareholders of the
    Company who at the date of the notice of the resolution represent such majority of votes of shares as would be entitled to vote on
    such resolution.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">A shareholder of a Delaware
corporation has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions
in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the
governing documents, but shareholders may be precluded from calling special meetings.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the Articles, shareholders entitled to exercise 30% or more of the voting rights, in respect of the matter for which the meeting is requested, can require the directors to convene a meeting of shareholders.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation&rsquo;s certificate of incorporation provides for it.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Under British Virgin Islands law,
    the voting rights of shareholders are regulated by the company&rsquo;s memorandum and articles of association and, in certain circumstances,
    by the BVI Act.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 7.9pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The Articles do not provide for cumulative
    voting.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A Delaware corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Under the Articles, a director may be removed:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.9pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 29.45pt 0pt 33.2pt; text-indent: -21.3pt">(a) <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;with
    or without cause, by resolution of shareholders passed at a meeting of shareholders called for the purpose of removing the director
    or for purposes including the removal of the director or by a written resolution passed by at least 75% of the votes of the shares
    entitled to vote; or</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 29.45pt 0pt 33.2pt; text-indent: -21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.8pt 0pt 33.2pt; text-indent: -21.3pt">(b) <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;with
    cause, by resolution of directors passed by all directors other than the director being removed at a meeting of directors called for the
    purpose of removing the director or for purposes including the removal of the director.</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The Delaware General Corporation Law generally
prohibits a Delaware corporation from engaging in certain business combinations with an &ldquo;interested shareholder&rdquo; for three
years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or group
who or which owns or owned 15.0% or more of the corporation&rsquo;s outstanding voting stock within the past three years.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There is no similar law in the British Virgin Islands.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless the board of directors of a Delaware corporation approves the proposal to dissolve, dissolution must be approved by shareholders holding 100.0% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation&rsquo;s outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">As permitted by the BVI Act and
    our Articles, we may be voluntarily liquidated under Part XII of the BVI Act by resolution of directors or resolution of shareholders
    if we have no liabilities or we are able to pay our debts as they fall due and the value of our assets equals or exceeds our liabilities.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">A company may also be wound up where
    a court deems it just and equitable to do so and in circumstances where they are insolvent in accordance with the terms of the BVI Insolvency
    Act.</P></TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 45; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; text-align: center; width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DELAWARE CORPORATE LAW</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BVI CORPORATE LAW</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A Delaware corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Under the Articles, the rights conferred upon
the holders of our shares of any class may only be varied with the consent in writing of the holders of a majority of the issued shares
of that class or by a resolution approved at a meeting of the shares of that class by the affirmative vote of a majority of the votes
of the shares of that class which were present at the meeting and were voted.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">A Delaware corporation&rsquo;s governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0pt; font-size: 10pt; text-align: justify">A British Virgin Islands company&rsquo;s memorandum and articles of association may be amended by resolutions of the board of directors
and the shareholders, subject to the BVI Act and the memorandum and articles of association.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders of a Delaware corporation, upon written demand under oath stating the purpose thereof, have the right during the usual hours for business to inspect for any proper purpose, and to obtain copies of list(s) of shareholders and other books and records of the corporation and its subsidiaries, if any, to the extent the books and records of such subsidiaries are available to the corporation.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Under the BVI Act, members of the
    general public, on payment of a nominal fee, can obtain copies of the public records of a company available at the office of the BVI Registrar
    which will include the company&rsquo;s certificate of incorporation, its memorandum and articles of association (with any amendments),
    a list of the current directors and records of license fees paid to date and will also disclose any articles of dissolution, articles
    of merger and a register of charges if the company has elected to file such a register.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 7.9pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">A shareholder of a company is entitled,
    on giving written notice to the company, to inspect:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 7.9pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32.9pt; text-indent: -21pt">(a) <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;the
    memorandum and articles;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32.9pt; text-indent: -21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.55pt; text-indent: -21.65pt">(b) <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;the
