<SEC-DOCUMENT>0001387131-19-008766.txt : 20191114
<SEC-HEADER>0001387131-19-008766.hdr.sgml : 20191114
<ACCEPTANCE-DATETIME>20191114171137
ACCESSION NUMBER:		0001387131-19-008766
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20191114
DATE AS OF CHANGE:		20191114
EFFECTIVENESS DATE:		20191114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NANOPHASE TECHNOLOGIES Corp
		CENTRAL INDEX KEY:			0000883107
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS PRIMARY METAL PRODUCTS [3390]
		IRS NUMBER:				363687863
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22333
		FILM NUMBER:		191221547

	BUSINESS ADDRESS:	
		STREET 1:		1319 MARQUETTE DRIVE
		CITY:			ROMEOVILLE
		STATE:			IL
		ZIP:			60446
		BUSINESS PHONE:		6303231200

	MAIL ADDRESS:	
		STREET 1:		1319 MARQUETTE DRIVE
		CITY:			ROMEOVILLE
		STATE:			IL
		ZIP:			60446

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NANOPHASE TECHNOLOGIES CORPORATION
		DATE OF NAME CHANGE:	19970305
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>nanx-defa14a_111419.htm
<DESCRIPTION>ADDITIONAL DEFINITIVE PROXY SOLITICING MATERIALS
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington,&nbsp;DC&nbsp;20549</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>SCHEDULE 14A</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Proxy Statement Pursuant to Section 14(a)
of the Securities Exchange Act of 1934<BR>
(Amendment No. 1)</B></P>

