<SEC-DOCUMENT>0001213900-25-054299.txt : 20250613
<SEC-HEADER>0001213900-25-054299.hdr.sgml : 20250613
<ACCEPTANCE-DATETIME>20250613161606
ACCESSION NUMBER:		0001213900-25-054299
CONFORMED SUBMISSION TYPE:	S-3/A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250613
DATE AS OF CHANGE:		20250613

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FreightCar America, Inc.
		CENTRAL INDEX KEY:			0001320854
		STANDARD INDUSTRIAL CLASSIFICATION:	RAILROAD EQUIPMENT [3743]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-285463
		FILM NUMBER:		251046792

	BUSINESS ADDRESS:	
		STREET 1:		125 SOUTH WACKER DRIVE
		STREET 2:		SUITE 1500
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		(800) 458-2235

	MAIL ADDRESS:	
		STREET 1:		125 SOUTH WACKER DRIVE
		STREET 2:		SUITE 1500
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FCA Acquisition Corp.
		DATE OF NAME CHANGE:	20050316
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3/A
<SEQUENCE>1
<FILENAME>ea0245465-s3a1_freight.htm
<DESCRIPTION>AMENDMENT NO. 1 TO FORM S-3
<TEXT>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <b>As filed with the Securities and Exchange
Commission on June 13, 2025</b> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; "> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registration
No. 333-285463</b></font> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UNITED
STATES</b></font></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SECURITIES
AND EXCHANGE COMMISSION</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Washington,
D.C. 20549</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <b>Amendment No. 1 to</b> </p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Form
S-3</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>REGISTRATION
STATEMENT </i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>UNDER</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>THE
SECURITIES ACT OF 1933</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u></u></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u></u></b></font></p>

<p style="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FreightCar
America, Inc.</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; width: 49%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Delaware</b></font></td>
    <td style="padding-bottom: 1.5pt; width: 2%">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 49%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25-1837219</b></font></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of</font></td>
    <td>&nbsp;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer</font></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation or organization)</font></td>
    <td>&nbsp;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification Number)</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>125
South Wacker Drive, Suite 1500</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Chicago,
Illinois 60606</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(800)
458-2235</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address,
including zip code, and telephone number,</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">including
area code, of Registrant&rsquo;s principal executive offices)</font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Nicholas
J. Randall</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Chief
Executive Officer</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FreightCar
America, Inc.</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>125
South Wacker Drive, Suite 1500</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Chicago,
Illinois 60606</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(800)
458-2235</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name,
address, including zip code, and telephone number,</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">including
area code, of agent for service)</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Copies
to:</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 100%; padding: 0.25pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>David
    A. Sakowitz, Esq.</b></font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Oscar
    David, Esq.</b></font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Winston
    &amp; Strawn LLP</b></font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>200
    Park Avenue</b></font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New
    York, NY 10166</b></font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tel.
    No.: (212) 294-6700</b></font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fax
    No.: (212) 294-4700</b></font></p></td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Approximate
date of commencement of proposed sale to the public: </b>From time to time after the effective date of this Registration Statement.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, check the following
box. &#9744;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following
box. &#9746;</font></p>

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

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering. &#9744;</font></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744;</font></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective
upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. &#9744;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is a post-effective amendment to a registration statement filed pursuant General Instruction I.D. filed to register additional
securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. &#9744;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo;
&ldquo;smaller reporting company,&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</font></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 25%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer</font></td>
    <td style="width: 25%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</font></td>
    <td style="width: 25%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</font></td>
    <td style="width: 25%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</font></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. &#9744;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the
registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective
in accordance with Section 8(a) of the Securities Act&nbsp;of 1933, as amended, or until the Registration Statement shall become effective
on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><b>The
information in this prospectus is not complete and may be changed. The securities may not be sold until the registration statement relating
to these securities filed with the Securities and Exchange Commission is declared effective. This prospectus is not an offer to sell
these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><b>Subject
to Completion, Dated June 13, 2025</b></font> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>PROSPECTUS</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img src="image_001.jpg" alt="" ></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Primary
Offering of </i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>$2</b></font><b><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">00,000,000
of</font></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common
Stock</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Preferred
Stock</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Debt
Securities </b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants
</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rights</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Units</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>by</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>FREIGHTCAR
AMERICA, INC.</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Secondary
Offering of</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <b>16,995,550 Shares of Common Stock</b> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offered
by the Selling Stockholder</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus relates to (i) the offer and sale by FreightCar America, Inc. (the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo;
or &ldquo;FreightCar&rdquo;) of up to $200,000,000 in the aggregate of the Company&rsquo;s common stock, par value $0.01 per share (the
&ldquo;common stock&rdquo;), preferred stock, debt securities, new warrants, rights or units, and (ii) the resale by the selling stockholder
named in this prospectus (or permitted transferees) (the &ldquo;Selling Stockholder&rdquo;) of up to 16,995,550 shares of our common
stock.</font> </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may offer from time to time of up to $200,000,000 of any combination of shares of our common stock, preferred stock, debt securities,
warrants, rights and units that include any of these securities. We will offer securities in amounts, at prices and on terms to be determined
at the time of the offering. The aggregate initial offering price of the securities that we may offer under this prospectus will not
exceed $200,000,000 (the &ldquo;FCA Offering&rdquo;).</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The Selling Stockholder
may offer, sell or distribute all or a portion of its shares of common stock publicly or through private transactions at prevailing market
prices or at negotiated prices. The aggregate number of shares of common stock sold by the Selling Stockholder under this prospectus
will not exceed 16,995,550 (the &ldquo;Selling Stockholder Offering&rdquo;). We provide more information about how the Selling Stockholder
may sell its shares of common stock in the section entitled &ldquo;Plan of Distribution.&rdquo; We will pay certain offering fees and
expenses and fees in connection with the registration of the securities covered by this prospectus and will not receive proceeds from
the sale of common stock by the Selling Stockholder. The Selling Stockholder will bear all discounts, concessions, commissions and stock
transfer taxes, if any, attributable to its sale of shares. </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This
prospectus describes the general manner in which our securities may be offered using this prospectus. Each time we offer and sell securities,
we will provide you with a prospectus supplement that will contain specific information about the terms of that offering. Any prospectus
supplement may also add, update or change information contained in this prospectus. You should carefully read this prospectus and any
applicable prospectus supplement as well as the information incorporated or deemed to be incorporated by reference in this prospectus
before you purchase any of the securities offered hereby.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
securities are being registered to permit the offering and sale of these securities from time to time in the public market or otherwise,
in amounts, at prices and on terms determined at the time of offering. We may offer the securities directly or through agents or to or
through underwriters or dealers. If any agents or underwriters are involved in the sale of the securities, their names, and any applicable
purchase price, fee, commission or discount arrangement between or among them, will be set forth, or will be calculable from the information
set forth, in an accompanying prospectus supplement. We can sell the securities through agents, underwriters or dealers only with delivery
of a prospectus supplement describing the method and terms of the offering of such securities.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock is listed on the NASDAQ Global Market under the symbol &ldquo;RAIL.&rdquo; On June 9, 2025, the last reported sale price
of our common stock was $8.22 per share. Pursuant to General Instruction I.B.6 of Form S-3, as long as the aggregate market value of
our common stock held by non-affiliates remains below $75 million, we will not, during any 12-month period, sell common stock pursuant
to the FCA Offering under this prospectus in a public primary offering with a value exceeding one-third of the aggregate market value
of our common stock held by non-affiliates. The aggregate market value of our outstanding common equity held by non-affiliates on June
9, 2025 was approximately $102,927,494 based on 19,118,966 shares of common stock outstanding, of which 12,521,593 shares were held by
non-affiliates, and a closing sale price on such date of $8.22 per share. As of the date hereof, we have not offered any securities pursuant
to General Instruction I.B.6 of Form S-3 during the period of 12 calendar months that ends on and includes the date hereof.</font> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investing
in our securities involves a high degree of risk.<br >
Please see &ldquo;Risk Factors&rdquo; beginning on page 3, and in any applicable prospectus supplement and under similar sections in
the documents we incorporate by reference into this prospectus.</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed
upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> The date of this prospectus is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2025. </p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; width: 100%">
  <tr>
    <td style="width: 100%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
    <td style="width: 100%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td></tr>
  </table>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <!-- Field: /Page -->

<div style="padding: 0in; border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TABLE
OF CONTENTS</b></font></p>

</div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 90%; font-weight: bold; text-align: left"><a href="#a_001">ABOUT THIS PROSPECTUS</a></td>
    <td style="width: 1%; text-align: left"></td><td style="width: 9%; text-align: center">ii</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><a href="#a_002">INFORMATION INCORPORATED BY REFERENCE</a></td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">iii</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><a href="#a_003">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</a></td>
    <td style="text-align: left"></td><td style="text-align: center">iv</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><a href="#a_004">PROSPECTUS SUMMARY</a></td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">1</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><a href="#a_005">RISK FACTORS</a></td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">3</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><a href="#a_006">USE OF PROCEEDS</a></td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">16</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><a href="#a_007">DESCRIPTION OF CAPITAL STOCK</a></td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">17</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><a href="#a_008">DESCRIPTION OF DEBT SECURITIES</a></td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">22</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><a href="#a_009">DESCRIPTION OF WARRANTS</a></td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">24</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><a href="#a_010">DESCRIPTION OF RIGHTS</a></td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">26</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><a href="#a_011">DESCRIPTION OF UNITS</a></td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">27</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><a href="#a_012">SELLING STOCKHOLDER</a></td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: center"><b style="font: normal 10pt Times New Roman, Times, Serif">27</b></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><a href="#a_013">PLAN OF DISTRIBUTION</a></td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">30</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><a href="#a_014">LEGAL MATTERS</a></td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">37</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><a href="#a_015">EXPERTS</a></td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">37</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>


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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should rely only on the information incorporated by reference or provided in this prospectus, any prospectus supplement and the registration
statement. We have not authorized anyone else to provide you with different information. If anyone provides you with different or inconsistent
information, you should not rely on it. We are not making an offer to sell these securities in any state where the offer or sale is not
permitted. You should assume that the information in this prospectus and any prospectus supplement, or incorporated by reference, is
accurate only as of the dates of those documents. Our business, financial condition, results of operations and prospects may have changed
since those dates.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a_001"></a>ABOUT
THIS PROSPECTUS</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> This prospectus is part
of a registration statement that we filed with the Securities and Exchange Commission, or the SEC, using a &ldquo;shelf&rdquo; registration,
or continuous offering, process. Under this shelf registration process, we may, from time to time, offer and sell the securities described
in this prospectus in one or more offerings up to a maximum aggregate offering price of $200,000,000. The Selling Stockholder may use
the shelf registration to sell up to an aggregate of 16,995,550 shares of common stock from time to time through any means described
in the section entitled &ldquo;Plan of Distribution.&rdquo; More specific terms of any securities that we or that the Selling Stockholder
offers and sells may be provided in a prospectus supplement that describes, among other things, the specific amounts and prices of the
securities being offered and the terms of the offering. </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
we nor the Selling Stockholder have authorized anyone to provide you with any information or to make any representations other than those
contained in this prospectus or any applicable prospectus supplement or any free writing prospectuses prepared by or on behalf of us
or to which we have referred you. Neither we nor the Selling Stockholder take responsibility for, and can provide no assurance as to
the reliability of, any other information that others may give you. Neither we nor the Selling Stockholder will make an offer to sell
these securities in any jurisdiction where the offer or sale is not permitted.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus provides you with a general description of the manner in which our securities may be offered by this prospectus. Each time
we or the Selling Stockholder sells securities, we or the Selling Stockholder will provide a prospectus supplement that will contain
specific information about the terms of that offering and the offered securities. Any prospectus supplement may also add, update or change
information contained in this prospectus or in information incorporated by reference in this prospectus. Any prospectus supplement that
contains specific information about the terms of the securities being offered may also include a discussion of certain U.S. federal income
tax consequences and any risk factors or other special considerations applicable to those securities. Any statement that we make in this
prospectus will be modified or superseded by any inconsistent statement made by us in a prospectus supplement. The registration statement
we filed with the SEC includes exhibits that provide more detail of the matters discussed in this prospectus. You should read this prospectus
and the related exhibits filed with the SEC and any prospectus supplement, together with additional information described under the heading
&ldquo;Where You Can Find More Information&rdquo; before making your investment decision.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise indicated or the context requires otherwise, the words &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; the &ldquo;Company,&rdquo;
&ldquo;FreightCar&rdquo; and &ldquo;RAIL&rdquo; refer to FreightCar America, Inc.</font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_002"></a><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INFORMATION
INCORPORATED BY REFERENCE</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following documents filed
by us with the SEC are incorporated into this prospectus by reference:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"> &nbsp; </td>
    <td style="width: 24px"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font> </td>
    <td style="text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Annual Report on
    </font><a href="https://www.sec.gov/Archives/edgar/data/1320854/000095017025037977/rail-20241231.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    10-K</font></a> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the fiscal year ended December 31, 2024;</font> </td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"> &nbsp; </td>
    <td style="width: 24px"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font> </td>
    <td style="text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Quarterly Report
    on </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1320854/000095017025063571/rail-20250331.htm">Form 10-Q</a></font> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the quarter ended March 31, 2025;</font> </td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"> &nbsp; </td>
    <td style="width: 24px; font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font> </td>
    <td style="text-align: justify; font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    Current Reports on Form 8-K filed with the SEC </font><a href="https://www.sec.gov/Archives/edgar/data/1320854/000095017025002119/rail-20241231.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
    6, 2025</font></a><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, </font><a href="https://www.sec.gov/Archives/edgar/data/1320854/000095017025022260/rail-20250212.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    18, 2025</font></a><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, </font><a href="https://www.sec.gov/Archives/edgar/data/1320854/000095017025044397/rail-20250320.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 25, 2025</font></a> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and </font><a href="https://www.sec.gov/Archives/edgar/data/1320854/000095017025074538/rail-20250514.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 19, 2025</font></a><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">;</font> </td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"> &nbsp; </td>
    <td style="width: 24px; font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font> </td>
    <td style="text-align: justify; font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    information specifically incorporated by reference into our Annual Report on </font><a href="http://www.sec.gov/Archives/edgar/data/1320854/000095017024032849/rail-20231231.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    10-K</font></a> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the fiscal year ended December 31, 2024
    from our </font><a href="https://www.sec.gov/Archives/edgar/data/1320854/000110465924043615/tm242977d1_def14a.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive
    Proxy Statement</font></a> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">on Schedule 14A, filed on April
    3, 2025; and</font> </td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>













<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the description of our common stock contained in the Registration
Statement on <a href="http://www.sec.gov/Archives/edgar/data/1320854/000119312505053550/ds1.htm">Form S-1</a> (No. 333-123384) filed with
the SEC under Section 12 of the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;) on March 17, 2005, as amended by
any subsequent amendments or reports filed for the purpose of updating such description.</td>
</tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
documents subsequently filed by us with the SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act and before the termination
of this offering shall be deemed to be incorporated by reference into this prospectus. Any statement contained in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this prospectus to the
extent that a statement contained herein, or in any other subsequently filed document that also is or is deemed to be incorporated by
reference herein, modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as
so modified or superseded, to constitute a part of this prospectus. Notwithstanding the foregoing, information furnished under Items
2.02 and 7.01 of any Current Report on Form 8-K, including the related exhibits, is not incorporated by reference in this prospectus.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will provide, without charge, to each person, including any beneficial owner, to whom a copy of this prospectus is delivered, upon the
written or oral request of such person, a copy of all or any of the documents that have been incorporated herein by reference, but are
not delivered with this prospectus, other than exhibits to such documents (unless such exhibits are specifically incorporated by reference
herein). Requests for such copies should be directed to:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FreightCar
America, Inc.<br >
<font style="background-color: white">125 S. Wacker Drive, Suite 1500</font><br >
<font style="background-color: white">Chicago, Illinois 60606</font><br >
Attn: Legal &amp; <font style="background-color: white">Investor Relations</font></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a_003"></a>CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus, including the sections titled &ldquo;Prospectus Summary&rdquo; and &ldquo;Risk Factors,&rdquo; contains forward-looking statements.
Forward-looking statements convey our current expectations or forecasts of future events. All statements contained in this prospectus
other than statements of historical fact are forward-looking statements. Forward-looking statements include statements regarding our
future financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations. The
words &ldquo;may,&rdquo; &ldquo;continue,&rdquo; &ldquo;estimate,&rdquo; &ldquo;intend,&rdquo; &ldquo;plan,&rdquo; &ldquo;will,&rdquo;
&ldquo;believe,&rdquo; &ldquo;project,&rdquo; &ldquo;expect,&rdquo; &ldquo;could,&rdquo; &ldquo;would,&rdquo; &ldquo;anticipate&rdquo;
and similar expressions may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement
is not forward-looking.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should not rely on forward-looking statements as predictions of future events or results. Any or all of our forward-looking statements
in this prospectus may turn out to be inaccurate. We have based these forward-looking statements largely on our current expectations
and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business
strategy and financial needs. They may be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties,
including the risks, uncertainties and assumptions described in &ldquo;Risk Factors.&rdquo; In light of these risks, uncertainties and
assumptions, the forward-looking events and circumstances discussed in this prospectus may not occur as contemplated, and actual results
could differ materially from those anticipated or implied by the forward-looking statements. These potential risks and uncertainties
relate to, among other things, the cyclical nature of our business; adverse economic and market conditions, including inflation; material
disruption in the movement of rail traffic for deliveries; fluctuating costs of raw materials, including steel and aluminum; delays in
the delivery of raw materials; our ability to maintain relationships with our suppliers of railcar components; our reliance upon a small
number of customers that represent a large percentage of our sales; the variable purchase patterns of our customers and the timing of
completion; delivery and customer acceptance of orders; the highly competitive nature of our industry; the risk of lack of acceptance
of our new railcar offerings; potential unexpected changes in laws, rules, and regulatory requirements, including tariffs and trade barriers;
and other competitive factors.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
forward-looking statements speak only as of the date of this prospectus. In evaluating these statements, you should consider various
factors, including the risks described in or incorporated by reference into this prospectus under &ldquo;Risk Factors&rdquo; and elsewhere.
These factors may cause our actual results to differ materially from any forward-looking statement. In addition, new factors emerge from
time to time and it is not possible for us to predict all factors that may cause actual results to differ materially from those contained
in any forward-looking statements. Unless required by law, we undertake no obligation to publicly update or revise any forward-looking
statements to reflect new information or future events or otherwise. You should, however, review the factors and risks we describe in
the reports we will file from time to time with the SEC after the date of this prospectus. See &ldquo;Where You Can Find More Information.&rdquo;</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described in &ldquo;Information Incorporated by Reference&rdquo; above, certain documents filed by us in the future with the SEC are
automatically deemed to be incorporated by reference into this prospectus. Such documents may include forward-looking statements. To
the extent they do, the previous three paragraphs apply to such forward-looking statements as well, except that such other documents&rsquo;
forward-looking statements shall be deemed to speak only as of the filing date of the applicable other document.</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>