    register of members;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.55pt; text-indent: -21.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32.9pt; text-indent: -21pt">(c) <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;the
    register of directors; and</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32.9pt; text-indent: -21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.75pt 0pt 33.2pt; text-indent: -21.3pt">(d) <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;the
    minutes of meetings and resolutions of members and of those classes of members of which they are a member, </FONT>and to make copies
    of or take extracts from the documents and records referred to above.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.75pt 0pt 33.2pt; text-indent: -21.3pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Subject to the memorandum and articles
    of association, the directors may, if they are satisfied that it would be contrary to the company&rsquo;s interests to allow a member
    to inspect any document, or part of a document, specified above, refuse to permit the member to inspect the document or limit the inspection
    of the document, including limiting the making of copies or the taking of extracts from the records.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 7.9pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Where a company fails or refuses
    to permit a member to inspect a document or permits a member to inspect a document subject to limitations, that member may apply to a
    British Virgin Islands Court for an order that they should be permitted to inspect the document or to inspect the document without limitation.</P></TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 46; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; text-align: center; width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DELAWARE CORPORATE LAW</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BVI CORPORATE LAW</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The board of directors may approve
    a dividend without shareholder approval. Subject to any restrictions contained in its certificate of incorporation, the board may declare
    and pay dividends upon the shares of its capital stock either:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 7.9pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-indent: -17.1pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;out of its surplus, or</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-indent: -17.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.95pt 0pt 36.7pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;in case there is no such surplus, out of its net profits for the fiscal year
    in which the dividend is declared and/or the preceding fiscal year.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.95pt 0pt 36.7pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Stockholder approval is required
    to authorize capital stock in excess of that provided in the charter. Directors may issue authorized shares without stockholder approval.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Under British Virgin Islands law,
    the board of directors may declare a dividend without shareholder approval, but a company may not declare or pay dividends if there are
    reasonable grounds for believing that:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 7.9pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.2pt 0pt 33.2pt; text-indent: -21.3pt">(a) <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;the
    company is, or would after the payment be, unable to pay its debts as they fall due; or</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.2pt 0pt 33.2pt; text-indent: -21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 33.2pt; text-indent: -21.3pt">(b) <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;that
    the value of the company&rsquo;s assets would be less than its liabilities.</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All creation of shares require the board of directors to adopt a resolution or resolutions, pursuant to authority expressly vested in the board of directors by the provisions of the company&rsquo;s certificate of incorporation.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The number of shares that a British
    Virgin Islands company is authorized to issue is set out in the memorandum and articles of association.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 7.9pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The Articles provide that the company
    is authorized to issue 210,000,000 shares in two classes as follows:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 7.9pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-indent: -28.6pt">(a) &nbsp;&nbsp;&nbsp;200,000,000 Ordinary Shares; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-indent: -28.6pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.55pt; text-indent: -26.65pt">(b) &nbsp;&nbsp;&nbsp;10,000,000 Class F Shares.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the Delaware General Corporation Law, with certain exceptions, a merger, consolidation, sale, lease or transfer of all or substantially all of the assets of a corporation must be approved by the board of directors and a majority of the outstanding shares entitled to vote thereon. A shareholder of a Delaware corporation participating in certain major corporate transactions may, under certain circumstances, be entitled to appraisal rights pursuant to which such shareholder may receive cash in the amount of the fair value of the shares held by such shareholder (as determined by a court) in lieu of the consideration such shareholder would otherwise receive in the transaction. The Delaware General Corporation Law also provides that a parent corporation, by resolution of its board of directors, may merge with any subsidiary, of which it owns at least 90.0% of each class of capital stock without a vote by the shareholders of such subsidiary. Upon any such merger, dissenting shareholders of the subsidiary would have appraisal rights.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The consolidation or merger of a
    British Virgin Islands company with another company or corporation (other than certain affiliated companies) requires the consolidation
    or merger to be approved by the company&rsquo;s board of directors and by its shareholders. Unless the company&rsquo;s memorandum and
    articles of association provide otherwise, the approval of a majority of the shareholders voting at a meeting of shareholders is required
    to approve the consolidation or merger agreement.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Under British Virgin Islands law,