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

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    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt">Filed by the Registrant</FONT></TD>
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9746;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Filed by a Party other than the Registrant</FONT></TD>
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Soliciting Material Pursuant to &sect;240.14a-12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 20pt"><B>NANOPHASE TECHNOLOGIES CORPORATION</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check the appropriate box):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-family: Arial,sans-serif;  text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; font-family: Arial,sans-serif;  text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="width: 94%; font-family: Arial,sans-serif; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    fee required.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Arial,sans-serif;  text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif;  text-align: left">&#9744;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee
    computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Arial,sans-serif;  text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif;  text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; font-family: Arial,sans-serif; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; font-family: Arial,sans-serif; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</FONT></TD>
    <TD STYLE="width: 91%; font-family: Arial,sans-serif; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title
    of each class of securities to which transaction applies:</FONT></TD></TR>
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    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif;  border-bottom: Black 1pt solid">&nbsp;</TD></TR>
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    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif;  border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD></TR>
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    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif;  border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif;  border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif;  border-bottom: Black 1pt solid">&nbsp;</TD></TR>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
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    <TD STYLE="width: 2%; font-family: Arial,sans-serif;  text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font-family: Arial,sans-serif;  text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 94%; font-family: Arial,sans-serif; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee
    paid previously with preliminary materials.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Arial,sans-serif;  text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif;  text-align: left">&#9744;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
    box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting
    fee was paid previously.&nbsp;&nbsp;Identify the previous filing by registration statement number, or the form or schedule
    and the date of its filing.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Arial,sans-serif;  text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif;  text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; font-family: Arial,sans-serif; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; font-family: Arial,sans-serif; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</FONT></TD>
    <TD STYLE="width: 91%; font-family: Arial,sans-serif; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    Previously Paid:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif;  border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif;  border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif;  border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Arial,sans-serif;  border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0"><IMG SRC="nanx001.jpg" ALT="" STYLE="height: 77px; width: 185px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><B>SUPPLEMENT TO PROXY STATEMENT OF<BR>
NANOPHASE TECHNOLOGIES CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center">November 14, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify; text-indent: 0.5in">This supplement (this
&ldquo;<U>Supplement</U>&rdquo;) is being filed today with the Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;)
and contains important information that supplements and amends the definitive proxy statement, dated October 18, 2019 (the &ldquo;<U>Original
Proxy Statement</U>&rdquo;), of Nanophase Technologies Corporation (&ldquo;<U>we</U>&rdquo; or the &ldquo;<U>Company</U>&rdquo;),
which was filed with the SEC on October 17, 2017 and disseminated to our stockholders on or about October 18, 2019 in connection
with our 2019 annual meeting of stockholders (the &ldquo;<U>Annual Meeting</U>&rdquo;), including any adjournment or postponement
thereof. We refer to the Original Proxy Statement and this supplement thereto and amendment thereof collectively as the &ldquo;<U>Proxy
Statement</U>.&rdquo; The Annual Meeting is scheduled to be held at our corporate headquarters, 1319 Marquette Drive, Romeoville,
Illinois, on Tuesday, November 19, 2019 at 8:30 a.m., Central time.&nbsp; <B>The Proxy Statement contains important information
regarding the Annual Meeting, and this supplement should be read in conjunction with the Original Proxy Statement in its entirety.
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">The purpose of this
Supplement is to inform our stockholders of events, subsequent to the date of the Original Proxy Statement, which may be relevant
to our stockholders&rsquo; consideration of Proposal 4 in the Original Proxy Statement&mdash;adoption of an amendment to the Company&rsquo;s
certificate of incorporation to authorize additional shares of common stock (the &ldquo;<U>Certificate Amendment</U>&rdquo;). In
Proposal 4 of the Original Proxy Statement, under the caption &lsquo;Purpose of the Proposed Amendment&rsquo;, we reported that,
except as described in Proposal 5 in the Original Proxy Statement&mdash;approval of the Company&rsquo;s 2019 Equity Compensation
Plan&mdash;the Company&rsquo;s Board of Directors had no immediate or specific plans to issue the additional shares of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">After the Original
Proxy Statement was filed with the SEC and disseminated to our stockholders, the Company received an unsolicited proposal from
Bradford T. Whitmore, who together with his daughter and his affiliates Grace Brothers, Ltd. and Grace Investments, Ltd. owns approximately
53.0% of the outstanding shares of the Company&rsquo;s common stock. Through his affiliate Beachcorp, LLC, Mr. Whitmore is also
a substantial lender to the Company under the Business Loan Agreement, dated November 16, 2018. Mr. Whitmore proposed to make a
