<SEC-DOCUMENT>0001104659-25-033787.txt : 20250410
<SEC-HEADER>0001104659-25-033787.hdr.sgml : 20250410
<ACCEPTANCE-DATETIME>20250410163803
ACCESSION NUMBER:		0001104659-25-033787
CONFORMED SUBMISSION TYPE:	S-1/A
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20250410
DATE AS OF CHANGE:		20250410

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALTISOURCE PORTFOLIO SOLUTIONS S.A.
		CENTRAL INDEX KEY:			0001462418
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS BUSINESS SERVICES [7380]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				000000000
		STATE OF INCORPORATION:			N4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-1/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-284648
		FILM NUMBER:		25828888

	BUSINESS ADDRESS:	
		STREET 1:		33, BOULEVARD PRINCE HENRI
		STREET 2:		L-1724 LUXEMBOURG CITY
		CITY:			GRAND DUCHY OF LUXEMBOURG
		STATE:			N4
		ZIP:			50
		BUSINESS PHONE:		352 24 69 79 00

	MAIL ADDRESS:	
		STREET 1:		33, BOULEVARD PRINCE HENRI
		STREET 2:		L-1724 LUXEMBOURG CITY
		CITY:			GRAND DUCHY OF LUXEMBOURG
		STATE:			N4
		ZIP:			50

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Altisource Portfolio Solutions S.A.
		DATE OF NAME CHANGE:	20090625

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Altisource Portfolio Solutions S.a.r.l.
		DATE OF NAME CHANGE:	20090422
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-1/A
<SEQUENCE>1
<FILENAME>tm255024d2_s1a.htm
<DESCRIPTION>FORM S-1/A
<TEXT>
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     <TITLE></TITLE>
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<P STYLE="margin: 0">&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"><B>As
filed with the Securities and Exchange Commission on April 10</B></FONT><B>, 2025</B> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;<B>333-284648</B></B></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>AMENDMENT NO.
1</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TO&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;S-1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT</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"><B><I>UNDER</I></B></FONT>&nbsp;
<B><I><BR>
THE SECURITIES ACT OF 1933</I></B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ALTISOURCE PORTFOLIO SOLUTIONS S.A.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Luxembourg</B></FONT><FONT STYLE="font-size: 10pt">&nbsp; <BR>
(State or other jurisdiction of <BR>
incorporation or organization) </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>98-0554932</B></FONT><FONT STYLE="font-size: 10pt">&nbsp; <BR>
(I.R.S. Employer <BR>
Identification Number)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>33, Boulevard Prince Henri<BR>
L-1724 Luxembourg<BR>
Grand Duchy of Luxembourg<BR>
(352) 20 60 20 55</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code, and telephone number,
including area code, of registrant&rsquo;s principal executive offices)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Altisource Solutions,&nbsp;Inc.<BR>
2300 Lakeview Parkway, Suite&nbsp;756,<BR>
Alpharetta, GA, 30009<BR>
(770) 612-7007</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT> <B>Max Kirchner<BR>
</B> <B>Keith Pisani<BR> Paul Hastings LLP<BR> London EC2N 4AG</B> <B><BR>
United Kingdom</B> <B><BR>
+44 20 3023 5100</B> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT> &nbsp; <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">&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"><B>Approximate
date of commencement of proposed sale to the public:</B></FONT> From time to time after the effective date of this registration statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the only securities being registered on this
Form&nbsp;are being offered pursuant to dividend or interest reinvestment plans, please check the following box.&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If any of the securities being registered on this
Form&nbsp;are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, other than securities
offered only in connection with dividend or interest reinvestment plans, check the following box. <FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If this Form&nbsp;is filed to register additional
securities for an offering pursuant to Rule&nbsp;462(b)&nbsp;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. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If this Form&nbsp;is a post-effective amendment
filed pursuant to Rule&nbsp;462(c)&nbsp;under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If this Form&nbsp;is a post-effective amendment
thereto that shall become effective upon filing with the Commission pursuant to Rule&nbsp;462(d)&nbsp;under the Securities Act, check
the following box. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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&nbsp;12b-2 of the Exchange Act.</P>

<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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 25%">Large accelerated filer</TD>
<TD STYLE="width: 25%"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
<TD STYLE="width: 25%">Accelerated filer</TD>
<TD STYLE="width: 25%"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
</TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD>Non-accelerated filer</TD>
<TD> <FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
<TD>Smaller reporting company</TD>
<TD><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
</TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD>Emerging growth company</TD>
<TD> <FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
</TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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&nbsp;7(a)(2)(B)&nbsp;of Securities Act. &#9744;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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 that
specifically states that this Registration Statement shall thereafter become effective in accordance with Section&nbsp;8(a)&nbsp;of the
Securities Act of 1933, as amended, or until this Registration Statement shall become effective on such date as the Securities and Exchange
Commission, acting pursuant to said Section&nbsp;8(a), may determine.</B></P>

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

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

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

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

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<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; color: #fc0014"><B>The information in this prospectus
is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange
Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities
in any jurisdiction where the offer or sale is not permitted.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #fc0014"> <B>SUBJECT TO COMPLETION, DATED
APRIL 10, 2025</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"><B>PROSPECTUS</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Up
to <FONT STYLE="color: #231f20">114,499,134</FONT> Common Shares</B></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">This prospectus relates to the issuance and sale of up to <FONT STYLE="color: #231f20">114,499,134</FONT>
shares of common stock, par value $0.01 per share (the &ldquo;common stock&rdquo;), of <FONT STYLE="color: #231f20">Altisource Portfolio
Solutions S.A., a Luxembourg soci&eacute;t&eacute; anonyme, or public limited liability company having its registered office at 33, Boulevard
Prince Henri, L-1724 Luxembourg, Grand Duchy of Luxembourg and registered with the Luxembourg Trade and Companies register (<I>Registre
de commerce et des soci&eacute;t&eacute;s, Luxembourg</I>) under number B72391 </FONT>(&ldquo;Altisource,&rdquo; the &ldquo;Company,&rdquo;
 &ldquo;we,&rdquo; &ldquo;us,&rdquo; or &ldquo;our&rdquo;) upon the exercise of (i)&nbsp;warrants to purchase shares of common stock requiring
cash settlement through the cash payment to the Company of the exercise price (the &ldquo;Cash Exercise Stakeholder Warrants&rdquo;) and
(ii)&nbsp;warrants to purchase shares of common stock exercisable on a cashless basis (the &ldquo;Net Settle Stakeholder Warrants&rdquo;,
and together with the Cash Exercise Stakeholder Warrants, the &ldquo;Warrants&rdquo; and each a &ldquo;Warrant&rdquo;), that were issued
by Altisource on April 3, 2025.</FONT></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">The board of directors of
the Company (our &ldquo;Board&rdquo;) has declared an issuance under Luxembourg Law, which is more commonly referred to as a distribution
in the United States (the &ldquo;Warrant Distribution&rdquo;), of transferable Warrants at no charge to record and beneficial holders
of the following Company securities (&ldquo;Stakeholders&rdquo;): (i)&nbsp;shares of common stock, (ii)&nbsp;restricted share units (&ldquo;RSUs&rdquo;),
and (iii)&nbsp;the Company&rsquo;s warrants to purchase shares of common stock at an exercise price of $0.01 per share (the &ldquo;Penny
Warrants&rdquo;), in each case, as of 5:00 p.m., New York City time, on February&nbsp;14, 2025 (such date and time, the &ldquo;Distribution
Record Date&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: 0.25in">The Warrants were issued
by the Company on April 3, 2025 pursuant to a warrant agent agreement, between the Company and Equiniti Trust Company, LLC, as Warrant
Agent, dated as of March 31, 2025 (the &ldquo;Warrant Agreement&rdquo;). The Warrants may be exercised beginning on the later of (i)&nbsp;July
2, 2025 and (ii)&nbsp;first date on which the VWAP (as defined below) of the common stock equals or exceeds the Implied Per Share Exercise
Price (as such term is defined below) of the Warrants, which is initially $1.20, for a period of fifteen consecutive Trading Days (as
such term is defined in the Warrant Agreement) (such later date, the &ldquo;Initial Exercise Date&rdquo;). Subject to the terms and conditions
of the Warrant Agreement, the Warrants are exercisable from the Initial Exercise Date until:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">in the case of the Cash Exercise Stakeholder Warrants, the Close of Business on April&nbsp;2, 2029 (the
 &ldquo;Cash Exercise Warrant Expiration Date&rdquo;); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">in the case of the Net Settle Stakeholder Warrant, the Close of Business on April&nbsp;30, 2032 (the &ldquo;Net
Settle Warrant Expiration Date&rdquo; and, together with the Cash Exercise Warrant Expiration Date, the &ldquo;Expiration Date&rdquo;).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Warrant entitles the holder thereof to purchase
from us 1.625 shares, subject to certain adjustments, of our common stock at an initial Exercise Price of $1.95 per Warrant (initially
equal to $1.20 per share of common stock). The Cash Exercise Stakeholder Warrants may be exercised for cash only, and the Net Settle Stakeholder
Warrants may only be exercised on a cashless basis. We will not issue fractional shares of common stock or pay cash in lieu thereof. If
you would otherwise be entitled to receive fractional shares of common stock upon exercise of the Warrants, we will first aggregate the
total number of shares common stock you would receive upon exercise of the Cash Exercise Stakeholder Warrants or the Net Settle Stakeholder
Warrants, as applicable, and then round down the total number of shares of common stock to be issued to you to the nearest whole number.</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 common stock is listed
on the Nasdaq Global Select Market under the symbol &ldquo;ASPS.&rdquo; On April&nbsp;9, 2025, the last reported sale price of our common
stock on the Nasdaq Global Select Market was $0.8548 per share. </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"> The Warrants are transferable.
We have applied to list the Cash Exercise Stakeholder Warrants and the Net Settle Stakeholder Warrants on the Nasdaq Global Select Market.
However, there can be no assurance that these applications will be approved or that an orderly, liquid trading market for the Stakeholder
Warrants will develop or be maintained. Any trading value of the Warrants will be determined by the market. </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">The Company will receive proceeds
from the exercise of the Cash Exercise Stakeholder Warrants, but will not receive any proceeds from the Net Settle Stakeholder Warrants.
See &ldquo;Use of Proceeds&rdquo; in this prospectus.</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"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Investing
in the securities offered by this prospectus involves substantial risks. You should carefully consider the risks described under the
&ldquo;Risk Factors&rdquo; section of this prospectus beginning on page&nbsp;</B></FONT><B>12 and similar sections in our filings with
the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) incorporated by reference herein before buying any of the shares of common
stock offered hereby.</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"><B>Neither the SEC nor any
other regulatory body 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></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;,
2025.</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%"><A HREF="#s-1_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">About This Prospectus</FONT></A></TD>
    <TD STYLE="width: 10%; text-align: right"><A HREF="#s-1_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#s-1_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus Summary</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#s-1_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#s-1_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Offering</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#s-1_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#s-1_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#s-1_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#s-1_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cautionary Statement Regarding Forward-Looking Statements</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#s-1_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#s-1_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use Of Proceeds</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#s-1_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#s-1_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description Of The Warrants</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#s-1_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#s-1_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Matters</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#s-1_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#s-1_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experts</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#s-1_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#s-1_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where You Can Find More Information</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#s-1_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#s-1_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information Incorporated By Reference</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#s-1_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></A></TD></TR>
  </TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s-1_001"></A><FONT STYLE="text-transform: uppercase"><B>About
This Prospectus</B></FONT></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">This prospectus is part of
a registration statement on Form&nbsp;S-1 and relates to the offering of shares of common stock issuable upon the exercise of the Warrants.
Before exercising any Warrants for shares of common stock covered by this prospectus, it is important for you to read and consider all
information contained in this prospectus, including the documents incorporated by reference herein. You should also read and consider
the information in the documents to which Altisource has referred you in the sections entitled &ldquo;Where You Can Find More Information&rdquo;
and &ldquo;Information Incorporated by Reference&rdquo; in this prospectus.</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">The information contained
in this prospectus or incorporated by reference herein is accurate only as of the respective dates thereof, regardless of the time of
delivery of this prospectus or of any issuance of common stock hereunder. Altisource&rsquo;s business, financial condition, results of
operations and prospects may have changed since those dates. To the extent there is a conflict between the information contained in this
prospectus, on the one hand, and the information contained in any document incorporated by reference into this prospectus that was filed
with the SEC before the date of this prospectus, on the other hand, you should rely on the information in this prospectus. If any statement
in one of these documents is inconsistent with a statement in another document having a later date &mdash; for example, a document incorporated
by reference into this prospectus &mdash; the statement in the document having the later date modifies or supersedes the earlier statement.</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">References to &ldquo;Altisource,&rdquo;
 &ldquo;we,&rdquo; &ldquo;our,&rdquo; &ldquo;us&rdquo; and the &ldquo;Company&rdquo; in this prospectus mean Altisource Portfolio Solutions
S.A., unless otherwise specified or the context otherwise requires. When we refer to &ldquo;you,&rdquo; we mean the potential holders
of common stock issuable upon exercise of the Warrants.</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">The representations, warranties
and covenants made by Altisource in any agreement that is filed as an exhibit to the registration statement on Form&nbsp;S-1 of which
this prospectus is a part or any document that is incorporated by reference herein were made solely for the benefit of the parties to
such agreement, including, in some cases, for the purpose of allocating risk among the parties to such agreements, and should not be deemed
to be a representation, warranty or covenant to you. Moreover, such representations, warranties or covenants were accurate only as of
the date when made. Accordingly, such representations, warranties and covenants should not be relied on as accurately representing the
current state of Altisource&rsquo;s affairs.</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">This prospectus contains summaries
of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for complete
information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to
herein have been filed, will be filed or will be incorporated by reference as exhibits to the registration statement of which this prospectus
is a part, and you may obtain copies of those documents as described below under the heading &ldquo;Where You Can Find More Information.&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">Altisource has not authorized
anyone to provide you with information that is different from the information contained or incorporated by reference in this prospectus
or any free writing prospectus prepared by or on behalf of Altisource to which Altisource has referred you. Altisource takes no responsibility
for, and can provide no assurance as to the reliability of, any other information others may give you.</P>

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

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

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<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">Altisource is offering to
issue shares of common stock upon exercise of Warrants only in jurisdictions where offers and sales are permitted. The distribution of
this prospectus and the offering of the shares of common stock offered by this prospectus in certain jurisdictions may be restricted by
law. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions
relating to, the offering of the shares of common stock and the distribution of this prospectus outside the United States. This prospectus
does not constitute, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy, any securities offered
by this prospectus by any person in any jurisdiction in which it is unlawful for such person to make such an offer or solicitation.</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">We own or have rights to use
the trademarks and trade names that we use in conjunction with the operation of our business. Solely for convenience, our trademarks and
trade names referred to in this prospectus may appear without the &reg; or &trade; symbols, but those references are not intended to indicate,
in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable licensor to
these trademarks and trade names.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s-1_002"></A><FONT STYLE="text-transform: uppercase"><B>Prospectus
Summary</B></FONT></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>This summary provides an
overview of our company and our business. This summary is not complete and does not contain all of the information you should consider
before purchasing our securities. You should carefully read all of the information contained or incorporated by reference in this prospectus,
including the &ldquo;Risk Factors&rdquo; and our consolidated financial statements and related notes contained herein and therein, before
making an investment decision.</I></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>Background of Issuance of the Warrants</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; color: #231f20">In April 2018,
Altisource and its wholly-owned subsidiary, Altisource S.&agrave; r.l. (the &ldquo;Borrower&rdquo;), entered into a credit agreement with
Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent, and certain lenders (the &ldquo;Credit Agreement&rdquo;).
Under the Credit Agreement, Altisource borrowed $412 million in the form of senior secured term loans (the &ldquo;SSTL&rdquo;). Effective
February 14, 2023, Altisource Portfolio Solutions S.A. and Altisource S.&agrave; r.l. entered into Amendment No. 2 to the Credit Agreement
(as amended by Amendment No. 2, the &ldquo;Amended Credit Agreement&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231f20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231f20">On December
16, 2024, Altisource Portfolio Solutions S.A. and the Borrower entered into that certain Transaction Support Agreement, dated as of December
16, 2024 (the &ldquo;Transaction Support Agreement&rdquo;), with certain holders of the Company&rsquo;s SSTL under the Amended Credit
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231f20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231f20">The transactions
described below as well as other previously disclosed transactons (collectively, the &ldquo;Transactions&rdquo;) were conducted pursuant
to the Transaction Support Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231f20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231f20">On February
18, 2025, the Company&rsquo;s shareholders approved proposals to enable the Transactions, including the Warrant Distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231f20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231f20">On February&nbsp;19,
2025, Altisource and the Borrower entered into agreements with 100% of the lenders under the SSTL (the &ldquo;Lenders&rdquo;) under the
Amended Credit Agreement. Under these agreements, the Lenders exchanged the SSTL with an outstanding balance of $232.8 million for a $160.0
million new first lien loan facility (the &ldquo;New Facility&rdquo;) and 58.2 million shares of common stock (the &ldquo;Debt Exchange
Shares&rdquo;). The New Facility is comprised of a $110.0 million interest-bearing loan (the &ldquo;New Debt&rdquo;) and a $50.0 million
non-interest-bearing exit fee (the &ldquo;Exit Fee&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231f20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231f20">On February
19, 2025, Altisource and the Borrower entered into the super senior loan credit agreement (the &ldquo;Super Senior Credit Agreement&rdquo;)
with Cantor Fitzgerald Securities, as administrative agent and collateral agent and the other lenders parties thereto, for a $12.5 million
super senior credit facility (the &ldquo;Super Senior Facility&rdquo;) to fund transaction costs related to the Transactions and for general
corporate purposes.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231f20">T</FONT>he
Warrants were issued pursuant to the terms of the TSA to provide stakeholders with an opportunity to offset dilution resulting from
the issuance of the Debt Exchange Shares if the VWAP of the common stock equals or exceeds the Implied Per Share Exercise Price which
is initially $1.20, for a period of fifteen consecutive Trading Days (the &ldquo;VWAP Condition&rdquo;) prior to the respective Expiration
Dates of the Warrants.</P>

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

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

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<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>Our Company</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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>References
to &ldquo;Altisource,&rdquo; &ldquo;we,&rdquo; &ldquo;our,&rdquo; &ldquo;us&rdquo; and the &ldquo;Company&rdquo; in this subsection, refer
to Altisource Portfolio Solutions S.A. and its consolidated subsidiaries, unless the context otherwise requires.</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"><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"><I></I></FONT>We are an
integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite
of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets we serve.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We conduct our operations through two reportable
segments:&nbsp;<I>Servicer and Real Estate and Origination. </I>In addition, we report <I>Corporate and Others </I>separately.&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; text-indent: 0.5in">We are focused on becoming
the premier provider of mortgage and real estate marketplaces and related technology enabled solutions to a broad and diversified customer
base of residential real estate and loan investors, servicers, and originators. The real estate and mortgage marketplaces represent very
large markets, and we believe our scale and suite of offerings provide us with competitive advantages that could support our growth.
As we navigate the current state of the economy, interest rate environment, housing supply, and other macro-economic trends, we continue
to evaluate our strategy and core businesses and seek to position our businesses to provide long-term value to our customers and shareholders.</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">Each of our business segments
provides Altisource the potential to grow and diversify our customer and revenue base. We believe these business segments address very
large markets and directly leverage our core competencies and distinct competitive advantages. Our business segments and strategic initiatives follow:</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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Servicer
and Real Estate</I></FONT>: Through our offerings that support residential real estate and loan investors and forward and reverse servicers,
we provide a suite of solutions and technologies intended to meet their growing and evolving needs. We are focused on growing referrals
from our existing customer base and attracting new customers to our offerings. We have a customer base that includes government-sponsored
enterprises, asset managers, and several large bank and non-bank servicers, including Onity Group Inc. and Rithm Capital Corp. We believe
we are one of only a few providers with a broad suite of solutions, nationwide coverage and scalability. Further, we believe we are well
positioned to gain market share from existing and new customers if they consolidate to larger, full-service providers or outsource services
that have historically been performed in-house.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Origination</I></FONT>:
Through our offerings that support mortgage loan originators (or other similar mortgage market participants), we provide a suite of solutions
and technologies to meet the evolving and growing needs of lenders, mortgage purchasers and securitizers. We are focused on growing business
from our existing customer base, attracting new customers to our offerings and developing new offerings. We have a customer base that
includes the Lenders One cooperative members, which includes independent mortgage bankers, credit unions, and banks, as well as bank and
non-bank loan originators. We believe our suite of services, technologies and unique access to the members of the Lenders One mortgage
cooperative position us to grow our relationships with our existing customer base by growing membership of Lenders One, increasing member
adoption of existing solutions and developing and cross-selling new offerings. Further, we believe we are well positioned to gain market
share from existing and new customers as customers and prospects look to Lenders One to help them improve their profitability and better
compete.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Corporate
and Others</I></FONT>: Includes interest expense and costs related to corporate functions including executive, infrastructure and certain
technology groups, finance, law, compliance, human resources, vendor management, facilities, risk management and eliminations between
reportable segments.</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">For a complete description
of our business, financial condition, results of operations and other important information, we refer you to our filings with the SEC
that are incorporated by reference in this prospectus, including our most recent Annual Report on Form&nbsp;10-K and our subsequently
filed Quarterly Reports on Form&nbsp;10-Q. For instructions on how to find copies of these documents, see the section of this prospectus
entitled &ldquo;Where You Can Find More Information.&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"></P>

