<SEC-DOCUMENT>0001292814-20-004411.txt : 20201117
<SEC-HEADER>0001292814-20-004411.hdr.sgml : 20201117
<ACCEPTANCE-DATETIME>20201117160644
ACCESSION NUMBER:		0001292814-20-004411
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20201117
DATE AS OF CHANGE:		20201117

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Braemar Hotels & Resorts Inc.
		CENTRAL INDEX KEY:			0001574085
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				462488594
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-87737
		FILM NUMBER:		201321225

	BUSINESS ADDRESS:	
		STREET 1:		14185 DALLAS PARKWAY
		STREET 2:		SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75254
		BUSINESS PHONE:		(972) 490-9600

	MAIL ADDRESS:	
		STREET 1:		14185 DALLAS PARKWAY
		STREET 2:		SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75254

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ashford Hospitality Prime, Inc.
		DATE OF NAME CHANGE:	20130410

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMD Alternatives Invest Ltd.
		CENTRAL INDEX KEY:			0001828534
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			G4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		VYZANTIOU 30, OFFICE 31
		STREET 2:		STROVOLOS
		CITY:			NICOSIA
		STATE:			G4
		ZIP:			2064
		BUSINESS PHONE:		447552557816

	MAIL ADDRESS:	
		STREET 1:		VYZANTIOU 30, OFFICE 31
		STREET 2:		STROVOLOS
		CITY:			NICOSIA
		STATE:			G4
		ZIP:			2064
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<FILENAME>amd20201116_sc13g.htm
<DESCRIPTION>SC 13G
<TEXT>
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<TITLE></TITLE>
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<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">SCHEDULE 13G</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Under the Securities Exchange Act of 1934</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 24pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt; background-color: white"><B>Braemar Hotels &amp; Resorts Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">(Name of Issuer)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt; background-color: white"><B>Common Stock</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">(Title of Class of Securities)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>10482B101</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">(CUSIP Number)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>November 11, 2020</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">(Date of Event which Requires Filing of this Statement)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box to designate the rule pursuant to which
this Schedule is filed:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">[_] Rule 13d-1(b)</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">[X] Rule 13d-1(c)</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">[_] Rule 13d-1(d)</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">*The remainder of this cover page shall be
filled out for a reporting person&#8217;s initial filing on this form with respect to the subject class of securities, and for
any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The information required in the remainder of
this cover page shall not be deemed to be &#8220;filed&#8221; for the purpose of Section 18 of the Securities Exchange Act of 1934
(&#8220;Act&#8221;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions
of the Act (however, see the <I>Notes</I>).</P>