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<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_004"></a><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PROSPECTUS
SUMMARY</b></font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
summary highlights selected information appearing elsewhere in, or incorporated by reference in, this prospectus. While this summary
highlights important information about us, you should carefully read this prospectus (including the information incorporated by reference
into this prospectus) and the registration statement of which this prospectus is a part in their entirety before investing in our securities,
especially the risks of investing in our securities which we discuss later in &ldquo;Risk Factors.&rdquo;</font></p>

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

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT
FREIGHTCAR AMERICA, INC.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a diversified manufacturer and supplier of railroad freight cars, railcar parts and components. We also provide railcar repairs,
complete railcar rebody services and railcar conversions that repurpose idled rail assets back into revenue service. We and our predecessors
have been manufacturing railcars since 1901. Over the last several years, we have introduced a number of new or redesigned railcar types
as we continue to diversify our product portfolio.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
website address is www.freightcaramerica.com. The information on or accessible through our website is not, and shall not be deemed, a
part of this prospectus and should not be relied upon in connection with making an investment decision.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal executive offices are located at 125 S. Wacker Drive, Suite 1500, Chicago, Illinois 60606. Our telephone number is (800) 458-2235.</font></p>

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

</div>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUMMARY
OF THE OFFERING</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 25%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;Description
                           of Securities Offered</b></font></p></td>
    <td style="width: 2%"> &nbsp; </td>
    <td style="width: 73%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                           may offer from time to time shares of our common stock, preferred stock, debt securities, warrants, rights
                           and units that include any of these securities. We will offer securities in amounts, at prices and on terms
                           to be determined at the time of the offering. The aggregate initial offering price of the securities sold
                           by us under this prospectus will not exceed $200,000,000 (the &ldquo;FCA Offering&rdquo;).</font></p>
                           <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Selling Stockholder may offer, sell or distribute all or a portion of its common stock publicly or through private transactions at
    prevailing market prices or at negotiated prices. The aggregate number of shares of common stock sold by the Selling Stockholder
    under this prospectus will not exceed 16,995,550 (the &ldquo;Selling Stockholder Offering&rdquo;).</font> </p></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common Stock Outstanding
    Before the Offering</b></font> </td>
    <td>&nbsp;</td>
    <td style="font-size: 10pt; text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> 19,118,966
                                            shares </p></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td style="font-size: 10pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of
    Proceeds</b></font></td>
    <td>&nbsp;</td>
    <td style="font-size: 10pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    plan to use the net proceeds from the FCA Offering for capital expenditures, possible future acquisitions, and general corporate
    and working capital purposes. We will not receive any proceeds from the sale of shares of common stock by the Selling Stockholder.
    See &ldquo;Use of Proceeds.&rdquo;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="font-size: 10pt; text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk Factors</b></font></td>
    <td>&nbsp;</td>
    <td style="font-size: 10pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    securities offered hereby involve a high degree of risk. See &ldquo;Risk Factors.&rdquo; </font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NASDAQ
    Global Market Symbol of Common Stock</b></font></td>
    <td>&nbsp;</td>
    <td style="font-size: 10pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RAIL</font></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a name="a_005"></a><b>RISK
FACTORS</b></font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
investment in our securities involves a high degree of risk. You should carefully consider the following risk factors in conjunction
with the other information contained in this prospectus before investing in our securities. The risks discussed in this prospectus could
adversely affect our business, operating results, prospects and financial condition. This could cause the value of our securities to
decline and/or you to lose part or all of your investment. The risks and uncertainties described below are not the only ones we face
but do represent those risks and uncertainties that we believe are material to us. Additional risks and uncertainties not presently known
to us or that, as of the date of this prospectus, we deem immaterial may also harm our business. Some statements in this prospectus,
including statements in the following risk factors, constitute forward-looking statements. Please refer to the section entitled &ldquo;Cautionary
Note Regarding Forward-Looking Statements.&rdquo; To the extent that any particular offering of the securities described in this prospectus
implicates additional risks, we will include a discussion of those risks in an applicable prospectus supplement.</font> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to our Business</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have experienced net losses at different times in our history and may also incur losses in the future.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have incurred net losses over the past 8 years, driven primarily by warrant liability and may continue to incur losses in the future.
We reported losses from operations of $75.8 million and $23.6 million for the years ended December 31, 2024 and 2023, respectively. As
a result of these losses, as of December 31, 2024 and December 31, 2023, we had an accumulated deficit of approximately $220.6 million
and $142.8 million, respectively.</font> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> The
net losses that we incur may fluctuate significantly from period to period due to our warrant liability. We had warrant liability of
$136.3 million and $36.8 million as of December 31, 2024 and December 31, 2023, respectively. We may also incur net losses in the future.
The increase in warrant liability from December 31, 2023 to December 31, 2024 was primarily driven by losses on the change in fair market
value of warrant liability of $99.5 million in the fiscal year ended December 31, 2024. The change in fair market value of warrant liability
is driven by the fluctuation of our stock price used to remeasure the liability at the end of each period. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
types of rail equipment we sell and the services we provide significantly impact our revenue and our margin and are dependent on broad
economic trends over which we have little or no control.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
manufacture and convert a broad range of railcars and related rail equipment. The demand for specific types of railcars varies over time.
Changes in the global economy and the industries and geographies that we serve cause shifts in demand for specific products and services.
These shifts&nbsp;in demand&nbsp;could&nbsp;affect&nbsp;our results&nbsp;of operations&nbsp;and could&nbsp;have an adverse&nbsp;effect&nbsp;on
our revenue and our profitability.&nbsp;Demand for specific types of railcars increases and decreases with the demand for goods such
as grains, metals, construction aggregates, fertilizer and general merchandise, plastic pellets, oil and gas, bio-fuels, chemicals, and
automobiles, among others, which is beyond our control.</font> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Equipment
failures, technological failures, costs and inefficiencies associated with changing of production lines, could lead to production, delivery,
or service curtailments or shutdowns, loss of revenue or higher expenses.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
operate a substantial amount of equipment at our Casta&ntilde;os, Mexico production facility. An interruption in production capabilities
as a result of equipment or technology failure, acts of nature, terrorism, costs and inefficiencies associated with changing of production
lines, could reduce or prevent our production or of our products and increase our costs and expenses. A halt of production at our Casta&ntilde;os,
Mexico manufacturing facility could severely affect delivery times to our customers. Any significant delay in deliveries, not otherwise
contractually mitigated, could result in cancellation of all or a portion of our orders, cause us to lose future sales, and negatively
affect our reputation and our results of operations.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Demand
for our railcar equipment is dependent on the future of rail transportation and the manner in which railroads operate.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Demand
for our rail equipment may decrease if freight rail decreases as a mode of freight transportation used by customers to ship their products,
or if governmental policies favor modes of freight transportation other than rail. If rail freight transportation becomes more efficient
or dwell times decrease, demand for our rail equipment may decrease. If the rail freight industry becomes oversupplied, prices for our
railcars and demand for our products may decrease.&nbsp;The&nbsp;industries&nbsp;in&nbsp;which&nbsp;our&nbsp;customers&nbsp;operate&nbsp;are&nbsp;driven&nbsp;by&nbsp;dynamic&nbsp;market&nbsp;forces&nbsp;and&nbsp;trends,&nbsp;which&nbsp;are
in&nbsp;turn&nbsp;influenced&nbsp;by&nbsp;economic,&nbsp;regulatory,&nbsp;and&nbsp;political&nbsp;factors.&nbsp;Features&nbsp;and&nbsp;functionality&nbsp;specific&nbsp;to&nbsp;certain&nbsp;railcar&nbsp;types&nbsp;could&nbsp;result&nbsp;in
those&nbsp;railcars&nbsp;becoming obsolete&nbsp;as customer&nbsp;requirements&nbsp;for&nbsp;freight&nbsp;delivery&nbsp;change.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
level of our reported backlog may not necessarily indicate what our future sales will be and our actual sales may fall short of the estimated
sales value attributed to our backlog.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
define backlog as the sales value of products or services to which our customers have committed in writing to purchase from us that have
not yet been recognized as revenue. In our annual report on Form&nbsp;10-K for the fiscal year ended December 31, 2024,&nbsp;we disclosed
our backlog, or the number of railcars for which we have purchase orders in various periods and the estimated sales value (in dollars)
that would be attributable to this backlog once the backlog is converted to actual sales. We consider backlog to be an indicator of future
sales of railcars. However, our reported backlog may not be converted into sales in any particular period, if at all, and the actual
sales from such contracts may not equal our reported estimates of backlog value. Customer orders may be subject to cancellation, inspection
rights and other customary industry terms, and delivery dates may be subject to delay, thereby extending the date on which we will deliver
the associated railcars and realize revenues attributable to such railcar backlog or could prevent the backlog from being converted to
sales.</font> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be a party to litigation in the normal course of business or otherwise, which could affect our financial position and liquidity.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, we are a party to or otherwise involved in legal proceedings, claims and government inspections or investigations and other
legal matters arising in the ordinary course of our business or otherwise. We are currently involved in various legal proceedings and
claims that have not yet been fully resolved, and additional claims may arise in the future. Legal proceedings can be complex and take
many months, or even years, to reach resolution, with the final outcome depending on a number of variables, some of which are not within
our control. Litigation is subject to significant uncertainty and may be expensive, time-consuming, and disruptive to our operations.
Although we will vigorously defend ourselves in such legal proceedings, their ultimate resolution and potential financial and other impacts
on us are uncertain. For these and other reasons, we may choose to settle legal proceedings and claims, regardless of their actual merit.
If a legal proceeding is resolved against us, it could result in significant compensatory damages, and in certain circumstances punitive
or trebled damages, disgorgement of revenue or profits, remedial corporate measures or injunctive relief imposed on us. If our existing
insurance does not cover the amount or types of damages awarded, or if other resolution or actions taken as a result of the legal proceeding
were to restrain our ability to operate or market our services, our consolidated financial position, results of operations or cash flows
could be materially adversely affected. In addition, legal proceedings, and any adverse resolution thereof, can result in adverse publicity
and damage to our reputation, which could adversely impact our business.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
the Company is involved in various warranty and repair claims and, in certain cases, related pending and threatened legal proceedings
with its customers in the normal course of business. In the opinion of management, the Company&rsquo;s potential losses in excess of
the accrued warranty and legal provisions, if any, are not expected to be material to the Company&rsquo;s consolidated financial condition,
results of operations or cash flows.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks
related to our operations outside of the U.S., particularly Mexico, could decrease our profitability. </i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operations outside of the U.S. are subject to the risks associated with cross-border business transactions and activities. Political,
legal, trade, economic change or instability, criminal activities or social unrest could limit or curtail our respective foreign business
activities and operations, including the ability to hire and retain employees. We cannot predict the likelihood of future effects from
such risks or any resulting adverse impact on our business, results of operations or financial condition. Many items manufactured by
us in Mexico are sold in the U.S., and the transportation and import of such products may be disrupted. Some foreign countries where
we operate have regulatory authorities that regulate products sold or used in those countries. In addition, with respect to operations
in foreign countries, unexpected changes in laws, rules, and regulatory requirements; tariffs and other trade barriers, including regulatory
initiatives for buying goods produced in America; more stringent or restrictive laws, rules, and regulations relating to labor or the
environment; adverse tax consequences; price exchange controls; and restrictions or regulations affecting cross-border rail and vehicular
traffic could limit operations affecting production throughput and making the manufacture and distribution of our products less timely
or more difficult. Furthermore, any material change in the quotas, regulations, or duties on imports imposed by the U.S. government and
agencies, or on exports by the government of Mexico or its agencies, could affect our ability to export products that we manufacture
in Mexico. Because we have operations outside the U.S., we could be adversely affected by final judgments of non-compliance with the
U.S. Foreign Corrupt Practices Act or import/export rules and regulations and similar anti-corruption, anti-bribery, or import/export
laws of other countries.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Businesses
that we may acquire in the future may fail to perform to expectations or we may be unable to successfully integrate acquired business
with our existing business.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may engage in future acquisitions, which in each case could materially affect our business, operating results, and financial condition.
However, we may not be able to find suitable acquisition candidates, and we may not be able to complete such acquisitions on favorable
terms, if at all. Future acquisitions may not strengthen our competitive position or achieve our desired goals and may disrupt our ongoing
operations, divert management from&nbsp;day-to-day&nbsp;responsibilities, increase our expenses and reduce our cash available for operations
and other uses. There can be no assurance that we will be able to effectively manage the integration of businesses we may acquire in
the future, or be able to retain and motivate key personnel from those businesses.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
warranties may expose us to potentially significant claims and associated insurance coverage could be costly, unavailable or inadequate.</i></b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ability to insure our businesses, facilities and rail assets is an important aspect of our ability to manage risk. As there are only
limited providers of this insurance to the railcar industry, there is no guarantee that such insurance will be available on a cost-effective
basis in the future.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
generally warrant that new railcars produced by us will be free from defects in material and workmanship under normal use and service
identified for a specific period from the time of sale. Accordingly, we may be subject to a risk of product liability or warranty claims
in the event that the failure of any of our products results in property damage, personal injury or death, or does not conform to our
customers&rsquo; specifications. Although we currently maintain liability insurance coverage, product liability claims, if made, may
exceed our insurance coverage limits or insurance may not continue to be available on commercially acceptable terms, if at all. These
types of product liability and warranty claims may result in costly product recalls, significant repair costs and damage to our reputation,
all of which could adversely affect our results of operations. This risk may increase over the short-term due to our limited warranty
claim experience for our new product offerings.</font> </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
the nature of our business subjects us to physical damage and business interruption claims, especially in connection with the repair
and manufacture of products that carry hazardous or volatile materials. Although we maintain liability insurance coverage at commercially
reasonable levels compared to similarly sized heavy equipment manufacturers, an unusually large physical damage or business interruption
claim or a series of claims based on a failure repeated throughout our production process could exceed our insurance coverage and/or
result in damage to our reputation, which could materially adversely impact our financial condition and results of operations.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we lose key personnel, our operations and ability to manage the&nbsp;day-to-day&nbsp;aspects of our business may be adversely affected.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe our success depends to a significant degree upon the continued contributions of our executive officers and key employees, both
individually and as a group. Our future performance will substantially depend on our ability to retain and motivate them. If we lose
key personnel or are unable to recruit qualified personnel, our ability to manage the&nbsp;day-to-day&nbsp;aspects of our business may
be adversely affected.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
loss of the services of one or more members of our senior management team could have a material adverse effect on our business, financial
condition and results of operations. Because our senior management team has many years of experience in the railcar industry and other
manufacturing and capital equipment industries, it could be difficult to replace any of them without adversely affecting our business
operations. Our future success will also depend in part upon our continuing ability to attract and retain highly qualified personnel.
We do not currently maintain &ldquo;key person&rdquo; life insurance.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
lease our sole manufacturing facility from an affiliate of one of our directors, who is also affiliated with one of our significant stockholders.
Disagreements with these parties could have an adverse effect on our operations.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> We
lease our sole manufacturing facility in Casta&ntilde;os, Mexico from an entity that is majority-owned by the sibling of Jesus Gil, one
of our directors. In addition, affiliates of Mr. Gil and his sibling collectively own approximately 14.7% of our common stock. Should
a disagreement arise between us and Mr. Gil or any of these affiliated parties, our ongoing relationship with the lessor of our sole
manufacturing facility and our ability to maintain operations at such facility may be negatively affected. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shortages
of skilled labor may adversely impact our operations.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
depend on skilled labor in the manufacture of railcars. Shortages of some types of skilled laborers may restrict our ability to maintain
or increase production rates and could cause our labor costs to increase.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Labor
disputes could disrupt our operations and divert the attention of our management and may have a material adverse effect on our operations
and profitability.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> As
of December&nbsp;31, 2024, we had collective bargaining agreements with unions representing approximately 1,623 hourly wage earners in
the U.S. and Mexico. Disputes with the unions representing our employees could result in strikes or other labor protests which could
disrupt our operations and divert the attention of management from operating our business. If we were to experience a strike or work
stoppage, it could be difficult for us to find a sufficient number of employees with the necessary skills to replace these employees.
Any such labor disputes could have a material adverse effect on our financial condition, results of operations or cash flows. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
rely upon a single supplier to supply us with all of our roll-formed center sills for our railcars, and any disruption of our relationship
with this supplier could adversely affect our business.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> We
rely upon a single supplier to manufacture all of our roll-formed center sills for our railcars, which are based upon our proprietary
and patented process. A center sill is the primary longitudinal structural component of a railcar, which helps the railcar withstand
the weight of the cargo and the force of being pulled during transport. Our center sill is formed into its final shape without heating
by passing steel plate through a series of rollers. We use a sole supplier of our roll-formed center sills, which were used in 51% and
27% of our new railcars produced in 2024 and 2023, respectively. Although we have a good relationship with our supplier and have not
experienced any significant delays, manufacturing shortages or failures to meet our quality requirements and production specifications
in the past, our supplier could stop production of our roll-formed center sills, go out of business, refuse to continue its business
relationship with us or become subject to work stoppages. While we believe that we could secure alternative manufacturing sources, our
present supplier is currently the only manufacturer of our roll-formed center sills for our railcars. We may incur substantial delays
and significant expense in finding an alternative source, our results of <font style="background-color: white">operations may be significantly
affected and the quality and reliability of these alternative sources may not be the same. Moreover, alternative suppliers might charge
significantly higher prices for our roll-formed center sills than we currently pay.</font> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Equipment
failures, delays in deliveries or extensive damage to our facility could lead to production or service curtailments or shutdowns.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have one railcar production facility in Casta&ntilde;os, Mexico. An unplanned interruption in railcar production capabilities at the
facility, as a result of equipment failure or other factors, could reduce or prevent our production of railcars. A halt of production
at our manufacturing facility could severely affect delivery times to our customers. Any significant delay in deliveries to our customers
could result in the termination of contracts, cause us to lose future sales and negatively affect our reputation among our customers
and in the railcar industry and our results of operations. Our facility is also subject to the risk of catastrophic loss due to unanticipated
events, such as fires, explosions, floods or weather conditions. We may experience a plant shutdown or periods of reduced production
as a result of equipment failures, delays in deliveries or extensive damage to our facility, which could have a material adverse effect
on our business, results of operations or financial condition.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company may be unable to renew its lease arrangements at its manufacturing facility at commercially acceptable terms.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&nbsp;</i></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
manufacturing facility is leased from a related party. When the lease expires, we may be unable to negotiate renewals on commercially
acceptable terms. Failure to renew our lease at commercially acceptable terms could have a potential adverse impact on our operations.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be required to write down the value of our long-lived assets, which would weaken our financial results.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
periodically evaluate for potential impairment the carrying values of our long-lived assets to be held and used. The carrying value of
a long-lived asset to be held and used is considered impaired when the carrying value is not recoverable through undiscounted future
cash flows and the fair value of the asset is less than the carrying value. Fair value is determined primarily using the anticipated
cash flows discounted at a rate commensurate with the risks involved or market quotes as available. Impairment losses on long-lived assets
held for sale are determined in a similar manner, except that fair values are reduced commensurate with the estimated cost to dispose
of the assets. If we are required to write down the value of our long-lived assets, our financial results would be weakened.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
might fail to adequately protect our intellectual property, which may result in our loss of market share, or third parties might assert
that our intellectual property infringes on their intellectual property, which would be costly to defend and divert the attention of
our management.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
protection of our intellectual property is important to our business. We rely on a combination of trademarks, copyrights, patents and
trade secrets to protect our intellectual property. However, these protections might be inadequate. Our pending or future trademark,
copyright and patent applications might not be approved or, if allowed, might not be sufficiently broad. Conversely, third parties might
assert that our technologies or other intellectual property infringe on their proprietary rights. In either case, litigation may result,
which could result in substantial costs and diversion of our management team&rsquo;s efforts. Regardless of whether we are ultimately
successful in any litigation, such litigation could adversely affect our business, results of operations and financial condition.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
information technology and other systems are subject to cybersecurity risk, including the misappropriation of customer information and
other breaches of information security. Security breaches and other disruptions could compromise our information, expose us to liability
and harm our reputation and business.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the ordinary course of our business, we collect and store sensitive data on our networks, including intellectual property, our proprietary
business information and that of our customers, suppliers and business partners and personally identifiable information and other personal
information of our customers and employees. While we continually work to safeguard our systems and to mitigate potential security risks,
our information and processes are exposed to increasing global information security threats and more sophisticated and targeted computer
crime, which may result in our data being subject to a security breach, a system failure, a computer virus, malicious software or unauthorized
or fraudulent use by our employees or other third parties. Any compromise of our data security and access to or public disclosure or
loss of personal or confidential business information could result in legal claims or proceedings with third parties, liability or regulatory
penalties under the laws that protect the privacy of personal information, disruption of our operations, damage to our reputation, loss
of business or remediation costs, any of which could have a material adverse effect on our prospects, business, financial condition and
results of operations. Such a problem could also have an adverse effect on our ability to generate and interpret accurate management
and financial reports and other information on a timely basis, which could have a material adverse effect on our financial reporting
system and internal controls and adversely affect our ability to manage our business.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
our information systems and processes are susceptible to damage or interruption due to natural disasters, power loss, telecommunications
failures, viruses, breaches of security, system upgrades or new system implementations, as well as the inability of these systems or
processes to fulfill their intended purpose within our business. Any operational failure or breach of security could lead to the loss
or disclosure of both our and our customers&rsquo; financial, product and other confidential information, result in regulatory actions
and legal proceedings, and have an adverse effect on our business and reputation.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
agreements governing our outstanding debt contain various covenants that, among other things, limit our discretion in operating our business