    in the event of a consolidation or merger of a British Virgin Islands company with another company or corporation, a shareholder of the
    British Virgin Islands company who did not vote in favor of the amalgamation or merger and who is not satisfied that fair value has been
    offered for such shareholder&rsquo;s shares may seek fair value for those shares in accordance with Section 179 of the BVI Act.</P></TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 47; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P ID="A-16" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt">The following
description, together with the additional information we may include in any applicable prospectus supplements, summarizes the material
terms and provisions of the warrants that we may offer under this prospectus and the related warrant agreements and warrant certificates.
While the terms summarized below will apply generally to any warrants that we may offer under this prospectus, we will describe the particular
terms of any series of warrants that we may offer in more detail in the applicable prospectus supplement. If we indicate in the prospectus
supplement, the terms of any warrants offered under that prospectus supplement may differ from the terms described below. However, no
prospectus supplement shall fundamentally change the terms that are set forth in this prospectus or offer a security that is not registered
and described in this prospectus at the time of its effectiveness. Specific warrant agreements will contain additional important terms
and provisions and will be incorporated by reference as an exhibit to the registration statement that includes this prospectus or as an
exhibit to a report filed under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">The applicable prospectus supplement will describe the terms
of the warrants, including as applicable:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the offering price;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the aggregate number or amount of underlying securities purchasable upon exercise of the warrants and the exercise price;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the number of warrants being offered;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the date, if any, after which the warrants and the underlying securities will be transferable separately;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the date on which the right to exercise the warrants will commence, and the date on which the right will expire;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the number of warrants outstanding, if any;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">any material BVI and/or U.S. federal income tax consequences;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the terms, if any, on which we may accelerate the date by which the warrants must be exercised; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">any other terms of the warrants, including terms, procedures and limitations relating to the exchange and exercise of the warrants.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Warrants will be offered and exercisable for U.S. dollars
only and will be in registered form only.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Holders of
warrants will be able to exchange warrant certificates for new warrant certificates of different denominations, present warrants for registration
of transfer, and exercise warrants at the designated office of the warrant agent in the applicable prospectus supplement. Prior to the
exercise of any warrants, holders of the warrants to purchase Ordinary Shares will not have any rights of holders of Ordinary Shares,
including the right to receive payments of dividends, if any, or to exercise any applicable right to vote.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Any warrants
we issue will involve a degree of risk, including risks arising from fluctuations in the price of the underlying Ordinary Shares and general
risks applicable to the securities market (or markets) on which the underlying securities trade, as applicable. Prospective purchasers
of the warrants will need to recognize that the warrants may expire worthless, and, thus, purchasers should be prepared to sustain a total
loss of the purchase price of their warrants. This risk reflects the nature of a warrant as an asset that, other factors held constant,
tends to decline in value over time and that may, depending on the price of the underlying securities, become worthless when it expires.
The trading price of a warrant at any time is expected to increase if the price of or, if applicable, the dividend rate on, the underlying
securities increases. Conversely, the trading price of a warrant is expected to decrease as the time remaining to expiration of the warrant
decreases and as the price of or, if applicable, the dividend rate on, the underlying securities, decreases. Assuming all other factors
are held constant, the more a warrant is &ldquo;out-of-the-money&rdquo; (i.e., the more the exercise price exceeds the price of the underlying
securities and the shorter its remaining term to expiration), the greater the risk that a purchaser of the warrant will lose all or part
of his or her investment. If the price of the underlying securities does not rise before the warrant expires to an extent sufficient to
cover a purchaser&rsquo;s cost of the warrant, the purchaser will lose all or part of his or her investment in the warrant upon expiration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">In addition,
prospective purchasers of the warrants should be experienced with respect to options and option transactions, should understand the risks
associated with options and should reach an investment decision only after careful consideration, with their financial advisers, of the
suitability of the warrants in light of their particular financial circumstances and the information discussed in this prospectus and,
if applicable, the prospectus supplement. Before purchasing, exercising or selling any warrants, prospective purchasers and holders of
warrants should carefully consider, among other things:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the trading price of the warrants;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the price of the underlying securities at that time;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the time remaining to expiration; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">any related transaction costs.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Some of the factors referred to above are in turn
influenced by various political, economic and other factors that can affect the trading price of the underlying securities and should
be carefully considered prior to making any investment decisions.</P>