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 13G</B></P>

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

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    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>CUSIP No.</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">10482B101</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>1</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>Names of Reporting Persons</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Gregory Julien Dewerpe</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>2</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>Check the appropriate box if a member of a Group (see instructions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 6pt; padding-left: 17.1pt"><FONT STYLE="font-size: 11pt">(a) [ ]<BR>
(b) [ ]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>3</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>Sec Use Only</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>4</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>Citizenship or Place of Organization</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Switzerland</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" ROWSPAN="8" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>Number of Shares Beneficially Owned
        by Each Reporting Person With:</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>&nbsp;</B></P></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>5</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-bottom: 6pt; padding-left: 5.4pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt"><B>Sole Voting Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 6pt; padding-left: 5.4pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt; background-color: white">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>6</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-bottom: 6pt; padding-left: 5.4pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt"><B>Shared Voting Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 6pt; padding-left: 5.4pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt; background-color: white">1,866,592 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>7</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-bottom: 6pt; padding-left: 5.4pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt"><B>Sole Dispositive Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 6pt; padding-left: 5.4pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt; background-color: white">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>8</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-bottom: 6pt; padding-left: 5.4pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt"><B>Shared Dispositive Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 6pt; padding-left: 5.4pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt; background-color: white">1,866,592</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>9</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>Aggregate Amount Beneficially Owned by Each Reporting Person</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 6pt; padding-left: 5.4pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt; background-color: white">1,866,592</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>10</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">[ ]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>11</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>Percent of class represented by amount in row (9)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt; background-color: white">5.09%<SUP>1</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>12</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Type of Reporting Person (See Instructions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt; background-color: white">IN</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 65%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(1) The percentage is based on 36,686,729 shares of Common Stock
reported to be outstanding as of November 5, 2020 in the Issuer&#8217;s Form 10-Q for the quarterly period ended September 30,
2020 as filed with the Securities and Exchange Commission on November 9, 2020.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 13G</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
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    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>CUSIP No.</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">10482B101</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>1</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Names of Reporting Persons</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">AMD Capital Holdings  Limited</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>2</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Check the appropriate box if a member of a Group (see instructions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; padding-left: 17.1pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">(a) [ ]<BR>
(b) [ ]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>3</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Sec Use Only</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>4</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Citizenship or Place of Organization</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">Malta</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" ROWSPAN="8" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>Number of Shares Beneficially Owned
        by Each Reporting Person With:</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>&nbsp;</B></P></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>5</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt"><B>Sole Voting Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt; background-color: white">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>6</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt"><B>Shared Voting Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt; background-color: white">1,866,592 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>7</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt"><B>Sole Dispositive Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt; background-color: white">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>8</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt"><B>Shared Dispositive Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt; background-color: white">1,866,592</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>9</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Aggregate Amount Beneficially Owned by Each Reporting Person</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt; background-color: white">1,866,592</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>10</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">[ ]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>11</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Percent of class represented by amount in row (9)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt; background-color: white">5.09%<SUP>1</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>12</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Type of Reporting Person (See Instructions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt; background-color: white">OO</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(1) The percentage is based on 36,686,729 shares of Common Stock
        reported to be outstanding as of November 5, 2020 in the Issuer&#8217;s Form 10-Q for the quarterly period ended September 30,
        2020 as filed with the Securities and Exchange Commission on November 9, 2020.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 65%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 13G</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>CUSIP No.</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">10482B101</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>1</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Names of Reporting Persons</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">AMD Invest S.a.r.l</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>2</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Check the appropriate box if a member of a Group (see instructions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; padding-left: 17.1pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">(a) [ ]<BR>
(b) [ ]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>3</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Sec Use Only</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>4</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Citizenship or Place of Organization</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">Luxembourg</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" ROWSPAN="8" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>Number of Shares Beneficially Owned
        by Each Reporting Person With:</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>&nbsp;</B></P></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>5</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt"><B>Sole Voting Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt; background-color: white">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>6</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt"><B>Shared Voting Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt; background-color: white">1,866,592 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>7</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt"><B>Sole Dispositive Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt; background-color: white">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>8</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt"><B>Shared Dispositive Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt; background-color: white">1,866,592</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>9</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Aggregate Amount Beneficially Owned by Each Reporting Person</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt; background-color: white">1,866,592</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>10</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">[ ]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>11</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Percent of class represented by amount in row (9)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt; background-color: white">5.09%<SUP>1</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>12</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Type of Reporting Person (See Instructions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt; background-color: white">OO</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 65%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(1) The percentage is based on 36,686,729 shares of Common Stock
reported to be outstanding as of November 5, 2020 in the Issuer&#8217;s Form 10-Q for the quarterly period ended September 30,
2020 as filed with the Securities and Exchange Commission on November 9, 2020.</P>

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


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 13G</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>CUSIP No.</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">10482B101</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>1</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Names of Reporting Persons</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">AMD Alternatives Invest Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>2</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Check the appropriate box if a member of a Group (see instructions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; padding-left: 17.1pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">(a) [ ]<BR>
(b) [ ]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>3</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Sec Use Only</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>4</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Citizenship or Place of Organization</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">Cyprus</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" ROWSPAN="8" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>Number of Shares Beneficially Owned
        by Each Reporting Person With:</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>&nbsp;</B></P></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>5</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt"><B>Sole Voting Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt; background-color: white">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>6</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt"><B>Shared Voting Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt; background-color: white">1,866,592 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>7</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt"><B>Sole Dispositive Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt; background-color: white">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>8</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt"><B>Shared Dispositive Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt; background-color: white">1,866,592</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>9</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Aggregate Amount Beneficially Owned by Each Reporting Person</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.15in"><FONT STYLE="font-size: 11pt; background-color: white">1,866,592</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>10</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt">[ ]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>11</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt"><B>Percent of class represented by amount in row (9)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt; background-color: white">5.09%<SUP>1</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>12</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Type of Reporting Person (See Instructions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 11pt; background-color: white">OO</FONT></TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 65%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(1) The percentage is based on 36,686,729 shares of Common Stock
reported to be outstanding as of November 5, 2020 in the Issuer&#8217;s Form 10-Q for the quarterly period ended September 30,
2020 as filed with the Securities and Exchange Commission on November 9, 2020.</P>