and provide for certain minimum financial requirements.</i></b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
agreements governing our outstanding debt contain various covenants that, among other things, limit our management&rsquo;s discretion
by restricting our ability to incur additional debt, enter into certain transactions with affiliates, make investments and other restricted
payments and create liens. Our failure to comply with these financial covenants and other covenants under our debt agreements could lead
to an event of default under the agreement governing any other indebtedness that we may have outstanding at the time, permitting the
lenders to accelerate all borrowings under such agreement and to foreclose on any collateral. In addition, any such events may make it
more difficult or costly for us to borrow additional funds in the future. Our failure to raise capital if and when needed could have
a material adverse effect on our results of operations and financial condition.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to the Railcar Industry</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
operate in a highly cyclical industry, and our industry and markets are influenced by factors that are beyond our control, including
U.S. and international economic conditions. Such factors could adversely affect demand for our railcar offerings. </i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historically,
the North American railcar market has been highly cyclical and we expect it to continue to be highly cyclical. Our industry and the markets
for which we supply railcars are influenced by factors that are beyond our control, including U.S. and international economic conditions.
Downturns in economic conditions could result in lower sales volumes, lower prices for railcars and a loss of profits. The cyclicality
of the markets in which we operate may adversely affect our operating results and cash flow. In addition, fluctuations in the demand
for our railcars may cause comparisons of our sales and operating results between different fiscal years to be less meaningful as indicators
of our future performance.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
operate in a competitive industry and we may be unable to compete successfully against other railcar manufacturers.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
operate in a competitive marketplace especially in periods of low market demand resulting in excess manufacturing capacity and face substantial
competition from established competitors in the railcar industry in North America. We have three principal competitors in the North American
railcar market that primarily manufacture railcars for third-party customers, which are Trinity Industries, Inc., The Greenbrier Companies,
Inc. and National Steel Car Limited. These manufacturers may have greater financial and technological resources than us, and they may
increase their participation in the railcar segments in which we compete. In addition to price, competition is based on delivery timing,
product performance and technological innovation, quality, customer service and other factors. In particular, technological innovation
by any of our existing competitors, or new competitors entering any of the markets in which we do business, could put us at a competitive
disadvantage and impair our ability to compete successfully against other railcar manufacturers or retain our market share in our established
markets. In addition, we compete against railcar manufacturers that have leasing subsidiaries. As we no longer offer leasing options
to our customers, our competitors are able to offer customers an option we currently do not. Increased competition for the sales of our
railcar products could result in price reductions, reduced margins and loss of market share, which could negatively affect our prospects,
business, financial condition and results of operations.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
depend upon a small number of customers that represent a large percentage of our sales. The loss of any single customer, or a reduction
in sales to any such customer, could have a material adverse effect on our business, financial condition and results of operations.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
railcars are typically sold pursuant to large, periodic orders, a limited number of customers typically represent a significant percentage
of our railcar sales in any given year. Sales to our top three customers accounted for 13%, 9% and 9%, respectively, of revenues for
the year ended December 31, 2024. Sales to our top three customers accounted for 19%, 16% and 15%, respectively, of revenues for the
year ended December 31, 2023. Although we have long-standing relationships with many of our major customers, the loss of any significant
portion of our sales to any major customer, the loss of a single major customer or a material adverse change in the financial condition
of any one of our major customers could have a material adverse effect on our business, financial condition and results of operations.</font> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
ability to sell new railcars may be limited by other factors, including the availability and price of used railcars offered for sale
and new or used railcars offered for lease by leasing companies and others.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
customers may consider alternatives to the purchase of new railcars, including the purchase of used railcars, refurbishment of existing
railcars or the lease of new or used railcars. Our competitors may also be able to offer railcar leases at favorable lease rates, negatively
impacting our ability to sell new railcars, which may result in price reductions, reduced margins and loss of market share. These additional
competitive factors could negatively affect our prospects, business, financial condition and results of operations.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Limitations
on the supply of railcar components could adversely affect our business because they may limit the number of railcars we can manufacture.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely upon third-party suppliers for various components for our railcars. In the future, suppliers of railcar components may be unable
to meet the short-term or longer-term demand of our industry for certain railcar components. In the event that any of our suppliers of
railcar components were to stop or reduce their production, go out of business, refuse to continue their business relationships with
us, become subject to work stoppages or ration their supply of components, our business could be disrupted. During periods of high or
rapidly increasing railcar demand, we have in the past experienced challenges sourcing certain railcar components to meet our production
requirements. In addition, our ability to increase our railcar production to expand our business and/or meet any increase in demand,
with new or additional manufacturing capabilities, depends on our ability to obtain an adequate supply of these railcar components. While
we believe that we could secure alternative sources for these components, we may incur substantial delays and significant expense in
doing so, the quality and reliability of these alternative sources may not be the same and our operating results may be significantly
affected. In an effort to secure a supply of components, we have developed foreign sources that require deposits on some occasions. In
the event of a material adverse business condition, such deposits may be forfeited. In addition, if one of our competitors entered into
a preferred supply arrangement with, or was otherwise favored by, a particular supplier, we would be at a competitive disadvantage, which
could negatively affect our operating results. Furthermore, alternative suppliers might charge significantly higher prices for railcar
components than we currently pay. Such circumstances could have a material adverse impact on our customer relationships, financial condition
and results of operations.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
potential cost volatility of the raw materials that we use to manufacture railcars, especially steel and aluminum, and delivery delays
associated with these raw materials may adversely affect our financial condition and results of operations.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
production of railcars and our operations require substantial amounts of steel and aluminum. The cost of steel, aluminum and all other
materials (including scrap metal) used in the production of our railcars represents a significant majority of our direct manufacturing
costs. Our business is subject to the risk of price increases and periodic delays in the delivery of steel, aluminum and other materials,
all of which are beyond our control. Any fluctuations in the price or availability of steel or aluminum, or any other material used in
the production of our railcars, may have a material adverse effect on our business, results of operations or financial condition. In
addition, if any of our suppliers were unable to continue its business or were to seek bankruptcy relief, the availability or price of
the materials we use could be adversely affected. Deliveries of our materials may also fluctuate depending on supply and demand for the
material or governmental regulation relating to the material, including regulation relating to the importation of the material.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in railroad efficiency may adversely affect demand for our railcars.</i></b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Improvements
in railroad efficiency, such as from precision scheduled railroading,&nbsp;or declines in rail traffic due to decreased demand could
increase the average speed at which railroads can operate their trains, which may reduce the number of railcars needed for railroads
to haul the same amount of cargo. Adverse weather conditions, railroad mergers, and increase in rail traffic could result in slower transit
times making rail transportation less attractive to shippers versus other modes of transport. In each case, these changes could reduce
demand for our railcars and negatively impact revenue and our result of operations.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
material disruption in the movement of rail traffic could impair our ability to deliver railcars and other products to our customers
in a timely manner, which could prevent us from meeting customer demand, reduce our sales, and negatively impact our results of operations.</i></b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
a railcar is manufactured or converted in our Mexico plant, it must be moved to a customer delivery point, typically located in the U.S.
Many factors could cause a delay in our ability to move our goods in a timely manner from the manufacturing plant to the delivery point,
including physical disruptions such as armed conflict, natural disasters and power outages, strikes, pandemics, labor stoppages or shortages
hindering the operation of railroads and related transportation infrastructure, regulatory and bureaucratic inefficiency and unresponsiveness,
uncertainty due to inconsistent treatment from regulators, and other causes. In addition, our manufacturing facility often purchases
raw materials from different countries, including but not limited to Mexico, China and Canada. The same factors affecting the movement
of our completed railcars can disrupt the movement of these raw materials to our manufacturing facility. A material disruption in the
movement of our completed cars or raw materials, especially between countries and across international borders, could negatively impact
our business and results of operations.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Train
derailments or other accidents could subject us to legal claims that adversely impact our business, financial condition and our results
of operations.</i></b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
design, manufacture and convert a broad variety of freight cars that transport numerous types of dry bulk and containerized freight product.
We could be subject to various legal claims, including claims of negligence, personal injury, physical damage and product or service
liability, or in some cases strict liability, as well as potential penalties and liability under environmental laws and regulations,
in the event of a derailment or other accident involving railcars, whether resulting from natural disasters, human error, terrorism,
or other causes. If we become subject to any such claims and are unable to successfully resolve them or maintain inadequate insurance
for such claims, our business, financial condition, results of operations and reputation could be materially adversely affected.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
products are designed to work optimally when properly operated, installed, repaired, maintained and used to transport the intended cargo.
Our products may be sold to third parties who may misuse, improperly install or improperly or inadequately maintain or repair such products,
which may result in us being subjected to claims or litigation associated with product damage, injuries or property damage that could
increase our costs and weaken our financial condition.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Market and Economic Factors</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Volatility
in the global markets or in industries that our products serve may adversely affect our business and operating results.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Instability
in the global economy, negative conditions in the global credit markets, high interest or inflation rates, volatility in the industries
that our products serve, fluctuations in commodity prices that our customers produce and transport, changes in legislative or trade policy,
adverse changes in the availability of raw materials and supplies, or adverse changes in the financial condition of our customers could
lead to customers&rsquo; requests for deferred deliveries of our backlog orders. Additionally, such events could result in our customers&rsquo;
attempts to unilaterally cancel or terminate firm contracts or orders in whole or in part, resulting in contract or purchase order breaches
and increased commercial litigation costs. Such occurrences could adversely affect our cash flows and results of operations.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
volatile conditions in the global credit markets prevent our customers&rsquo; access to credit, product order volumes may decrease or
customers may default on payments owed to us. Likewise, if our suppliers face challenges obtaining credit, selling their products to
customers that require purchasing credit, or otherwise operating their businesses, the supply of materials we purchase from them to manufacture
our products may be interrupted. Any of these conditions or events could result in reductions in our revenues, increased price competition,
or increased operating costs, which could adversely affect our business, results of operations, and financial condition.</font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>An
increase in value-added tax (&ldquo;VAT&rdquo;) rates or changes in VAT or VAT refund policies in Mexico could negatively affect our
business.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
adverse changes to VAT policies in Mexico, or any potential new markets we may enter in the future, could have a negative impact on our
business and results of operations. Currently, VAT in Mexico is payable at the general rate of 16% on sales of goods and services. Changes
in the laws and regulations concerning VAT in Mexico, which are unpredictable and outside of our control, may cause us to incur higher
compliance costs. Any such changes to VAT rates or VAT policies could have a material adverse effect on our business, results of operations
and financial condition.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Since
a portion of our expenses in Mexico are paid in Mexican pesos, we are subject to changes in currency values that may adversely affect
our results of operations.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operations in the future could be affected by changes in the value of the Mexican peso against the U.S. dollar. The appreciation of non-U.S.
dollar currencies such as the peso against the U.S. dollar increases expenses and the cost of purchasing capital assets in U.S. dollar
terms in Mexico, which can adversely impact our operating results and cash flows. Conversely, depreciation of non-U.S. dollar currencies
usually decreases operating costs and capital asset purchases in U.S. dollar terms. The value of cash and cash equivalents, and other
monetary assets and liabilities denominated in foreign currencies also fluctuate with changes in currency exchange rates.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
variable purchase patterns of our customers and the timing of completion, delivery and customer acceptance of orders may cause our revenues
and income from operations to vary substantially each quarter, which will result in significant fluctuations in our quarterly results.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&nbsp;</i></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Most
of our individual customers do not make purchases every year, since they do not need to replace, replenish or increase their railcar
fleets on a yearly basis. Many of our customers place orders for products on an&nbsp;as-needed&nbsp;basis, sometimes only once every
few years. As a result, the order levels for railcars, the mix of railcar types ordered and <font style="background-color: white">the
railcars ordered by any particular customer have varied significantly from quarterly period to quarterly period in the past and may continue
to vary significantly in the future. Therefore, our results of operations in any particular quarterly period may be significantly affected
by the number of railcars delivered and product mix of railcars delivered in any given quarterly period. Additionally, because we record
the sale of a new and rebuilt railcar at the time the railcar is accepted by the customer following inspection and&nbsp;the railcar has
transferred to the customer&rsquo;s specified connection point, and not when the order is taken, the timing of the completion, delivery
and acceptance of significant customer orders will have a considerable effect on fluctuations in our quarterly results. As a result of
these quarterly fluctuations, we believe that comparisons of our sales and operating results between quarterly periods may not be meaningful
and, as such, these comparisons should not be relied upon as indicators of our future performance.</font></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal
and Regulatory Risks</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>New
tariffs and evolving trade policy between the U.S. and other countries may adversely affect our business.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> New tariffs and evolving
trade policy between the U.S. and other countries, in particular Mexico and China, may have an adverse effect on our shipment of raw
material and components internationally, and the shipment of finished products from Mexico to the U.S. Any increased costs of doing business
internationally, whether it be through taxation, compliance with more burdensome regulations or otherwise, or any limitation on the quantity
of raw materials, components and/or products we can ship across the U.S.-Mexico border, would have an adverse effect on our business
and results of operations. Our facility in Mexico also orders components from suppliers located in China. Any increased cost of doing
business with China and/or any political changes with respect to the importation of Chinese goods into Mexico could have an adverse impact
on our business and results of operations. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The current tariff environment
is dynamic and uncertain, as the U.S. government has imposed, modified and paused tariffs multiple times since the beginning of 2025.
We cannot predict with certainty the future trade policy of the U.S. or other countries. If our products or raw materials become subject
to tariffs in the future, it could cause us to raise prices for our products, which may result in the loss of customers. If we are unable
to pass along increased costs to our customers, our margins could be adversely affected. Further, the continued threats of tariffs, trade
restrictions and trade barriers could have a generally disruptive impact on the global economy and, therefore, negatively impact our
sales. Nevertheless, given the volatility and uncertainty regarding the scope and duration of tariffs and other aspects of U.S. international
trade policy, the impact on our operations and results is uncertain and could be significant. Further governmental action related to
tariffs, additional taxes, regulatory changes or other retaliatory trade measures could occur in the future. Any of these factors could
have a material adverse effect on our business, financial condition, results of operations and cash flows. </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
rail operations are subject to various laws, rules, and regulations. If these laws, rules, and regulations change or we fail to comply
with them, it could have a significant negative effect on our business and profitability.</i></b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
rail operations are subject to various laws, rules, and regulations administered by authorities in jurisdictions where we do business.
In the U.S., our railcar fleet is subject to safety, operations, maintenance, and mechanical standards, rules, and regulations enforced
by various federal and state agencies and industry organizations, including the&nbsp;Department of Transportation, the&nbsp;Federal Railroad
Administration, and the&nbsp;Association of American Railroads. State agencies regulate some health and safety matters related to rail
operations not otherwise preempted by federal law. Our business and railcar fleet may be adversely impacted by new rules or regulations,
or changes to existing rules or regulations, which could require additional maintenance or substantial modification or refurbishment
of our railcars, or could make certain types of railcars inoperable or obsolete or require them to be phased out prior to the end of
their useful lives. In addition, violations of these rules and regulations can result in substantial fines and penalties, including potential
limitations on operations or forfeitures of assets.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may incur fines or penalties, damage to our reputation or other adverse consequences if our employees, suppliers or other contract parties
violate anti-bribery, competition, export and import, trade sanctions, data privacy, human rights or other laws.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to regulation under a wide variety of U.S. federal and state and non-U.S. laws, regulations and policies, including laws
related to anti-corruption, human rights, anti-bribery, export and import compliance, trade sanctions, data privacy, anti-trust and money
laundering, due to our domestic and global operations. In particular, the U.S. Foreign Corrupt Practices Act and similar anti-bribery
laws in other jurisdictions generally prohibit companies and their intermediaries from making improper payments to government officials
for the purpose of obtaining or retaining business, and we operate in parts of the world that have experienced government corruption
to some degree. We cannot provide assurance our internal controls will always protect us from the improper conduct of our employees,
suppliers or other contract parties. Violations of these laws, which are complex, may conflict with laws of other jurisdictions and often
are difficult to interpret and apply, could subject us to civil or criminal investigations in the U.S. and other jurisdictions, could
lead to substantial civil or criminal, monetary and non-monetary penalties and related stockholder lawsuits, could lead to increased
costs of compliance and could damage our reputation, business, financial condition, operating results and cash flows.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to a variety of environmental laws and regulations and the cost of complying with environmental requirements or any failure
by us to comply with such requirements may have a material adverse effect on our business, financial condition and results of operations.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to a variety of federal, state and local environmental laws and regulations, including those governing air quality and the
handling, disposal and remediation of waste products, fuel products and hazardous substances. Although we believe that we are in material
compliance with all of the various regulations and permits applicable to our business, we may not at all times be in compliance with
such requirements. The cost of complying with environmental requirements may also increase substantially in future years. If we violate
or fail to comply with these regulations, we could be fined or otherwise sanctioned by regulators. We routinely assess environmental
liabilities, including our potential obligations and the possible amount of recoveries from other responsible parties.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Environmental
requirements are complex, change frequently and may become more stringent over time, which could have a material adverse effect on our
business. Environmental liabilities that we incur, including those relating to the&nbsp;off-site&nbsp;disposal of our wastes, if not
covered by adequate insurance or indemnification, will increase our costs and have a negative impact on our profitability.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Future
climate change regulation may increase our operating costs, and may negatively affect the demand for our products or the ability of our
critical suppliers to meet our needs.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legislation
and new rules to regulate emission of greenhouse gases (GHGs) have been introduced in numerous state legislatures, in the U.S. Congress,
and by the EPA, as well as in Mexico and other geographies in which we operate. The potential challenges posed by evolving climate change
policy and prospective legislation are heavily dependent on the nature and degree of such legislation and the extent to which it applies
to our industry. Although uncertain, these developments could increase costs or reduce the demand for the products we sell. Our manufacturing
and service operations typically result in emissions of greenhouse gases. Likewise, the use of fuels and related products by operators
also results in greenhouse gas emissions that may be regulated. International agreements, domestic legislation and regulatory measures
to limit greenhouse gas emissions are currently in various phases of discussion or implementation. We cannot predict the ultimate impact
of climate change and climate change legislation on our operations. Any laws or regulations that may be adopted to restrict or reduce
emissions of greenhouse gas could require us to incur increased operating costs and could have an adverse effect on demand for our products.
In addition, the price and availability of certain of the raw materials that we use could vary in the future as a result of environmental
laws and regulations affecting our suppliers. An increase in the price of our raw materials or a decline in their availability could
adversely affect our operating margins or result in reduced demand for our products.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in accounting standards, the implementation of new accounting standards, or inaccurate estimates or assumptions in the application of
accounting policies could adversely affect our financial results.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
accounting policies and methods are fundamental to how we record and report our financial condition and results of operations. Some of
these policies require use of estimates and assumptions that may affect the reported value of our assets or liabilities and financial
results and are critical because they require management to make difficult, subjective, and complex judgments about matters that are
inherently uncertain. Estimates, judgments and assumptions underlying our Consolidated Financial Statements include impairment of long-lived
assets, goodwill, income taxes, warrant value and environmental costs, among others. If our accounting policies, methods, judgments,
assumptions, estimates and allocations prove to be incorrect, or if circumstances change, our business, financial condition, results
of operations, liquidity, ability to pay dividends or stock price may be materially adversely affected.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting
standard setters and those who interpret the accounting standards (such as the Financial Accounting Standards Board, the SEC, and independent
registered public accounting firms) may amend or even reverse their previous interpretations or positions on how these standards should
be applied. In some cases, we could be required to apply a new or revised standard retrospectively, resulting in the revision of prior
period financial statements. Changes in accounting standards can be hard to predict and can materially impact how we record and report
our financial condition and results of operations.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to the Ownership of Our&nbsp;Common Stock</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Future
sales of shares of our common stock in the public market or the issuance of other equity may adversely affect the market price of our
common stock.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
of a substantial number of shares of our common stock or other equity-related securities in the public market could depress the market
price of our common stock and impair our ability&nbsp;to raise capital through the sale of additional equity securities. We cannot predict
the effect that future sales of our common stock or other equity-related securities would have on the market price of our common stock.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
stock price of our common stock may be volatile or may decline regardless of our operating performance, and you may not be able to resell
your shares at or above the public offering price.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The market price of our
common stock may be volatile. In addition, the trading volume in our common stock may fluctuate and cause significant price variations
to occur. The closing price of our common stock during the past 12 months ranged from a peak of $15.71 on November 11, 2024, to a low
of $3.07 on July 15, 2024. If the market price of our common stock declines significantly, you may be unable to resell your shares at
or above the public offering price. We cannot assure you that the market price of our common stock will not fluctuate or decline significantly
in the future. Some of the factors that could negatively affect our share price or result in fluctuations in the price or trading volume
of our common stock include: </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual
or anticipated variations in our operating results, funds from operations, cash flows, liquidity or distributions;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify">&nbsp;</td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
in our earnings estimates or those of analysts;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify">&nbsp;</td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">publication
of research reports about us or the railcar industry or sector in which we operate;</font></td>
</tr></table>