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<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>Corporate Information</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">The statutory seat of Altisource
Portfolio Solutions S.A. is in Luxembourg. Our office address and our principal executive office is located at 33, Boulevard Prince Henri,
L-1724 Luxembourg, Grand Duchy of Luxembourg and our telephone number is (+352) 20 60 20 55.</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">Altisource Portfolio Solutions
S.A. files Annual Reports on Form&nbsp;10-K, Quarterly Reports on Form&nbsp;10-Q, Current Reports on Form&nbsp;8-K, proxy statements and
other information with the SEC. These filings are available to the public on the SEC&rsquo;s website at www.sec.gov.</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 principal Internet address
is www.altisource.com and we encourage investors to use it as a way to easily find information about us. We promptly make the reports
we file or furnish with the SEC, corporate governance information (including our Code of Business Conduct and Ethics), select press releases
and other related information available on this website. However, the information accessible on or through our website is available for
informational purposes only and is not incorporated by reference into, nor is it in any way part of, this prospectus and should not be
relied upon in connection with making any decision with respect to an investment in our securities.</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">We are a &ldquo;smaller reporting
company&rdquo; as defined in Rule&nbsp;12b-2 of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), and
may choose to take advantage of certain of the scaled disclosure requirements available for smaller reporting companies in this prospectus
as well as our filings under the Exchange Act.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s-1_003"></A><FONT STYLE="text-transform: uppercase"><B>The
Offering</B></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>This
summary highlights the information contained elsewhere in this prospectus. You should read carefully the following summary together with
the more detailed description of the terms of the Warrants and </I></FONT><I>common stock contained elsewhere in this prospectus. See
 &ldquo;Description of the Warrants&rdquo; in this prospectus.</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer</FONT></TD>
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Altisource
Portfolio Solutions S.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Warrant Distribution:</FONT></TD>
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant to the Warrant
Distribution, each Stakeholder  received:</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; width: 20%; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; width: 4%; padding-left: 5pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; width: 76%; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">one
    Cash Exercise Stakeholder Warrant to purchase 1.625 shares of our common stock for each (a) share of common stock held as of the
    Distribution Record Date, (b) RSU held as of the Distribution Record Date and (c) share of common stock that could be acquired upon
    exercise of Penny Warrants held as of the Distribution Record Date; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">one
    Net Settle Stakeholder Warrant to purchase 1.625 shares of our common stock for each (a) share of common stock held as of the
    Distribution Record Date, (b) RSU held as of the Distribution Record Date and (c) share of common stock that could be acquired upon
    exercise of Penny Warrants held as of the Distribution Record Date.</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif">We issued a total of 35,230,503 Cash Exercise Stakeholder Warrants,
which represent the right to purchase up to 57,249,567 million shares of common stock, assuming that no Cash Exercise Stakeholder Warrants
or shares of common stock are rounded down, and that there are no limitations on exercise as a result of the Beneficial Ownership Limitation
described herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">We also issued 35,230,503 Net Settle Stakeholder Warrants. Because
the Net Settle Stakeholder Warrants must be exercised cashlessly, we cannot predict the number of shares that will be issued upon exercise
of the Net Settle Stakeholder Warrants, as the number of shares that will be issued will vary depending upon the arithmetic average of
the VWAPs for the five consecutive Trading Days ending on the date immediately preceding the Exercise Date (as defined below) (the &ldquo;Five-Day
VWAP&rdquo;) of the Net Settle Stakeholder Warrants. The following table shows the maximum number of shares of common stock expected to
be issued upon exercise of the Net Settle Stakeholder Warrants at varying Five-Day VWAPs assuming all Net Settle Stakeholder Warrants
are exercised based on the same Five-Day VWAP and also assuming no Net Settle Stakeholder Warrants or shares of common stock are rounded
down, and that there are no limitations on exercise as a result of the Beneficial Ownership Limitation described herein.</FONT></TD></TR>
</TABLE>


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="vertical-align: bottom; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="text-align: center; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Assumed
Five-Day<BR>
VWAP</U></FONT> </TD>
<TD STYLE="vertical-align: bottom; width: 55%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Total
Estimated Number of Shares to be<BR>
Issued Upon Exercise of Net Settle <BR>
Stakeholder Warrants</U></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1.25</FONT> </TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3
million</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1.50</FONT> </TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.4
million</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2.00</FONT> </TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.9
million</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2.50</FONT> </TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.8
million</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3.00</FONT> </TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.3
million</FONT> </TD></TR>
</TABLE>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our officers, directors, employees, affiliates and advisors and their
respective affiliates who are also holders of common stock, RSUs or Penny Warrants (collectively, the &ldquo;Distribution Securities&rdquo;)
as of the Distribution Record Date will receive Warrants similar to all other shareholders.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
your Distribution Securities are held through a broker, dealer, custodian bank or other nominee as of the Distribution Record Date, your
account at your nominee will be credited with your Warrants. If you are a holder of record of Distribution Securities on the Distribution
Record Date, our transfer agent will issue a direct registration account statement representing the Warrants. &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Holders
may exercise all or a portion of their Warrants or choose not to exercise any Warrants at all, or may otherwise sell or transfer their
Warrants, in each case, in their sole and absolute discretion, subject to applicable law and, in the case of holders receiving Warrants
because they hold RSUs (&ldquo;RSU Holders&rdquo;) as of the Distribution Record Date, the vesting of the RSUs to which their Warrants
relate.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution
Record Date:</FONT></TD>
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5:00
p.m., New York City time, on February&nbsp;14, 2024.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
of Common Stock Currently Outstanding:</FONT> </TD>
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this prospectus, there were 87,582,129 shares of our common stock outstanding.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
of common stock Outstanding Assuming Complete Exercise of Warrants and an Assumed Five-Day VWAP of $2.00:</FONT> </TD>
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
did not issue any shares of common stock directly in the Warrant Distribution. Based on the number of shares of common stock outstanding
as of the Distribution Record Date, if all 70,461,006 Warrants issued in the Warrant Distribution were exercised and assuming all shares
of common stock issued pursuant to the exercise of Net Settle Stakeholder Warrants were issued at an assumed Five-Day VWAP of $2.00,
we would have 167.7 million shares of common stock outstanding (in each case, assuming no Warrants or shares of common stock are rounded
down and that there are no limitations on exercise as a result of the Beneficial Ownership Limitation described herein).</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant
Shares Issuable Upon Exercise of the Warrants:</FONT></TD>
<TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each Warrant is exercisable for 1.625 shares of our common stock (the
 &ldquo;Warrant Exercise Rate&rdquo;), subject to certain adjustments described in the &ldquo;Anti-Dilution Adjustments&rdquo; section
below. However, because the Net Settle Stakeholder Warrants must be cashlessly exercised, the number of shares issuable upon exercise
of a Net Settle Stakeholder Warrant will be less than 1.625, and the actual number of shares issuable upon exercise of Net Settle Stakeholder
Warrants will vary depending upon the Five-Day VWAP.</FONT></TD></TR>
</TABLE>


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

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<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="padding-right: 5.75pt; padding-left: 5.75pt; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise
    Price:</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1.95
    per Warrant (initially equal to $1.20 per share of common stock) (the &ldquo;Exercise Price&rdquo;). The Exercise Price for the Cash
    Exercise Stakeholder Warrants may only be paid in cash, and the Net Settle Stakeholder Warrants must be exercised on a cashless basis
    as described in the &ldquo;Description of the Warrants &ndash; Exercise&rdquo; section below. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    Fractional Shares:</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    will not issue fractional shares of common stock or pay cash in lieu thereof. If you would otherwise be entitled to receive fractional
    shares of common stock upon exercise of the Warrants, we will first aggregate the total number of shares of common stock you would
    receive upon exercise of the Cash Exercise Stakeholder Warrants or the Net Settle Stakeholder Warrants, as applicable, and then round
    down the total number of shares of common stock to be issued to you to the nearest whole number. A whole number is any non-negative
    number, including zero, that is not a fraction or decimal.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise
    Procedure:</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    order to exercise all or any of its Warrants, the holder thereof is required to deliver electronically to the Warrant Agent a duly
    executed notice of election by 5:00 p.m.&nbsp;New York City time on a Business Day (an &ldquo;Exercise Notice&rdquo; and the date
    on which such notice is validly submitted, the &ldquo;Exercise Date&rdquo;) and, in the case of Cash Exercise Stakeholder Warrants,
    pay the Exercise Price. Record owners of Warrants can exercise Warrants through the process established by the Warrant Agent. Indirect,
    &ldquo;street name&rdquo; holders of Warrants should contact their broker, bank or other intermediary for information on how to exercise
    Warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
    of common stock Upon Exercise of Warrants:</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    your Warrants are held through a broker, dealer, custodian bank or other nominee and you exercise Warrants, your account at your
    nominee will be credited with shares of common stock following the exercise of your Warrants. If you are a holder of record of Warrants
    and you exercise your Warrants, our transfer agent will issue a direct registration account statement representing those shares to
    you following exercise of the Warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
    Market for the Warrants:</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company applied to list the Cash Exercise Stakeholder Warrants
and the Net Settle Stakeholder Warrants on the Nasdaq Global Select Market. However, there can be no assurance that these applications
will be approved or that an orderly, liquid trading market for the Warrants will develop or be maintained. Any trading value of the Warrants
will be determined by the market.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"> Proposed Share Consolidation and its effect on the Warrants </TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"> On March 31, 2025, the Company filed a definitive
    proxy statement on Schedule 14A with the SEC, in connection with the Company&rsquo;s Extraordinary General Meeting of Shareholders
    to be held on May 13, 2025, at which the Company&rsquo;s shareholders will be asked to approve a reverse share split of the
    Company&rsquo;s common stock on the basis of a ratio of one post-consolidation share of common stock for every eight outstanding
    pre-consolidation shares of common stock (the &ldquo;Share Consolidation Proposal&rdquo;). If the Share Consolidation Proposal is
    approved by shareholders and implemented by our Board, (i) the Warrant Exercise Rate will decrease from 1.625 to 0.20313 and (ii)
    the Implied Per Share Exercise Price will increase from $1.20 to $9.60. </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
    Factors:</FONT> </TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    investment in the shares issuable upon exercise of the Warrants (the &ldquo;Warrant Shares&rdquo;) involves significant financial
    risk. You should carefully read the section entitled &ldquo;Risk Factors&rdquo; on page&nbsp;12 of this prospectus, as well as in
    our reports incorporated by reference herein, before you make a decision as to the exercise of your Warrants to determine whether
    an investment in the Warrant Shares is appropriate for you.</FONT> </TD></TR>
</TABLE>

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<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="padding-right: 5.75pt; padding-left: 5.75pt; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    Make-Whole for Financial or Other Losses after Exercise:</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    future prices of our common stock and Warrants are unknown. A Warrant holder may incur a financial or other loss upon or subsequent
    to the exercise of Warrants due to a drop in our stock price, or as a result of a failure to deliver Warrant Shares as of any particular
    date after exercise, or for other reasons. We will not pay (or &ldquo;make-whole&rdquo;) any Warrant holder or shareholder for any
    financial or other losses incurred upon or subsequent to the exercise of a Warrant or the purchase in the open market of a Warrant.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exercise Period:</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
    to applicable laws and regulations and the terms of the Warrant Agreement, the Warrants may be exercised at any time starting and
    from time to time on or after the Initial Exercise Date until:</FONT></TD></TR>
</TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 4%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 76%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    the case of the Cash Exercise Stakeholder Warrants, 5:00 p.m., New York City time on April 2, 2029 (the &ldquo;Cash Exercise Warrant
    Expiration Date&rdquo;); and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    the case of the Net Settle Stakeholder Warrant, 5:00 p.m., New York City time on April 30, 2032 (the &ldquo;Net Settle Warrant Expiration
    Date&rdquo;) and, together with the Cash Exercise Warrant Expiration Date, the &ldquo;Expiration Dates&rdquo;).</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
    the forgoing, RSU Holders may only exercise their warrants upon the vesting of the RSUs to which their Warrants relate.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
    Warrants will have no financial value after their respective Expiration Dates.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial
    Ownership Limitation on Exercise of Warrants:</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    holder of Warrants (together with its affiliates and any other persons acting as a group together with such holder or any of its
    affiliates (such persons, the &ldquo;Attribution Parties&rdquo;)) may not exercise any portion of the Warrants held by such holder
    to the extent that such holder (together with its affiliates and Attribution Parties) would beneficially own more than 9.99% of the
    outstanding common stock immediately after exercise, excluding for purposes of such determination shares of common stock issuable
    upon (i)&nbsp;exercise of such Warrants which have not been exercised and (ii)&nbsp;exercise or conversion of the unexercised or
    nonconverted portion of any of our other securities subject to a limitation on conversion or exercise analogous to the limitation
    contained in the Warrants beneficially owned by the holder or any of its affiliates or Attribution Parties (the &ldquo;Beneficial
    Ownership Limitation); provided, however, the Beneficial Ownership Limitation may be waived by the holder of Warrants upon 61 days&rsquo;
    prior written notice to the Company. In addition, the Beneficial Ownership Limitation will not apply to persons that are greater
    than 9.99% beneficial owners at the time the Warrants are issued without taking into consideration any common stock that may be deemed
    to be beneficially owned by any such person as a result of the Warrants.</FONT></TD></TR>
</TABLE>

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<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="padding-right: 5.75pt; padding-left: 5.75pt; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anti-Dilution
    Adjustments:</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Warrant Exercise Rate is subject to certain adjustments for events including: (i)&nbsp;stock dividends, splits, subdivisions, reclassifications
    and combinations, (ii)&nbsp;rights issues, (iii)&nbsp;other distributions and spinoffs, (iv)&nbsp;cash dividends and distributions,
    and (iv)&nbsp;shareholder rights plans. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
    of Proceeds:</FONT> </TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assuming
    that all Cash Exercise Stakeholder Warrants distributed are fully exercised, we expect that the gross proceeds of this offering would
    be approximately $68.7 million. A minimum of 95% of net proceeds the Company receives from the exercise of Cash Exercise Stakeholder
    Warrants shall be applied first to the prepayment of the Super Senior Credit Agreement and, second, to the prepayment of the New
    Debt and the Exit Fee. After deducting these prepayment amounts and the offering expenses of the issuance of the Warrants, we estimate
    the net proceeds to the Company would be approximately $3.4 million. We expect to use any remaining proceeds from the exercise of
    Cash Exercise Stakeholder Warrants for general corporate purposes.</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Absence
    of a Public Market; Listing:</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Warrants are new securities, and there is no established trading
market for the Warrants. The Warrants are transferable. We have applied to list the Cash Exercise Stakeholder Warrants and the Net Settle
Stakeholder Warrants on the Nasdaq Global Select Market. However, there can be no assurance that these applications will be approved or
that an orderly, liquid trading market for the Warrants will develop or be maintained. Any trading value of the Warrants will be determined
by the market.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
    of common stock:</FONT> </TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
    of our common stock trade on the Nasdaq Global Select Market under the symbol &ldquo;ASPS.&rdquo; However, we are currently not in
    compliance with the listing standards of the Nasdaq Stock Market (the &ldquo;Nasdaq&rdquo;). See &ldquo;Risk Factors&mdash;We may
    be delisted from the Nasdaq, which could negatively impact the value of our common stock and our business.&rdquo;</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintenance
    of Registration Statement; Exercise of Net Settle Stakeholder Warrants using Section&nbsp;3(a)(9):</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
    have agreed in the Warrant Agreement to use commercially reasonable efforts to cause a shelf registration statement filed pursuant
    to Rule&nbsp;415 of the Securities Act, covering the issuance of Warrant Shares to the Warrant holders upon exercise of the Warrants,
    to remain effective until the earlier of (i)&nbsp;such time as all Cash Exercise Stakeholder Warrants have been exercised and (ii)&nbsp;the
    Cash Exercise Warrant Expiration Date. To the extent the Company is no longer required to keep the Shelf Registration Statement effective
    because all Cash Exercise Stakeholder Warrants have been exercised or the Cash Exercise Warrant Expiration Date has passed, it shall
    use commercially reasonable efforts to permit the Net Settle Stakeholder Warrants to be exercised pursuant to the exemption from
    the registration provisions of the Securities Act contained in Section&nbsp;3(a)(9)&nbsp;of the Securities Act, which would result
    in the issuance of freely tradable Warrant Shares.</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">&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">The
    Company may suspend the availability of the registration statement relating to the Warrants from time to time if our Board determines
    in the exercise of its reasonable judgment that such suspension is necessary, and the Company provides notice to the Warrant holders.
    If the registration is so suspended in the 15 consecutive-day period ending on and including the date on which the Cash Exercise
    Warrant Expiration Date would otherwise occur, then the Cash Exercise Warrant Expiration Date will be delayed for a number of days
    equal to the number of days during such period that the registration statement was suspended.</FONT></P></TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    Shareholder Rights:</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify; width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
    of Warrants do not have any voting or other rights as shareholders of common stock with respect to the shares of common stock issuable
    upon exercise of their Warrants prior to the time such Warrants are validly exercised and, in the case of Cash Exercise Stakeholder
    Warrants, the Exercise Price is received by the Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement:</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant
    Shares are expected to be delivered to the applicable holder after the applicable Exercise Date on the transfer agent&rsquo;s standard
    turnaround time. Holders should not expect to receive the shares within the typical one Business Day settlement after exercise of
    their Warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing
    Law:</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Warrants and the Warrant Agreement under which they were issued
are governed by and construed and enforced in accordance with the laws of the State of New York.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant
    Agent:</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equiniti
    Trust Company, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    Federal Income Tax Consequences:</FONT> </TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
    should carefully read the section entitled &ldquo;Certain U.S. Federal Income Tax Consequences&rdquo; on page&nbsp;</FONT><FONT STYLE="font-size: 10pt">30
    of this prospectus, and consult your tax advisor on the tax treatment of the Warrants.</FONT> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s-1_004"></A><FONT STYLE="text-transform: uppercase"><B>Risk
Factors</B></FONT></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">Investing in any Warrant Shares
offered pursuant to this prospectus involves a high degree of risk. Before making an investment decision, you should carefully consider
the risks described below, as well as those described under &ldquo;Item 1A. Risk Factors&rdquo; and elsewhere in our most recent Annual
Report on Form&nbsp;10-K, under the heading &ldquo;Item 1A. Risk Factors&rdquo; in any subsequently filed Quarterly Report on Form&nbsp;10-Q,
together with all of the other information appearing in or incorporated by reference into this prospectus. Our business, financial condition
or results of operations could be materially adversely affected by any of these risks. The occurrence of any of these risks could cause
you to lose all or part of your investment in the Warrant Shares or cause their value to decline.</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"><B><I>The Warrants may never become exercisable
and may expire worthless.</I></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">The Warrants may only be exercised
beginning on the later of (i)&nbsp;July 2, 2025 and (ii)&nbsp;the first date on which the VWAP Condition has been met. If the VWAP Condition
is not met, the Warrants will never become exercisable, which would adversely affect their market price, if any. Accordingly, you may
never be able to exercise your Warrants, and they may expire worthless.</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"><B><I>We may be delisted from Nasdaq, which could
negatively impact the value of our common stock and our business.</I></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">On December&nbsp;19, 2024,
Altisource Portfolio Solutions S.A. (the &ldquo;Company&rdquo;) received a letter (the &ldquo;Bid Price Notice&rdquo;) from The Nasdaq
Stock Market (&ldquo;Nasdaq&rdquo;) notifying the Company that, because the closing bid price for its common stock has been below $1.00
per share for 30 consecutive business days, it no longer complies with the minimum bid price requirement for continued listing on The
Nasdaq Global Select Market. Nasdaq Listing Rule&nbsp;5450(a)(1)&nbsp;requires listed securities to maintain a minimum bid price of $1.00
per share (the &ldquo;Minimum Bid Price Rule&rdquo;), and Nasdaq Listing Rule&nbsp;5810(c)(3)(A)&nbsp;provides that a failure to meet
the Minimum Bid Price Rule&nbsp;exists if the deficiency continues for a period of 30 consecutive business days. Pursuant to Nasdaq Listing
Rule&nbsp;5810(c)(3)(A), the Company has been provided an initial compliance period of 180 calendar days, or until June&nbsp;17, 2025,
to regain compliance with the Minimum Bid Price Rule. The Bid Price Notice states that the Nasdaq staff will provide written confirmation
that the Company has achieved compliance with the Minimum Bid Price Rule&nbsp;if at any time before June&nbsp;17, 2025, the bid price
of the Company&rsquo;s common stock closes at $1.00 per share or more for a minimum of ten consecutive business days.</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">In the event the Company is
not in compliance with the Minimum Bid Price Rule&nbsp;by June&nbsp;17, 2025, the Company may be afforded a second 180 calendar day grace
period. To qualify, the Company must submit an application to transfer the listing of its common stock to the Nasdaq Capital Market, which
requires the Company to meet the continued listing requirement for the market value of publicly held shares (&ldquo;MVPHS&rdquo;) and
all other initial listing standards for the Nasdaq Capital Market, other than the Minimum Bid Price Rule.&nbsp;There is no assurance that
the Company will be able to meet the Nasdaq Capital Market continued listing requirements with respect to MVPHS or all other Nasdaq Capital
Market initial listing requirements if it does not regain compliance with the Minimum Bid Price Rule&nbsp;before June&nbsp;17, 2025.</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"> If necessary, the Company
intends to conduct a reverse stock split in an effort to regain compliance with the Minimum Bid Price Rule. On March 31, 2025, the Company
filed a definitive proxy statement on Schedule 14A, in connection with the Company&rsquo;s Extraordinary General Meeting of Shareholders
to be held on May 13, 2025, at which the Company&rsquo;s shareholders will be asked to approve a reverse split of the Company&rsquo;s
common stock on the basis of a ratio of one post-consolidation share of common stock for every eight outstanding pre-consolidation shares
of common stock. While a reverse stock split could help the Company regain compliance with the Minimum Bid Price Rule, it carries several
risks. Reverse stock splits can be perceived negatively by the market, potentially leading to a decline in the price of the Company&rsquo;s
common stock and the Warrants. Additionally, a reverse stock split reduces the number of shares outstanding, which may decrease the trading
volume and liquidity of our common stock. There is no assurance that a reverse stock split would result in an initially higher or sustained
higher price for our common stock, and the price of our common stock could decline again, leading to further non-compliance with listing
standards. </P>