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

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

<!-- Field: Page; Sequence: 48; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Purchasers
of the warrants should further consider that the initial offering price of the warrants may be in excess of the price that a purchaser
of options might pay for a comparable option in a private, less liquid transaction. In addition, it is not possible to predict the price
at which the warrants will trade in the secondary market or whether any such market will be liquid. We may, but will not be obligated
to, file an application to list any warrants on a U.S. national securities exchange. To the extent that any warrants are exercised, the
number of warrants outstanding will decrease, which may result in a lessening of the liquidity of the warrants. Finally, the warrants
will constitute our direct, unconditional and unsecured obligations and, as such, will be subject to any changes in our perceived creditworthiness.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Each holder
of a warrant will be entitled to purchase that number or amount of underlying securities, at the exercise price, as will in each case
be described in the prospectus supplement relating to the offered warrants. After the close of business on the warrant expiration date
(which may be extended by us), unexercised warrants will become void.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Holders may
exercise warrants by delivering to the warrant agent payment as provided in the applicable prospectus supplement of the amount required
to purchase the underlying securities purchasable upon exercise, together with the information set forth on the reverse side of the warrant
certificate. Warrants will be deemed to have been exercised upon receipt of payment of the exercise price, subject to the receipt of the
warrant certificate evidencing the exercised warrants. Upon receipt of payment and the warrant certificate properly completed and duly
executed at the designated office of the warrant agent in the applicable prospectus supplement, we will, as soon as practicable, issue
and deliver the underlying securities purchasable upon such exercise. If fewer than all of the warrants represented by a warrant certificate
are exercised, we will issue a new warrant certificate for the remaining amount of warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>Amendments and Supplements to Warrant Agreements</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">We may amend or supplement
the warrant agreement without the consent of the holders of the warrants issued under the agreement to effect changes that are not inconsistent
with the provisions of the warrants and that do not adversely affect the interests of the holders of warrants.</P>

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

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

<!-- Field: Page; Sequence: 49; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P ID="A-18" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">We may issue
subscription rights to purchase our Ordinary Shares. These subscription rights may be issued independently or together with any other
security offered hereby and may or may not be transferable by the shareholder receiving the subscription rights in such offering. In connection
with any offering of subscription rights, we may enter into a standby arrangement with one or more underwriters or other purchasers pursuant
to which the underwriters or other purchasers may be required to purchase any securities remaining unsubscribed for after such offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The prospectus
supplement relating to any subscription rights we offer, if any, will, to the extent applicable, include specific terms relating to the
offering, including some or all of the following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the price, if any, for the subscription rights;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the exercise price payable for each Ordinary Share upon the exercise of the subscription rights;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the number of subscription rights to be issued to each shareholder;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the number and terms of the Ordinary Shares which may be purchased per each subscription right;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the extent to which the subscription rights are transferable;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">any other terms of the subscription rights, including the terms, procedures and limitations relating to the exchange and exercise of the subscription rights;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the date on which the right to exercise the subscription rights shall commence, and the date on which the subscription rights shall expire;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the extent to which the subscription rights may include an over-subscription privilege with respect to unsubscribed securities; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">if applicable, the material terms of any standby underwriting or purchase arrangement which may be entered into by us in connection with the offering of subscription rights.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The description in the applicable
prospectus supplement of any subscription rights we offer will not necessarily be complete and will be qualified in its entirety by reference
to the applicable subscription right agreement, which will be filed with the SEC if we offer subscription rights. For more information
on how you can obtain copies of the applicable subscription right agreement if we offer subscription rights, see &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Where
You Can Find More Information</I></FONT>&rdquo; below and &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Incorporation
of Certain Documents by Reference</I></FONT>&rdquo; below. We urge you to read the applicable subscription right agreement and any applicable
prospectus supplement in their entirety.</P>