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<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify">&nbsp;</td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual
or anticipated variations in our operating results, funds from operations, cash flows, liquidity or distributions;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify">&nbsp;</td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
in market valuations of companies similar to us;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify">&nbsp;</td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">adverse
market reaction to any securities we may issue or additional debt it incurs in the future;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify">&nbsp;</td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">additions
or departures of key management personnel;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify">&nbsp;</td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actions
by institutional stockholders;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify">&nbsp;</td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">speculation
in the press or investment community;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify">&nbsp;</td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">continuing
high levels of volatility in the credit markets;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify">&nbsp;</td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
realization of any of the other risk factors included herein; and</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify">&nbsp;</td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
market and economic conditions.</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may issue additional common stock resulting in stock ownership dilution, including pursuant to agreements with our primary lender. In
the event of such stock issuances, our primary lender may be able to exert significant control over matters subject to stockholder approval.</i></b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
dilution may occur due to additional future equity issuances and/or equity financing events by us, including any potential future restructuring
of our outstanding indebtedness. In addition, we may raise additional capital through the sale of equity or convertible debt securities,
which would further dilute the ownership interests of our stockholders. As of December 31, 2024, we had outstanding warrants to acquire
15,448,919 shares of our common stock, and stock options to purchase 2,530,163 shares of our common stock. If a significant number of
such warrants and stock options are exercised by the holders, the percentage of our common stock owned by our existing stockholders will
be diluted.&nbsp;</font> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to satisfy listing requirements of Nasdaq Capital Market to maintain a listing of our common stock.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
must meet certain financial and liquidity criteria to maintain the listing of our common stock on the Nasdaq Capital Market. If we violate
Nasdaq Capital Market listing requirements, our common stock may be delisted. If we fail to meet any of the Nasdaq Capital Market listing
standards, our common stock may be delisted. In addition, our board may determine that the cost of maintaining our listing on a national
securities exchange outweighs the benefits of such listing. A delisting of our common stock from Nasdaq Capital Market may materially
impair our stockholders&rsquo; ability to buy and sell our common stock and could have an adverse effect on the market price of, and
the efficiency of the trading market for, our common stock. In addition, the delisting of our common stock could significantly impair
our ability to raise capital.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
securities or industry analysts do not publish research, or publish inaccurate or unfavorable research, about our business, our stock
price and trading volume could decline.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading market for our common stock will depend in part on the research and reports that securities or industry analysts publish about
us and our business. If few analysts commence coverage of us, or if analysts cease coverage of us, the trading price for our common stock
would be negatively affected. If one or more of the analysts who cover us downgrade our common stock or publish inaccurate or unfavorable
research about our business, the price for our common stock would likely decline. If one or more of these analysts cease coverage of
us or fail to publish reports on us regularly, demand for our common stock could decrease, which might cause the price and trading volume
for our common stock to decline.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business and operations could be negatively affected if we become subject to stockholder activism, which could cause us to incur significant
expense, hinder execution of our business strategy and impact our stock price.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
recent years, companies with a class of publicly traded securities have often faced proxy contests, public information campaigns, and
other forms of stockholder activism. Stockholder activism could result in substantial costs to the Company, give rise to perceived uncertainties
as to our future, adversely affect our relationships with suppliers, customers, and regulators, make it more difficult to attract and
retain qualified personnel, and adversely impact our stock price.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
possible &ldquo;short squeeze&rdquo; due to a sudden increase in demand of our common stock that largely exceeds supply may lead to further
price volatility in our common stock.</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
may purchase our common stock to hedge existing exposure in our common stock or to speculate on the price of our common stock. Speculation
on the price of our common stock may involve long and short exposures. To the extent aggregate short exposure exceeds the number of shares
of our common stock available for purchase in the open market, investors with short exposure may have to pay a premium to repurchase
our common stock for delivery to lenders of our common stock. Those repurchases may in turn, dramatically increase the price of our common
stock until investors with short exposure are able to purchase additional common shares to cover their short position. This is often
referred to as a &ldquo;short squeeze.&rdquo; A short squeeze could lead to volatile price movements in our common stock that are not
directly correlated to the performance or prospects of our company and once investors purchase the shares of common stock necessary to
cover their short position the price of our common stock may decline.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a_006"></a>USE
OF PROCEEDS</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will retain broad discretion over the use of net proceeds to us from the sale of our securities offered hereby. Unless we state otherwise
in any accompanying prospectus supplement, we intend to use the net proceeds from the sale of the securities offered pursuant to the
Offering by this prospectus for capital expenditures, possible future acquisitions, and general corporate and working capital purposes.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
corporate purposes may include, but are not limited to:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
financing of possible acquisitions or business expansion;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">capital
expenditures; or</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
repayment or refinancing of debt.</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
net proceeds from the sale of securities may be invested temporarily or applied to repay short-term debt until they are used for their
stated purpose. When particular securities are offered, we will describe in the applicable prospectus supplement our intended use for
the net proceeds received from the sale of such securities.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of the shares of common stock offered by the Selling Stockholder pursuant to this prospectus will be sold by the Selling Stockholder
for its account. We will not receive any of the proceeds from these sales.</font></p>