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

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

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<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"> In addition, on December&nbsp;20,
2024, the Company received written notice (the &ldquo;Market Value Notice&rdquo;) from Nasdaq indicating that, for the 30 consecutive
business days ending December&nbsp;19, 2024, the market value of the Company&rsquo;s MVPHS was below the minimum requirement of $15 million
for continued listing on The Nasdaq Global Select Market under Nasdaq Listing Rule&nbsp;5450(b)(3)(C)&nbsp;(the &ldquo;MVPHS Rule&rdquo;).
In accordance with Nasdaq Listing Rule&nbsp;5810(c)(3)(D), the Company was provided a period of 180 calendar days, or until June&nbsp;18,
2025, to regain compliance. The Market Value Notice stated that, if during the 180-day compliance period, the Company&rsquo;s MVPHS closes
at $15 million or more for a minimum of ten consecutive business days, the Nasdaq staff will provide written confirmation of compliance
and this matter will be closed. On March 12, 2025, the Company received a notice from Nasdaq stating that since the Company&rsquo;s MVPHS
has been $15 million or greater for the ten-day period of February 19, 2025 to March 11, 2025, the Company has regained compliance with
the MVPHS Rule and Nasdaq considers the matter closed. However, there is no assurance that the Company will remain in compliance with
the the MVPHS Rule. </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"> If we fail to regain compliance
with the Minimum Bid Price Rule&nbsp;by June&nbsp;17, 2025 and we are unable to meet the requirements to transfer the listing of our
common stock to the Nasdaq Capital Market, our common stock (and the Warrants, to the extent they are listed on Nasdaq) will likely be
delisted from Nasdaq, which could significantly reduce the liquidity and marketability of our common stock (and the Warrants, to the
extent they are listed on Nasdaq). A delisting could result in increased volatility, reduced market interest, and difficulty in attracting
institutional shareholders and investors who are restricted from investing in stocks not listed on a major securities exchange. Additionally,
delisting may adversely impact employee retention and recruitment, our ability to raise capital, and our relationships with customers
and business partners. </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"><B><I>The market price, if any, of the Warrants
may decline rapidly and significantly following their distribution.</I></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">If there is little or no market
demand for the Warrants if and when trading of the Warrants begins, the trading price of the Warrants will likely decline following their
distribution. The Warrants are being distributed all at once, which could lead to demand and supply imbalances and cause the trading price
of the Warrants to decline rapidly and significantly.</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"><B><I>An active public market for the Warrants
may not develop, which would adversely affect the liquidity and market price of the Warrants.</I></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"> To date, there has been
no existing trading market for the Warrants. The Company has applied to list the Cash Exercise Stakeholder Warrants and the Net Settle
Stakeholder Warrants on the Nasdaq Global Select Market under the symbols, ASPSZ and ASPSW, respectively. Nasdaq has advised that they
will not approve our applications to list the Warrants on the Nasdaq Global Select Market before the registration statement of which
this prospectus is a part becomes effective under the Securities Act. No assurance can be provided that our applications to list the
Warrants on the Nasdaq Global Select Market will be approved, even if such registration statement is declared effective under the Securities
Act. If the Warrants begin to trade on the Nasdaq Global Select Market or any other trading market, they will be subject to trading dynamics
over which we will have no control. An active and orderly trading market for the Warrants may never develop or, if it develops, it may
not be sustained. The trading market for the Warrants may lack adequate size, liquidity or price transparency or may have an unusually
high bid-ask spread. You may be unable to sell your Warrants at a price that is favorable to you or at all. </P>

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

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

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<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"><B><I>The market value of the Warrants is expected
to be initially very low, and the Warrants may not ever have any value.</I></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">Because the initial Implied
Per Share Exercise Price of the Warrants of $1.20 per share is significantly above the market price of the common stock on the date of
issuance of the Warrants, the Warrants are not expected to initially have any significant market value, and they may only have market
value if and when the trading price of the common stock significantly exceeds the Implied Per Share Exercise Price of the Warrants.</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"><B><I>The trading price for the Warrants may bear
little or no relationship to traditional valuation methods, or to the market price of our common stock, and therefore the trading price
of the Warrants may fluctuate significantly following their issuance.</I></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">The trading price of the Warrants
may have little or no relationship to, and may be significantly lower, or at times higher, than the price that would otherwise be established
using traditional indicators of value, such as our future prospects; future potential revenues, earnings, cash flows, and other financial
and operating information, or multiples thereof; market prices of our common stock; and the views of research analysts. Potential investors
should not buy Warrants in the open market unless they are willing to take the risk that the trading price of the Warrants could fluctuate
and decline significantly.</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"><B><I>Hedging arrangements relating to the Warrants
may affect the value and volatility of our common stock.</I></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">In order to hedge their financial
positions, Warrant holders may enter into hedging transactions with respect to our common stock, may unwind or adjust hedging transactions
and may purchase or sell large blocks of our common stock in one or more market transactions. The effect, if any, of these activities
on the trading price of our common stock will depend in part on market conditions and cannot be known in advance, but any of these activities
could adversely affect the value and price volatility of our common stock.</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"><B><I>Exercising the Warrants is a risky investment,
and you may not be able to recover the value of your investment in the common stock received upon exercise of the Warrants. You should
be prepared to sustain a total loss of the exercise price of your Warrants.</I></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"> As of April 9, 2025, the
last reported price of our common stock on the Nasdaq Global Select Market was $0.8548 per share. This is $0.3452 below the $1.20 initial
Implied Per Share Exercise Price of the Warrants. In order for you to recover the value of your investment in the shares of common stock
receive upon exercise of a Warrant at the exercise price, the value of such shares of common stock must be more than the Implied Per
Share Exercise Price of the Warrants. If the value of the shares of common stock you receive upon exercise of a Warrant is lower than
the amount you pay to the exercise the Warrant, you could experience a total loss of your investment in exercising the Warrants. </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"><B><I>You may lose some or all of your financial
investment after exercising a Warrant.</I></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">You may incur a financial
or other loss upon or subsequent to the exercise of a Warrant due to a drop in our stock price, or as a result of a failure to timely
deliver Warrant shares as of any particular date after exercise, or for other reasons. If the market value of our common stock price declines,
you may be unable to resell your shares at or above the price at which you acquired them through the exercise of Warrants. We cannot assure
you that the price of our common stock will not fluctuate or decline significantly below your exercise price in the future, in which case
you could incur substantial losses.</P>

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

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

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<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"><B><I>The future prices of our publicly-traded
common stock and Warrants are unknown, highly speculative and involve significant risks and are expected to stay that way through the
foreseeable future.</I></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"> The price of our common
stock has fluctuated significantly, and it may continue to do so. As of April 9, 2025, the closing price of our common stock on the Nasdaq
Global Select Market was $0.8548. During the year ended December&nbsp;31, 2024, the closing price of our common stock on the Nasdaq Global
Select Market ranged from a high of $3.14 to a low of $0.51. The price of our common stock may continue to fluctuate due to a variety
of factors, including, among others, our financial performance and the conditions in our industry. </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"><B><I>Speculation in our publicly-traded common
stock or Warrants may result in extreme price volatility.</I></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 shareholders or Warrant
holders or outside investors may speculate on the direction of movements in the price of our common stock or Warrants. Speculation in
the price of our common stock or Warrants may involve long and short exposures. Sudden changes in demand or supply for our common stock
or Warrants due to speculation or other reasons may create trading anomalies that add volatility to the trading price of these securities.
The volatility or direction of the price of our common stock or the price of our Warrants may be unrelated or disproportionate to our
operating results, which could cause significant losses to your investments.</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"><B><I>The settlement process for shares of common
stock issuable upon exercise of Warrants is outside of our control and may cause you to lose the value of your investment.</I></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">The settlement process with
respect to exercised Warrants refers to the time between exercise of a Warrant and when the issued common stock is delivered to your account,
and you become the holder of record of such common stock. The settlement process is conducted by outside parties and broker-dealers and
is therefore outside of our control.</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">Under Rule&nbsp;15c6-1 of
the Securities Exchange Act of 1934, the standard settlement cycle for most broker-dealer transactions is one business day, unless the
parties to any such trade expressly agree otherwise. We understand that under existing financial industry practices, delivery of the shares
of common stock upon exercise of Warrants will likely not occur within one business day, and delivery may take several business days.
You could experience a significant loss of your investment in exercising Warrants if the settlement process takes longer than anticipated
or fails to settle.</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"><B><I>The issuance of common stock upon the exercise
of the Warrants may depress our stock price.</I></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"> Assuming all of the Cash
Exercise Stakeholder Warrants are all exercised and the all the Net Settle Stakeholder Warrants are exercised based on an assumed Five-Day
VWAP of $2.00, we could issue a maximum of up to 80.1 million shares of common stock in connection with the Warrant Distribution, which
would be an approximately 92% increase from our current number of shares outstanding. The issuance of such additional shares of common
stock upon exercise of the Warrants, and the resale of such shares on the open market after their issuance, or the perception that such
sales could occur, could result in significant downward pressure on our stock price. </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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Warrant
holders will not be entitled to any of the rights of holders of our common stock</I></B></FONT><B>.</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">Warrant holders will not be
entitled to any rights with respect to our common stock, including, without limitation, voting rights and rights to receive any dividends
or other distributions on our common stock, but Warrant holders will be subject to all changes affecting our common stock.</P>

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

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

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<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">You will have rights with
respect to our common stock only if you receive our common stock upon exercising the Warrants and only as of the date when you become
a record owner of the shares of our common stock upon such exercise. For example, if an amendment is proposed to our charter or bylaws
requiring shareholder approval and the record date for determining the shareholders of record entitled to vote on the amendment occurs
prior to the date you are deemed to be the owner of the shares of our common stock due upon exercise of your Warrants, you will not be
entitled to vote on the amendment, although you will nevertheless be subject to any changes in the powers, preferences or special rights
of our common stock.</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"><B><I>The Warrants do not automatically exercise,
and any Warrant you do not exercise prior to the applicable Expiration Date will lose all financial value.</I></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">Your Warrants do not automatically
exercise, even if our common stock price remains at or above the exercise price of the Warrants. You are entitled to exercise the full
number of Warrants registered in your name or any portion thereof. Any Warrant that you do not exercise for cash prior to the applicable
Expiration Date will expire unexercised and you will not receive any shares of our common stock. The Warrants will have no financial value
after their respective Expiration Dates.</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"><B><I>Future sales or other dilution of our equity
may adversely affect the market price of our common stock.</I></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">The Warrant Agreement does
not restrict us from issuing additional shares of common stock to the public or under our employee and director compensation plans. We
regularly evaluate opportunities to access capital markets, taking into account our capital needs, financial condition, strategic plans
and other relevant considerations. The issuance of additional shares of common stock or common equivalent securities in future equity
offerings will dilute the ownership interest of our existing common stock holders and may depress the trading value of the Warrants or
our common stock. There can be no assurances that we will not in the future determine that it is advisable or necessary to issue additional
shares of common stock or other securities convertible or exercisable for shares of common stock to fund our business needs. We also expect
to continue to use equity and stock options to compensate our employees and directors and others. The market price of our common stock
and the Warrants could decline significantly as a result of such offerings or issuances, or the perception that such offerings or issuances
could occur.</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"><B><I>You will not be permitted to fully exercise
all the Warrants you hold if doing so would cause you to own beneficially own in excess of 9.99% of our outstanding common stock, subject
to limited exceptions.</I></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">The Beneficial Ownership Limitation
with respect to the exercise of the Warrants generally provides that a holder of Warrants (together with its affiliates and any other
persons acting as a group together with such holder or any of its affiliates (such persons, the &ldquo;Attribution Parties&rdquo;)) may
not exercise any portion of the Warrants held by such holder to the extent that such holder (together with its affiliates and Attribution
Parties) would beneficially own more than 9.99% of the outstanding common stock immediately after exercise, excluding for purposes of
such determination shares of common stock issuable upon (i)&nbsp;exercise of such Warrants which have not been exercised and (ii)&nbsp;exercise
or conversion of the unexercised or nonconverted portion of any of our other securities subject to a limitation on conversion or exercise
analogous to the limitation contained in the Warrants beneficially owned by the holder or any of its affiliates or Attribution Parties;
provided, however, the Beneficial Ownership Limitation may be waived by the holder of Warrants upon 61 days&rsquo; prior written notice
to the Company. In addition, the Beneficial Ownership Limitation will not apply to persons that are greater than 9.99% beneficial owners
immediately prior to the time the Warrants are issued without taking into consideration any common stock that may be deemed to be beneficially
owned by any such person as a result of the Warrants. No consideration or repayment will be made to any Holder as a result of an inability
to exercise a Warrant in whole or in part because of the Beneficial Ownership Limitation.</P>

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

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

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<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"><B><I>Our registration statement covering the
issuance of common stock issuable upon exercise of the Warrants may not be available at times.</I></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">We will use our commercially
reasonable efforts to keep a registration statement effective, subject to certain exceptions, covering the issuance of the common stock
issuable upon the exercise of the Warrants, however, we are not prohibited from suspending the use of the registration statement and can
suspend it at any time at our discretion as described in this prospectus supplement under the heading &ldquo;Description of the Warrants
 &ndash; Registration and Suspension.&rdquo; There must be an effective registration statement covering the issuance of Warrant Shares
upon the exercise of the Warrants, unless an exemption from the registration provisions of the Securities Act of 1933, as amended (the
 &ldquo;Securities Act&rdquo;) is available. If at the time of exercise of the Warrants, there is no effective registration statement covering
the issuance of the Warrant Shares, the right to exercise the Warrants shall be automatically suspended until such registration statement
becomes effective; <I>provided, however</I>, that the Company shall use commercially reasonable efforts to allow holders
to exercise Net Settle Stakeholder Warrants under Section 3(a)(9) of the Securities Act at any time a registration statement is not available
for the cashless exercise of Net Settle Stakeholder Warrants. The Company shall provide notice by press
release, with a copy to the Warrant Agent, of any Exercise Suspension Period.</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"><B><I>If the Company or any of its subsidiaries
are characterized as a passive foreign investment company, or PFIC, for U.S. federal income tax purposes, U.S. Holders may suffer adverse
U.S. federal income tax consequences.</I></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">U.S. holders of Warrants may
be subject to adverse U.S. federal income tax consequences and may incur certain information reporting obligations if the Company is treated
as a &ldquo;PFIC&rdquo; (defined below) for any taxable year. In general, we will be a PFIC for any taxable year in which, after applying
certain look-through rules, (i)&nbsp;at least 75% of our gross income is passive income or (ii)&nbsp;at least 50% of the value (generally,
determined based on a quarterly average) of our assets is attributable to assets that produce or are held for the production of passive
income. For this purpose, passive income generally includes dividends, interest, royalties and rents (other than royalties and rents derived
in the active conduct of a trade or business and not derived from a related 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; text-align: justify; text-indent: 0.5in">We believe that we were not
a PFIC for U.S. federal income tax purposes for our taxable year ending December&nbsp;31, 2024, and we do not expect to become a PFIC
for our current taxable year or in the foreseeable future.</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">However, whether we are a
PFIC will be determined annually based upon the composition and nature of our income, the composition, nature and valuation of our assets
(including goodwill), all of which are subject to change (including in the current taxable year), and which may be determined in large
part by reference to the market value of our shares, which may be volatile. The determination of whether we are a PFIC will also depend
upon the application of complex U.S. federal income tax rules&nbsp;concerning the classification of our assets (including goodwill) and
income for this purpose, and the application of these rules&nbsp;is uncertain in some respects. Accordingly, no assurance can be provided
that the IRS will not successfully assert that we have been or will be in our current or any subsequent taxable year a PFIC for U.S. federal
income tax purposes.</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">For a more detailed discussion
of the U.S. federal income tax considerations to a U.S. holder of Warrants if the Company were treated as a PFIC, see the section below
titled &ldquo;<I>Certain U.S. Federal Income Tax Consequences&mdash;Passive Foreign Investment Considerations. </I>&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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s-1_005"></A><FONT STYLE="text-transform: uppercase"><B>Cautionary
Statement Regarding Forward-Looking Statements</B></FONT></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">This prospectus and the documents
incorporated by reference into this prospectus may contain forward-looking statements within the meaning of Section&nbsp;27A of the Securities
Act, and Section&nbsp;21E of the Exchange Act, about Altisource. These forward-looking statements are intended to be covered by the safe
harbor for forward- looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are
not statements of historical fact, and can be identified by the use of forward-looking terminology such as &ldquo;believes,&rdquo; &ldquo;expects,&rdquo;
 &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;could,&rdquo; &ldquo;should,&rdquo; &ldquo;projects,&rdquo; &ldquo;plans,&rdquo; &ldquo;goal,&rdquo;
 &ldquo;targets,&rdquo; &ldquo;potential,&rdquo; &ldquo;estimates,&rdquo; &ldquo;pro forma,&rdquo; &ldquo;seeks,&rdquo; &ldquo;intends&rdquo;
or &ldquo;anticipates&rdquo; or the negative thereof or comparable terminology. Forward-looking statements include statements regarding
the number of shares that may be issued upon the exercise of Net Settle Stakeholder Warrants, the effects of a reverse stock split on
the price of our common stock, statements regarding plans, objectives, expectations or consequences of various transactions, and statements
about the future performance, operations, products and services of Altisource. We caution our shareholders and other readers not to place
undue reliance on such statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif">You
should read this prospectus and the documents incorporated by reference completely and with the understanding that our actual future
results may be materially different from what we currently expect. Our business and operations are and will be subject to a variety of
risks, uncertainties and other factors. Consequently, actual results and experience may materially differ from those contained in any
forward-looking statements. Such risks, uncertainties and other factors that could cause actual results and experience to differ from
those projected include, but are not limited to, those discussed under the heading &ldquo;Risk Factors&rdquo; on page&nbsp;</FONT>12
of this prospectus and in other documents that we file from time to time with the SEC, specifically under &ldquo;Item 1A. Risk Factors&rdquo;
and elsewhere in our most recent Annual Report on Form&nbsp;10-K, under the heading &ldquo;Item 1A. Risk Factors&rdquo; in any subsequently
filed Quarterly Report on Form&nbsp;10-Q. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Because the risk factors referred to above could
cause actual results or outcomes to differ materially from those expressed in any forward-looking statements made by us or on our behalf,
you should not place undue reliance on any forward-looking statements. Further, any forward-looking statement speaks only as of the date
on which it is made. New factors emerge from time to time, and it is not possible for us to predict which factors will arise. In addition,
we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual
results to differ materially from those contained in any forward-looking statements. While we may elect to update these forward-looking
statements at some point in the future, we assume no obligation to update or revise any forward-looking statements except to the extent
required by applicable law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s-1_006"></A><FONT STYLE="text-transform: uppercase"><B>Use
Of Proceeds</B></FONT></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"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Assuming
that the Cash Exercise Stakeholder Warrants are fully exercised, we expect that the gross proceeds of this offering would be approximately
$</FONT>68.7 million. </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; color: #231f20"> In accordance
with the TSA, on February&nbsp;19, 2025, the Company, Borrower, the lenders party thereto and Cantor Fitzgerald Securities, as administrative
agent and collateral agent entered into the New Facility, with a maturity date of April&nbsp;30, 2030. The New Debt accrues interest
at Secured Overnight Financing Rate (&ldquo;SOFR&rdquo;) plus 6.50%, with a 3.50% SOFR floor. There were no proceeds received from the
New Debt. As discussed above, on February 19, 2025, Altisource and the Borrower entered into agreements with 100% of the Lenders under
the Amended Credit Agreement. Under these agreements, the Lenders exchanged the SSTL with an outstanding balance of $232.8 million for
the $160.0 million New Facility and the Debt Exchange Shares. As discussed above, the Borrower received $12.5 million under the Super
Senior Facility to fund transaction costs related to the Transactions and for general corporate purposes. See &ldquo;Prospectus Summary&mdash;Background
of Issuance of the Warrants.&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"> <FONT STYLE="font-family: Times New Roman, Times, Serif">A
minimum of 95% of net proceeds the Company receives from the exercise of Cash Exercise Stakeholder Warrants shall be applied first to
the prepayment of the Super Senior Credit Agreement and, second, to the prepayment of the New Debt and the Exit Fee</FONT> (the &ldquo;Prepayment
Amount&rdquo;). Assuming that the Cash Exercise Stakeholder Warrants are fully exercised and after deducting the offering expenses of
the issuance of the Warrants and the Prepayment Amount, we estimate the net proceeds to the Company would be approximately $3.4 million.
We expect to use any net proceeds from the exercise of Cash Exercise Stakeholder Warrants for general corporate purposes. </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #231f20"></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s-1_007"></A><FONT STYLE="text-transform: uppercase"><B>Description
Of The Warrants</B></FONT></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"> On April 3, 2025, the
Company issued 35,230,503 Cash Exercise Stakeholder Warrants and 35,230,503 Net Settle Stakeholder Warrants at no charge to record and
beneficial holders of the following Company securities: (i)&nbsp;shares of common stock, (ii)&nbsp;RSUs, and (iii)&nbsp;Penny Warrants,
in each case, as of 5:00 p.m., New York City time, on February&nbsp;14, 2025 (such date and time, the &ldquo;Distribution Record Date&rdquo;).
Each Warrant entitles the holder thereof to purchase from us 1.625 shares of common stock, subject to certain adjustments, at an Exercise
Price of $1.95 (initially equal to $1.20 per share of common stock) per Warrant. The Cash Exercise Stakeholder Warrants may be exercised
for cash only, and the Net Settle Stakeholder Warrants may only be exercised on a cashless basis. </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">The Warrants were issued by
the Company pursuant to the Warrant Agreement. The following description of the Warrants and the Warrant Agreement is only a brief summary
and is qualified in its entirety by reference to the complete description of the terms of the Warrants set forth in the Warrant Agreement
(including the Form&nbsp;of Warrant attached thereto), which has been filed as an exhibit to the registration statement of which this
prospectus is a part. The distribution of the Warrants has not been registered under the Securities Act because the issuance of a Warrant
for no consideration is not a sale or disposition of a security or interest in a security for value pursuant to Section&nbsp;2(a)(3)&nbsp;of
the Securities Act. We have applied to list the Cash Exercise Stakeholder Warrants and the Net Settle Stakeholder Warrants on the Nasdaq
Global Select Market. However, there can be no assurance that these applications will be approved or whether an orderly, liquid trading
market for the Stakeholder Warrants will develop or be maintained. Any trading value of the Warrants will be determined by the market.</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>Warrant Exercise Rate</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">Each Warrant represents the
right to purchase from the Company 1.625 shares of our common stock (the &ldquo;Warrant Exercise Rate&rdquo;) at an exercise price of
$1.95 per Warrant (initially equal to $1.20 per share of common stock) (the &ldquo;Exercise Price&rdquo;), payable in U.S. dollars with
respect to the Cash Exercise Warrants and payable in shares of common stock with respect to the Net Settle Stakeholder Warrants as set
forth in the Warrant Agreement. The Warrant Exercise Rate is subject to certain adjustments described in the &ldquo;Anti-Dilution Adjustments&rdquo;
section below.</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>Proposed Share Consolidation and its Effect on the Warrants&nbsp;</B> </P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> On March 31, 2025, the
Company filed a definitive proxy statement on Schedule 14A with the SEC, in connection with the Company&rsquo;s Extraordinary General
Meeting of Shareholders to be held on May 13, 2025, at which the Company&rsquo;s shareholders will be asked to approve a reverse
share split of the Company&rsquo;s common stock on the basis of a ratio of one post-consolidation share of common stock for every eight
outstanding pre-consolidation shares of common stock (the &ldquo;Share Consolidation Proposal&rdquo;). If the Share Consolidation Proposal
is approved by shareholders and implemented by our Board, (i) the Warrant Exercise Rate will decrease from 1.625 to 0.20313 and (ii)
the Implied Per Share Exercise Price will increase from $1.20 to $9.60. </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>Expiration</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">Except as described below,
(i)&nbsp;the Cash Exercise Stakeholder Warrants will expire and cease to be exercisable at 5:00 pm New York City time on April&nbsp;2,
2029 and (ii)&nbsp;the Net Settle Stakeholder Warrants will expire and cease to be exercisable at 5:00 p.m.&nbsp;New York City time on
April&nbsp;30, 2032.</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>Form&nbsp;and Transfer</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"> The Company has issued
the Warrants in uncertificated, direct registration form. Warrant holders are not be entitled to receive physical certificates. Registration
of ownership is maintained by the Warrant Agent. If you were a holder of record of common stock, RSUs or Penny Warrants as of the Distribution
Record Date, the Warrant Agent issued a direct registration account statement representing those Warrants. For holders of Distribution
Securities as of the Distribution Record Date that hold such shares through a broker, dealer, custodian bank or other nominee, the Warrants
will be represented by a global security registered in the name of a depository, which will be the holder of all the Warrants represented
by the global security. Those holders who own beneficial interests in a global Warrant will do so through participants in the depository&rsquo;s
system, and the rights of these indirect owners will be governed solely by the applicable procedures of the depository and its participants. </P>