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

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

<!-- Field: Page; Sequence: 50; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P ID="A-19" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">We may issue
units comprised of one or more of the other securities described in this prospectus in any combination. Each unit will be issued so that
the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations
of a holder of each included security. The unit agreement under which a unit is issued may provide that the securities included in the
unit may not be held or transferred separately, at any time or at any time before a specified date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">The applicable prospectus supplement will describe:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the designation and terms of the units and of the securities comprising the units, including whether and under what circumstances those securities may be held or transferred separately;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the material terms of a unit agreement under which the units will be issued;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">any provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">whether the units will be issued in fully registered or global form.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The applicable prospectus supplement
will describe the terms of any units. The preceding description and any description of units in the applicable prospectus supplement
does not purport to be complete and is subject to and is qualified in its entirety by reference to the unit agreement and, if applicable,
collateral arrangements and depositary arrangements relating to such units. For more information on how you can obtain copies of the
applicable unit agreement if we offer units, see &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Where You Can Find
More Information</I></FONT>&rdquo; below and &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Incorporation of Certain
Documents by Referenc</I></FONT>e&rdquo; below. We urge you to read the applicable unit agreement and any applicable prospectus supplement
in their entirety.</P>

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

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

<!-- Field: Page; Sequence: 51; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P ID="A-20" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The material BVI and U.S. federal
income tax consequences relating to the purchase, ownership and disposition of any of the securities offered by this prospectus will
be set forth in the applicable prospectus supplement offering those securities or incorporated by reference from our Annual Report on
Form 20-F or other public filings we make with the SEC.</P>

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

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

<!-- Field: Page; Sequence: 52; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P ID="A-21" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 24.4pt">We may sell
the securities described in this prospectus through underwriters or dealers, through agents, directly to one or more purchasers, &ldquo;at-the-market&rdquo;
offerings, negotiated transactions, block trades or through a combination of these methods. The applicable prospectus supplement will
describe the terms of the offering of the securities, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the name or names of any underwriters, if any, and if required, any dealers or agents, and the amount of securities underwritten or purchased by each of them, if any;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the public offering price or purchase price of the securities from us and the net proceeds to us from the sale of the securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">any underwriting discounts and other items constituting underwriters&rsquo; compensation;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">any discounts or concessions allowed or re-allowed or paid to dealers; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">any securities exchange or market on which the securities may be listed.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 55px">We may distribute the securities from time to time in one
or more transactions at:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">a fixed price or prices, which may be changed;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">market prices prevailing at the time of sale;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">varying prices determined at the time of sale related to such prevailing market prices; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">negotiated prices.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 53; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 24.4pt">Only underwriters
named in the prospectus supplement will be underwriters of the securities offered by the prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 24.4pt">If we use
underwriters in the sale, the underwriters will either acquire the securities for their own account and may resell the securities from
time to time in one or more transactions at a fixed public offering price or at varying prices determined at the time of sale, or sell
the securities on a &ldquo;best efforts, minimum/maximum basis&rdquo; when the underwriters agree to do their best to sell the securities
to the public. We may offer the securities to the public through underwriting syndicates represented by managing underwriters or by underwriters
without a syndicate. Any public offering price and any discounts or concessions allowed or re- allowed or paid to dealers may change from
time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 24.4pt">If we use
a dealer in the sale of the securities being offered pursuant to this prospectus or any prospectus supplement, the securities will be
sold directly to the dealer, as principal. The dealer may then resell the securities to the public at varying prices to be determined
by the dealer at the time of resale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 24.4pt">Our ordinary
shares are listed on the Nasdaq Capital Market. Unless otherwise specified in the related prospectus supplement, all securities we offer,
other than ordinary shares, will be new issues of securities with no established trading market. Any underwriter may make a market in
these securities, but will not be obligated to do so and may discontinue any market making at any time without notice. We may apply to
list securities that we offer on an exchange, but we are not obligated to do so. Therefore, there may not be liquidity or a trading market
for any series of securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 24.4pt">We may sell
the securities directly or through agents we designate from time to time. We will name any agent involved in the offering and sale of
securities and we will describe any commissions we may pay the agent in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 24.4pt">We may authorize
agents or underwriters to solicit offers by institutional investors to purchase securities from us at the public offering price set forth
in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified date in the future.
We will describe the conditions to these contracts and the commissions we must pay for solicitation of these contracts in the applicable
prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 24.4pt">In connection with the sale
of the securities, underwriters, dealers or agents may receive compensation from us or from purchasers of the securities for whom they
act as agents in the form of discounts, concessions or commissions. Underwriters may sell the securities to or through dealers, and those
dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters or commissions from the purchasers
for whom they may act as agents. Underwriters, dealers and agents that participate in the distribution of the securities, and any institutional
investors or others that purchase securities directly and then resell the securities, may be deemed to be underwriters, and any discounts
or commissions received by them from us and any profit on the resale of the securities by them may be deemed to be underwriting discounts
and commissions under the Securities Act of 1933.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 24.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 24.4pt"></P>