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

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Selling Stockholder will pay any underwriting discounts and commissions and expenses incurred by the Selling Stockholder for brokerage,
accounting, tax or any other expenses incurred by the Selling Stockholder in disposing of the securities that are not Registration Expenses
(as defined below). We will bear the costs, fees and expenses incurred in effecting the registration of the securities covered by this
prospectus, including all registration and filing fees, Nasdaq listing fees, fees and expenses of our counsel and our independent registered
public accounting firm, all internal expenses of the Company, the fees and expenses of any person retained by the Company in connection
with the preparation of this prospectus and the reasonable fees and disbursements of one special legal counsel to represent the Selling
Stockholder (the &ldquo;Registration Expenses&rdquo;).</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a_007"></a>DESCRIPTION
OF CAPITAL STOCK</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The
following descriptions of our capital stock does not purport to be complete and is qualified in its entirety by reference to our certificate
of ownership and merger (as amended, our &ldquo;charter&rdquo;) and our third amended and restated bylaws (our &ldquo;bylaws&rdquo;, and
together with our charter, our &ldquo;organizational documents&rdquo;), each of which is incorporated by reference as an exhibit to the
registration statement of which this prospectus forms a part.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Description of Common Stock</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Under our charter, our&nbsp;authorized
capital stock consists of&nbsp;50,000,000&nbsp;shares of common stock, $0.01 par value per share, and&nbsp;2,500,000&nbsp;shares of preferred
stock, $0.01 par value per share. &nbsp;As of June 9, 2025, there were&nbsp;19,118,966 shares of&nbsp;FreightCar&nbsp;common stock outstanding.
All outstanding shares of&nbsp;FreightCar&nbsp;common stock are duly authorized, validly issued, fully paid and non-assessable.&nbsp;We
have no shares of preferred stock issued or outstanding. </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our common stock is listed on the&nbsp;Nasdaq Global
Market&nbsp;under the symbol &ldquo;RAIL.&rdquo;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Voting Rights. &nbsp;</i>The
holders of our common stock vote together with any holders of voting preferred stock as a class on all matters submitted to a vote of
stockholders, with each share having one vote, except for those matters exclusively affecting the preferred stock. Holders of our common
stock have voting rights in the election of directors.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Dividend Rights</i>. &nbsp;Holders
of our common stock are entitled to receive dividends as may be lawfully declared from time to time by our board of directors.&nbsp;&nbsp;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Liquidation Rights</i>.
&nbsp;In the event of our liquidation, dissolution or winding-up, the holders of our common stock are entitled to share equally in our
assets, if any remain after the payment of all our debts and liabilities and the liquidation preference of any outstanding preferred shares.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Other</i>. &nbsp;Holders of common stock have
no&nbsp;preemptive rights or other rights to subscribe for additional common stock and no rights of redemption, conversion or exchange.&nbsp;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Provisions of the&nbsp;Charter&nbsp;and Bylaws that&nbsp;May&nbsp;Have
an Anti-Takeover Effect</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain provisions in our&nbsp;charter&nbsp;and
our&nbsp;bylaws, as well as Delaware General Corporation Law (the &ldquo;DGCL&rdquo;), may have the effect of discouraging transactions
that involve an actual or threatened change in control of&nbsp;FreightCar. In addition, provisions of the&nbsp;charter,&nbsp;the&nbsp;bylaws&nbsp;and
the DGCL may be deemed to have an anti-takeover effect and may delay, deter or prevent a tender offer or takeover attempt that a stockholder
might consider to be in its best interests.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Classified Board</i>. Our
charter provides that our board of directors is divided into three classes of directors, with the classes as nearly equal in number as
possible. As a result, approximately one-third of our board of directors is elected each year. The classification of directors has the
effect of making it more difficult for stockholders to change the composition of our board. Our&nbsp;charter&nbsp;provides that the number
of directors will be fixed from time to time solely pursuant to a resolution adopted by our board of directors, but must&nbsp;consist
of not less than five nor&nbsp;more than 15 directors.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>No Cumulative Voting</i>.
&nbsp;Delaware law provides that stockholders are not entitled&nbsp;to the right to cumulative voting&nbsp;in the election of directors
unless our&nbsp;charter&nbsp;provides otherwise. Our&nbsp;charter&nbsp;does not expressly provide for cumulative voting.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Special Meetings of Stockholders</i>. &nbsp;The&nbsp;board of directors
or the&nbsp;chairman of the board&nbsp;of&nbsp;directors&nbsp;may call a special meeting of stockholders at any time and for any purpose,
but no stockholder or other person may call any such special meeting or require that the board of directors call such special meeting
except as otherwise provided by the DGCL.&nbsp;</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>No Written Consent of Stockholders</i>.
Any action taken by our stockholders must be effected at a duly held meeting of stockholders and may not be effected by the written consent
of such stockholders.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Advance Notice of Stockholder
Action at a Meeting</i>. Stockholders seeking to nominate directors or to bring business before a stockholder meeting must comply with
certain timing requirements and submit certain information to us in advance of such meeting. <font style="background-color: white">Our&nbsp;bylaws&nbsp;provide
that nominations for the election of directors at our annual meeting may be made by our board of directors or any stockholder entitled
to vote for the election of directors generally who complies with the procedures set forth in the&nbsp;by-laws&nbsp;and who is a stockholder
of record at the time notice is delivered to us. Any stockholder entitled to vote in the election of directors generally may nominate
a person for election to the board of directors at our annual meeting only if timely notice of such stockholder&rsquo;s intent to make
such nomination has been given in writing to our Secretary at our offices at 125 South Wacker Drive, Suite 1500, Chicago, Illinois 60606.
Any recommendations received from stockholders will be evaluated by the nominating and corporate governance committee in the same manner
that potential director nominees suggested by board members, management or other parties are evaluated. To be timely, a stockholder&rsquo;s
notice shall be delivered to or mailed and received at our principal executive offices not less than 90 nor more than 120 days prior to
the first anniversary of our previous year&rsquo;s annual meeting; provided, however, that in the event less than 30 days&rsquo; notice
or prior public disclosure of the date of the meeting is given or made to stockholders, notice by the stockholder to be timely must be
so received not later than the close of business on the 10th day following the day on which such notice of the date of the meeting was
mailed or such public disclosure was made.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Authorized but Unissued
Capital Stock</i>. &nbsp;Delaware law does not require stockholder approval for any issuance of authorized shares. However, the listing
requirements of the Nasdaq Global&nbsp;Market, which would apply so long as our common stock is&nbsp;listed&nbsp;on the Nasdaq&nbsp;Global&nbsp;Market,
require stockholder approval of&nbsp;certain issuances equal to or in excess of 20% of the voting power or the number of shares of common
stock. These additional shares may be used&nbsp;for a variety of corporate purposes, including future public offerings, to raise additional
capital or to facilitate acquisitions.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">One of the effects of the
existence of unissued and unreserved common stock or preferred stock may be to enable our board of directors to issue&nbsp;shares to persons
friendly to current management, which issuance could render more difficult or discourage an attempt to obtain control of our&nbsp;company
by means of a merger, tender offer, proxy contest or otherwise, and thereby protect the continuity of our management and possibly&nbsp;deprive
the stockholders of opportunities to sell their shares of common stock at prices higher than prevailing market prices.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Business Combinations</i>.
We are subject to the provisions of Section 203 of the DGCL. Subject to certain exceptions, Section 203 prohibits a publicly held Delaware
corporation from engaging in a business combination with an interested stockholder for a period of three years after the person becomes
an interested stockholder, unless the interested stockholder attained such status with the approval of&nbsp;FreightCar&rsquo;s board of
directors or the business combination is approved in a prescribed manner. A business combination includes, among other things, a merger
or consolidation involving&nbsp;FreightCar&nbsp;and the interested stockholder and the sale of more than 10% of&nbsp;FreightCar&rsquo;s
assets. In general, an interested stockholder is an entity or person beneficially owning 15% or more of&nbsp;FreightCar&rsquo;s outstanding
voting stock and any entity or person affiliated with or controlling or controlled by such entity or person.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Elimination of Liability in Certain Circumstances</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our&nbsp;charter&nbsp;eliminates
the liability of our directors to us or our stockholders for monetary damages resulting from breaches of their fiduciary duties as directors.
Directors remain liable for breaches of their duty of loyalty to us or our stockholders, as well as for acts or omissions not in good
faith or that involve intentional misconduct or a knowing violation of law, and transactions from which a director derives improper personal
benefit. Our charter does not absolve directors of liability for payment of dividends or stock purchases or redemptions by us in violation
of Section 174 (or any successor provision)&nbsp;of the&nbsp;DGCL. &nbsp;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The effect of this provision is to eliminate the personal liability
of directors for monetary damages for actions involving a breach of their fiduciary duty of care, including any such actions involving
gross negligence. We do not believe that this provision eliminates the liability of our directors to us or our stockholders for monetary
damages under the federal securities laws. The charter and bylaws also provide indemnification for the benefit of our directors and officers
to the fullest extent permitted by the&nbsp;DGCL&nbsp;as it may be amended from time to time, including most circumstances under which
indemnification otherwise would be discretionary.</p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors
Removed Only for Cause</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&nbsp;</i></font></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
charter provides that a director may be removed only for cause and at a meeting of stockholders called expressly for that purpose, upon
the affirmative vote of holders of a majority of the voting power of all the then outstanding shares of capital stock entitled to vote
generally in the election of directors, voting together as a single class. Cause for removal shall be deemed to exist only if the director
whose removal is proposed has engaged in criminal conduct or has engaged in fraudulent or dishonest conduct or gross abuse of authority
or discretion with respect to the Company.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dissenters&rsquo;
Rights of Appraisal and Payment</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the DGCL, with certain exceptions, our stockholders have appraisal rights in connection with a merger or consolidation. Pursuant to the
DGCL, stockholders who properly request and perfect appraisal rights in connection with such merger or consolidation will have the right
to receive payment of the fair value of their shares as determined by the Delaware Court of Chancery.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stockholders&rsquo;
Derivative Actions</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the DGCL, any of our stockholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action;
provided that the stockholder bringing the action is a holder of our shares at the time of the transaction to which the action relates
or such stockholder&rsquo;s stock thereafter devolved by operation of law and such suit is brought in the Court of Chancery in the State
of Delaware.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Transfer
Agent and Registrar&nbsp;</b>&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#65279;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: 26pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transfer agent and registrar for our common stock is&nbsp;Computershare Trust Company, N.A.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Listing</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock is listed on the NASDAQ Global Market under the symbol &ldquo;RAIL.&rdquo;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&nbsp;</i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Description
of Preferred Stock</i></b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are authorized to issue 2,500,000 shares of preferred stock of $0.01 par value per share <font style="background-color: white">(the &ldquo;Preferred
Stock&rdquo;). Of the 2,500,000 shares of authorized Preferred Stock, 100,000 shares are designated as Series A Voting Preferred Stock
(the &ldquo;Voting Preferred Stock&rdquo;) and 100,000 shares are designated as Series B Non-Voting Preferred Stock (the &ldquo;Non-Voting
Preferred Stock&rdquo;). The remaining 2,300,000 shares of Preferred Stock are undesignated Preferred Stock. Our board of directors is
expressly authorized to establish from the undesignated shares of Preferred Stock, by resolution adopted and filed in the manner provided
by law, one or more classes or series of Preferred Stock, to designate each such class or series and to fix the relative rights and preferences
of each such class or series</font>. As of June 13, 2025, there were no shares of our Preferred Stock issued or outstanding. We may amend
from time to time our charter to increase the number of authorized shares of Preferred Stock. Any such amendment would require the approval
of the holders of a majority of our shares entitled to vote.</font> </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
statement of the designations, relative rights, preferences and limitations of the shares of each class is as follows:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&nbsp;</i></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Voting
Rights. &nbsp;</i>Holders of our common stock and Voting Preferred Stock shall vote together as a class on all matters submitted to a
vote of stockholders (except that holders of the Voting Preferred Stock shall have the right to vote together as a class on matters exclusively
affecting the Preferred Stock), and shall have one vote per share, but which shall not have any cumulative voting rights in the election
of directors. Holders of the Non-Voting Common Stock and the Non-Voting Preferred Stock shall have no voting rights.</font></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#65279;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Dividend
Rights</i>. &nbsp;The holders of both the Voting Preferred Stock and the Non-Voting Preferred Stock, on a&nbsp;<i>pari passu&nbsp;</i>basis,
shall be entitled to an annual dividend at the rate of seventeen percent (17%)&nbsp;per share, payable out of the funds legally available
for such purposes before any dividends are declared upon our common stock or any other shares of our capital stock ranking in liquidation
junior to the Voting Preferred Stock and the Non-Voting Preferred Stock, which right to receive dividends shall be cumulative, and the
holders of the Voting Preferred Stock and the Non-Voting Preferred Stock shall be entitled to no further dividends or distributions.
Dividends on shares of the Voting Preferred Stock shall accrue and be deemed to have accrued from the applicable original issuance date
of the shares of the Series A Voting Preferred Stock, par value $500 per share, of FreightCar America, Inc. (&ldquo;Parent&rdquo;) that
were converted, on a one-for-one basis, for shares of the Voting Preferred Stock in the merger of Parent with and into us (the &ldquo;Merger&rdquo;).
Dividends on shares of the Non-Voting Preferred Stock shall accrue and be deemed to have accrued from the applicable original issuance
date of the shares of the Series B Non-Voting Preferred Stock, par value $500 per share, of Parent that were converted, on a one-for-one
basis, for shares of the Non-Voting Preferred Stock in the Merger. Such dividends shall accrue and shall be deemed to have accrued day
to day whether or not declared and shall be cumulative, but no interest shall accrue on accrued but unpaid dividends. Payment of accrued
dividends shall be in the discretion of our board of directors.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
long as any shares of the Voting Preferred Stock or the Non-Voting Preferred Stock are outstanding, we will not declare, pay or set aside
for payment any dividends on our common stock or any other class of preferred capital stock, nor declare or make any other distribution
upon our common stock, nor redeem, purchase or otherwise acquire for consideration our common stock if (a)&nbsp;we have not declared
and paid all the accumulated accrued but unpaid dividends on the Voting Preferred Stock and the Non-Voting Preferred Stock, and (b)&nbsp;our
net assets remaining after the transaction are less than the aggregate amount of the preferences of the outstanding shares of the Voting
Preferred Stock and the Non-Voting Preferred Stock in our assets upon liquidation.&nbsp;&nbsp;</font></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidation
Rights</i>. &nbsp;<font style="background-color: white">In the event of our dissolution, liquidation or winding-up, the holders of the
Voting Preferred Stock and the Non-Voting Preferred Stock shall be entitled to receive, sharing&nbsp;<i>pari passu</i>, out of our assets
available for distribution to our stockholders, whether from capital, surplus or earnings, an amount equal to $500 per share plus accumulated
accrued but unpaid dividends thereon before any distribution of the assets shall be made to the holders of our Voting Common Stock, the
Non-Voting Common Stock or any other capital stock. Upon payment of such amounts, the holders of the Voting Preferred Stock and the Non-Voting
Preferred Stock shall be entitled to no further distribution. If, upon our dissolution, liquidation or winding-up, the assets distributable
among the holders of the Voting Preferred Stock and the Non-Voting Preferred Stock, sharing&nbsp;<i>pari passu,&nbsp;</i>shall be insufficient
to permit payment in full to the holders of the Voting Preferred Stock and the Non-Voting Preferred Stock, sharing&nbsp;<i>pari passu,&nbsp;</i>payable
in such event, the entire assets shall be distributed among the holders of the Voting Preferred Stock and the Non-Voting Preferred Stock
ratably according to the amount of the full liquidation preference of the respective number of shares of the Voting Preferred Stock and
the Non-Voting Preferred Stock held by them. No consolidation or merger of our company with one or more corporations or other entities,
nor any sale or transfer of all or any part of the assets of our company, shall be deemed to be a dissolution, liquidation or winding-up
of our company</font>.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#65279;</i></font>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><i>Redemption</i>. We may redeem the Voting Preferred
Stock and the Non-Voting Preferred Stock at any time and at a price of $500 per share plus accumulated accrued but unpaid dividends thereon.
We may, at the option of our board of directors, redeem all or any part of the outstanding Voting Preferred Stock and/or the Non-Voting
Preferred Stock. If less than all of the outstanding shares of the Voting Preferred Stock and the Non-Voting Preferred Stock are to be
redeemed at one time, the shares to be redeemed shall be selected on a pro rata basis, among the holders of the Voting Preferred Stock
and the Non-Voting Preferred Stock as a group, in proportion to their holdings on the date of redemption. Notice of redemption shall
be mailed at least ten (10) days and not more than sixty (60) days prior to such redemption to the holders of record of the Voting Preferred
Stock and the Non-Voting Preferred Stock</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&nbsp;</i></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other</i>.
&nbsp;Holders of our common stock have no&nbsp;preemptive rights or other rights to subscribe for additional common stock and no rights
of redemption, conversion or exchange.&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
charter provides that our board of directors has the authority, without action by the stockholders, to designate and issue up to 2,300,000
shares of preferred stock in one or more classes or series and to fix the powers, rights, preferences and privileges of each class or
series of preferred stock, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences
and the number of shares constituting any class or series, which may be greater than the rights of the holders of the common stock.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purpose of authorizing our board of directors to issue preferred stock and determine its rights and preferences is to eliminate delays
associated with a stockholder vote on specific issuances. The issuance of preferred stock, while providing flexibility in connection
with possible acquisitions, future financings and other corporate purposes, could have the effect of making it more difficult for a third
party to acquire, or could discourage a third party from seeking to acquire, a majority of our outstanding voting stock. Additionally,
the issuance of preferred stock may adversely affect the holders of our common stock by restricting dividends on the common stock, diluting
the voting power of the common stock or subordinating the liquidation rights of the common stock. As a result of these or other factors,
the issuance of preferred stock could have an adverse impact on the market price of our common stock.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
particular terms of any series of preferred stock that we offer under this prospectus will be described in the applicable prospectus
supplement relating to that series of preferred stock. Those terms may include:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
title and liquidation preference per share of the preferred stock and the number of shares offered;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
purchase price of the preferred stock;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
dividend rate (or method of calculation), the dates on which dividends will be payable, whether dividends shall be cumulative and, if
so, the date from which dividends will begin to accumulate;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
redemption or sinking fund provisions of the preferred stock;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
conversion, redemption or exchange provisions of the preferred stock;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
voting rights, if any, of the preferred stock; and</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
additional dividend, liquidation, redemption, sinking fund and other rights, preferences, privileges, limitations and restrictions of
the preferred stock.</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should refer to the certificate of designations establishing a particular series of preferred stock which will be filed with the Secretary
of State of the State of Delaware and the SEC in connection with any offering of preferred stock.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
prospectus supplement relating to a series of preferred stock may describe certain U.S. federal income tax considerations applicable
to the purchase, holding and disposition of such series of preferred stock.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a_008"></a>DESCRIPTION
OF DEBT SECURITIES</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may issue debt securities, in one or more series, as either senior or subordinated debt or as senior or subordinated convertible debt.
When we offer to sell debt securities, we will describe the specific terms of any debt securities offered from time to time in a supplement
to this prospectus, which may supplement or change the terms outlined below. Senior debt securities will be issued under one or more
senior indentures, dated as of a date prior to such issuance, between us and a trustee to be named in a prospectus supplement, as amended
or supplemented from time to time. Any subordinated debt securities will be issued under one or more subordinated indentures, dated as
of a date prior to such issuance, between us and a trustee to be named in a prospectus supplement, as amended or supplemented from time
to time. The indentures will be subject to and governed by the Trust Indenture Act of 1939, as amended.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Before
we issue any debt securities, the form of indentures will be filed with the SEC and incorporated by reference as an exhibit to the registration
statement of which this prospectus is a part or as an exhibit to a current report on Form 8-K. For the complete terms of the debt securities,
you should refer to the applicable prospectus supplement and the form of indentures for those particular debt securities. We encourage
you to read the applicable prospectus supplement and the form of indenture for those particular debt securities before you purchase any
of our debt securities.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General
</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will describe in the applicable prospectus supplement the terms of the series of debt securities being offered, including:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
title;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
or not such debt securities are guaranteed;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
principal amount being offered, and if a series, the total amount authorized and the total amount outstanding;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
limit on the amount that may be issued;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
or not we will issue the series of debt securities in global form, the terms and who the depositary will be;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
maturity date;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
annual interest rate, which may be fixed or variable, or the method for determining the rate and the date interest will begin to accrue,
the dates interest will be payable and the regular record dates for interest payment dates or the method for determining such dates;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
or not the debt securities will be secured or unsecured, and the terms of any secured debt;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
terms of the subordination of any series of subordinated debt;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
place where payments will be payable;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restrictions
on transfer, sale or other assignment, if any;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
right, if any, to defer payment of interest and the maximum length of any such deferral period;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
date, if any, after which, and the price at which, we may, at our option, redeem the series of debt securities pursuant to any optional
or provisional redemption provisions and the terms of those redemption provisions;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
date, if any, on which, and the price at which we are obligated, pursuant to any mandatory sinking fund or analogous fund provisions
or otherwise, to redeem, or at the holder&rsquo;s option to purchase, the series of debt securities and the currency or currency unit
in which the debt securities are payable;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
restrictions our ability and/or the ability of our subsidiaries to:</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">incur
additional indebtedness;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">issue
                                            additional securities;</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">create
                                            liens;</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pay
                                            dividends and make distributions in respect of our capital stock and the capital stock of
                                            our subsidiaries;</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">redeem
                                            capital stock;</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">place
                                            restrictions on our subsidiaries&rsquo; ability to pay dividends, make distributions or transfer
                                            assets;</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">make
                                            investments or other restricted payments;</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sell
                                            or otherwise dispose of assets;</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">enter
                                            into sale-leaseback transactions;</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">engage
                                            in transactions with stockholders and affiliates;</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">issue
                                            or sell stock of our subsidiaries; or</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">effect
                                            a consolidation or merger;</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
the indenture will require us to maintain any interest coverage, fixed charge, cash flow-based, asset-based or other financial ratios;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
discussion of any material U.S. federal income tax considerations applicable to the debt securities;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">information
describing any book-entry features;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">provisions
for a sinking fund purchase or other analogous fund, if any;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
denominations in which we will issue the series of debt securities;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
currency of payment of debt securities if other than U.S. dollars and the manner of determining the equivalent amount in U.S. dollars;
and</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
other specific terms, preferences, rights or limitations of, or restrictions on, the debt securities, including any additional events
of default or covenants provided with respect to the debt securities, and any terms that may be required by us or advisable under applicable
laws or regulations.</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Conversion
or Exchange Rights</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will set forth in the prospectus supplement the terms on which a series of debt securities may be convertible into or exchangeable for
our common stock or our other securities. We will include provisions as to whether conversion or exchange is mandatory, at the option
of the holder or at our option. We may include provisions pursuant to which the number of shares of our common stock or our other securities
that the holders of the series of debt securities receive would be subject to adjustment.</font></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a_009"></a>DESCRIPTION
OF WARRANTS</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may issue warrants for the purchase of common stock, preferred stock and/or debt securities in one or more series. We may issue warrants
independently or together with common stock, preferred stock and/or debt securities, and the warrants may be attached to or separate
from these securities. While the terms summarized below will apply generally to any warrants that we may offer, we will describe the
particular terms of any series of warrants in more detail in the applicable prospectus supplement. The terms of any warrants offered
under a prospectus supplement may differ from the terms described below.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will file as exhibits to the registration statement of which this prospectus is a part, or will incorporate by reference from reports
that we file with the SEC, the form of warrant agreement, including a form of warrant certificate, that describes the terms of the particular
series of warrants we are offering before the issuance of the related series of warrants. The following summaries of material provisions