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

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

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<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">Record owners of Warrants
may transfer Warrants through the process established by the Warrant Agent. Indirect, &ldquo;street name&rdquo; holders of Warrants should
contact their broker, bank or other intermediary for information on how to transfer Warrants.</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>Exercise</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">All or any part of the Warrants
may be exercised from the Initial Exercise Date until 5:00 p.m.&nbsp;New York City time on the applicable Expiration Date by delivering
a completed form of election to purchase shares of common stock, which contains certain representations by the holder of the Warrants,
and payment of the Exercise Price in cash in the case of an exercise of Cash Settled Stakeholder Warrants. Any such delivery that occurs
on a day that is not a Business Day or is received after 5:00 p.m., New York City time, on any given Business Day will be deemed received
and exercised on the next succeeding Business Day. Record owners of Warrants may exercise Warrants through the process established by
the Warrant Agent. Indirect, &ldquo;street name&rdquo; holders of Warrants should contact their broker, bank or other intermediary for
information on how to exercise Warrants. Notwithstanding the forgoing, RSU Holders may only exercise their warrants upon the vesting of
the RSUs to which their Warrants relate.</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">The Net Settle Stakeholder
Warrants may only be exercised on a cashless basis. Upon a &ldquo;cashless exercise&rdquo; of Net Settle Stakeholder Warrants, the Holder
of such Net Settle Stakeholder Warrants shall be entitled to receive a number of Warrant Shares equal to the greater of (x)&nbsp;zero
and (y)&nbsp;the quotient obtained by dividing [(A-B) * (C)] by (A), where:</P>

<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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)</FONT></TD>
    <TD STYLE="width: 2%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</FONT></TD>
    <TD STYLE="width: 78%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the arithmetic average of the VWAPs for the five consecutive Trading Days ending on the Trading Day immediately preceding the Exercise Date;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><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">=</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Implied Per Share Exercise Price; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><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">=</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the product of (x)&nbsp;the number of Net Settle Stakeholder Warrants so exercised and (y)&nbsp;the Warrant Exercise Rate.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a registration statement
is not effective at any time or from time to time, the right to exercise Warrants shall be automatically suspended until such registration
statement becomes effective as described under &ldquo;Registration and Suspension&rdquo; below; <I>provided, however</I>, that the Company shall use commercially reasonable efforts to allow holders
to exercise Net Settle Stakeholder Warrants under Section 3(a)(9) of the Securities Act at any time a registration statement is not available
for the cashless exercise of Net Settle Stakeholder Warrants. Upon delivery of Warrant Shares upon exercise of Warrants, the Company will issue such whole number of Warrant Shares
as the exercising Warrant holder is entitled to receive. If your Warrants are held through a broker, dealer, custodian bank or other nominee
and you exercise your Warrants, your account at your nominee will be credited with those shares following the exercise of your Warrants.
If you are a holder of record of our common stock and you exercise your Warrants, our transfer agent will issue a direct registration
account statement representing those shares to you after the exercise of the Warrants.</P>

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

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

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<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">A holder of Warrants (together
with its affiliates and any other persons acting as a group together with such holder or any of its affiliates (such persons, the &ldquo;Attribution
Parties&rdquo;)) may not exercise any portion of the Warrants held by such holder to the extent that such holder (together with its affiliates
and Attribution Parties) would beneficially own more than 9.99% of the outstanding common stock immediately after exercise, excluding
for purposes of such determination shares of common stock issuable upon (i)&nbsp;exercise of such Warrants which have not been exercised
and (ii)&nbsp;exercise or conversion of the unexercised or nonconverted portion of any of our other securities subject to a limitation
on conversion or exercise analogous to the limitation contained in the Warrants beneficially owned by the holder or any of its affiliates
or Attribution Parties (the &ldquo;Beneficial Ownership Limitation); provided, however, the Beneficial Ownership Limitation may be waived
by the holder of Warrants upon 61 days&rsquo; prior written notice to the Company. In addition, the Beneficial Ownership Limitation will
not apply to persons that are greater than 9.99% beneficial owners at the time the Warrants are issued without taking into consideration
any common stock that may be deemed to be beneficially owned by any such person as a result of the Warrants. No consideration or repayment
will be made to any Holder as a result of an inability to exercise a Warrant in whole or in part because of such ownership limitations.
The terms &ldquo;beneficial ownership&rdquo; and &ldquo;group&rdquo; shall be determined in accordance with Section&nbsp;13(d)&nbsp;of
the Exchange Act and the rules&nbsp;and regulations promulgated thereunder. For purposes of determining whether the Beneficial Ownership
Limitation has been reached, a Holder may rely on the number of outstanding shares of common stock reflected in (x)&nbsp;the Company&rsquo;s
most recent periodic or annual report filed with the SEC, (y)&nbsp;a more recent public announcement by the Company or (z)&nbsp;a more
recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written
request of a holder, the Company shall within one Trading Day confirm in writing to the holder the number of shares of common stock then
outstanding.</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">To the extent that the Beneficial
Ownership Limitation applies, the determination of whether a Warrant is exercisable shall be in the sole discretion of the holder, and
the submission of an Exercise Notice shall be deemed to be the holder&rsquo;s determination that such Warrant is exercisable (in relation
to other securities owned by the holder together with any affiliates and Attribution Parties) and how many Warrants are exercisable, and
none of the Warrant Agent, the Depositary, or the Company shall have any obligation to verify or confirm the accuracy of such determination
and none of them shall have any liability for any error made by the Holder or any other Person. In addition, a determination as to any
group status as contemplated above shall be determined in accordance with Section&nbsp;13(d)&nbsp;of the Exchange Act and the rules&nbsp;and
regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Amendment</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">The Warrant Agreement may
be amended without the consent of any Warrant holder to cure any ambiguity, omission, defect or inconsistency, to provide for the assumption
by a successor company in any Business Combination (as defined in the Warrant Agreement), to postpone the applicable Expiration Date,
to decrease the Exercise Price or increase the Warrant Exercise Rate, to provide that the Cash Exercise Stakeholder Warrants may, at the
option of the holder, be exercised on a cashless basis, to provide that the Net Settle Stakeholder Warrants may, at the option of the
holder, be exercised on a cash basis, to facilitate the exercise of Net Settle Stakeholder Warrants pursuant to Section&nbsp;3(a)(9)&nbsp;of
the Securities Act, to make any change that does not adversely affect the rights of any holder in any material respect, to provide for
a calculation agent or a successor Warrant Agent, to provide that the Warrants are exercisable for units of reference property in connection
with any business combination, or to conform the provisions of the Warrant Agreement or the certificates for the Warrant to this &ldquo;Description
of the Warrants&rdquo;. The consent of a majority in interest of the then-outstanding Cash Exercise Stakeholder Warrants is required for
any amendment that materially and adversely affects the interests of the holders of the then-outstanding Cash Exercise Stakeholder Warrants.
The consent of a majority in interest of the then-outstanding Net Settle Stakeholder Warrants is required for any amendment that materially
and adversely affects the interests of the holders of the then-outstanding Net Settle Stakeholder Warrants.</P>

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

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

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<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>Registration and Suspension; Exercise of Net Settle Stakeholder
Warrants using Section&nbsp;3(a)(9)</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">The Company has agreed in
the Warrant Agreement to use commercially reasonable efforts to cause a shelf registration statement to be filed pursuant to Rule&nbsp;415
of the Securities Act as soon as reasonably practicable after the date of the Warrant Agreement, covering the issuance of shares of common
stock to the Warrant holders upon exercise of the Warrants and to remain effective until the earlier of (i)&nbsp;such time as all Cash
Exercise Stakeholder Warrants have been exercised and (ii)&nbsp;the Cash Exercise Warrant Expiration Date. To the extent the Company is
no longer required to keep the Shelf Registration Statement effective because all Cash Exercise Stakeholder Warrants have been exercised
or the Cash Exercise Warrant Expiration Date has passed, it shall use commercially reasonable efforts to permit the Net Settle Stakeholder
Warrants to be exercised pursuant to the exemption from the registration provisions of the Securities Act contained in Section&nbsp;3(a)(9)&nbsp;of
the Securities Act, which would result in the issuance of freely tradable Warrant Shares. The Company may suspend the availability of
the registration statement relating to the Warrants from time to time if our Board determines in the exercise of its reasonable judgment
that such suspension is necessary, and the Company provides notice to the Warrant holders. If the registration is so suspended in the
15 consecutive-day period ending on and including the date on which the Cash Exercise Warrant Expiration Date would otherwise occur, then
the Cash Exercise Warrant Expiration Date will be delayed for a number of days equal to the number of days during such period that the
registration statement was suspended.</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">If a registration statement
is not effective at any time or from time to time, the right to exercise Warrants shall be automatically suspended until such registration
statement becomes effective (any such period, an &ldquo;Exercise Suspension Period&rdquo;); <I>provided, however</I>, that the Company shall use commercially reasonable efforts to allow holders
to exercise Net Settle Stakeholder Warrants under Section 3(a)(9) of the Securities Act at any time a registration statement is not available
for the cashless exercise of Net Settle Stakeholder Warrants. The Company shall
provide notice by press release, with a copy to the Warrant Agent, of any Exercise Suspension Period. If the Cash Exercise Warrant Expiration
Date would otherwise fall in an Exercise Suspension Period, notwithstanding anything to the contrary in the Warrant, the Cash Exercise
Warrant Expiration Date, shall be extended by the number of days comprised in such Exercise Suspension Period.</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>Other</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">A holder of unexercised Warrants,
in his or her capacity as such, is not entitled to any rights of a holder of shares of common stock, including, without limitation, the
right to vote or to receive dividends or other distributions.</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">All expenses related to the
registration and approval of the shares of common stock issuable upon exercise of the Warrants will be borne by the Company.</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>Anti-dilution Adjustments</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">The Warrant Exercise Rate
shall be subject to adjustment, without duplication, as follows, except that the Company shall not make any such adjustments if each holder
has the opportunity to participate, at the same time and upon the same terms as holders of the shares of common stock and solely as a
result of holding the Warrants in any of the transactions described below, without having to exercise such holder&rsquo;s Warrants, as
if such holder held a number of shares of common stock equal to the product (rounded down to the nearest whole multiple of a share of
common stock) of (i)&nbsp;the Warrant Exercise Rate in effect on the record date for such transaction and (ii)&nbsp;the number of Warrants
held by it on such record date. Certain capitalized terms used in the adjustment provisions below are defined below under the heading
 &ldquo;Certain Definitions.&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"></P>

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<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Stock
Dividends, Splits, Subdivisions, Reclassifications and Combinations</U>. If the Company shall (i)&nbsp;exclusively issue shares of common
stock to all or substantially all holders of common stock as a dividend or distribution on shares of the common stock, (ii)&nbsp;subdivide
or reclassify the issued and outstanding shares of common stock into a greater number of shares, or (iii)&nbsp;combine, consolidate or
reclassify the issued and outstanding shares of common stock into a smaller number of shares, then the Warrant Exercise Rate shall be
adjusted based on the following formula:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WER<SUB>1</SUB> = WER<SUB>0 </SUB>&times; (OS<SUB>1
</SUB>&divide; OS<SUB>0</SUB>)</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">where:</P>

<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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WER<SUB>1</SUB></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</FONT></TD>
    <TD STYLE="width: 89%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Warrant Exercise Rate in effect at the open of business on the Ex-Date for such dividend or distribution, or at the open of business on the effective date of such subdivision, combination, consolidation or reclassification, as applicable;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WER<SUB>0</SUB></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Warrant Exercise Rate in effect immediately prior to the open of business on the Ex-Date for such dividend or distribution, or immediately prior to open of business on the effective date of such subdivision, combination, consolidation or reclassification, as applicable;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>OS<SUB>1</SUB></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the number of shares of common stock outstanding immediately after giving effect to such dividend, distribution, subdivision, combination, consolidation or reclassification, as applicable;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>OS<SUB>0</SUB></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the number of shares of common stock outstanding immediately prior to the open of business on the Ex-Date for such dividend or distribution or immediately prior to the open of business on the effective date of such subdivision, combination, consolidation or reclassification, as applicable (before giving effect to any such dividend, distribution, or subdivision, consolidation, combination or reclassification, as applicable).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any adjustment made under
this provision shall become effective at the open of business on such Ex-Date for such dividend or distribution, or at the open of business
on the effective date for such subdivision, consolidation, combination or reclassification, as applicable. If an adjustment to the Warrant
Exercise Rate is made in respect of any dividend or distribution, subdivision, consolidation, combination or reclassification of the type
described in this provision but such dividend, distribution, subdivision, consolidation, combination or reclassification is not so paid
or made, the Warrant Exercise Rate shall be readjusted, effective as of the date our Board determines not to pay or make such dividend
or distribution, subdivision, consolidation, combination or reclassification, to the Warrant Exercise Rate that would then be in effect
at such time had no such adjustment been made.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Rights
Issues. </U>If the Company at any time while Warrants are outstanding issues to all or substantially all holders of the common stock any
rights, options or warrants entitling them, for a period of not more than 45 calendar days after the announcement date of such issuance,
to subscribe for or purchase shares of the common stock at a price per share that is less than the arithmetic average of the Last Reported
Sale Prices of the common stock on each Trading Day comprised in the period of 10 consecutive Trading Days immediately preceding the date
of announcement of such issuance, the Warrant Exercise Rate shall be increased based on the following formula:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WER<SUB>1</SUB> = WER<SUB>0 </SUB>&times; ((OS<SUB>0
</SUB>+ X) &divide; (OS<SUB>0 </SUB>+ Y))</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">where:</P>

<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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>WER<SUB>1</SUB></I></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</FONT></TD>
    <TD STYLE="width: 89%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Warrant Exercise Rate in effect at the open of business on the Ex-Date for such issuance;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>WER<SUB>0</SUB></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Warrant Exercise Rate in effect immediately prior to the open of business on the Ex-Date for such issuance;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>OS<SUB>0</SUB></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the number of shares of common stock outstanding immediately prior to the open of business on the Ex-Date for such issuance;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>X</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the total number of shares of common stock issuable pursuant to such rights, options or warrants; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Y</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the number of shares of common stock equal to the aggregate price payable to exercise such rights, options or warrants, divided by the arithmetic average of the Last Reported Sale Prices of the common stock on each Trading Day comprised in the period of 10 consecutive Trading Days immediately preceding the date of announcement of the issuance of such rights, options or warrants.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any adjustment to the Warrant
Exercise Rate made under this provision shall be made whenever any such rights, options or warrants are issued and shall become effective
at the open of business on the Ex-Date for such issuance. To the extent that shares of the common stock are not delivered after the expiration
of such rights, options or warrants, the Warrant Exercise Rate shall be decreased to the Warrant Exercise Rate that would then be in effect
had the increase with respect to the issuance of such rights, options or warrants been made on the basis of delivery of only the number
of shares of common stock actually delivered. If an adjustment to the Warrant Exercise Rate is made in respect of any such issuance of
rights, options or warrants but such rights, options or warrants are not so issued, the Warrant Exercise Rate shall be readjusted, effective
as of the date the Board of Directors determines not to issue such rights, options or warrants, to the Warrant Exercise Rate that would
then be in effect at such time had no such adjustment been made.</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">For purposes of this provision,
in determining whether any rights, options or warrants entitle the holders of the common stock to subscribe for or purchase shares of
the common stock at less than such arithmetic average of the Last Reported Sale Prices of the common stock on each Trading Day comprised
in the period of 10 consecutive Trading Days immediately preceding the date of announcement for such issuance, and in determining the
aggregate offering price of such shares of common stock, there shall be taken into account any consideration received by the Company for
such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than
cash, to be determined by our Board.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Other
Distributions and Spin-Offs</U>.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Distributions
Other than Spin-Offs. </U>If the Company makes a distribution to all or substantially all holders of its common stock, of its Capital
Stock, evidences of indebtedness, other assets or property of the Company, or rights, options or warrants to acquire its Capital Stock
or other securities, excluding:</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
dividends, distributions or issuances described in the provisions above;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
dividends or distributions paid exclusively in cash described in the provisions below;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
dividends or distributions in connection with a business combination, reclassification, change, consolidation, conveyance, transfer, sale,
lease or other disposition resulting in the change in the securities or property receivable upon the exercise of a warrant as described
below under the heading &ldquo;Business Combinations and Reorganizations&rdquo;;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
rights issued pursuant to a shareholders&rsquo; rights plan adopted by the Company, other than as described in clause (d)&nbsp;(Shareholder
Rights Plan) below; and</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
Spin-Offs described below,</FONT></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">then the Warrant Exercise
Rate shall be increased based on the following formula:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WER<SUB>1</SUB> = WER<SUB>0 </SUB>&times; (SP<SUB>0</SUB>
 &divide; (SP<SUB>0 </SUB>- FMV))</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">where:</P>