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


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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 1.</B></TD><TD></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name
of Issuer: </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Braemar
Hotels &amp; Resorts Inc. (the &#8220;Issuer&#8221;)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address
of Issuer&#8217;s Principal Executive Offices: </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">14185 Dallas Parkway,
Suite 1100, Dallas, Texas, Zip Code 75254</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in">Item 2.</TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt"><B>(a)</B></FONT></TD><TD><FONT STYLE="font-size: 11pt"><B>Name of Person Filing: </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">This statement is being filed on behalf of the following
persons (collectively, the &#8220;Reporting Persons&#8221;):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0 0.5in">(i) Gregory Julien Dewerpe (&#8220;Mr. Dewerpe&#8221;)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0 0.5in">(ii) AMD Capital Holdings Limited (&#8220;AMD Capital&#8221;);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0 0.5in">(iii) AMD Invest S.a.r.l (&#8220;AMD Invest&#8221;);
and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0 0.5in">(iv) AMD Alternatives Invest Ltd. (&#8220;AMD Alternatives&#8221;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">This joint statement on Schedule 13G (the &#8220;Statement&#8221;)
is being filed by the Reporting Persons.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">Mr. Dewerpe holds an interest in the Issuer indirectly
through these entities:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">(1) AMD Capital is a Maltese company wholly owned by
Mr. Dewerpe.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">(2) AMD Invest is a Luxembourg company wholly owned
by AMD Capital.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">(3) AMD Alternatives is the direct holder of 1,866,592
shares of common stock of the Issuer and is a Cypriot company wholly owned by AMD Invest.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">Mr. Dewerpe is the sole shareholder of these entities
and holds full voting and dispositive powers over the shares held by these entities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0"><B><BR>
Address of Principal Business Office or, if None, Residence: </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">AMD Capital: First Floor ,Orange Point, Dun Karm Street,
Birkirkara BKR 9037, Malta.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">AMD Alternatives: Vyzantiou 30, Office 31, Strovolos
2064 Nicosia, Cyprus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">AMD Invest : 24 Avenue Victor Hugo, L-1750 Luxembourg.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">Gregory Dewerpe: 20 Thayer Street, W1U2DD, London,
United Kingdom.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt"><B>(b)</B></FONT></TD><TD><FONT STYLE="font-size: 11pt"><B>Citizenship: </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0 0.5in">(i) Mr. Dewerpe: Switzerland;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0 0.5in">(ii) AMD Capital: Malta;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0 0.5in">(iii) AMD Invest: Luxembourg; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0 0.5in">(iv) AMD Alternatives: Cyprus.</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt"><B>(c)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Title and Class of Securities:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-align: justify">Common stock.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt"><B>(d)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>CUSIP No.:&#9;</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">10482B101</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 3.</B></TD><TD><B>If this statement is filed pursuant to &sect;&sect; 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing
is a:</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>[_]&#9;Broker or dealer registered under Section 15 of the Act;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>[_]&#9;Bank as defined in Section 3(a)(6) of the Act;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>[_]&#9;Insurance company as defined in Section 3(a)(19) of the Act;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>[_]&#9;Investment company registered under Section 8 of the Investment Company Act of 1940;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>[_]&#9;An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD>[_]&#9;An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD>[_]&#9;A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD>[_]&#9;A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>[_]&#9;A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment
Company Act of 1940;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD>[_]&#9;A non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD>[_]&#9;Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 4.</B></TD><TD><B>Ownership</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-align: justify">The information required by Items
4(a)-(c) is set forth in Rows 5-11 of each Cover Page and is incorporated herein by reference.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Item 5.</B></TD><TD STYLE="text-align: justify"><B>Ownership of Five Percent or Less of a Class.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-align: justify">If this statement is being filed
to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent
of the class of securities, check the following [ ].</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in">Item 6.</TD><TD>Ownership of more than Five Percent on Behalf of Another Person.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-align: justify; text-indent: -0.75in">Not Applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 7.</B></TD><TD STYLE="text-align: justify"><B>Identification and classification of the subsidiary which acquired the security being reported
on by the parent holding company or control person.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-align: justify; text-indent: -0.75in">Not applicable.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 8.</B></TD><TD><B>Identification and classification of members of the group.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Not Applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 9.</B></TD><TD><B>Notice of Dissolution of Group.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-align: justify; text-indent: -0.75in">Not Applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 10.</B></TD><TD><B>Certifications.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">By signing below
I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary
course of business and were not acquired and not held for the purpose of or with the effect of changing or influencing the control
of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction
having such purpose or effect.</P>