of the warrants and the warrant agreements are subject to, and qualified in their entirety by reference to, all the provisions of the
warrant agreement and warrant certificate applicable to the particular series of warrants that we may offer under this prospectus. We
urge you to read the applicable prospectus supplements related to the particular series of warrants that we may offer under this prospectus,
as well as any related free writing prospectuses, and the complete warrant agreements and warrant certificates that contain the terms
of the warrants.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will describe in the applicable prospectus supplement the terms of the series of warrants being offered, including:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
offering price and aggregate number of warrants offered;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
currency for which the warrants may be purchased;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
applicable, the designation and terms of the securities with which the warrants are issued and the number of warrants issued with each
such security or each principal amount of such security;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
applicable, the date on and after which the warrants and the related securities will be separately transferable;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
the case of warrants to purchase debt securities, the principal amount of debt securities purchasable upon exercise of one warrant and
the price at, and currency in which, this principal amount of debt securities may be purchased upon such exercise;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
the case of warrants to purchase common stock or preferred stock, the number of shares of common stock or preferred stock, as the case
may be, purchasable upon the exercise of one warrant and the price at which these shares may be purchased upon such exercise;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
effect of any merger, consolidation, sale or other disposition of our business on the warrant agreements and the warrants;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
terms of any rights to redeem or call the warrants;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
provisions for changes to or adjustments in the exercise price or number of securities issuable upon exercise of the warrants;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
dates on which the right to exercise the warrants will commence and expire;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
manner in which the warrant agreements and warrants may be modified;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
discussion of any material or special U.S. federal income tax consequences of holding or exercising the warrants;</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
terms of the securities issuable upon exercise of the warrants; and</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
other specific terms, preferences, rights or limitations of or restrictions on the warrants.</font></td>
</tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Before
exercising their warrants, holders of warrants will not have any of the rights of holders of the securities purchasable upon such exercise,
including:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
the case of warrants to purchase debt securities, the right to receive payments of principal of, or premium, if any, or interest on,
the debt securities purchasable upon exercise or to enforce covenants in the applicable indenture; or</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
the case of warrants to purchase common stock or preferred stock, the right to receive dividends, if any, or payments upon our liquidation,
dissolution or winding up or to exercise voting rights, if any.</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercise
of Warrants</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
warrant will entitle the holder to purchase the securities that we specify in the applicable prospectus supplement at the exercise price
that we describe in the applicable prospectus supplement. Holders of the warrants may exercise the warrants at any time up to the specified
time on the expiration date that we set forth in the applicable prospectus supplement. After the close of business on the expiration
date, unexercised warrants will become void.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of the warrants may exercise the warrants by delivering the warrant certificate representing the warrants to be exercised together with
specified information, and paying the required amount to the warrant agent in immediately available funds, as provided in the applicable
prospectus supplement. We will set forth on the reverse side of the warrant certificate and in the applicable prospectus supplement the
information that the holder of the warrant will be required to deliver to the warrant agent.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
fewer than all of the warrants represented by the warrant certificate are exercised, then we will issue a new warrant certificate for
the remaining amount of warrants. If we so indicate in the applicable prospectus supplement, holders of the warrants may surrender securities
as all or part of the exercise price for warrants.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a_010"></a>DESCRIPTION
OF RIGHTS</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may issue rights to purchase our common stock, preferred stock or debt securities, in one or more series. Rights may be issued independently
or together with any other offered security and may or may not be transferable by the person purchasing or receiving the subscription
rights. In connection with any rights offering to our stockholders, we may enter into a standby underwriting arrangement with one or
more underwriters pursuant to which such underwriters will purchase any offered securities remaining unsubscribed after such rights offering.
In connection with a rights offering to our stockholders, we will distribute certificates evidencing the rights and a prospectus supplement
to our stockholders on the record date that we set for receiving rights in such rights offering. The applicable prospectus supplement
or free writing prospectus will describe the following terms of rights in respect of which this prospectus is being delivered:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
title of such rights;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
securities for which such rights are exercisable;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
exercise price for such rights;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
date of determining the security holders entitled to the rights distribution;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
number of such rights issued to each security holder;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
extent to which such rights are transferable;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
applicable, a discussion of the material U.S. federal income tax considerations applicable to the issuance or exercise of such rights;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
date on which the right to exercise such rights shall commence, and the date on which such rights shall expire (subject to any extension);</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
conditions to completion of the rights offering;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
provisions for changes to or adjustments in the exercise price or number of securities issuable upon exercise of the rights;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
extent to which such rights include an over-subscription privilege with respect to unsubscribed securities;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
applicable, the material terms of any standby underwriting or other purchase arrangement that we may enter into in connection with the
rights offering; and</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
other terms of such rights, including terms, procedures and limitations relating to the exchange and exercise of such rights.</font></td>
</tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
right will entitle the holder thereof the right to purchase for cash such amount of common stock, preferred stock or debt securities,
or any combination thereof, at such exercise price as shall in each case be set forth in, or be determinable as set forth in, the prospectus
supplement relating to the rights offered thereby. Rights may be exercised at any time up to the close of business on the expiration
date for such rights set forth in the prospectus supplement. After the close of business on the expiration date, all unexercised rights
will become void. Rights may be exercised as set forth in the prospectus supplement relating to the rights offered thereby. Upon receipt
of payment and the proper completion and due execution of the rights certificate at the office of the rights agent, if any, or any other
office indicated in the prospectus supplement, we will forward, as soon as practicable, the shares of common stock and/or preferred stock
and/or the debt securities purchasable upon such exercise. We may determine to offer any unsubscribed offered securities directly to
persons other than stockholders, to or through agents, underwriters or dealers or through a combination of such methods, including pursuant
to standby underwriting arrangements, as set forth in the applicable prospectus supplement.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a_011"></a>DESCRIPTION
OF UNITS</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
specified in the applicable prospectus supplement, we may issue, in one more series, units consisting of common stock, preferred stock,
debt securities and/or warrants or rights for the purchase of common stock, preferred stock and/or the debt securities in any combination.
The applicable prospectus supplement will describe:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
securities comprising the units, including whether and under what circumstances the securities comprising the units may be separately
traded;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
terms and conditions applicable to the units, including a description of the terms of any applicable unit agreement governing the units;
and</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
description of the provisions for the payment, settlement, transfer or exchange of the units.</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></font></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a_012"></a>SELLING
STOCKHOLDER</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> This prospectus also relates
to the resale or other disposition from time to time by the Selling Stockholder identified in the table below of up to an aggregate of
16,995,550 shares of common stock. The Selling Stockholder may from time to time offer and sell any or all of the shares of common stock
set forth pursuant to this prospectus. We do not know when the shares of common stock will be sold by the Selling Stockholder. </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
we refer to the &ldquo;Selling Stockholder&rdquo; in this prospectus, we mean the person listed in the table below, and the pledgees,
donees, transferees, assignees, successors, designees and others who later come to hold any of the Selling Stockholder&rsquo;s interest
in the common stock, other than through a public sale.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
below table is prepared based on information provided to us by the Selling Stockholder. It sets forth the name and address of the Selling
Stockholder, the aggregate number of shares of common stock that the Selling Stockholder may offer pursuant to this prospectus, and the
beneficial ownership of the Selling Stockholder both before and after the Selling Stockholder Offering.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have determined beneficial ownership in accordance with the rules of the SEC and the information is not necessarily indicative of beneficial
ownership for any other purpose. Unless otherwise indicated below, to our knowledge, the persons and entities named in the tables have
sole voting and sole investment power with respect to all securities that they beneficially own. We have deemed all shares of common
stock subject to options or other convertible securities held by an entity that are currently exercisable or that will become exercisable
within 60 days of June 9, 2025 to be outstanding and to be beneficially owned by such entity for the purpose of computing the percentage
ownership of that entity. The number of shares of common stock in the column &ldquo;Maximum Number of Shares of Common Stock to be Sold
Pursuant to this Prospectus&rdquo; represents all of the shares of common stock that the Selling Stockholder may offer hereunder.</font> </p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling
Stockholder information for each additional Selling Stockholder, if any, will be set forth in a prospectus supplement to the extent required
prior to the time of any offer or sale of such Selling Stockholder&rsquo;s shares pursuant to this prospectus. Any prospectus supplement
may add, update, substitute or change the information contained in this prospectus, including the identity of each Selling Stockholder
and the number of shares registered on its behalf.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Selling Stockholder may sell or otherwise transfer all, some or none of such shares in this offering. See &ldquo;Plan of Distribution.&rdquo;</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this prospectus, the Selling Stockholder is the beneficial holder of 16,995,550 shares (49.2%) of our common stock. 9,626,525
shares of common stock are beneficially owned pursuant to a Warrant Acquisition Agreement by and between CO Finance LVS VI LLC and FreightCar
America, Inc., dated as of October 13, 2020 (the &ldquo;2020 Warrant&rdquo;), whereby an affiliate of the Selling Stockholder was granted
a warrant exercisable for a number of shares of common stock equal to 23% of the Common Stock Deemed Outstanding (as defined in the 2020
Warrant). 2,092,723 shares of common stock are beneficially owned pursuant to a Warrant Acquisition Agreement by and between CO Finance
LVS VI LLC and FreightCar America, Inc., dated as of December 30, 2021 (the &ldquo;2021 Warrant&rdquo;), whereby an affiliate of the
Selling Stockholder was granted a warrant exercisable for a number of shares of common stock equal to 5% of the Common Stock Deemed Outstanding
(as defined in the 2021 Warrant). 2,092,723 shares of common stock are beneficially owned pursuant to a Warrant Acquisition Agreement
by and between OC III LVS XXVIII LP and FreightCar America, Inc., dated as of April 4, 2022 (the &ldquo;2022 Warrant&rdquo;), whereby
an affiliate of the Selling Stockholder was granted a warrant exercisable for a number of shares of common stock equal to 5% of the Common
Stock Deemed Outstanding (as defined in the 2022 Warrant). 1,636,313 shares of common stock are beneficially owned pursuant to a Warrant
to Purchase Common Stock by and between OC III LFE II LP and FreightCar America, Inc., dated as of May 22, 2023 (the &ldquo;2023 Warrant&rdquo;
and, collectively with the 2020 Warrant, the 2021 Warrant and the 2022 Warrant, the &ldquo;PIMCO Agreements&rdquo;), whereby an affiliate
of the Selling Stockholder was granted a warrant exercisable for 1,636,313 shares of common stock for a term of ten years from the date
of issuance with an exercise price of $3.57 per share. Additionally, the Selling Stockholder directly owns 1,547,266 shares of common
stock in the Company.</font> </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the PIMCO Agreements, an affiliate of the Selling Stockholder and the Company also entered into: (i) that certain Registration
Rights Agreement by and between FreightCar America, Inc. and CO Finance LVX VI LLC, dated as of November 24, 2020 (the &ldquo;2020 Registration
Rights Agreement&rdquo;); (ii) that certain Registration Rights Agreement by and between FreightCar America, Inc. and CO Finance LVX
VI LLC, dated as of December 30, 2021 (the &ldquo;2021 Registration Rights Agreement&rdquo;); and (iii) that certain Registration Rights
Agreement by and between FreightCar America, Inc. and OC III LVS XXVIII LP, dated as of April 4, 2022 (the &ldquo;2022 Registration Rights
Agreement&rdquo; and, collectively with the 2020 Registration Rights Agreement and the 2021 Registration Rights Agreement, the &ldquo;Registration
Rights Agreements&rdquo;).</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 31, 2024, the Company terminated that certain Amended and Restated Reimbursement Agreement, dated December 30, 2021, as amended
by Amendment No. 1 to the Amended and Restated Reimbursement Agreement, dated March 23, 2023, and by Amendment No. 2 to the Amended and
Restated Reimbursement Agreement, dated May 22, 2023 (the &ldquo;Reimbursement Agreement&rdquo;), by and among the Company, FreightCar
North America, LLC, certain subsidiaries of FreightCar North America, LLC, CO Finance LVS VI LLC, as letter of credit provider and&nbsp;an
affiliate of the Selling Stockholder who serves as its investment manager, and U.S. Bank National Association, as disbursing agent and
collateral agent.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 31, 2024, the Company redeemed all outstanding shares of its preferred stock designated as Series C Preferred Stock from OC
III LFE II LP, an affiliate of the Selling Stockholder. The Series C Preferred Stock was redeemed at $1,000 per share, for a total redemption
price of $113,274,739, including accrued dividends of $27,862,739, and, thereafter, the Series C Preferred Stock ceased to be outstanding
and rights of the holders thereof terminated. The Series C Preferred Stock was originally granted pursuant to that certain Securities
Purchase Agreement by and between OC III LFE II LP and FreightCar America, Inc., dated as of March 23, 2023 (the &ldquo;Securities Purchase
Agreement&rdquo;), whereby the Selling Stockholder was granted the 2023 Warrant.</font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> In accordance with the
terms of the Registration Rights Agreements between us and an affiliate of the Selling Stockholder, this prospectus covers the resale
of a maximum of 16,995,550 shares of common stock. </p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify"> &nbsp; </td>
    <td> &nbsp; </td>
    <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares
    of Common Stock Currently Held</b></font> </td>
    <td> &nbsp; </td>
    <td> &nbsp; </td>
    <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares
    of Common Stock Beneficially Owned After <br>
    this Offering</b></font> </td>
    <td> &nbsp; </td></tr>
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of Selling Stockholder</b></font> </td>
    <td style="white-space: nowrap"> &nbsp; </td>
    <td colspan="2" style="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
    of <br>
    Shares of Common<br>
 Stock Beneficially<br>
 Owned&nbsp;Prior to <br>
    Offering <sup>(1)</sup></b></font> </td>
    <td style="white-space: nowrap"> &nbsp; </td>
    <td style="white-space: nowrap"> &nbsp; </td>
    <td colspan="2" style="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Maximum
    Number <br>
    of Shares of Common<br>
 Stock to be<br>
 Sold Pursuant to <br>
    this Prospectus <sup>(1)(2)</sup></b></font> </td>
    <td style="white-space: nowrap"> &nbsp; </td>
    <td style="white-space: nowrap"> &nbsp; </td>
    <td colspan="2" style="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
    of <br>
    Shares&nbsp;<sup>(1)(2)</sup></b></font> </td>
    <td style="white-space: nowrap"> &nbsp; </td>
    <td style="white-space: nowrap"> &nbsp; </td>
    <td colspan="2" style="white-space: nowrap; border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <b>Percentage</b> </p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <b>of Shares <sup>(1)(2)</sup></b> </p></td>
    <td style="white-space: nowrap"> &nbsp; </td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 52%; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CO Finance
    LVS VI LLC <sup>(3)</sup></font> </td>
    <td style="width: 1%"> &nbsp; </td>
    <td style="width: 1%"> &nbsp; </td>
    <td style="width: 9%; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,995,550</font> </td>
    <td style="width: 1%"> &nbsp; </td>
    <td style="width: 1%"> &nbsp; </td>
    <td style="width: 1%"> &nbsp; </td>
    <td style="width: 9%; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,995,550</font> </td>
    <td style="width: 1%"> &nbsp; </td>
    <td style="width: 1%"> &nbsp; </td>
    <td style="width: 1%"> &nbsp; </td>
    <td style="width: 9%; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&ndash;</b></font> </td>
    <td style="width: 1%"> &nbsp; </td>
    <td style="width: 1%"> &nbsp; </td>
    <td style="width: 1%"> &nbsp; </td>
    <td style="width: 9%; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&ndash;</b></font> </td>
    <td style="width: 1%"> &nbsp; </td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font>&nbsp;</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font> </td>
    <td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> Represents shares of common
                                    stock of FreightCar America, Inc. Applicable percentage ownership is based on 19,118,966 shares of
                                    our common stock outstanding as of June 9, 2025. </p></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since we do not have the ability to control how many, if any, of the Selling Stockholder&rsquo;s shares will be offered or sold, we have assumed that the Selling Stockholder will sell all of the shares registered herein.</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font> </td>
    <td><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> Includes 222,306 held by OC III LVS XII LP, 1,324,960 held
        by OC III LVS XXVIII LP and 15,448,284 held by OC III LFE II LP, each an affiliate of CO Finance LVS VI LLC, and together with
        CO Finance LVS VI LLC, each an affiliate of Pacific Investment Management Company LLC (&ldquo;PIMCO&rdquo;) as of the date of
        this prospectus. The address for PIMCO is 650 Newport Center Drive, Newport Beach, California 92660. </p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a_013"></a>PLAN
OF DISTRIBUTION</b></font></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Offering</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to General Instruction I.B.6. of Form S-3, we are permitted to utilize the registration statement of which this prospectus forms a part
to sell a maximum amount of common stock equal to one-third of the aggregate market value of the outstanding voting and non-voting common
equity held by our non-affiliates in any 12-month period. We may, from time to time, offer the common stock registered hereby up to this
maximum amount.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may sell the securities offered through this prospectus, from time to time in one or more offerings, (i) to or through underwriters or
dealers, (ii) directly to purchasers, including our affiliates, (iii) through agents, (iv) in &ldquo;at the market offerings,&rdquo;
within the meaning of Rule 415(a)(4) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), to or through a
market maker or into an existing trading market, on an exchange or otherwise, or (v) through a combination of any these methods. The
securities may be distributed at a fixed price or prices, which may be changed, market prices prevailing at the time of sale, prices
related to the prevailing market prices, or negotiated prices. The prospectus supplement will include the following information:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
terms of the offering;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
names of any underwriters or agents;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
name or names of any managing underwriter or underwriters;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
purchase price of the securities;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
over-allotment options under which underwriters may purchase additional securities from us;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
net proceeds from the sale of the securities;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
delayed delivery arrangements;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
underwriting discounts, commissions and other items constituting underwriters&rsquo; compensation;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
discounts or concessions allowed or reallowed or paid to dealers;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
commissions paid to agents; and</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
securities exchange or market on which the securities may be listed.</font></td>
</tr></table>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sale
Through Underwriters or Dealers</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Only
underwriters named in any prospectus supplement are underwriters of the securities offered by such prospectus supplement.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
underwriters are used in the sale, the underwriters will acquire the securities for their own account, including through underwriting,
purchase, security lending or repurchase agreements with us. The underwriters may resell the securities from time to time in one or more
transactions, including negotiated transactions. Underwriters may sell the securities in order to facilitate transactions in any of our
other securities (described in this prospectus or otherwise), including other public or private transactions and short sales. Underwriters
may offer securities to the public either through underwriting syndicates represented by one or more managing underwriters or directly
by one or more firms acting as underwriters. Unless otherwise indicated in the prospectus supplement, the obligations of the underwriters
to purchase the securities will be subject to certain conditions, and the underwriters will be obligated to purchase all the offered
securities if they purchase any of them. The underwriters may change from time to time any initial public offering price and any discounts
or concessions allowed or reallowed or paid to dealers.</font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
5% of more of the net proceeds of any offering of securities made under this prospectus will be received by the Financial Industry Regulatory
Authority (&ldquo;FINRA&rdquo;) members participating in the offering or affiliates or associated persons of such FINRA members, the
offering will be conducted in accordance with FINRA Rule 5121.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
dealers are used in the sale of securities offered through this prospectus, we, or the underwriters, will sell the securities to them
as principals. They may then resell those securities to the public at varying prices determined by the dealers at the time of resale.
The prospectus supplement will include the names of the dealers and the terms of the transaction.</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direct
Sales and Sales Through Agents</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may sell the securities offered through this prospectus directly. In this case, no underwriters or agents would be involved. Such securities
may also be sold through agents designated from time to time. The prospectus supplement will name any agent involved in the offer or
sale of the offered securities and will describe any commissions payable to the agent. Unless otherwise indicated in the prospectus supplement,
any agent will agree to use its reasonable best efforts to solicit purchases for the period of its appointment.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may sell the securities directly to institutional investors or others who may be deemed to be underwriters within the meaning of the
Securities Act with respect to any sale of those securities. The terms of any such sales will be described in the prospectus supplement.</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delayed
Delivery Contracts</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the prospectus supplement indicates, we may authorize agents, underwriters or dealers to solicit offers from certain types of institutions
to purchase securities at the public offering price under delayed delivery contracts. These contracts would provide for payment and delivery
on a specified date in the future. The contracts would be subject only to those conditions described in the prospectus supplement. The
applicable prospectus supplement will describe the commission payable for solicitation of those contracts.</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
Making, Stabilization and Other Transactions</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
the applicable prospectus supplement states otherwise, other than our common stock, all securities we offer under this prospectus will
be a new issue and will have no established trading market. We may elect to list offered securities on an exchange or in the over-the-counter
market. Any underwriters that we use in the sale of offered securities may make a market in such securities, but may discontinue such
market making at any time without notice. Therefore, we cannot assure you that the securities will have a liquid trading market.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
underwriter may also engage in stabilizing transactions, syndicate covering transactions and penalty bids in accordance with Rule 104
under the Exchange Act. Stabilizing transactions involve bids to purchase the underlying security in the open market for the purpose
of pegging, fixing or maintaining the price of the securities. Syndicate covering transactions involve purchases of the securities in
the open market after the distribution has been completed in order to cover syndicate short positions.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with an offering, an underwriter may purchase and sell securities in the open market. These transactions may include short
sales, stabilizing transactions and purchases to cover positions created by short sales. Short sales involve the sale by the underwriters
of a greater number of securities than they are required to purchase in the offering. &ldquo;Covered&rdquo; short sales are sales made
in an amount not greater than the underwriters&rsquo; option to purchase additional securities, if any, from us in the offering. If the
underwriters have an over-allotment option to purchase additional securities from us, the underwriters may close out any covered short
position by either exercising their over-allotment option or purchasing securities in the open market. In determining the source of securities
to close out the covered short position, the underwriters may consider, among other things, the price of securities available for purchase
in the open market as compared to the price at which they may purchase securities through the over-allotment option. &ldquo;Naked&rdquo;
short sales are any sales in excess of such option or where the underwriters do not have an over-allotment option. The underwriters must
close out any naked short position by purchasing securities in the open market. A naked short position is more likely to be created if
the underwriters are concerned that there may be downward pressure on the price of the securities in the open market after pricing that
could adversely affect investors who purchase in the offering.</font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Penalty
bids permit the underwriters to reclaim a selling concession from a syndicate member when the securities originally sold by the syndicate
member are purchased in a syndicate covering transaction to cover syndicate short positions. Stabilizing transactions, syndicate covering
transactions and penalty bids may cause the price of the securities to be higher than it would be in the absence of the transactions.
The underwriters may, if they commence these transactions, discontinue them at any time.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
person participating in the distribution of common stock registered under the registration statement that includes this prospectus will
be subject to applicable provisions of the Exchange Act, and applicable SEC rules and regulations, including, among others, Regulation
M, which may limit the timing of purchases and sales of any of our common stock by any such person. Furthermore, Regulation M may restrict
the ability of any person engaged in the distribution of our common stock to engage in market-making activities with respect to our common
stock. These restrictions may affect the marketability of our common stock and the ability of any person or entity to engage in market-making
activities with respect to our common stock.</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative
Transactions and Hedging</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
and the underwriters may engage in derivative transactions involving the securities. These derivatives may consist of short sale transactions
and other hedging activities. The underwriters may acquire a long or short position in the securities, hold or resell securities acquired
and purchase options or futures on the securities and other derivative instruments with returns linked to or related to changes in the
price of the securities. In order to facilitate these derivative transactions, we may enter into security lending or repurchase agreements
with the underwriters. The underwriters may effect the derivative transactions through sales of the securities to the public, including
short sales, or by lending the securities in order to facilitate short sale transactions by others. The underwriters may also use the
securities purchased or borrowed from us or others (or, in the case of derivatives, securities received from us in settlement of those
derivatives) to directly or indirectly settle sales of the securities or close out any related open borrowings of the securities.</font></p>