<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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>WER<SUB>1</SUB></I></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</FONT></TD>
    <TD STYLE="width: 89%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Warrant Exercise Rate in effect at the open of business on the Ex-Date for such distribution;;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>WER<SUB>0</SUB></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Warrant Exercise Rate in effect immediately prior to the open of business on the Ex-Date for such issuance;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>SP<SUB>0</SUB></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the arithmetic average of the Last Reported Sale Prices of the common stock on each Trading Day comprised in the period of ten consecutive Trading Days immediately preceding the Ex-Date for such distribution; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>FMV</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Fair Market Value, as of the open of business on the Ex-Date for such distribution, of the shares of Capital Stock, evidences of indebtedness, assets or property of the Company, cash, rights or warrants distributed with respect to each outstanding share of common stock.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
the foregoing, in the event the calculation of </FONT>SP<SUB>0 </SUB>&ndash; FMV results in zero or a negative number, the value of SP<SUB>0
</SUB>- FMV shall be deemed to be $0.01. Any adjustment to the Warrant Exercise Rate under this provision shall become effective at the
open of business on the Ex-Date for such distribution.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Spin-Offs</U>.
With respect to an adjustment pursuant to this provision where there has been a payment of a dividend or other distribution by the Company
to all or substantially all holders of its common stock in shares of Capital Stock of any class or series, or similar equity interests,
of or relating to a subsidiary or other business unit of the Company that will be, upon distribution, listed or quoted on a U.S. national
or regional securities exchange (a &ldquo;Spin-Off&rdquo;), then the Warrant Exercise Rate shall be increased based on the following formula:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WER<SUB>1</SUB> = WER<SUB>0 </SUB>&times; (( FMV
+ SP<SUB>0</SUB>) &divide; SP<SUB>0</SUB>)</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">where:</P>

<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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>WER<SUB>1</SUB></I></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</FONT></TD>
    <TD STYLE="width: 89%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Warrant Exercise Rate in effect at the open of business on the Ex-Date of the Spin-Off;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>WER<SUB>0</SUB></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Warrant Exercise Rate in effect immediately prior to the open of business on the Ex-Date of the Spin-Off;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>FMV</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the arithmetic average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of the common stock applicable to one share of common stock on each day which is a Trading Day for both the common stock and the Capital Stock or similar equity interest so distributed (each, a &ldquo;Valuation Trading Day&rdquo;) comprised in the period of 10 consecutive Valuation Trading Days commencing on the Ex-Date for such Spin-Off (or, if such Ex-Date is not a Valuation Trading Day, commencing on the immediately following Valuation Trading Day) (such period, the &ldquo;Valuation Period&rdquo;); and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>SP<SUB>0</SUB></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the arithmetic average of the Last Reported Sale Prices of the common stock on each Trading Day comprised in the Valuation Period.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<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">Any adjustment to the Warrant
Exercise Rate under this provision shall be made immediately after the close of business on the last day of the Valuation Period, but
shall become effective at the open of business on the Ex-Date for the Spin-Off.</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">If an adjustment to the Warrant
Exercise Rate is made in respect of any distribution of the type described in this clause (c)&nbsp;(Other Distributions and Spin-Offs)
but such distribution is not so made, the Warrant Exercise Rate shall be readjusted, effective as of the date our Board determines not
to make such distribution, to the Warrant Exercise Rate that would then be in effect at such time had no such adjustment been made.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Cash
Dividends or Distributions</U>. If any cash dividend or distribution is paid to all or substantially all holders of common stock, then
the Warrant Exercise Rate shall be increased based on the following formula:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WER<SUB>1</SUB> = WER<SUB>0 </SUB>&times; (SP<SUB>0</SUB>
 &divide; (SP<SUB>0 </SUB>&ndash; C))</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">where:</P>

<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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>WER<SUB>1</SUB></I></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</FONT></TD>
    <TD STYLE="width: 89%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Warrant Exercise Rate in effect at the open of business on the Ex-Date for such dividend or distribution; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>WER<SUB>0</SUB></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Warrant Exercise Rate in effect immediately prior to the open of business on the Ex-Date for such dividend or distribution;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>SP<SUB>0</SUB></I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>=</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the arithmetic average of the Last Reported Sale Prices of the common stock on each Trading Day comprised in the period of 10 consecutive Trading Days immediately preceding the Ex-Date for such dividend or distribution; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>C</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>=</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the amount in cash per share the Company distributes to holders of the common stock;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
the foregoing, in the event the calculation of </FONT>SP<SUB>0 </SUB>&ndash; C results in zero or a negative number, the value of SP<SUB>0
</SUB>&ndash; C shall be deemed to be $0.01. Any adjustment to the Warrant Exercise Rate made under this provision shall become effective
at the open of business on the Ex-Date for such dividend or distribution. If an adjustment to the Warrant Exercise Rate is made in respect
of any dividend or distribution of the type described in this provision but such dividend or distribution is not so paid, the Warrant
Exercise Rate shall be readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution,
to the Warrant Exercise Rate that would then be in effect at such time had no such adjustment been made.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Shareholder
Rights Plan</U>. If the Company has a shareholder rights plan in effect upon exercise hereof, each share of common stock, if any, issued
upon such exercise shall be entitled to receive the appropriate number of rights, if any, and the certificates representing the common
stock issued upon such exercise shall bear such legends, if any, in each case as may be provided by the terms of any such shareholder
rights plan, as the same may be amended from time to time. However, if, prior to any exercise, the rights have separated from the shares
of common stock in accordance with the provisions of the applicable shareholder rights plan so that the holders of Warrants would not
be entitled to receive any rights in respect of common stock, if any, issuable upon exercise, the Warrant Exercise Rate shall be adjusted
at the time of separation as if the Company had made a distribution to all holders of its common stock as provided in clause (c)(i)&nbsp;(Distributions
Other than Spin-Offs) above, subject to readjustment in the event of the expiration, termination or redemption of such rights.</FONT></P>

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

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

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<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">All adjustments to the Warrant
Exercise Rate shall be made to the nearest whole multiple of 0.00001 (with 0.000005 being rounded upwards) share of common stock.</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">Notwithstanding anything to
the contrary in the Warrant Agreement or the Warrants, (i)&nbsp;if the provisions of the Warrant Agreement shall require that an adjustment
be made to the Warrant Exercise Rate in respect of any distribution or other relevant event, and the shares of common stock issuable in
respect of any exercise are entitled to participate in such distribution or other relevant event, such adjustment shall not be given effect
for the purpose of such exercise of Warrants and (ii)&nbsp;if the Exercise Date in respect of any exercise of Warrants falls on or after
the Ex-Date for any Spin-Off and on or before the last day of the relevant Valuation Period, delivery of the shares of common stock issuable
(or amount of cash payable, as applicable) pursuant to such exercise shall occur as soon as practicable after the last day of such Valuation
Period.</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">Any adjustments described
above shall be made successively whenever an event referred to therein shall occur.</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>Business Combinations and Reorganizations</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">In the event of a merger,
consolidation, amalgamation, statutory share exchange or similar transaction that requires the approval of the Company&rsquo;s shareholders
(a &ldquo;Business Combination&rdquo;) or reclassification of common stock, other than a reclassification of common stock referred to
in &ldquo;Anti-dilution Adjustments&rdquo; above, the right of a Warrant holder to receive common stock upon exercise of a Warrant will
be converted into the right to exercise a Warrant to acquire, per each Warrant, the number of shares or other securities or property (including
cash) that a number of shares of common stock equal to the Warrant Exercise Rate (in effect at the time of such Business Combination or
reclassification) immediately prior to such Business Combination or reclassification would have been entitled to receive upon consummation
of such Business Combination or reclassification (the amount of such shares, other securities or property in respect of a share of common
stock being herein referred to as a &ldquo;Unit of Reference Property&rdquo;). If the Business Combination causes the common stock to
be converted into, or exchanged for, the right to receive more than a single type of consideration (determined based in part upon any
form of shareholder election), then the composition of the Unit of Reference Property into which the Warrants will be exercisable will
be deemed to be the weighted average of the types and amounts of consideration actually received by the holders of common stock. The Company
shall cause any successor entity in a Business Combination in which the Company is not the survivor (the &ldquo;Successor Entity&rdquo;)
to assume in writing all of the obligations of the Company under the Warrant Agreement. Upon the occurrence of any such Business Combination,
the Successor Entity shall succeed to, and be substituted for (so that, from and after the date of such Business Combination, the provisions
of the Warrant Agreement referring to the &ldquo;Company&rdquo; shall refer instead to the Successor Entity), and may exercise every right
and power of the Company and shall assume all of the obligations of the Company under the Warrant Agreement and the Warrants.</P>

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

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

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<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>Certain Definitions</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"> &ldquo;Business Day&rdquo;
means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York or the Grand Duchy of Luxembourg
are authorized or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be
authorized or required by law to remain closed due to &ldquo;stay at home&rdquo;, &ldquo;shelter-in-place&rdquo;, &ldquo;non-essential
employee&rdquo; or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental
authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York
and the Grand Duchy of Luxembourg are generally open for use by customers on such day. </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">&ldquo;Capital Stock&rdquo;
means (i)&nbsp;with respect to any person that is a corporation or company, any and all shares, interests, participations or other equivalents
(however designated) of capital or capital stock of such Person and (ii)&nbsp;with respect to any person that is not a corporation or
company, any and all partnership or other equity interests of such 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; text-align: justify; text-indent: 0.5in">&ldquo;Ex-Date&rdquo; means,
in connection with any issuance, dividend or distribution, the first date on which the shares of common stock trade on the applicable
exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution in question, from
the Company or, if applicable, from the seller of shares of common stock on such exchange or market (in the form of due bills or otherwise)
as determined by such exchange or market. For the avoidance of doubt, any alternative trading convention on the applicable exchange or
market in respect of the common stock under a separate ticker symbol or CUSIP number will not be considered &ldquo;regular way&rdquo;
for this purpose.</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">&ldquo;Fair Market Value&rdquo;
means, with respect to any security or other property, the fair market value of such security or other property as determined by the Board,
acting in good faith.</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">&ldquo;Implied Per Share Exercise
Price&rdquo; in effect at any time means the Exercise Price ($1.95 per Warrant) divided by the Warrant Exercise Rate (initially 1.625),
the resulting price being rounded to the nearest whole multiple of $0.0001 (with $0.00005 being rounded upwards). For the avoidance of
doubt, the initial Implied Per Share Exercise Price is $1.20 per Warrant.</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">&ldquo;Last Reported Sale
Price&rdquo; means, with respect to the common stock (or other security), on any given day, the last sale price, regular way, or, in case
no such sale takes place on such day, the average of the last bid price and last ask price (or, if more than one in either case, the arithmetic
average of the average last bid prices and the average last ask prices), regular way, of the common stock (or such other security, as
the case may be) as reported in composite transactions for the Nasdaq Global Select Market on such day, without regard to after-hours
or extended market trading, provided that if the common stock (or such other security, as the case may be) is not listed on the Nasdaq
Global Select Market on any date of determination, the Last Reported Sale Price of the common stock (or such other security, as the case
may be) on such date of determination means the closing sale price as reported in the composite transactions for the principal U.S. national
or regional securities exchange on which the common stock (or such other security, as the case may be) is so listed or quoted, or, if
no closing sale price is reported, the last reported sale price on the principal U.S. national or regional securities exchange on which
the common stock (or such other security, as the case may be) is so listed or quoted, or, if the common stock (or such other security,
as the case may be) is not so listed or quoted on a U.S. national or regional securities exchange, the last quoted bid price for the common
stock (or such other security, as the case may be) in the over-the-counter market as reported by OTC Markets Group Inc. or a similar organization,
or, if that bid price is not available, the Last Reported Sale Price of the common stock (or such other security, as the case may be)
on that date shall mean the Fair Market Value per share of common stock (or such other security, as the case may be) as of such day.</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">&ldquo;Trading Day&rdquo;
means any day on which the common stock (or other security) is traded on a Trading Market; <I>provided </I>that if, on the date in question,
the common stock (or such other security) is not listed or quoted on a Trading Market, &ldquo;Trading Day&rdquo; means a Business Day.</P>

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

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

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<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"> &ldquo;Trading Market&rdquo;
means any of the following markets or exchanges on which the common stock is listed or quoted for trading on the date in question: the
NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or
any successors to any of the foregoing). </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"> &ldquo;VWAP&rdquo; means,
for any date, the price determined pursuant to the first of the following clauses that applies: (a)&nbsp;if the common stock is then
listed or quoted on a Trading Market, the daily volume weighted average price of the common stock for such date (or the nearest preceding
date) on the principal Trading Market on which the common stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m.&nbsp;(New York City time) to 4:02 p.m.&nbsp;(New York City time)), (b)&nbsp;the volume weighted average price of the
common stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c)&nbsp;if the common stock is not then
listed or quoted for trading on OTCQB or OTCQX and if prices for the common stock are then reported on the Pink Open Market (or a similar
organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the common stock so reported,
or (d)&nbsp;in all other cases, the fair market value of a share of common stock as determined by an independent appraiser selected in
good faith by the Company in its sole discretion, the fees and expenses of which shall be paid by the Company. </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>Certain U.S. Federal Income Tax Consequences</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">The following is a general
discussion of certain U.S. federal income tax consequences to U.S. holders (as defined below) of the Warrant Distribution and the ownership,
exercise and disposition of Warrants received in the Warrant Distribution.</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">For purposes of this discussion,
a U.S. holder is a beneficial owner of shares of common stock or Penny Warrants receiving Warrants or a beneficial owner of Warrants that
is:</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;<FONT STYLE="font-size: 10pt">an
individual who is a citizen or resident of the United States;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;<FONT STYLE="font-size: 10pt">a
corporation (including an entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws
of the United States or of a political subdivision thereof (including the District of Columbia);</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&#8239;<FONT STYLE="font-size: 10pt">an
estate whose income is subject to U.S. federal income taxation, regardless of its source; or</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&#8239;<FONT STYLE="font-size: 10pt">a
trust if: (a)&nbsp;a U.S. court is able to exercise primary supervision over the administration of the trust and one or more U.S. persons
have the authority to control all substantial decisions of the trust, or (b)&nbsp;it has a valid election in place to be treated as a
 &ldquo;U.S. person&rdquo; as defined in Section&nbsp;7701(a)(30) of the Code (as defined below).</FONT></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">This discussion does not
address any state, local, or foreign income or other tax consequences, such as estate and gift tax or the Medicare tax on net investment
income, nor does it address all of the tax consequences that may be relevant to any particular shareholder or warrantholder. Unless otherwise
expressly discussed below, this discussion also does not address the tax consequences to persons that may be subject to special treatment
under U.S. federal income tax law, such as banks, insurance companies, thrift institutions, regulated investment companies, real estate
investment trusts, tax-exempt organizations (including private foundations), U.S. expatriates (or former citizens or long-term residents
of the United States), persons who acquired their common stock or Warrants pursuant to the exercise of employee stock options or otherwise
as compensation, persons who own or are deemed to own 10% or more of our outstanding stock (by vote or value), persons subject to the
alternative minimum tax, traders in securities that elect to mark to market, dealers in securities or currencies, certain taxpayers who
file applicable financial statements required to recognize income when the associated revenue is reflected in such financial statements,
persons that hold shares of common stock or Warrants as part of a position in a &ldquo;straddle&rdquo; or as part of a &ldquo;hedging,&rdquo;
 &ldquo;conversion,&rdquo; or other integrated investment transaction for U.S. federal income tax purposes, persons that do not hold shares
of common stock or Warrants as &ldquo;capital assets&rdquo; (generally, property held for investment) or persons that do not use the
U.S. dollar as their functional currency. Finally, this discussion does not address the U.S. federal income tax consequences to U.S.
holders of the ownership or disposition of the common stock received upon the exercise of the Warrants.</P>

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

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

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<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">If a partnership (or entity
or arrangement treated as a partnership for applicable U.S. federal income tax purposes) holds shares of common stock or Warrants, the
tax treatment of a partner generally will depend upon the status of the partner and upon the activities of the partnership (or entity
or arrangement treated as a partnership for applicable tax purposes). A partner of a partnership (or entity or arrangement treated as
a partnership for applicable tax purposes) holding shares of common stock or Warrants should consult its tax advisor. A partner, member
or other beneficial owner of a partnership or other pass-through entity (or arrangement) holding common stock should consult its tax advisor
regarding the tax consequences of the Warrant Distribution.</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">This discussion is based on
the provisions of the U.S. Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), U.S. Treasury regulations, administrative
rulings, and judicial authority, all as in effect as of the date hereof. Subsequent developments in U.S. federal income tax law, including
changes in law or differing interpretations, which may be applied retroactively, could have a material effect on the U.S. federal income
tax consequences of the Warrant Distribution and the ownership and exercise of Warrants received in the Warrant Distribution. In addition,
the Company has not sought, and will not seek, an opinion of counsel or a ruling from the Internal Revenue Service (&ldquo;IRS&rdquo;)
regarding the U.S. federal income tax consequences of the Warrant Distribution and the ownership and exercise of Warrants received in
the Warrant Distribution, and there can be no assurance the IRS will not challenge the statements and conclusions set forth below or that
a court would not sustain any such challenge.</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">Except as described below,
this discussion assumes that we are not, and will not become, a passive foreign investment company (a &ldquo;PFIC&rdquo;) for any taxable
year.</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"><I>Tax Consequences of the Warrant Distribution to U.S. holders</I></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">The Warrant Distribution is
intended to be treated as a non-taxable distribution under Section&nbsp;305(a)&nbsp;of the Code. If, however, the Warrant Distribution
were treated as a distribution subject to Section&nbsp;305(b)&nbsp;of the Code, a U.S. holder would be treated for U.S. federal income
tax purposes as receiving a distribution equal to the fair market value of the Warrants. In such case, the Warrant Distribution would
be taxable as a dividend to the extent paid out of our current or accumulated earnings and profits (as determined under U.S. federal income
tax principles). However, since the Company does not maintain calculations of its earnings and profits under U.S. federal income tax principles,
a U.S. holder generally would be required to treat any such distributions as dividends for U.S. federal income tax purposes. Any taxable
dividends received by a U.S. holder from the Company would be treated as &ldquo;foreign source&rdquo; income for purposes of the U.S.
foreign tax credit rules. U.S. holders are urged to consult their tax advisors on the tax consequences to them in the event that the Warrant
Distribution is treated as a taxable distribution subject to Section&nbsp;305(b)&nbsp;of the Code, including the application of the U.S.
foreign tax credit rules&nbsp;to their particular circumstances. The remainder of this discussion assumes that the Warrant Distribution
will be treated as a non-taxable distribution under Section&nbsp;305(a)&nbsp;of the Code.</P>

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

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

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<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"><I>Tax Basis and Holding Period in the Warrants</I></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">If the fair market value of
the Warrants received in the Warrant Distribution is less than 15% of the fair market value of a U.S. holder&rsquo;s common stock and
Penny Warrants held on the Distribution Record Date (the &ldquo;Non-RSU Distribution Securities&rdquo;), in each case determined as of
the date of the Warrant Distribution, the Warrants received will be allocated a zero tax basis for U.S. federal income tax purposes, unless
such U.S. holder elects to allocate tax basis between the existing Non-RSU Distribution Securities and the Warrants in proportion to their
relative fair market values determined as of the date of the Warrant Distribution. A U.S. holder that elects to allocate tax basis between
such holder&rsquo;s existing Non-RSU Distribution Securities stock and Warrants must make this election on a statement included with such
holder&rsquo;s tax return for the taxable year in which the Warrant Distribution occurs. Such an election is irrevocable. If, however,
the fair market value of the Warrants received in the distribution is 15% or more of the fair market value of a U.S. holder&rsquo;s Non-RSU
Distribution Securities on the date of the Warrant Distribution, such holder&rsquo;s tax basis in the existing Non-RSU Distribution Securities
must be allocated between the existing Non-RSU Distribution Securities and the Warrants in proportion to their relative fair market values
determined as of the date of the Warrant Distribution. U.S. holders are urged to consult their tax advisors on the consequences of making
the election described in this paragraph to their particular circumstances.</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">A U.S. holder&rsquo;s holding
period for the Warrants received in the Warrant Distribution will include the holding period for the Non-RSU Distribution Securities with
respect to which the Warrants were received.</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"><I>Possible Constructive Distributions</I></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">The number of shares of common
stock that a holder is entitled to receive upon exercise of a Warrant and the Exercise Price of the Warrant are subject to certain anti-dilution
adjustments. Certain of these adjustments (including adjustments as a result of a distribution to holders of shares of common stock) could
cause a holder to be deemed to receive a &ldquo;constructive distribution&rdquo; that is includible in income for U.S. federal income
tax purposes. The IRS has proposed regulations addressing the amount and timing of constructive distributions which, if adopted, could
affect the U.S. federal income tax treatment of beneficial owners of warrants deemed to receive such a distribution. U.S. holders should
consult their tax advisors regarding the possibility of constructive distributions with respect to the Warrants.</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"><I>Lapse of a Warrant</I></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">If the Warrants received in
the Warrant Distribution expire, a U.S. holder generally should not recognize any gain or loss upon that expiration. If a U.S. holder
has tax basis in the Warrants (i.e., the fair market value of the Warrants is 15% or more of the fair market of such holder&rsquo;s Non-RSU
Distribution Securities or such holder makes the election described above) and allows the Warrants to expire while continuing to hold
the Non-RSU Distribution Securities with respect to which the Warrants were distributed, the tax basis of such Non-RSU Distribution Securities
will be restored to the tax basis of such Non-RSU Distribution Securities immediately before the receipt of the Warrants in the Warrant
Distribution. If the Warrants expire after a U.S. holder has disposed of the Non-RSU Distribution Securities with respect to which the
Warrants were distributed, such holder should consult its tax advisor regarding its ability to recognize a loss (if any) on the expiration
of the Warrants.</P>