loan to the Company which would, after the adoption and filing of the Certificate Amendment, be convertible into additional shares
of the Company&rsquo;s common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">On November 13,
2019, we entered into a Securities Purchase Agreement (the &ldquo;<U>SPA</U>&rdquo;) with Mr. Whitmore pursuant to which he agreed
to purchase a Convertible Note (see below) from the Company for $2,000,000 and otherwise including representations, warranties
and covenants which are customary for similar transactions. The transactions contemplated by the SPA are expected to close on November
20, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">Pursuant to the
SPA, the Company has agreed to issue a 2% Secured Convertible Promissory Note in the original principal amount of $2,000,000 (the
&ldquo;<U>Convertible Note</U>&rdquo;), the principal amount of which is payable to the order of Mr. Whitmore and his registered
assigns and successors in a single payment on May 15, 2024 (the &ldquo;<U>Maturity Date</U>&rdquo;). The principal amount of the
Convertible Note accrues interest at the rate of 2.0% per year, which interest is payable semi-annually on the 15<SUP>th</SUP>
day of May and November, commencing on May 15, 2020. The principal amount and, at the holder&rsquo;s option, accrued interest under
the Convertible Note is convertible at the holder&rsquo;s option into additional shares of the Company&rsquo;s common stock in
whole or in part and from time to time up to the Maturity Date at a conversion price of $0.20 per share. The obligations under
the Convertible Note will be secured by a security interest in all of the Company&rsquo;s personal property pursuant to a Commercial
Security Agreement among Mr. Whitmore, the Company and Sol&eacute;sence, LLC, the Company&rsquo;s sole subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">The SPA also
amended the Common Stock Purchase Agreement, dated May 13, 2019, between the Company and Mr. Whitmore to add the shares of
common stock issuable upon conversion of the Convertible Note to the registration rights granted therein. The Company did not
engage an underwriter for this transaction, and no selling commission or other remuneration was paid in connection with this
transaction. We expect to use the proceeds for working capital and general corporate purposes. The sale of the Convertible
Note to Mr. Whitmore will be exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended
(the &ldquo;<U>Securities Act</U>&rdquo;), and Rule 506(b) of Regulation D promulgated under the Securities Act because Mr.
Whitmore has a preexisting relationship with the Company as its largest stockholder, Mr. Whitmore represented to the Company
that he has assets or income sufficient to qualify as an accredited investor, as defined under Regulation D, and the Company
did not engage in any general solicitation or general advertising in offering such securities.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">Pursuant to the
SPA, the Company has agreed to reserve sufficient shares of the Company&rsquo;s common stock for issuance upon conversion of the
Convertible Note in whole or in part. Together, the shares of common stock to be reserved for issuance upon exercise of options
under the 2019 Plan (see Proposal 5 in the Proxy Statement) and the shares of common stock to be reserved for issuance upon conversion
of the Convertible Note will have reserved all of the shares of our common stock which are proposed to be newly authorized pursuant
to the Certificate Amendment. If any of the principal amount or accrued interest under the Convertible Note is converted into additional
shares of the Company&rsquo;s common stock, the relative ownership of our existing stockholders will be diluted. Assuming the Convertible
Note had been converted and the Certificate Amendment had been effective on November 14, 2019, the $2,000,000 principal amount
of the Convertible Note would convert into 10,000,000 shares of the Company&rsquo;s common stock. Based on the 38,136,792 shares
of our common stock which were issued and outstanding as of November 14, 2019, such hypothetical conversion of the Convertible
Note would have increased Mr. Whitmore&rsquo;s direct and indirect beneficial ownership to approximately 62.7% of the Company&rsquo;s
common stock assuming that he directed that all of the shares issued upon such conversion should be issued to him personally and
that no other issuances of common stock were to occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">If Proposal 4 adopting
the Certificate Amendment is not approved by our stockholders or if the Certificate Amendment is not effective by December 31,
2019 notwithstanding approval of Proposal 4, the Company is required to prepay the Convertible Note at 105% of the outstanding
principal amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">This Supplement
and the information above does not affect the required vote on Proposal 4. To be approved, Proposal 4 must receive &ldquo;For&rdquo;
votes from a majority of the shares of our common stock which were outstanding on the record date. As a result, abstentions and
broker non-votes will have the same effect as a vote &ldquo;Against&rdquo; Proposal 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">After considering
the Convertible Note and the SPA and their effect on the Company and its stockholders, <B>THE COMPANY&rsquo;S BOARD OF DIRECTORS
HAS AFFIRMED ITS RECOMMENDATION THAT STOCKHOLDERS VOTE &ldquo;FOR&rdquo; ADOPTION OF THE AMENDMENT TO THE COMPANY&rsquo;S CERTIFICATE
OF INCORPORATION TO INCREASE THE NUMBER OF AUTHORIZED SHARES OF COMMON STOCK TO 55 MILLION SHARES.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify; text-indent: 0.5in"><B>No changes are
being made to the proxy card; therefore, if you have already submitted a proxy card or otherwise provided voting instructions regarding
Proposal 4, you do not need to complete an additional proxy card or otherwise submit new voting instructions unless you wish to
change your voting instructions with respect to Proposal 4. If you have already submitted a completed proxy card or otherwise provided
voting instructions but wish to change your voting instructions regarding Proposal 4, you may revoke your prior proxy card or change
your voting instructions regarding Proposal 4 by following the instructions in the Original Proxy Statement and, for example, submitting
a new properly executed proxy card or voting instruction form regarding Proposal 4 or submitting new proxy or voting instructions
regarding Proposal 4 by telephone or via the Internet</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify; text-indent: 0.5in">If you have not already
submitted a proxy card or voting instructions regarding Proposal 4, please do so in accordance with the instructions in the Original
Proxy Statement.</P>



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

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

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