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

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loans
of Securities</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal">&nbsp;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal">We
may loan or pledge securities to a financial institution or other third party that in turn may sell the securities using this prospectus
and an applicable prospectus supplement.</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
Information</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agents,
underwriters, and dealers may be entitled, under agreements entered into with us, to indemnification by us against certain liabilities,
including liabilities under the Securities Act or contribution with respect to payments that the agents, underwriters or dealers may
make with respect to these liabilities. Our agents, underwriters, and dealers, or their affiliates, may be customers of, engage in transactions
with or perform services for us, in the ordinary course of business.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&nbsp;</i></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sales
by the Selling Stockholder</i></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&nbsp;</i></font></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Selling Stockholder will pay any underwriting discounts and commissions and expenses incurred by the Selling Stockholder for brokerage,
accounting, tax or any other expenses incurred by the Selling Stockholder in disposing of the securities that are not Registration Expenses.
We will bear the costs, fees and expenses incurred in effecting the registration of the securities covered by this prospectus, including
all registration and filing fees, Nasdaq listing fees, fees and expenses of our counsel and our independent registered public accounting
firm, all internal expenses of the Company, the fees and expenses of any person retained by the Company in connection with the preparation
of this prospectus and the reasonable fees and disbursements of one special legal counsel to represent the Selling Stockholder.</font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
shares of common stock beneficially owned by the Selling Stockholder covered by this prospectus may be offered and sold from time to
time by the Selling Stockholder. The term &ldquo;Selling Stockholder&rdquo; includes donees, pledgees, transferees or other successors
in interest selling shares of common stock received after the date of this prospectus from the Selling Stockholder as a gift, pledge,
partnership distribution or other transfer. The Selling Stockholder will act independently of us in making decisions with respect to
the timing, manner and size of each sale. Such sales may be made on one or more exchanges or in the over-the-counter market or otherwise,
at prices and under terms then prevailing or at prices related to the then-current market price or in negotiated transactions. The Selling
Stockholder reserves the right to accept and, together with its agents, to reject, any proposed purchase of shares of common stock to
be made directly or through agents. The Selling Stockholder and any of its permitted transferees may sell their common stock offered
by this prospectus on any stock exchange, market or trading facility on which the shares of common stock are traded or in private transactions.
If underwriters are used in the sale, such underwriters will acquire the shares for their own account. These sales may be at a fixed
price or varying prices, which may be changed, or at market prices prevailing at the time of sale, at prices relating to prevailing market
prices or at negotiated prices. The shares of common stock may be offered to the public through underwriting syndicates represented by
managing underwriters or by underwriters without a syndicate. The obligations of the underwriters to purchase the common stock will be
subject to certain conditions. The underwriters will be obligated to purchase all the shares of common stock offered if any of the shares
of common stock are purchased.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Selling Stockholder may use any one or more of the following methods when selling the shares of common stock offered by this prospectus:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">purchases
by a broker-dealer as principal and resale by such broker-dealer for its own account pursuant to this prospectus&#894;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary
brokerage transactions and transactions in which the broker solicits purchasers&#894;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">block
trades in which the broker-dealer so engaged will attempt to sell the common stock as agent but may position and resell a portion of
the block as principal to facilitate the transaction&#894;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
over-the-counter distribution in accordance with the rules of Nasdaq&#894;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">through
trading plans entered into by the Selling Stockholder pursuant to Rule 10b5-1 under the Exchange Act that are in place at the time of
an offering pursuant to this prospectus and any applicable prospectus supplement hereto that provide for periodic sales of its shares
of common stock on the basis of parameters described in such trading plans&#894;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">through
one or more underwritten offerings on a firm commitment or best efforts basis&#894;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">settlement
of short sales entered into after the date of this prospectus&#894;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
&ldquo;at the market&rdquo; offerings, as defined in Rule 415 under the Securities Act, at negotiated prices, at prices prevailing at
the time of sale or at prices related to such prevailing market prices, including sales made directly on a national securities exchange
or sales made through a market maker other than on an exchange or other similar offerings through sales agents&#894;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">directly
to purchasers, including through a specific bidding, auction or other process or in privately negotiated transactions&#894;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">through
the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise&#894;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">through
a combination of any of the above methods of sale&#894; or</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
other method permitted pursuant to applicable law.</font></td>
</tr></table>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Selling Stockholder may elect to make a pro rata in-kind distribution of common stock to its members, partners or stockholders
pursuant to the registration statement of which this prospectus is a part by delivering a prospectus with a plan of distribution. Such
members, partners or stockholders would thereby receive freely tradeable common stock pursuant to the distribution through a registration
statement. To the extent a distributee is an affiliate of ours (or to the extent otherwise required by law), we may file a prospectus
supplement in order to permit the distributees to use the prospectus to resell the shares of common stock acquired in the distribution.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
can be no assurance that the Selling Stockholder will sell all or any of the shares of common stock offered by this prospectus. In addition,
the Selling Stockholder may also sell the shares of common stock under Rule 144 under the Securities Act, if available, or in other transactions
exempt from registration, rather than under this prospectus. The Selling Stockholder has the sole and absolute discretion not to accept
any purchase offer or make any sale of common stock if it deems the purchase price to be unsatisfactory at any particular time.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Selling Stockholder may also transfer the shares of common stock in other circumstances, in which case the transferees, pledgees or other
successors-in-interest will be the selling beneficial owners for purposes of this prospectus. Upon being notified by the Selling Stockholder
that a donee, pledgee, transferee or other successor-in-interest intends to sell our common stock, we will, to the extent required, promptly
file a supplement to this prospectus to name specifically such person as a Selling Stockholder.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to a particular offering of the shares of common stock held by the Selling Stockholder, to the extent required, an accompanying
prospectus supplement or, if appropriate, a post-effective amendment to the registration statement of which this prospectus is part will
be prepared and will set forth the following information:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
specific securities to be offered and sold&#894;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
name of the Selling Stockholder&#894;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
respective purchase prices and public offering prices, the proceeds to be received from the sale, if any, and other material terms of
the offering&#894;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">settlement
of short sales entered into after the date of this prospectus&#894;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
names of any participating agents, broker-dealers or underwriters&#894; and</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&nbsp;</td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
applicable commissions, discounts, concessions and other items constituting compensation from the Selling Stockholder.</font></td>
</tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with distributions of the common stock or otherwise, the Selling Stockholder may enter into hedging transactions with broker-dealers
or other financial institutions. In connection with such transactions, broker-dealers or other financial institutions may engage in short
sales of the common stock in the course of hedging the positions they assume with the Selling Stockholder. The Selling Stockholder may
also sell the common stock short and redeliver the common stock to close out such short positions. The Selling Stockholder may also enter
into option or other transactions with broker-dealers or other financial institutions that require the delivery to such broker-dealer
or other financial institution of common stock offered by this prospectus, which common stock such broker-dealer or other financial institution
may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction). The Selling Stockholder may also pledge
common stock to a broker-dealer or other financial institution, and, upon a default, such broker-dealer or other financial institution,
may effect sales of the pledged shares of common stock pursuant to this prospectus (as supplemented or amended to reflect such transaction).</font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Selling Stockholder may solicit offers to purchase the shares of common stock directly from, and it may sell such shares of common stock
directly to, institutional investors or others. In this case, no underwriters or agents would be involved. The terms of any of those
sales, including the terms of any bidding or auction process, if utilized, will be described in the applicable prospectus supplement.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Selling Stockholder may authorize underwriters, broker-dealers or agents to solicit offers by certain purchasers to purchase the common
stock at the public offering price set forth in the prospectus supplement pursuant to delayed delivery contracts providing for payment
and delivery on a specified date in the future. The contracts will be subject only to those conditions set forth in the prospectus supplement,
and the prospectus supplement will set forth any commissions we or the Selling Stockholder pay for solicitation of these contracts.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Selling Stockholder may enter into derivative transactions with third parties, or sell securities not covered by this prospectus to third
parties in privately negotiated transactions. If the applicable prospectus supplement so indicates, in connection with those derivatives,
the third parties may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions.
If so, the third party may use securities pledged by the Selling Stockholder or borrowed from the Selling Stockholder or others to settle
those sales or to close out any related open borrowings of stock, and may use securities received from the Selling Stockholder in settlement
of those derivatives to close out any related open borrowings of stock. The third party in such sale transactions will be an underwriter
and will be identified in the applicable prospectus supplement (or a post-effective amendment). In addition, the Selling Stockholder
may otherwise loan or pledge common stock to a financial institution or other third party that in turn may sell the common stock short
using this prospectus. Such financial institution or other third party may transfer its economic short position to investors in our common
stock or in connection with a concurrent offering of other securities.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
effecting sales, broker-dealers or agents engaged by the Selling Stockholder may arrange for other broker-dealers to participate. Broker-dealers
or agents may receive commissions, discounts or concessions from the Selling Stockholder in amounts to be negotiated immediately prior
to the sale.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
compliance with the guidelines of the Financial Industry Regulatory Authority, Inc. (&ldquo;FINRA&rdquo;), the aggregate maximum discount,
commission, fees or other items constituting underwriting compensation to be received by any FINRA member or independent broker-dealer
will not exceed 8% of the gross proceeds of any offering pursuant to this prospectus and any applicable prospectus supplement.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
at the time of any offering made under this prospectus a member of FINRA participating in the offering has a &ldquo;conflict of interest&rdquo;
as defined in FINRA Rule 5121 (&ldquo;Rule 5121&rdquo;), that offering will be conducted in accordance with the relevant provisions of
Rule 5121.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
our knowledge, there are currently no plans, arrangements or understandings between the Selling Stockholder and any broker-dealer or
agent regarding the sale of the common stock by the Selling Stockholder. Upon our notification by the Selling Stockholder that any material
arrangement has been entered into with an underwriter or broker-dealer for the sale of common stock through a block trade, special offering,
exchange distribution, secondary distribution or a purchase by an underwriter or broker-dealer, we will file, if required by applicable
law or regulation, a supplement to this prospectus pursuant to Rule 424(b) under the Securities Act disclosing certain material information
relating to such underwriter or broker-dealer and such offering.</font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
offering the shares of common stock covered by this prospectus, the Selling Stockholder and any underwriters, broker-dealers or agents
that execute sales for the Selling Stockholder may be deemed to be &ldquo;underwriters&rdquo; within the meaning of the Securities Act
in connection with such sales. Any discounts, commissions, concessions or profit they earn on any resale of those shares of common stock
may be underwriting discounts and commissions under the Securities Act.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriters, broker-dealers and agents may engage in transactions with us or the Selling Stockholder, or perform services for us or
the Selling Stockholder, in the ordinary course of business.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to comply with the securities laws of certain states, if applicable, the common stock must be sold in such jurisdictions only through
registered or licensed brokers or dealers. In addition, in certain states the common stock may not be sold unless it has been registered
or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is
complied with.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Selling Stockholder and any other persons participating in the sale or distribution of the common stock will be subject to applicable
provisions of the Securities Act and the Exchange Act, and the rules and regulations thereunder, including, without limitation, Regulation
M. These provisions may restrict certain activities of, and limit the timing of purchases and sales of any of the common stock by, the
Selling Stockholder or any other person, which limitations may affect the marketability of the shares of the common stock.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will make copies of this prospectus available to the Selling Stockholder for the purpose of satisfying the prospectus delivery requirements
of the Securities Act. The Selling Stockholder may indemnify any agent, broker-dealer or underwriter that participates in transactions
involving the sale of the common stock against certain liabilities, including liabilities arising under the Securities Act.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have agreed to indemnify the Selling Stockholder against certain liabilities, including certain liabilities under the Securities Act,
the Exchange Act or other federal or state law. Agents, broker-dealers and underwriters may be entitled to indemnification by us and
the Selling Stockholder against certain civil liabilities, including liabilities under the Securities Act, or to contribution with respect
to payments that the agents, broker-dealers or underwriters may be required to make in respect thereof.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a_014"></a>LEGAL
MATTERS</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
validity of the securities offered by this prospectus will be passed upon for us by Winston &amp; Strawn LLP, New York, New York.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a_015"></a>EXPERTS</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements incorporated by reference in this prospectus and elsewhere in the registration statement have been
so incorporated by reference in reliance upon the reports of Grant Thornton LLP, independent registered public accountants, upon the
authority of said firm as experts in accounting and auditing.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a_016"></a>WHERE
YOU CAN FIND MORE INFORMATION</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have filed with the SEC a registration statement on Form S-3 under the Securities Act with respect to the securities offered hereby.
We also file periodic and current reports pursuant to the Exchange Act, proxy statements and other information with the SEC. This prospectus,
which constitutes a part of the registration statement, does not contain all of the information in the registration statement and the
exhibits of the registration statement. For further information with respect to us and the shares being offered under this prospectus,
we refer you to the registration statement, including the exhibits and schedules thereto, and the information incorporated by reference
in this prospectus and the registration statement.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC maintains an Internet web site, which is located at <i>www.sec.gov</i>, which contains reports, proxy and information statements
and other information regarding issuers that file electronically with the SEC. You may access the registration statement of which this
prospectus is a part, as well as our periodic and current reports filed pursuant to the Exchange Act, proxy statements and other information,
at the SEC&rsquo;s Internet web site.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain an Internet web site at <font style="background-color: white">www.freightcaramerica.com</font><i>. </i>We have not incorporated
by reference into this prospectus the information on our web site, and you should not consider it to be a part of this prospectus.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
that we file later with the SEC will automatically update and supersede this information. This means that you must look at all of the
SEC filings that we incorporate by reference to determine if any of the statements in this prospectus or in any document previously incorporated
by reference have been modified or superseded. See &ldquo;Information Incorporated by Reference.&rdquo;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
may rely on the information contained in this prospectus. We have not authorized anyone to provide information different from that contained
in this prospectus. Neither the delivery of this prospectus nor the sale of securities means that information contained in this prospectus
is correct after the date of this prospectus. This prospectus is not an offer to sell or a solicitation of an offer to buy securities
in any circumstances under which the offer or solicitation is unlawful.</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a_017"></a>Part
II</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a_018"></a>INFORMATION
NOT REQUIRED IN PROSPECTUS </b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
14. Other Expenses of Issuance and Distribution</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the costs and expenses, other than underwriting discounts and commissions, to be paid by the Registrant in
connection with the issuance and distribution of the securities being registered. All amounts other than the SEC registration fee are
estimates.</font></p>