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

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

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<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"><I>Exercise of a Warrant</I></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">U.S. holders should not recognize
any gain or loss with respect to the receipt of shares of common stock upon the exercise of a Warrant. In general, shares of common stock
acquired pursuant to the exercise of a Warrant will have a tax basis equal to the U.S. holder&rsquo;s tax basis in the Warrant, if any,
increased by the price paid to exercise the Warrant. The holding period for the shares of common stock received upon exercise of the Warrant
will generally begin on the date of exercise of the Warrant.</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"><I>Sale or Other Taxable Disposition of a Warrant</I></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">The gain or loss a U.S. holder
realizes on the sale or other taxable disposition of a Warrant generally will be a capital gain or loss, and will be long-term capital
gain or loss if the U.S. holder has held the Warrants for more than one year. The amount of a U.S. holder&rsquo;s gain or loss will equal
the difference between the U.S. Holder&rsquo;s adjusted tax basis in the Warrants disposed of and the amount realized on the disposition
(i.e., the amount of cash plus the fair market value of any other property received in the sale or other disposition). For non-corporate
taxpayers, including individuals, long-term capital gains are generally eligible for reduced rates of taxation. In addition, certain limitations
exist on the deductibility of capital losses.</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"><I>Passive Foreign Investment Company Rules</I></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">Special U.S. federal income
tax rules&nbsp;apply to U.S. holders owning equity interests in a PFIC. In general, we will be a PFIC for any taxable year in which, after
applying certain look-through rules, (i)&nbsp;at least 75% of our gross income is passive income or (ii)&nbsp;at least 50% of the value
(generally, determined based on a quarterly average) of our assets is attributable to assets that produce or are held for the production
of passive income. For this purpose, passive income generally includes dividends, interest, royalties and rents (other than royalties
and rents derived in the active conduct of a trade or business and not derived from a related 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; text-align: justify; text-indent: 0.5in">We believe that we were not
a PFIC for U.S. federal income tax purposes for our taxable year ending December&nbsp;31, 2024, and we do not expect to become a PFIC
for our current taxable year or in the foreseeable future. However, our PFIC status for any taxable year is an annual determination that
depends on the composition of our income and assets and the market value of our assets, which may change from time to time. Accordingly,
there can be no assurance that we will not be a PFIC for any taxable year. If we are a PFIC for any year during which a U.S. holder holds
Warrants that are subsequently exercised and pursuant to which the U.S. holder receives common stock, we generally will continue to be
treated as a PFIC with respect to that U.S. holder for all succeeding years during which the U.S. holder holds such common stock, even
if we cease to meet the threshold requirements for PFIC status. Additionally, under proposed Treasury regulations that have a retroactive
effective date, the Warrants would be treated under the PFIC rules&nbsp;in a manner generally similar to the treatment of the common stock,
and this discussion assumes the Warrants are treated accordingly.</P>

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

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

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<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">If we are a PFIC for any taxable
year during which a U.S. Holder holds the Warrants, gain recognized by a U.S. holder on a sale or other disposition (including certain
pledges) of such Warrants will be allocated ratably over the U.S. holder&rsquo;s holding period for such Warrants. The amounts allocated
to the taxable year of the sale or other disposition and to any year before we became a PFIC will be taxed as ordinary income. The amount
allocated to each other taxable year will be subject to tax at the highest rate in effect for individuals or corporations, as appropriate,
for that taxable year, and an interest charge will be imposed on the resulting tax liability for each such year. Further, to the extent
that any distributions received or deemed received by a U.S. holder on the Warrants exceed 125% of the average of the annual distributions
on such Warrants received during the preceding three years or the U.S. holder&rsquo;s holding period, whichever is shorter, such distributions
will be subject to taxation in the same manner. If we were a PFIC, certain elections (such as a mark-to-market election) may be available
that would result in alternative tax consequences of owning and disposing of the common stock, but the mark-to-market election is currently
not available with respect to the Warrants.</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">If a U.S. holder owns Warrants
during any year in which we are a PFIC, the U.S. Holder generally must file annual reports on an IRS Form&nbsp;8621 (or any successor
form) with respect to such Warrants, generally with the U.S. holder&rsquo;s federal income tax return for that year.</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">U.S. holders should consult
their tax advisers concerning the potential application of the PFIC rules.</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"><I>Holders of RSUs</I></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">Notwithstanding the foregoing,
for any U.S. holder of an RSU with respect to which Warrants are issued where the per share exercise price is no less than per share fair
market value on the date of issuance, no taxable income will be recognized by such holder upon the receipt of a Warrant. Such holder in
general will recognize ordinary income (compensation) in the year in which the Warrant is exercised, equal to the excess of the fair market
value of the purchased shares of common stock on the exercise date over the exercise price paid to exercise the Warrant and will be required
to make arrangements satisfactory to the Company to satisfy applicable withholding as a condition to exercise. We will be entitled to
an income tax deduction equal to the amount of ordinary income recognized by such holder with respect to the exercised Warrant.</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"><I>Information Reporting and Backup Withholding</I></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">In general, information reporting
may apply to dividends paid to a U.S. holder and to the proceeds of the sale or disposition of the Warrants or common stock unless the
U.S. holder is an exempt recipient. Backup withholding may apply to such payments if the U.S. holder fails to provide a taxpayer identification
number, a certification of exempt status, or has been notified by the IRS that it is subject to backup withholding (and such notification
has not been withdrawn). Backup withholding is not an additional tax. Any amounts withheld under backup withholding rules&nbsp;will be
allowed as a refund or credit against a U.S. holder&rsquo;s U.S. federal income tax liability, provided that the required information
is timely furnished to the IRS.</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 U.S. holders who are
individuals or specified entities may be required to report information on their U.S. federal income tax returns relating to their ownership
of the Warrants by attaching a complete IRS Form&nbsp;8938 (Statement of Specified Foreign Financial Assets), subject to certain exceptions
(including an exception for Warrants held in a financial account, in which case the account may be reportable if maintained by a non-U.S.
financial institution).</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">All U.S. holders should consult
their tax advisors regarding the application of reporting obligations and backup withholding to them.</P>

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

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

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<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>Luxembourg Taxation Considerations</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-indent: 0.5in">The following is a summary addressing certain material
Luxembourg tax consequences that are likely to be relevant to non-Luxembourg resident holders in respect of the Warrant Distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This summary does not purport to address all material
tax considerations that may be relevant to a holder or prospective holder of Warrants. These tax consequences will vary in accordance
with the law and practice currently in force in the holders&rsquo; country of citizenship, residence, domicile or incorporation and with
their personal circumstances as well as any factual background prevailing at any relevant moment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This summary is based on the laws, regulations
and applicable tax treaties as in effect on the date hereof in Luxembourg, all of which are subject to change, possibly with retroactive
effect. Holders of Warrants should consult their own tax advisers as to the particular tax consequences, under the tax laws of the country
of which they are residents, citizens, domiciled or incorporated for tax purposes of the subscription, purchase, ownership or disposition
of common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(a)&nbsp; Luxembourg Withholding Tax on Warrant Distribution to
non-Luxembourg tax resident holders.</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-indent: 0.5in">Dividends distributed (whether in cash or in any
other form) by Altisource are in principle subject to Luxembourg withholding tax at the rate of 15% (or 17.65% if levied on the net dividend
amount made available (<I>mis &agrave; disposition</I>) to the beneficiary). A Warrant Distribution may therefore be analyzed as distribution
of dividend <I>in specie</I> for Luxembourg tax purposes and such Warrant Distribution may therefore be subject to Luxembourg withholding
tax thereon (arguably applied to the fair market value of the Warrants determined as of the date of the Warrant Distribution).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Non-Luxembourg tax resident holders, provided they
are tax resident in a country with which Luxembourg has concluded a treaty for the avoidance of double taxation, may be entitled to claim
treaty relief under the conditions and subject to the limitations set forth in the relevant treaty.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A corporate holder that is tax resident in a
European Union Member State (other than Luxembourg) may be able to claim an exemption from Luxembourg dividend withholding tax under
the conditions set forth in the amended Council Directive 2011/96/EU of 30 November&nbsp;2011 (as amended) on the common system of
taxation applicable in the case of parent companies and subsidiaries of different Member States as implemented in Luxembourg. In
addition, fully taxable non-tax resident corporate holders may be exempt from withholding tax if they are tax resident in a country
with which Luxembourg has concluded a double tax treaty (under the conditions as set forth in article 147 of the Luxembourg income
tax law dated 4 December&nbsp;1967, as amended).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
a holder to benefit from an exemption or reduction, at the effective distribution date, </FONT>Altisource must properly file a duly completed
tax form (Form 900) with the Luxembourg tax authorities within eight (8)&nbsp;days following the earlier of (a)&nbsp;the distribution
decision date and (b)&nbsp;the effective dividend payment date. Any relevant proof showing fulfilment of the above-mentioned conditions
(including tax residency certification) needs to be provided. As a practical matter, this may not be achievable at the dividend distribution
date, considering, in particular, when the relevant instruments are held through international securities depositary systems. The Company
makes no representation that an exemption or reduction procedure will be practicable in respect of the Warrant Distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If an exemption or reduction is not available at
the effective dividend distribution date, a holder who believes to be entitled to a refund may file a refund request (Form 901bis, stamped
and validated by the tax authorities in its country of tax residence) with the Luxembourg tax authorities before 31 December of the year
following the year of the dividend distribution. The Company makes no representation that this refund procedure will be practicable in
respect of the Warrant Distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Also, a holder who meets all other conditions of
the above-referred participation exemption regime except for the twelve (12)-month minimum holding period, may still request a refund
when such minimum period has fully elapsed (assuming all such other conditions are then still met). The refund request (consisting of
tax Form 901bis, to be properly filled out, stamped and validated by the tax authorities of the state of residency of the relevant holder)
has to be filed with the Luxembourg tax authorities before 31 December of the year immediately following the year in which the relevant
dividend distribution was made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</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">Forms
900 and 901bis are generally made available on the website of the Luxembourg tax authorities (<I>Administration des contributions directes:
</I></FONT><I>https://impotsdirects.public.lu/fr/formulaires.html</I>).</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>(b)&nbsp; Luxembourg Income Tax on Capital Gains to non-Luxembourg
tax resident holders of Warrants</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-indent: 0.5in">For the purposes of this section, a &lsquo;disposal&rsquo;
may include a sale, an exchange, a contribution, a redemption, and any other kind of alienation of a Warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An individual or corporate non-Luxembourg tax resident
holder of Warrants who/which realizes a gain on disposal or exercise thereof (and who/which does not have a permanent establishment or
permanent representative in Luxembourg to which Warrants would be attributable) will only be subject to Luxembourg taxation on capital
gains arising upon disposal or exercise of such Warrants if such holder has (together with his or her spouse and underage children) directly
or indirectly held more than 10% of the capital of Altisource, at any time during the past five years, and either (1)&nbsp;such holder
has been a resident of Luxembourg for tax purposes for at least 15 years and has become a non-resident within the last five years preceding
the realization of the gain, subject to any applicable tax treaty, or (2)&nbsp;the disposal or exercise of Warrants occurs within six
months from their acquisition, subject to the limitations set forth in any applicable double tax treaty.</P>

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

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

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<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>(c)&nbsp; Other Taxes</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"><I>Net wealth tax</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An individual or corporate non-Luxembourg tax resident
holder of Warrants (and who/which does not have a permanent establishment or permanent representative in Luxembourg to which Warrants
would be attributable), is not subject to Luxembourg net wealth tax on such Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Estate and Gift Tax</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No Luxembourg inheritance tax is levied on the
transfer of Warrants upon the death of a non- Luxembourg resident holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No Luxembourg gift tax will be levied on a gift
of Warrants as long as such gift is not recorded in a Luxembourg notarial deed nor submitted for registration with the Luxembourg tax
authorities.</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"><I>Other Luxembourg Tax Considerations</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> There is no requirement that a registration
tax, transfer tax, capital tax, stamp duty or any other similar tax or duty be paid by a holder in respect of or in connection with the
issuance, transfer, redemption or repurchase of Warrants, unless such issuance, transfer, redemption or repurchase is (i)&nbsp;voluntarily
or pursuant to a contractual obligation presented to the registration formalities, (ii)&nbsp;appended to a document that requires mandatory
registration or (iii)&nbsp;is lodged with the notary for his records (d&eacute;pos&eacute; au rang des minutes d&rsquo;un notaire). In
case of registration, such registration will be made with the Administration de l&rsquo;Enregistrement, des Domaines et de la TVA. The
Administration de l&rsquo;Enregistrement, des Domaines et de la TVA (i)&nbsp;will apply and collect a fixed or ad valorem registration
tax depending on the nature of the obligations, deeds (actes) and transfers (mutations) referred to in the above mentioned documents
and (ii)&nbsp;may also require that all or part of the registered documents be translated into French or German. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s-1_008"></A><FONT STYLE="text-transform: uppercase"><B>Legal
Matters</B></FONT></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">The validity of the common
stock issuable offered hereby will be passed upon for us by NautaDutilh Avocats Luxembourg S.&agrave; r.l,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s-1_009"></A><FONT STYLE="text-transform: uppercase"><B>Experts</B></FONT></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"> The consolidated financial
statements of Altisource Portfolio Solutions S.A. as of December&nbsp;31, 2024 and 2023 and for the years then ended incorporated in
this prospectus by reference from the Altisource Portfolio Solutions S.A. <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1462418/000146241825000057/asps-20241231.htm">Annual
Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2024</A> have been audited by RSM US LLP, an independent registered public
accounting firm, as stated in their report thereon (which report expresses an unqualified opinion and includes an explanatory paragraph
relating to a concentration of revenue with its largest customer as well as uncertainties associated with the customer), incorporated herein by reference, and have been incorporated in this
prospectus and registration statement in reliance upon such reports and upon the authority of such firm as experts in accounting and
auditing. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s-1_010"></A><FONT STYLE="text-transform: uppercase"><B>Where
You Can Find More Information</B></FONT></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">We file annual, quarterly
and other reports, proxy statements and other information with the SEC. Our SEC filings are available to the public over the Internet
at the SEC&rsquo;s website at http://www.sec.gov. Our Annual Report on Form&nbsp;10-K, Quarterly Reports on Form&nbsp;10-Q, and Current
Reports on Form&nbsp;8-K, including any amendments to those reports, and other information that we file with or furnish to the SEC pursuant
to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Exchange Act can also be accessed free of charge through the Internet by visiting our
website at www.altisource.com. These filings will be available as soon as reasonably practicable after we electronically file such material
with, or furnish it to, the SEC. Information and materials contained on our website, except for our SEC filings expressly described below,
are not part of this prospectus and are not incorporated by reference into this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s-1_011"></A><FONT STYLE="text-transform: uppercase"><B>Information
Incorporated By Reference</B></FONT></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">The SEC allows us to incorporate
by reference into this prospectus certain information we file with it, which means that we can disclose important information by referring
you to those documents. The information incorporated by reference is considered to be a part of this prospectus, and information that
we file later with the SEC will automatically update and supersede information contained in this prospectus. We incorporate by reference
the documents listed below that we have previously filed with the SEC:</P>

<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; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1462418/000146241825000057/asps-20241231.htm">our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 31, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1462418/000146241825000060/asps-20241231.htm" STYLE="-sec-extract: exhibit">as amended by our Annual Report on Form 10-K/A for the fiscal year ended December 31, 2024, filed with the SEC on April 1, 2025.</A> </FONT></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our Current Reports on Form&nbsp;8-K filed with the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1462418/000110465925007624/tm254950d1_8k.htm" STYLE="-sec-extract: exhibit">January&nbsp;30,
                                                                                                                               2025</A>, <FONT STYLE="font-family: Times New Roman, Times, Serif"> <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1462418/000110465925009151/tm255494d1_8k.htm" STYLE="-sec-extract: exhibit">February 4, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1462418/000146241825000006/asps-20250218.htm">February 18, 2025</A>,
<A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1462418/000146241825000019/asps-20250218.htm">February 24, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1462418/000146241825000025/asps-20250219.htm">February 25, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1462418/000146241825000031/asps-20250228.htm">February 28, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1462418/000146241825000043/asps-20250312.htm">March 13, 2025</A> </FONT>(accepted by the SEC at 15:13:01) and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1462418/000146241825000065/asps-20250331.htm">April 2, 2025</A>;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000110465925000453/tm2431502-2_def14a.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000110465925000453/tm2431502-2_def14a.htm" STYLE="-sec-extract: exhibit">our definitive Proxy Statement on Schedule 14A, filed with the SEC on January&nbsp;3, 2025;</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1462418/000110465925029719/tm252343-4_def14a.htm">our definitive Proxy Statement on Schedule 14A, filed with the SEC on March 31, 2025</A>; and</P></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the description of our common stock contained in <A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241820000016/asps-12312019xex41.htm" STYLE="-sec-extract: exhibit">Exhibit&nbsp;4.1</A> of our Form&nbsp;10-K as filed with
the SEC on March&nbsp;7, 2024, and any further amendment or report filed hereafter for the purpose of updating such description pursuant
to Section&nbsp;12(b)&nbsp;of the Exchange Act.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also incorporate by reference
into this prospectus additional documents that we may file with the SEC under Sections&nbsp;13(a), 13(c), 14 or 15(d)&nbsp;of the Exchange
Act prior to the completion or termination of the offering. We are not, however, incorporating by reference any documents or portions
thereof that are not deemed &ldquo;filed&rdquo; with the SEC, including any information furnished pursuant to Items 2.02 or 7.01 of Form&nbsp;8-K.
Any statements in any such future filings will automatically be deemed to modify and supersede any information in any document we previously
filed with the SEC that is incorporated or deemed to be incorporated herein by reference to the extent that statements in the later filed
document modify or replace such earlier statements. Any such statement so modified or superseded shall not be deemed to constitute a part
of this prospectus supplement, except as so modified or superseded.</P>

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

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

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<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">We will provide at no cost
to each person who requests, including any beneficial owner, to whom this prospectus is delivered a copy of any document we incorporate
by reference, excluding all exhibits to such incorporated documents (unless we have specifically incorporated by reference such exhibits
either in this prospectus or in the incorporated document). You may request a copy of these filings by telephoning or by writing us at:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Altisource Portfolio Solutions S.A.<BR>
33, Boulevard Prince Henri<BR>
L-1724 Luxembourg<BR>
Grand Duchy of Luxembourg<BR>
(352) 20 60 20 55</P>

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

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

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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: 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"><B>114,499,134</B><B>
Common Shares</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS</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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>, 2025</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Part&nbsp;II</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"><FONT STYLE="text-transform: uppercase"><B>INFORMATION
NOT REQUIRED IN PROSPECTUS</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 13.</B></FONT></TD><TD STYLE="text-align: justify"><B>Other Expenses of Issuance and Distribution.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
the estimated expenses to be borne by Altisource Portfolio Solutions S.A. (the &ldquo;Registrant&rdquo;) in connection with the offering
described in this registration statement. All amounts shown are estimates except for the registration fee.</P>