<!-- Field: Page; Sequence: 54; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P ID="A-23" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Certain legal
matters with respect to British Virgin Islands law in connection with this offering are being passed upon for us by Harney Westwood &amp;
Riegels LP. Certain matters of U.S. federal and New York law are being passed upon for us by Patterson Belknap Webb &amp; Tyler LLP, New
York, New York.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The financial
statements of SEALSQ Corp as of and for the year ended December 31, 2024 and December 31, 2023, in each case incorporated by reference
in this prospectus from the Company&rsquo;s Annual Report on Form 20-F for the year ended December 31, 2024 have been so incorporated
in reliance on the reports of BDO Ltd, an independent registered public accounting firm, given upon the authority of said firm as experts
in accounting and auditing. The financial statements of SEALSQ Corp Predecessor as of and for the year ended December 31, 2022, incorporated
by reference in this prospectus from the Company&rsquo;s Annual Report on Form 20-F for the year ended December 31, 2024 have been so
incorporated in reliance on the report of BDO Rh&ocirc;ne Alpes, an independent registered public accounting firm, given upon their authority
as experts in accounting and auditing.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The SEC allows
us to incorporate by reference our publicly filed reports into this prospectus, which means that information included in those reports
is considered part of this prospectus. Because we are incorporating by reference future filings with the SEC, this prospectus is continually
updated and those future filings may modify or supersede some of the information included or incorporated by reference in this prospectus.
This means that you must look at all of the SEC filings that we incorporate by reference to determine if any of the statements in this
prospectus or in any document previously incorporated by reference have been modified or superseded. This prospectus incorporates by reference
the documents listed below and any future filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange
Act of 1934 (the &ldquo;Exchange Act&rdquo;) (in each case, other than those documents or the portions of those documents furnished, rather
than filed), and, to the extent designated therein, reports on Form 6-K, until the offering of the securities under the registration statement
of which this prospectus forms a part is terminated or completed:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 20, 2025;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Reports on Form 6-K furnished by us to the SEC on</FONT> <FONT STYLE="font-size: 10pt">March 21, 2025 and March 24, 2025; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the description of our Ordinary Shares contained in our Registration Statement on Form 8-A filed with the SEC on May 18, 2023, as amended by Exhibit 2.4 to our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 20, 2025, as further amended and supplemented by the description of our Securities contained in this prospectus under &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Description of Ordinary Shares</I></FONT>,&rdquo; including any subsequent amendment or any report filed for the purpose of updating such description.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The SEC maintains
an Internet site at http://www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers
like us that file electronically with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">We will also
incorporate by reference all subsequent Annual Reports on Form 20-F that we file with the SEC. In addition, we will incorporate by reference
certain future materials furnished to the SEC on Form 6-K after the date of the initial registration statement, but only to the extent
specifically indicated in those submissions or in a future prospectus supplement. Each subsequently filed Annual Report should be deemed
to supersede entirely each earlier filed Annual Report and the materials furnished on an earlier Form 6-K and, unless explicitly stated
otherwise, such earlier reports should not be deemed to be part of this prospectus or any accompanying prospectus supplement and you should
not rely upon statements made in those earlier periodic reports. In all cases, you should rely on the later information over different
information in this prospectus or any accompanying prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">We will furnish
without charge to you, on written or oral request, a copy of any or all of the above documents, other than exhibits to such documents
which are not specifically incorporated by reference therein. You should direct any requests for documents to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 90.05pt">SEALSQ Corp</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 90.05pt">Avenue Louis-Casa&iuml; 58</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 90.05pt">1216 Cointrin</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 90.05pt">Switzerland</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 90.05pt">Tel: 011-41-22-594-3000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 90.05pt">Fax: 011-41-22-594-3001</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The information relating to
us contained in this prospectus is not comprehensive and should be read together with the information contained in the incorporated documents.
Descriptions contained in the incorporated documents as to the contents of any contract or other document may not contain all of the
information which is of interest to you. You should refer to the copy of such contract or other document filed as an exhibit to our filings.</P>