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount to<br>
 be paid</td><td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left; padding-left: 0.25pt">SEC registration fee</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">51,175.83</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0.25pt">Legal fees and expenses</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><font style="font-size: 10pt">*</font></td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.25pt">Accounting fees and expenses</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><font style="font-size: 10pt">*</font></td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0.25pt">Printing and engraving expenses</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><font style="font-size: 10pt">*</font></td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; padding-left: 0.25pt">Miscellaneous</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-size: 10pt">*</font></td><td style="padding-bottom: 1.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 4pt; padding-left: 9.25pt">Total</td><td style="padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><font style="font-size: 10pt">*</font></td><td style="padding-bottom: 4pt; text-align: left">&nbsp;</td></tr>
  </table>



<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><p style="margin-top: 0; margin-bottom: 0"></p>
                                                                        <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(*)</font></p></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
fees are calculated based on the number of issuances and amount of securities offered and accordingly cannot be estimated at this time.</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
15. Indemnification of Directors and Officers</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Registrant is incorporated under the laws of the State of Delaware. Section 145 of the DGCL provides that a corporation may indemnify
any persons who were, are or are threatened to be made, parties to any threatened, pending or completed action, suit or proceeding, whether
civil, criminal, administrative or investigative (other than an action by or in the right of such corporation), by reason of the fact
that such person is or was an officer, director, employee or agent of such corporation, or is or was serving at the request of such corporation
as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise. The indemnity
may include expenses (including attorneys&rsquo; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred
by such person in connection with such action, suit or proceeding, provided such person acted in good faith and in a manner he or she
reasonably believed to be in or not opposed to the corporation&rsquo;s best interests and, with respect to any criminal action or proceeding,
had no reasonable cause to believe that his or her conduct was unlawful.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
145 of the DGCL further authorizes a corporation to purchase and maintain insurance on behalf of any person who is or was a director,
officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee
or agent of another corporation or enterprise, against any liability asserted against him or her and incurred by him or her in any such
capacity, arising out of his or her status as such, whether or not the corporation would otherwise have the power to indemnify him or
her under Section 145 of the DGCL.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Registrant&rsquo;s charter eliminates the personal liability of a director to the corporation or its stockholders for monetary damages
for breach of fiduciary duty as a director, except for liabilities arising: (a) from any breach of the director&rsquo;s duty of loyalty
to the corporation or its stockholders; (b) from acts or omissions not in good faith or which involve intentional misconduct or a knowing
violation of law; (c) under Section 174 of the DGCL; or (d) from any transaction from which the director derived an improper personal
benefit. In addition, the Registrant&rsquo;s bylaws provide for indemnification of directors, officers, employees and agents to the fullest
extent permitted by Delaware law and authorize the Registrant to purchase and maintain insurance to protect itself and any director,
officer, employee or agent of the Registrant or another business entity against any expense, liability or loss, regardless of whether
the Registrant would have the power to indemnify such person under the Registrant&rsquo;s bylaws or Delaware law.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
as indemnification for liabilities arising under the&nbsp;Securities Act&nbsp;may be permitted to directors, officers or persons controlling
the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the Commission such indemnification
is against public policy as expressed in the&nbsp;Securities Act&nbsp;and is therefore unenforceable.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Registrant has purchased director and officer liability insurance for the benefit of such persons.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
16. Exhibits</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 9%; border-bottom: black 1.5pt solid; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit</font></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 90%; border-bottom: black 1.5pt solid; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description</font></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1*</font></td>
    <td>&nbsp;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Underwriting Agreement.</font></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</font></td>
    <td>&nbsp;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1320854/000119312505068565/dex44.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen Common Stock Certificate (incorporated by reference to Exhibit 4.4 to the Registrant&rsquo;s Registration Statement on Form S-1 (File No. 333-123384)).</font></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3*</font></td>
    <td>&nbsp;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Stock Certificate for Preferred Stock.</font></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4***</font> </td>
    <td> &nbsp; </td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1320854/000121390025018840/ea023262101ex4-4_freight.htm">Form
    of Senior Indenture.</a> <tr style="vertical-align: top; background-color: #CCEEFF"><td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5***</font> </td>
    <td> &nbsp; </td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1320854/000121390025018840/ea023262101ex4-5_freight.htm">Form
    of Subordinated Indenture.</a> <tr style="vertical-align: top; background-color: white"><td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6*</font></td>
    <td>&nbsp;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Warrant Agreement, including form of Warrant.</font></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7*</font></td>
    <td>&nbsp;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Rights Certificate.</font></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8*</font></td>
    <td>&nbsp;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Pledge Agreement.</font></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9*</font></td>
    <td>&nbsp;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Unit Agreement.</font></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1***</font> </td>
    <td> &nbsp; </td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1320854/000121390025018840/ea023262101ex5-1_freight.htm"> Opinion
    of Winston &amp; Strawn LLP. </a></font></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</font> </td>
    <td>&nbsp;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ea024546501ex23-1_freight.htm"> Consent
    of Independent Registered Public Accounting Firm. </a></font></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2***</font> </td>
    <td> &nbsp; </td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1320854/000121390025018840/ea023262101ex5-1_freight.htm">Consent
    of Winston &amp; Strawn LLP (included in Exhibit 5.1).</a> </td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</font></td>
    <td>&nbsp;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><a href="#a_019"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included on Signature Page).</font></a></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.1**</font></td>
    <td>&nbsp;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form T-1, Statement of Eligibility and Qualification under the Trust Indenture Act of 1939 of the Trustee under any indenture constituting Exhibit 4.4 hereto.</font></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107***</font> </td>
    <td> &nbsp; </td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"> <a href="http://www.sec.gov/Archives/edgar/data/1320854/000121390025018840/ea023262101ex-fee_freight.htm">Calculation
    of Filing Fee Tables.</a> </td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
    <td style="font-size: 10pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To be
    filed, if applicable, by amendment or as an exhibit to a document to be incorporated by reference herein in connection with an offering
    of securities.</font></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</font></td>
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To be filed separately under
    the electronic form type 305B2, if applicable. </font></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"> *** </td>
    <td style="font-size: 10pt"> Previously Filed </td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
17. Undertakings</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned Registrant hereby undertakes:</font></td>
</tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"></td>
    <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</font></td></tr>
</table>

<p style="margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.75in">&nbsp;</td>
    <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to include any prospectus required by Section 10(a)(3) of the Securities Act;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement; and</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&nbsp;</i></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>provided,
however, </i>that subparagraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) above do not apply if the information required to be included in
a post-effective amendment by these subparagraphs is contained in reports filed with or furnished to the Commission by the Registrant
pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement, or is
contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&nbsp;</td>
    <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <i>bona fide </i>offering thereof;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">That, for the purpose of determining liability under the Securities Act to any purchaser:</font></td></tr>
</table>

<p style="text-align: justify; margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; padding-left: 0.125in; width: 0.75in">&nbsp;</td>
    <td style="text-align: justify; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; padding-left: 0.125in">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial <i>bona fide</i> offering thereof. <i>Provided, however</i>, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date;</font></td></tr>
</table>

<p style="text-align: justify; margin: 0">&nbsp;</p>

<p style="margin: 0; text-align: justify"></p>

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<p style="margin: 0; text-align: justify">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.5in">&nbsp;</td>
    <td style="text-align: justify; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">That, for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</font></td></tr>
</table>

<p style="text-align: justify; margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.75in">&nbsp;</td>
    <td style="text-align: justify; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The portion of any other free writing prospectus relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            undersigned Registrant hereby undertakes that, for purposes of determining any liability
                                            under the Securities Act, each filing of the Registrant&rsquo;s annual report pursuant to
                                            Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of
                                            an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Exchange
                                            Act) that is incorporated by reference in the registration statement shall be deemed to be
                                            a new registration statement relating to the securities offered therein, and the offering
                                            of such securities at that time shall be deemed to be the initial bona fide offering thereof.</font></td></tr></table>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
                                            as indemnification for liabilities arising under the Securities Act may be permitted to directors,
                                            officers and controlling persons of the Registrant pursuant to any charter provision, by
                                            law or otherwise, the Registrant has been advised that in the opinion of the Securities and
                                            Exchange Commission such indemnification is against public policy as expressed in the Securities
                                            Act and is, therefore, unenforceable. In the event that a claim for indemnification against
                                            such liabilities (other than payment by the Registrant of expenses incurred or paid by a
                                            director, officer or controlling person of the Registrant in the successful defense of any
                                            action, suit or proceeding) is asserted by such director, officer or controlling person in
                                            connection with the securities being registered, the Registrant will, unless in the opinion
                                            of its counsel the matter has been settled by controlling precedent, submit to a court of
                                            appropriate jurisdiction the question whether such indemnification by it is against public
                                            policy as expressed in the Securities Act and will be governed by the final adjudication
                                            of such issue.</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            undersigned Registrant hereby undertakes to file an application for the purpose of determining
                                            the eligibility of the trustee to act under subsection (a) of Section 310 of the Trust Indenture
                                            Act (&ldquo;Act&rdquo;) in accordance with the rules and regulations prescribed by the Commission
                                            under Section 305(b)(2) of the Act.</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Signatures</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in Chicago, Illinois, on June 13, 2025.</font> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FREIGHTCAR
    AMERICA, INC.</font></td></tr>
  <tr style="vertical-align: top">
    <td style="width: 60%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="width: 3%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="width: 37%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    NICHOLAS J. RANDALL</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt"></td>
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font>Nicholas J. Randall</font></font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="font-size: 10pt"></td>
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">President
and Chief Executive Officer</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a name="a_019"></a><b>Power
of Attorney</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We,
the undersigned directors and/or officers of FreightCar America, Inc. (the &ldquo;<b>Registrant</b>&rdquo;), hereby severally constitute
and appoint Nicholas J. Randall and Michael A. Riordan, and each of them individually, with full powers of substitution and resubstitution,
our true and lawful attorneys, with full powers to them and each of them to sign for us, in our names and in the capacities indicated
below, the Registration Statement on this Form S-3 filed with the Securities and Exchange Commission, and any and all amendments to said
Registration Statement (including post-effective amendments), and any registration statement filed pursuant to Rule 462(b) under the
Securities Act in connection with the registration under the Securities Act of the Registrant&rsquo;s equity securities, and to file
or cause to be filed the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite
and necessary to be done in connection therewith, as fully to all intents and purposes as each of them might or could do in person, and
hereby ratifying and confirming all that said attorneys, and each of them, or their substitute or substitutes, shall do or cause to be
done by virtue of this Power of Attorney.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and
on the dates indicated below.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 35%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:
    June 13, 2025</font> </p></td>
    <td style="width: 2%"> &nbsp; </td>
    <td style="width: 7%"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td style="width: 2%"> &nbsp; </td>
    <td style="border-bottom: Black 1.5pt solid; width: 54%; font-size: 10pt; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    NICHOLAS J. RANDALL</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nicholas
    J. Randall</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">President,
    Chief Executive Officer (Principal Executive Officer) and Director</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: June 13, 2025</font> </td>
    <td> &nbsp; </td>
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    MICHAEL A. RIORDAN</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
    A. Riordan</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice
    President, Chief Financial Officer and Treasurer (Principal Financial Officer)</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: June 13, 2025</font> </td>
    <td> &nbsp; </td>
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    JUAN CARLOS FUENTES SIERRA</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Juan
    Carlos Fuentes Sierra</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Corporate
    Controller and Chief Accounting Officer</font> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal
    Accounting Officer)</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: June 13, 2025</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    JAMES R. MEYER</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">James
    R. Meyer</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font> </td>
    <td> &nbsp; </td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
        Chairman of the Board and Director</font>&nbsp; </p></td>
    </tr>
  <tr style="vertical-align: top">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: June 13, 2025</font> </td>
    <td> &nbsp; </td>
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    ELIZABETH K. ARNOLD</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elizabeth
    K. Arnold</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</font> </td>
    </tr>
</table>

<p style="margin: 0">&nbsp;</p>

<p style="margin: 0"></p>

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<p style="margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="font-size: 10pt; width: 35%"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: June
    13, 2025</font> </td>
    <td style="width: 2%"> &nbsp; </td>
    <td style="font-size: 10pt; text-align: right; width: 7%"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td style="width: 2%"> &nbsp; </td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: center; width: 54%"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    JESUS SALVADOR GIL BENAVIDES</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jesus
    Salvador Gil Benavides</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: June 13, 2025</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    MALCOLM F. MOORE</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Malcolm
    F. Moore</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font> </td>
    <td> &nbsp; </td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</font> </p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </p></td>
    </tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: June 13, 2025</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    RODGER L. BOEHM</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rodger
    L. Boehm</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font> </td>
    <td> &nbsp; </td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</font> </p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </p></td>
    </tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: June 13, 2025</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    TRAVIS D. KELLY</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Travis
    D. Kelly</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font> </td>
    <td> &nbsp; </td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</font> </p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </p></td>
    </tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: June 13, 2025</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    JOS&Eacute; DE NIGRIS FEL&Aacute;N</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jos&eacute;
    De Nigris Fel&aacute;n</font> </td>
    </tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: right"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font> </td>
    <td> &nbsp; </td>
    <td style="font-size: 10pt; text-align: center"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</font> </td>
    </tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>


















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

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>ea024546501ex23-1_freight.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
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<body style="font: 10pt Times New Roman, Times, Serif">

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 23.1</p>

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

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have issued our report dated March 12, 2025
with respect to the consolidated financial statements of FreightCar America, Inc. included in the Annual Report on Form
10-K for the year ended December 31, 2024, which are incorporated by reference in this Registration Statement. We consent to the
incorporation by reference of the aforementioned report in this Registration Statement, and to the use of our name as it appears
under the caption &ldquo;Experts&rdquo;.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ GRANT THORNTON LLP</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Chicago, Illinois</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">June 13, 2025</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>
<p style="margin: 0">&#160;</p>

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