<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; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> Legal fees and expenses </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> $ </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 160,000.00 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 86%; text-align: left"> Accounting fees and expenses </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"> 25,000.00 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> Printing and engraving expenses </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 20,000.00 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> SEC filing fees </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 21,035.78 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> Exchange listing fees </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 25,000.00 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"> Miscellaneous expenses </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> 5,000.00 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"> Total offering expenses </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"> 256,035.78 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 14.</B></FONT></TD><TD STYLE="text-align: justify"><B>Indemnification of Directors and Officers.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to Luxembourg law
on agency, agents are entitled to be reimbursed any advances or expenses made or incurred in the course of their duties, except in cases
of fault or negligence on their part. Luxembourg law on agency is applicable to the mandate of directors and agents of the Company.</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">The Registrant&rsquo;s Articles
provide that our directors may not be held personally liable by reason of their mandate for any commitment validly made in the Registrant&rsquo;s
name, provided those commitments comply with our Articles and Luxembourg law.</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">The Registrant shall indemnify
its directors and officers unless the liability results from their gross negligence or willful misconduct. The Registrant&rsquo;s Articles
make indemnification of directors and officers and advancement of expenses (except in cases where the Registrant is proceeding against
an officer or director) to defend claims against directors and officers mandatory on our part to the fullest extent allowed by law.</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">Under the Registrant&rsquo;s
Articles, a director or officer may not be indemnified if such person is found, in a final judgment or decree not subject to appeal, to
have committed willful misconduct or a grossly negligent breach of his or her statutory duties as a director or officer. Luxembourg law
permits the company, or each director or officer individually, to purchase and maintain insurance on behalf of such directors and officers.
The Registrant may obtain such insurance from one or more insurers.</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">The Registrant also may enter
into indemnification agreements with each of its directors and executive officers to provide for indemnification and expense advancement
(except in cases where it is proceeding against an officer or director) and include related provisions meant to facilitate the indemnitee&rsquo;s
receipt of such benefits. The Registrant expects any such agreement to provide that it will indemnify each director and executive officer
against claims arising out of such director or officer&rsquo;s service to the Registrant except (i)&nbsp;for any claim as to which the
director or officer is adjudged in a final and non-appealable judgment to have committed willful misconduct or a grossly negligent breach
of his duties or (ii)&nbsp;in the case of fraud or dishonesty by the director or officer. The Registrant also expects any such agreement
to provide that expense advancement is provided subject to an undertaking by the indemnitee to repay amounts advanced if it is ultimately
determined that he is not entitled to indemnification.</P>

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

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

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<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">The Registrant&rsquo;s Board
of Directors (if a majority of the Board is disinterested in the claim under which the officer or director is seeking indemnification)
or an independent counsel will determine whether an indemnification payment or expense advance should be made in any particular instance
and the executive officer or director seeking indemnification may challenge such determination. Indemnification and advancement of expenses
generally will not be made in connection with proceedings brought by the indemnitee against the Registrant.</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">See also the undertakings
set out in response to Item 17 herein.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 15.</B></FONT></TD><TD STYLE="text-align: justify"><B>Recent Sales of Unregistered Securities.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">During the last three
years, we had the following unregistered sales of securities.</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; background-color: white">On February&nbsp;14, 2023, the lenders under the credit agreement by
and between the Registrant, Altisource S.&agrave; r.l., the lenders party thereto, and Morgan Stanley, as administrative agent and collateral
agent, as amended by Amendment No.&nbsp;2 on February&nbsp;14, 2023 (the &ldquo;Amended Credit Agreement&rdquo;) received warrants to
purchase 3,223,851 shares of Altisource common stock (the &ldquo;Penny Warrants&rdquo;) in connection with entering into the Amended Credit
Agreement. The exercise price per share of common stock under each Existing Warrant is $0.01. The number of shares of common stock issuable
pursuant to the Penny Warrants was subject to reduction based on the amount of par paydowns on the senior secured term loans in the aggregate
using proceeds from issuances of equity interests or from junior indebtedness made prior to February&nbsp;14, 2024. The Penny Warrants
were sold in a private placement exempt from registration pursuant to Section&nbsp;4(a)(2)&nbsp;of the Securities Act.</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; background-color: white">On February&nbsp;20,
2024, the Registrant issued a total of 232,580 restricted share units as equity compensation under the Altisource 2024 Long Term Incentive
Plan to the Registrant&rsquo;s Chairman and Chief Executive Officer, Chief Financial Officer, and Chief Legal and Compliance Officer as
unregistered securities in a private placement exempt from registration pursuant to Section&nbsp;4(a)(2)&nbsp;of the Securities Act.</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"> On February 19, 2025, pursuant to the Exchange Agreement, the Registrant
issued an aggregate of 58,167,018 Debt Exchange Shares in exchange for approximately $72.8 million in principal amount of debt. The exchange
was exempt from the registration requirements of the Securities Act under Rule 506 promulgated thereunder, as all the Lenders (or their
designated affiliates) were &ldquo;accredited investors&rdquo; (as such term is defined in Rule 501(a) promulgated under the Securities
Act) and there was no general solicitation with respect to such exchange. </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 16.</B></FONT></TD><TD STYLE="text-align: justify"><B>Exhibits and Financial Statement Schedules.</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><I>Exhibits</I>. The following exhibits are being filed herewith:</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%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit <BR>
Number</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 2%; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; width: 88%"><FONT STYLE="font-size: 10pt"><B>Description
of Document</B> &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241825000019/altisourceportfoliosolutio.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></A></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241825000019/altisourceportfoliosolutio.htm">Amended and
Restated Articles of Incorporation of Altisource Portfolio Solutions S.A. (incorporated by reference to Exhibit 3.1 to the Company&rsquo;s
Form 8-K filed with the SEC on February 24, 2025)</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241823000019/ex101-altisourcexformofw.htm">4.1</A></FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241823000019/ex101-altisourcexformofw.htm">Form of Warrant issued February 14, 2023 (incorporated by reference to Exhibit 10.1 to the Registrant&rsquo;s Form 8-K filed on February 21, 2023)</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241825000065/ex41altisource-warrantagen.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT><FONT STYLE="font-size: 10pt"></FONT></A></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241825000065/ex41altisource-warrantagen.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
Warrant Agent Agreement (including forms of warrants), dated March 31, 2025, between the Company and Equiniti Trust Company, LLC, as
Warrant Agent (incorporated by reference to Exhibit 4.1 to the Registrant&rsquo;s Current Report on Form 8-K filed on April 2,
2025). </FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"><A HREF="tm255024d2_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1*</FONT></A></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"><A HREF="tm255024d2_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of NautaDutilh Avocats Luxembourg S.&agrave; r.l.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000095012309034795/g20198exv10w6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></A></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000095012309034795/g20198exv10w6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Services Agreement, dated as of August 10, 2009, by and between Altisource Solutions S.&agrave; r.l. and Ocwen Financial Corporation (incorporated by reference to Exhibit 10.6 of the Registrant&rsquo;s Current Report on Form 8-K as filed with the Commission on August 13, 2009)</FONT></A></TD></TR>
</TABLE>

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

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

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<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="padding-bottom: 12pt; text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000095012309034795/g20198exv10w8.htm">10.2</A></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify; width: 88%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000095012309034795/g20198exv10w8.htm">Intellectual Property Agreement, dated as of August 10, 2009, by and between Altisource Solutions S.&agrave; r.l. and Ocwen Financial Corporation (incorporated by reference to Exhibit 10.8 of the Registrant&rsquo;s Current Report on Form 8-K as filed with the Commission on August 13, 2009)</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000095012309018800/g19081a1exv10w9.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>10.3 &dagger;</U></FONT><FONT STYLE="font-size: 10pt"></FONT></A></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000095012309018800/g19081a1exv10w9.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment Contract between Altisource Solutions S.&agrave; r.l. and William B. Shepro (incorporated by reference from Exhibit 10.9 to Amendment No. 1 to the Registration Statement on Form 10 of Altisource Portfolio Solutions S.A. as filed with the Commission on June 29, 2009)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000110465912058892/a12-18661_1ex10d1.htm">10.4 &dagger;</A> </FONT><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000110465912058892/a12-18661_1ex10d1.htm">First Amendment to the Employment Contract dated as of August 15, 2012 between Altisource Solutions S.&agrave; r.l. and William B. Shepro (incorporated by reference to Exhibit 10.1 of the Registrant&rsquo;s Form 8-K filed on August 20, 2012)</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000110465912067822/a12-23132_1ex10d1.htm">10.5</A></FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000110465912067822/a12-23132_1ex10d1.htm">Services Agreement, dated as of October 1, 2012, by and between Ocwen Mortgage Servicing, Inc. and Altisource Solutions S.&agrave; r.l. (incorporated by reference to Exhibit 10.1 of the Registrant&rsquo;s Form 8-K filed on October 5, 2012)</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000110465912067822/a12-23132_1ex10d6.htm">10.6</A></FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000110465912067822/a12-23132_1ex10d6.htm">First Amendment to Services Agreement, dated as of October 1, 2012, by and between Ocwen Financial Corporation and Altisource Solutions S.&agrave; r.l. (incorporated by reference to Exhibit 10.6 of the Registrant&rsquo;s Form 8-K filed on October 5, 2012)</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000110465913027096/a13-9447_1ex10d1.htm">10.7</A></FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000110465913027096/a13-9447_1ex10d1.htm">Second Amendment to Services Agreement, dated as of March 29, 2013, by and between Ocwen Financial Corporation and Altisource Solutions S.&agrave; r.l. (incorporated by reference to Exhibit 10.1 of the Registrant&rsquo;s Form 8-K filed on April 4, 2013)</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000110465913027096/a13-9447_1ex10d5.htm">10.8</A></FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000110465913027096/a13-9447_1ex10d5.htm">First Amendment to Services Agreement, dated as of March 29, 2013, by and between Ocwen Mortgage Servicing, Inc. and Altisource Solutions S.&agrave; r.l. (incorporated by reference to Exhibit 10.5 of the Registrant&rsquo;s Form 8-K filed on April 4, 2013)</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000162828015005394/ex103formofnon-qualifiedst.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>10.9 </U></FONT><FONT STYLE="font-size: 10pt">&dagger;</FONT></A></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000162828015005394/ex103formofnon-qualifiedst.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Non-Qualified Stock Option Award Agreement (incorporated by reference to Exhibit 10.3 of the Registrant&rsquo;s Form 10-Q filed on July 23, 2015)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241816000007/ex101formofdirectorrestric.htm">10.10 &dagger;</A> </FONT><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241816000007/ex101formofdirectorrestric.htm">Form of Director Restricted Share Award Agreement (incorporated by reference to Exhibit 10.1 of the Registrant&rsquo;s Form 8-K filed on August 24, 2016)</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241817000010/exhibit10-1.htm">10.11 &dagger;</A> </FONT><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241817000010/exhibit10-1.htm">Form of Non-Qualified Stock Option Award Agreement (2017 Performance-Based Stock Options) (incorporated by reference to Exhibit 10.1 of the Registrant&rsquo;s Form 8-K filed on April 13, 2017)</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241817000010/exhibit10-2.htm">10.12 &dagger;</A> </FONT><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241817000010/exhibit10-2.htm">Form of Non-Qualified Stock Option Award Agreement (Service Revenue Stock Options) (incorporated by reference to Exhibit 10.2 of the Registrant&rsquo;s Form 8-K filed on April 13, 2017)</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241817000039/asps-9302017ex108.htm">10.13</A></FONT> </TD>
    <TD> &nbsp; </TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241817000039/asps-9302017ex108.htm">Cooperative
Brokerage Agreement, dated as of August 28, 2017, between REALHome Services and Solutions, Inc., REALHome Services and Solutions - CT,
Inc. and New Residential Sales Corp. (incorporated by reference to Exhibit 10.8 of the Registrant&rsquo;s Form 10-Q filed on October
26, 2017)</A></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241817000039/asps-9302017ex109.htm">10.14</A></FONT> </TD>
    <TD> &nbsp; </TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241817000039/asps-9302017ex109.htm">Letter
Agreement, dated as of August 28, 2017, between New Residential Investment Corp., New Residential Mortgage LLC, REALHome Services and
Solutions, Inc., REALHome Services and Solutions - CT, Inc. and Altisource Solutions S.&agrave; r.l. (incorporated by reference to Exhibit
10.9 of the Registrant&rsquo;s Form 10-Q filed on October 26, 2017)</A></FONT> </TD></TR>
</TABLE>

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<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="padding-bottom: 12pt; text-align: justify; width: 10%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241818000011/asps-12312017ex1071.htm">10.15</A></FONT> </TD>
    <TD STYLE="width: 2%"> &nbsp; </TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify; width: 88%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241818000011/asps-12312017ex1071.htm">First
Amendment to the Cooperative Brokerage Agreement, dated as of November 16, 2017, between REALHome Services and Solutions, Inc., REALHome
Services and Solutions - CT, Inc. and New Residential Sales Corp. (incorporated by reference to Exhibit 10.71 of the Registrant&rsquo;s
Form 10-K filed on February 22, 2018)</A></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241818000011/asps-12312017ex1072.htm">10.16</A></FONT> </TD>
    <TD> &nbsp; </TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241818000011/asps-12312017ex1072.htm">Second
Amendment to the Cooperative Brokerage Agreement, dated as of January 18, 2018, between REALHome Services and Solutions, Inc., REALHome
Services and Solutions - CT, Inc. and New Residential Sales Corp. (incorporated by reference to Exhibit 10.72 of the Registrant&rsquo;s
Form 10-K filed on February 22, 2018)</A></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241818000021/asps-3312018ex101.htm">10.17</A></FONT> </TD>
    <TD> &nbsp; </TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241818000021/asps-3312018ex101.htm">Third
Amendment to the Cooperative Brokerage Agreement, dated as of March 23, 2018, between REALHome Services and Solutions, Inc., REALHome
Services and Solutions - CT, Inc. and New Residential Sales Corp. (incorporated by reference to Exhibit 10.1 of the Registrant&rsquo;s
Form 10-Q filed on April 26, 2018)</A></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241818000021/asps-3312018ex102.htm">10.18
&dagger;</A> </FONT> </TD>
    <TD> &nbsp; </TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241818000021/asps-3312018ex102.htm">Form
of Non-Qualified Stock Option Award Agreement (2018 Performance-Based Stock Options) (incorporated by reference to Exhibit 10.2 of the
Registrant&rsquo;s Form 10-Q filed on April 26, 2018)</A></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241818000021/asps-3312018ex103.htm">10.19
&dagger;</A> </FONT> </TD>
    <TD> &nbsp; </TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241818000021/asps-3312018ex103.htm">Form
of Restricted Share Unit Award Agreement (2018 Service-Based Restricted Share Units) (incorporated by reference to Exhibit 10.3 of the
Registrant&rsquo;s Form 10-Q filed on April 26, 2018)</A></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241818000055/asps-9302018ex104.htm">10.20</A></FONT> </TD>
    <TD> &nbsp; </TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241818000055/asps-9302018ex104.htm">Fourth
Amendment to the Cooperative Brokerage Agreement, dated as of September 11, 2018, between REALHome Services and Solutions, Inc., REALHome
Services and Solutions - CT, Inc. and New Residential Sales Corp. (incorporated by reference to Exhibit 10.4 of the Registrant&rsquo;s
Form 10-Q filed on October 25, 2018)</A></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241819000009/asps-12312018xex1078.htm">10.21
&dagger;</A> </FONT> </TD>
    <TD> &nbsp; </TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241819000009/asps-12312018xex1078.htm">Second
Amended and Restated Employment Contract dated as of November 6, 2018 between Altisource Solutions S.&agrave; r.l. and Gregory J. Ritts
(incorporated by reference to Exhibit 10.78 of the Registrant&rsquo;s Form 10-K filed on February 26, 2019)</A></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241825000006/a2009equityincentiveplanam.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.22
&dagger; </FONT></A> </TD>
    <TD> &nbsp; </TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241825000006/a2009equityincentiveplanam.htm">Altisource
Portfolio Solutions S.A. Amended and Restated 2009 Equity Incentive Plan, dated as of February 18, 2025 (incorporated by reference to
Exhibit 10.1 of the Registrant&rsquo;s Current Report on Form 8-K filed on February 18, 2025)</A> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241819000024/asps-03312019xex101.htm">10.23</A></FONT> </TD>
    <TD> &nbsp; </TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241819000024/asps-03312019xex101.htm">Binding
Term Sheet dated as of February 22, 2019 between Altisource S.&agrave; r.l., Ocwen Financial Corporation and Ocwen Mortgage Servicing,
Inc. (incorporated by reference to Exhibit 10.1 of the Registrant&rsquo;s Form 10-Q filed on April 25, 2019)</A></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241819000024/asps-03312019xex105.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>10.24
</U></FONT><FONT STYLE="font-size: 10pt">&dagger;</FONT></A></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241819000024/asps-03312019xex105.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
of Restricted Stock Unit Award Agreement Pursuant to Altisource&rsquo;s 2009 Equity Incentive Plan and 2019 Long Term Equity Incentive
Program (incorporated by reference to Exhibit 10.5 of the Registrant&rsquo;s Form 10-Q filed on April 25, 2019)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241819000024/asps-03312019xex106.htm">10.25
&dagger;</A> </FONT> </TD>
    <TD> &nbsp; </TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1462418/000146241819000024/asps-03312019xex106.htm">Form
of Restricted Stock Unit Award Agreement Pursuant to Altisource&rsquo;s 2009 Equity Incentive Plan and 2018 Annual Incentive Plan (incorporated
by reference to Exhibit 10.6 of the Registrant&rsquo;s Form 10-Q filed on April 25, 2019)</A></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/0001462418/000146241821000019/asps-03312021xex101.htm">10.26</A></FONT> </TD>
    <TD> &nbsp; </TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/0001462418/000146241821000019/asps-03312021xex101.htm">Binding
Term Sheet dated as of May 5, 2021 between Altisource S.&agrave; r.l., Ocwen Financial Corporation and and Ocwen USVI Services, LLC (incorporated
by reference to Exhibit 10.1 of the Registrant&rsquo;s Form 10-Q filed on May10, 2021)</A></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/0001462418/000146241821000025/ex101creditagreement.htm">10.27</A></FONT> </TD>
    <TD> &nbsp; </TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/0001462418/000146241821000025/ex101creditagreement.htm">Credit
Agreement, dated June 22, 2021 among Altisource S.&agrave; r.l. and STS Master Fund, Ltd. (incorporated by reference to Exhibit 10.1
of the Registrant&rsquo;s Form 8-K filed on July 23, 2021)</A></FONT> </TD></TR>
</TABLE>

<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="padding-bottom: 12pt; text-align: justify; width: 10%"> <A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241822000020/asps-03312022xex101.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>10.28
</U></FONT><FONT STYLE="font-size: 10pt">&dagger;</FONT></A> </TD>
    <TD STYLE="width: 2%"> &nbsp; </TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify; width: 88%"> <A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241822000020/asps-03312022xex101.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director
Restricted Share Award Agreement dated as of April 13, 2022 between Mary C. Hickok and Altisource Portfolio Solutions S.A. (incorporated
by reference to Exhibit 10.1 of the Registrant&rsquo;s Form 10-Q filed on April 28, 2022)</FONT></A> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241823000019/ex103-altisourcexwarrant.htm">10.29</A></FONT> </TD>
    <TD> &nbsp; </TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241823000019/ex103-altisourcexwarrant.htm">Warrant
Purchase Agreement, dated February 14, 2023 (incorporated by reference to Exhibit 10.3 to the Registrant&rsquo;s Form 8-K filed on February
21, 2023)</A></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241823000024/altisource-amendmentandr.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.30</FONT></A> </TD>
    <TD> &nbsp; </TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241823000024/altisource-amendmentandr.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
and Restated Credit Agreement, dated February 9, 2023 among Altisource S.&agrave; r.l. and Altisource Portfolio Solutions S.A., Morgan
Stanley Senior Funding, Inc., as Administrative Agent and Collateral Agent, and the Lenders party thereto</FONT> <FONT STYLE="font-size: 10pt"><U>(incorporated
by reference to Exhibit 10.86 of the Registrant&rsquo;s Form 10-K filed on March 7, 2024)</U></FONT></A> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241823000024/executedaltisource-amend.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.31</FONT></A> </TD>
    <TD> &nbsp; </TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241823000024/executedaltisource-amend.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
Credit Agreement dated February 9, 2023 by among Altisource S.&agrave; r.l and STS Master Fund, Ltd</FONT> <FONT STYLE="font-size: 10pt"><U>(incorporated
by reference to Exhibit 10.87 of the Registrant&rsquo;s Form 10-K filed on March 7, 2024)</U></FONT></A> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241824000052/transactionsupportagreement.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.32</FONT></A> </TD>
    <TD> &nbsp; </TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"> <A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241824000052/transactionsupportagreement.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transaction
Support Agreement (including the Term Sheet) dated as of December&nbsp;16, 2024 (incorporated by reference to Exhibit 10.1 to the Registrant&rsquo;s
Form 8-K filed on December 17, 2024)</FONT></A> </TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; text-align: justify"> <A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241825000025/a101-altisourcexexchangefi.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.33</FONT></A> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-bottom: 12pt; text-align: justify"> <A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241825000025/a101-altisourcexexchangefi.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange
    First Lien Loan Credit Agreement, dated February 19, 2025 by and among Altisource S.&agrave; r.l. and Altisource Portfolio Solutions
    S.A., Cantor Fitzgerald Securities, as Administrative Agent and Collateral Agent, and the Lenders party thereto (incorporated by
    reference to Exhibit 10.1 to the Registrant&rsquo;s Current Report on Form 8-K filed on February 25, 2025).</FONT></A> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; text-align: justify"> <A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241825000025/a102-altisourcexsupersenio.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.34</FONT></A> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-bottom: 12pt"> <A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241825000025/a102-altisourcexsupersenio.htm">
    Super Senior Loan Credit Agreement, dated as of February 19, 2025 by and among Altisource S.&agrave; r.l. and Altisource Portfolio
    Solutions S.A., Cantor Fitzgerald Securities, as Administrative Agent and Collateral Agent, and the Lenders party thereto (incorporated
    by reference to Exhibit 10.2 to the Registrant&rsquo;s Current Report on Form 8-K filed on February 25, 2025).&nbsp;</A> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; text-align: justify"> <A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241825000025/a103-thunderbirdxexchangea.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.35</FONT></A> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-bottom: 12pt; text-align: justify"> <A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241825000025/a103-thunderbirdxexchangea.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange
    Agreement, dated as of February 19, 2025 by and among Altisource S.&agrave; r.l. and Altisource Portfolio Solutions S.A., and the
    Lenders party thereto (incorporated by reference to Exhibit 10.3 to the Registrant&rsquo;s Current Report on Form 8-K filed on February
    25, 2025).</FONT></A> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; text-align: justify"> <A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241825000025/a104-projectthunderbirdxre.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.36</FONT></A> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-bottom: 12pt; text-align: justify"> <A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241825000025/a104-projectthunderbirdxre.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration
    Rights Agreement, dated as of February 19, 2025 by and among Altisource Portfolio Solutions S.A. and the investors party thereto
    (incorporated by reference to Exhibit 10.4 to the Registrant&rsquo;s Current Report on Form 8-K filed on February 25, 2025).</FONT></A> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; text-align: justify"> <A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241825000025/a105-thunderbirdxdirectorn.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT>7</A> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-bottom: 12pt; text-align: justify"> <A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241825000025/a105-thunderbirdxdirectorn.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Director Nomination Agreement (incorporated by reference to Exhibit 10.5 to the Registrant&rsquo;s Current Report on Form 8-K
    filed on February 25, 2025). </FONT></A> </TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify; width: 10%"><A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241825000057/asps12312024-ex211.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1</FONT><FONT STYLE="font-size: 10pt">***</FONT></A></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify; width: 88%"><A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000146241825000057/asps12312024-ex211.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries
of the Registrant (incorporated by reference to Exhibit 21.1 to the Registrant&rsquo;s Annual Report on Form 10-K filed on March 31,
2025).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"><A HREF="tm255024d2_ex23-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2*</FONT></A></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"><A HREF="tm255024d2_ex23-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of RSM US LLP, Independent Registered Public Accounting Firm</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"><A HREF="tm255024d2_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3*</FONT></A></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"><A HREF="tm255024d2_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of NautaDutilh Avocats Luxembourg S.&agrave; r.l. (included in Exhibit&nbsp;5.1)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 12pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000110465925008188/tm255024d1_s1.htm#s-11_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1***</FONT></A></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 12pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1462418/000110465925008188/tm255024d1_s1.htm#s-11_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included on the signature page to this registration statement)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"><A HREF="tm255024d2_ex-filingfees.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107*</FONT></A></TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><A HREF="tm255024d2_ex-filingfees.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee Table</FONT></A></TD></TR>
</TABLE>