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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left">SIGNATURE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">After reasonable inquiry and to the
best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0">Dated:&nbsp;&nbsp;November 17, 2020</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 61%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Gregory Julien Dewerpe</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><U>/s/_ Gregory Julien Dewerpe ____</U></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">AMD Capital Holdings Limited</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">By:&#9;<U>/s/ Nabil El Midaoui __________</U></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">By: Nabil El Midaoui</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Title: Legal representative</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">AMD Invest S.a.r.l</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">By:&#9;<U>/s/ Nabil El Midaoui __________</U></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">By: Nabil El Midaoui</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Title: Legal representative</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">AMD Alternatives Invest Ltd.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">By:&#9;<U>/s/ Nabil El Midaoui __________</U></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">By: Nabil El Midaoui</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Title: Legal representative</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Attention: Intentional misstatements or
omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001).</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">EXHIBIT A</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JOINT FILING AGREEMENT</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The undersigned hereby
agree that the statement on Schedule 13G with respect to common stock of Braemar Hotels and Resorts Inc. dated as of November 17,
2020 is, and any further amendments thereto signed by each of the undersigned shall be, filed on behalf of each of the undersigned
pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0">Dated:&nbsp;November 17, 2020</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 61%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Gregory Julien Dewerpe</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><U>/s/_ Gregory Julien Dewerpe ____</U></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">AMD Capital Holdings Limited</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">By:&#9;<U>/s/ Nabil El Midaoui __________</U></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">By: Nabil El Midaoui</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Title: Legal representative</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">AMD Invest S.a.r.l</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">By:&#9;<U>/s/ Nabil El Midaoui __________</U></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">By: Nabil El Midaoui</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Title: Legal representative</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">AMD Alternatives Invest Ltd.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">By:&#9;<U>/s/ Nabil El Midaoui __________</U></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">By: Nabil El Midaoui</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Title: Legal representative</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">EXHIBIT B</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><BR>
POWER OF ATTORNEY</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMD Capital Holdings Limited</B>, a limited
company organized under the laws of Malta, <B>AMD Invest S.a.r.l</B>, a limited company organized under the laws of Luxembourg,
and <B>AMD Alternatives Invest Ltd</B>., a limited company organized under the laws of Cyprus, each hereby appoint <B>Nabil El
Midaoui</B> (the &quot;Attorney-in-Fact&quot;) as legal representative to execute for and on behalf of each of them, all Schedules
13G under the Securities Exchange Act of 1934, as amended, and any and all amendments thereto, and to file the same, with all exhibits
thereto, and other documents in connection therewith, with the Securities and Exchange Commission and relevant stock exchanges
(individually, each a &quot;Filing&quot;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each of the undersigned acknowledges that the
Attorney-in-Fact, in serving in such capacity at the request of the undersigned, is not assuming any of the undersigned's responsibilities
to comply with Section 13 of the Securities Exchange Act of 1934.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The powers hereby conferred upon the Attorney-in-Fact
shall continue in force until notice of the revocation of this Power of Attorney has been received by the Attorney-in-Fact.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IN WITNESS WHEREOF, the undersigned has hereunto
subscribed this Power of Attorney this 17th day of November 2020.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>AMD Capital Holdings Limited</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">By:&#9;<U>/s/ Andrew Heraghty __________</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Praxis IFM Trust Limited</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">By: Andrew Heraghty</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Director</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>AMD Invest S.a.r.l</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">By:&#9;<U>/s/ Scot Wardlaw_____________</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Scot Wardlaw</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Director</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>AMD Alternatives Invest Ltd.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">By:&#9;<U>/s/ Cleo Koushos Kros ________</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">KK Law Managers Limited</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 11pt">By: </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cleo
Koushos Kros</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><FONT STYLE="font-size: 11pt">Director</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

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

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