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

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

<!-- Field: Page; Sequence: 55; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P ID="A-24" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">We have filed
with the SEC a registration statement on Form F-3 under the Securities Act, relating to this offering of securities. As permitted by SEC
rules, this prospectus does not contain all of the information contained in the registration statement of which this prospectus forms
a part. Statements made in this prospectus concerning the contents of any contract, agreement or other document are summaries of all material
information about the documents summarized, but are not complete descriptions of all terms of these documents. If we filed any of these
documents as an exhibit to the registration statement, you may read the document itself for a complete description of its terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">We are subject
to the informational requirements of the Exchange Act applicable to foreign private issuers. In accordance with the Exchange Act, we file
reports, including annual reports on Form 20-F containing financial statements audited by an independent accounting firm. We also furnish
to the SEC, under cover of Reports of Foreign Private Issuer on Form 6-K, material information required to be made public by us or filed
by us with and made public by any stock exchange or distributed by us to our shareholders. Such reports and other information filed with
the SEC are available to the public over the internet at the SEC&rsquo;s website at http://www.sec.gov. We also generally make available
on our own website (www.sealsq.com) our half-year and year-end financial statements as well as other information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">As a foreign
private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements to shareholders,
and our officers, directors and principal shareholders are exempt from the &ldquo;short-swing profits&rdquo; reporting and liability provisions
contained in Section 16 of the Exchange Act and related Exchange Act rules. In addition, we are not required under the Exchange Act to
file periodic reports and financial statements as frequently or as promptly as U.S. companies whose securities are registered under the
Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">We maintain
a corporate website at www.sealsq.com. Information contained on, or that can be accessed through, our website does not constitute a part
of this prospectus. We have included our website address in this prospectus solely as an inactive textual reference.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">We are incorporated
under the laws of the British Virgin Islands and our principal executive offices are located outside the United States. Most of our directors
and officers and those of our subsidiaries are residents of countries other than the United States. Substantially all of our and our subsidiaries&rsquo;
assets and a substantial portion of the assets of our directors and officers are located outside the United States. As a result, it may
be difficult or impossible for United States investors to effect service of process within the United States upon us, our directors or
officers or our subsidiaries, or to realize against us or them judgments obtained in United States courts, including judgments predicated
upon the 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; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Furthermore,
there is substantial doubt that courts in jurisdictions outside the U.S. (i) would enforce judgments of U.S. courts obtained in actions
against us or our directors or officers based upon the civil liability provisions of applicable U.S. federal and state securities laws
or (ii) would enforce, in original actions, liabilities against us or our directors or officers based on those laws.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The following
is an estimate of the expenses (all of which are to be paid by us) that we may incur in connection with the securities being registered
hereby. Each prospectus supplement describing an offering of securities will reflect the estimated expenses related to the offering of
securities under that prospectus supplement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">SEC registration fees</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">76,550.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">FINRA filing fee</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">75,500.00</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Legal fees and expenses</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accountants&rsquo; fees and expenses</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">Miscellaneous</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">These fees and expenses depend on the securities offered and the number of issuances and accordingly cannot be estimated at this time. These fees will be provided by a prospectus supplement or a Report on Form 6-K that is incorporated by reference into this prospectus.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

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

<!-- Field: Page; Sequence: 56; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Pre-funded Warrants to purchase up
to 15,000,000 Ordinary Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><B>Class C Warrants to purchase up to
26,250,000 Ordinary Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><B>41,250,000 Ordinary Shares issuable
upon exercise of the Class C Warrants and the Pre-funded Warrants</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><B>October 5, 2025</B></P>

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

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