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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD STYLE="text-align: justify">Filed herewith.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">**</TD><TD STYLE="text-align: justify">To be filed by amendment</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>***</TD><TD STYLE="text-align: justify">Previously filed.</TD></TR>
                                                                                                                             </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&dagger;</FONT></TD><TD STYLE="text-align: justify">Denotes management contract or compensatory arrangement</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><I>Financial Statements Schedules</I>. Schedules not listed above have been omitted because the information
required to be set forth therein is not applicable or is shown in the financial statements or notes thereto.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 17.</B></FONT></TD><TD STYLE="text-align: justify"><B>Undertakings.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned Registrant hereby undertakes:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&nbsp;&nbsp;To include any prospectus required by
section 10(a)(3)&nbsp;of the Securities Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(ii)&nbsp;&nbsp;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 SEC pursuant to Rule&nbsp;424(b)&nbsp;if, in the aggregate, the changes in volume and price represent
no more than a 20 percent change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo;
table in the effective registration statement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(iii)&nbsp;To include any material information
with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information
in the registration statement;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">Paragraphs (1)(i), (1)(ii)&nbsp;and (1)(iii)&nbsp;of
this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in
reports filed with or furnished to the SEC by the Registrant pursuant to section 13 or section 15(d)&nbsp;of the Exchange Act that are
incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule&nbsp;424(b)&nbsp;that
is part of the registration statement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(3)&nbsp;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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(4)&nbsp;That, for the purpose of determining liability
under the Securities Act to any purchaser, each prospectus filed pursuant to Rule&nbsp;424(b)&nbsp;as part of a registration statement
relating to an offering, other than registration statements relying on Rule&nbsp;430B or other than prospectuses filed in reliance on
Rule&nbsp;430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness.
Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made
in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration
statement will, as to a purchaser with a time of contract of sale prior to such first use, 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 date of first use.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(6)&nbsp;That, for purposes of determining any
liability under the Securities Act, each filing of the Registrant&rsquo;s annual report pursuant to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of
the Exchange Act (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section&nbsp;15(d)&nbsp;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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(7)&nbsp;That, for purposes of determining any
liability under the Securities Act:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(i)&nbsp;the information omitted from the form
of prospectus filed as part of this registration statement in reliance upon Rule&nbsp;430A and contained in a form of prospectus filed
by the Registrant pursuant to Rule&nbsp;424(b)(1)&nbsp;or (4)&nbsp;or 497(h)&nbsp;under the Securities Act shall be deemed to be a part
of this registration statement as of the time it was declared effective; and</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(ii)&nbsp;each post-effective amendment that contains
a form of prospectus 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of
the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the </FONT>SEC
such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="s-11_001"></A>SIGNATURES</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"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this Registration Statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in Luxembourg City, Luxembourg, on the </FONT>10<SUP>th</SUP> day of April,
2025. </P>

<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: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-size: 10pt">By:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 47%"><FONT STYLE="font-size: 10pt">/s/
                                            William B. Shepro</FONT></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">William B. Shepro</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Chairman and Chief
                                            Executive Officer</FONT></TD></TR>
     </TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 25%; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: top; width: 2%; text-align: center"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 46%; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: top; width: 2%; text-align: center"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 25%; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT> </TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: top; text-align: center"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: top; text-align: center"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: top; text-align: center"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    William B. Shepro</FONT> </TD>
    <TD STYLE="vertical-align: top; text-align: center"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
    and Chief Executive Officer (Principal Executive Officer)</FONT> </TD>
    <TD STYLE="vertical-align: top; text-align: center"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD ROWSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 10,
    2025</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William B. Shepro</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Michelle D. Esterman</FONT> </TD>
    <TD STYLE="vertical-align: top; text-align: center"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD ROWSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial
    Officer (Principal Financial and Accounting Officer)</FONT> </TD>
    <TD STYLE="vertical-align: top; text-align: center"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD ROWSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 10,
    2025</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michelle D. Esterman</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: center"> * </TD>
    <TD STYLE="vertical-align: top; text-align: center"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD ROWSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="vertical-align: top; text-align: center"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD ROWSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 10,
    2025</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joseph L. Morettini</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: left; width: 25%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: top; text-align: center; width: 2%"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: center; width: 46%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: top; text-align: center; width: 2%"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 25%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT> </TD></TR>

<TR>
    <TD STYLE="vertical-align: top; text-align: center"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: top; text-align: center"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: top; text-align: center"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: top; text-align: center"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> * </TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 46%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    10, 2025</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Roland
    M&uuml;ller-Ineichen</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> * </TD>
    <TD STYLE="vertical-align: top; text-align: center"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director
    &nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: top; text-align: center"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    10, 2025</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mary
    C. Hickok &nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> * </TD>
    <TD STYLE="vertical-align: top; text-align: center"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="vertical-align: top; text-align: center"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    10, 2025</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John
    G. Aldridge,&nbsp;Jr. &nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">&nbsp;</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: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*By:</FONT></TD>
    <TD STYLE="width: 47%; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Michelle D. Esterman</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michelle D. Esterman</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attorney-in-Fact</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm255024d2_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font-weight: bold; text-align: right; margin: 0">Exhibit 5.1</P>

<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="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><IMG SRC="tm255024d2_ex5-1img01.jpg" ALT="">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="3" STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">2, rue Jean Bertholet</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">L - 1233 Luxembourg</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">T +352 26 12 29 1</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">F +352 26 68 43 31</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P></TD>
    <TD STYLE="vertical-align: top; width: 50%; text-align: left">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Luxembourg, 10 April 2025</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">To Altisource Portfolio Solutions S.A.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">33, Boulevard Prince Henri</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">L-1724 Luxembourg</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">(the &quot;<B>Company</B>&quot;)</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen,</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"><B>Altisource Portfolio Solutions S.A. &ndash;
Form S-1 Registration Statement under the Securities Act of 1933</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have acted as special Luxembourg legal counsel
in Luxembourg to <B>Altisource Portfolio Solutions S.A.</B>, a public limited liability company (<I>soci&eacute;t&eacute; anonyme</I>),
incorporated under the laws of Luxembourg, having its registered office at 33, boulevard Prince Henri, L-1724 Luxembourg, and registered
with the Companies Register (<I>Registre de Commerce et des Soci&eacute;t&eacute;s, Luxembourg</I>) under number B72391, in connection
with the S-1 Registration Statement under the Securities Act of 1933 and the filing thereof with the SEC.</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">This opinion letter is rendered to you in order
to be filed with the SEC as an exhibit to the S-1 Registration Statement in connection with the issuance by the Company of warrant shares
(the &quot;<B>Warrant Shares</B>&quot;) deriving from the exercise of warrants (the &quot;<B>Warrants</B>&quot;) under a warrant agent
agreement dated 31 March 2025 between the Company and Equiniti Trust Company, LLC, as warrant agent.</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">Capitalised terms used in this opinion letter
have the meanings set forth in <U>Exhibit A</U>. Section headings used in this opinion letter are for ease of reference only and are not
to affect its construction or be taken into consideration in its interpretation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have taken instructions solely from the Company.</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">This opinion letter is strictly limited to the
legal matters stated in it only in relation to the S-1 Registration Statement and may not be read as extending by implication to any legal
matters not specifically referred to in it. Nothing in this opinion letter should be taken as expressing an opinion in respect of any
representations or warranties, or other information, contained in any document.</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">NautaDutilh Avocats Luxembourg S.&agrave;&nbsp;r.l.
shall not be held liable for any damage relating to the communication of data or documents. NautaDutilh Avocats Luxembourg S.&agrave;&nbsp;r.l.
is incorporated as a <I>soci&eacute;t&eacute; &agrave; responsabilit&eacute; limit&eacute;e</I> (private limited liability company) in
Luxembourg, with registered office at 2, rue Jean Bertholet L-1233 Luxembourg and registered with the Luxembourg Trade and Companies Register
under number B&nbsp;189905, with a share capital of EUR 12,500 and registered with the Luxembourg bar on List V. All services rendered
by NautaDutilh Avocats Luxembourg S.&agrave;&nbsp;r.l. are subject to the general terms and conditions of NautaDutilh Avocats Luxembourg
S.&agrave;&nbsp;r.l., which include, amongst other provisions, a limitation of liability clause and can be consulted at www.nautadutilh.com
(under &quot;<B>General Conditions</B>&quot;) and will be provided free of charge upon request.</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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><IMG SRC="tm255024d2_ex5-1img01.jpg" ALT=""></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify">2</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This opinion letter may be filed as an exhibit
to the S-1 Registration Statement and we also consent to the reference to NautaDutilh in the S-1 Registration Statement.</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">It does not purport to address all matters of
Luxembourg law that may be of relevance to the Company with respect to the S-1 Registration Statement.</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">In rendering the opinions expressed herein, we
have exclusively reviewed the Corporate Documents and the Public Records, and we have assumed that the Corporate Documents reflect the
reality of the transactions contemplated thereby. We have not investigated or verified any factual matter, whether or not disclosed to
us, in the course of our review, and we assume that any such matter is accurate, complete and up-to-date as of the date hereof.</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">This opinion letter sets out our opinion on certain
matters of the laws with general applicability in Luxembourg as at the date hereof and as presently interpreted under published authoritative
case law of Luxembourg courts, the General Court and the Court of Justice of the European Union. The opinions and statements expressed
in this opinion letter are limited in all respects to and are to be construed and interpreted in accordance with Luxembourg law. We do
not express any opinion on (i) any taxation matters or taxation consequences relating to the S-1 Registration Statement or any other tax
matters, (ii) regulatory compliance with any licensing requirements (in particular under the Financial Sector Act or the Business Licences
Act), or (iii) securitization law. We do not undertake to revise, update or amend this opinion letter in connection with or to notify
or inform of, any developments and/or changes under Luxembourg law subsequent to the date hereof.</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">This opinion letter may only be relied upon and
our willingness to render this opinion letter is subject to the condition that the Company accepts that any legal relationship arising
out of or in connection with this opinion letter (whether contractual or non-contractual), including the below submission to jurisdiction,
is governed by Luxembourg law and that any issues of interpretation or liability arising out of or in connection with this opinion letter
are submitted to the exclusive jurisdiction of the competent courts of Luxembourg-City, Luxembourg. No person other than NautaDutilh Avocats
Luxembourg S.&agrave; r.l. may be held liable in connection with this opinion letter.</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">In this opinion letter, legal concepts are expressed
in English terms and not in their French or German terms. Luxembourg legal concepts concerned may not be identical in meaning to the concepts
described by the English terms as they exist under the law of other jurisdictions. There are always irreconcilable linguistic differences
between legal terms or concepts in different jurisdictions. In the event of a conflict or inconsistency, the relevant expression shall
be deemed to refer only to the Luxembourg legal concepts described by the same English terms. We accept no liability for such conflicts
or inconsistencies.</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">&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>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><IMG SRC="tm255024d2_ex5-1img01.jpg" ALT=""></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify">3</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purposes of this opinion letter, we have
assumed that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">a.</TD><TD STYLE="text-align: justify">all documents reviewed by us as execution versions of documents or as fax, photo or electronic copies
of originals are in conformity with the executed originals thereof and such originals are complete and authentic;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">b.</TD><TD STYLE="text-align: justify">the place of central administration (<I>si&egrave;ge de l'administration centrale</I>), the place of effective
management (<I>si&egrave;ge de direction effective</I>) and (for the purposes of the Recast Insolvency Regulation) the centre of main
interests (<I>centre des int&eacute;r&ecirc;ts principaux</I>) of the Company are located at the place of its registered office (<I>si&egrave;ge
statutaire</I>) in Luxembourg and the Company has no establishment (within the meaning of the Recast Insolvency Regulation) outside Luxembourg;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">c.</TD><TD STYLE="text-align: justify">the Articles of Association, and the Public Records of the Company are each true, complete and up-to-date
as at the date hereof and at each Relevant Moment and such information has not been materially altered since;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">d.</TD><TD STYLE="text-align: justify">no internal regulations have been adopted by the Company&rsquo;s shareholders or board of directors, or
any committee which would affect the Resolutions or the Articles of Association, and will be in force at each relevant Moment,</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">e.</TD><TD STYLE="text-align: justify">at each Relevant Moment, the Resolutions (as defined in <U>Exhibit B</U> hereto) are and will be in full
force and effect and have not been and will not be amended, revoked or declared null and void, and correctly reflect the resolutions taken
by the persons authorized to do so, and the factual statements made and the confirmations given in the Resolutions are and will be complete,
correct and up-to-date;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">f.</TD><TD STYLE="text-align: justify">none of the directors (<I>administrateurs</I>) of the Company had a conflict of interest regarding the
matters covered by the Board Resolutions and none of them has had a conflict of interest with respect thereto since;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">g.</TD><TD STYLE="text-align: justify">all factual matters and statements relied upon or assumed in this opinion letter are and were true and
complete on the date of this opinion;</TD></TR></TABLE>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><IMG SRC="tm255024d2_ex5-1img01.jpg" ALT=""></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify">4</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">h.</TD><TD STYLE="text-align: justify">no provision of law (other than Luxembourg law) would at each Relevant Moment adversely affect or have
any negative impact on the opinions we express in this opinion letter;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">i.</TD><TD STYLE="text-align: justify">at each Relevant Moment, each of the assumptions, made in this opinion letter will be true and correct
in all aspects by reference to the facts and circumstances then existing.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based upon the foregoing and subject to the qualifications
set forth herein and to any matters, documents or events not disclosed to us, we express the following opinions:</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 0pt 35.45pt; text-align: justify"><B>Corporate Status</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">1.</TD><TD STYLE="text-align: justify">The Company is validly existing as a public limited liability company (<I>soci&eacute;t&eacute; anonyme</I>)
under the laws of Luxembourg.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><B>Warrant Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">2.</TD><TD STYLE="text-align: justify">Subject to receipt by the Company of payment in full for the Warrant Shares (or, as the case may be, the
transfer by the Company of treasury shares to the warrant holders at the time of exercise of the Warrants), and when issued, transferred
or allotted, as the case may be and accepted in accordance with the Warrant Agreement, the Warrant Shares will be validly issued fully
paid up and non-assessable.</TD></TR></TABLE>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">A.</TD><TD STYLE="text-align: justify">As Luxembourg lawyers we are not qualified or able to assess the true meaning and purport of the terms
of the S-1 Registration Statement under the applicable law and we have made no investigation of such meaning and purport. Our review of
the S-1 Registration Statement and of any other documents subject or expressed to be subject to any law other than Luxembourg law has
therefore been limited to the terms of such documents as they appear to us on their face.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">B.</TD><TD STYLE="text-align: justify">Corporate documents (including but not limited to a notice of a winding-up order or resolution, notice
of the appointment of a liquidator, receiver, administrator, or administrative receiver and <I>mandataire judiciaire </I>or <I>conciliateur</I>
under Luxembourg law ) may not be held immediately at the Companies Register or are not subject to be deposited/held at the Companies
Register and there may also be a delay in the relevant document to be deposited with the Companies Register or appearing on the file of
the Company with the Companies Register, which may therefore be incomplete and/or inaccurate, and the Extract, and the Negative Certificate
may not constitute conclusive evidence of the facts reflected therein.</TD></TR></TABLE>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><IMG SRC="tm255024d2_ex5-1img01.jpg" ALT=""></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify">5</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">C.</TD><TD STYLE="text-align: justify">Under Article 19-3 of the Companies Register Act, documents and extracts of documents will only be valid
<I>vis-&agrave;-vis</I> third parties from the day of their publication in the RESA unless the Company proves that the relevant third
parties had prior knowledge thereof. Third parties may however rely upon documents, such as the Resolutions, or extracts thereof, which
have not yet been published in the RESA. Such documents are not enforceable against third parties during 15 (fifteen) days following publication
if they prove that it was impossible for them to have knowledge thereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">D.</TD><TD STYLE="text-align: justify">An enquiry with the Companies Register is not capable of conclusively revealing whether or not a winding-up
petition or a petition for the making of an administration or bankruptcy order or similar action has been presented or is threatened to
be presented; therefore, any reliance on the Negative Certificate should be made with regard to the functionality of the Companies Register.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">E.</TD><TD STYLE="text-align: justify">Any activity by the Company contrary to criminal law as well as any serious violation (<I>contravention
grave</I>) by the Company of the provisions of the Luxembourg Commercial Code, of the laws governing commercial companies (including without
limitation with respect to any business licence requirement) and of the Financial Sector Act may lead to the liquidation and winding-up
of the Company. The assessment of whether any violation of said requirements is serious, is left to the discretion of the courts. For
the purpose of this opinion letter, we have not verified whether or not the Company has complied with all requirements of Luxembourg law
applicable to the domiciliation of companies.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">F.</TD><TD STYLE="text-align: justify">The term &quot;non-assessable&quot; has no equivalent in the Luxembourg language and for purposes of this
opinion letter such term should be interpreted to mean that a holder of a share will not by reason of merely being such a holder be subject
to assessment or calls by the Company or its creditors for further payment on such share.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">G.</TD><TD STYLE="text-align: justify">We express no opinion or view on the operational rules and procedures of any clearing or settlement system
or agency.</TD></TR></TABLE>

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  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><IMG SRC="tm255024d2_ex5-1img01.jpg" ALT=""></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify">6</TD></TR>
  </TABLE>
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    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Yours faithfully,</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Margaretha (Greet) Wilkenhuysen</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">NautaDutilh Avocats Luxembourg
    S.&agrave; r.l.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Authorized Signatory:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Margaretha (Greet) Wilkenhuysen</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


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

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  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><IMG SRC="tm255024d2_ex5-1img01.jpg" ALT=""></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify">7</TD></TR>
  </TABLE>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exhibit
A </FONT><BR>
List of Definitions</P>

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

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&quot;<B>Articles of Association</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 70%; padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">has the meaning attributed thereto in <U>Exhibit
    B</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&quot;<B>Business Licences Act</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Luxembourg Act of 2 September 2011 regulating
    access to the professions of craftsman, trader, industrialist as well as certain liberal professions, as amended</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: left; font-size: 10pt">&quot;<B>Companies Register</B>&quot;</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Luxembourg Register of Commerce and Companies
    (<I>R.C.S. Luxembourg</I>)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&quot;<B>Company</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Altisource Portfolio Solutions S.A., a public
    limited liability company (<I>soci&eacute;t&eacute; anonyme</I>) incorporated under the laws of Luxembourg, having its registered office
    at 33, boulevard Prince Henri, L-1724 Luxembourg, and registered with the Companies Register (<I>Registre de Commerce et des Soci&eacute;t&eacute;s</I>)
    under number B72391</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&quot;<B>Corporate Documents</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">has the meaning attributed thereto in <U>Exhibit
    B</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&quot;<B>Extract</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">has the meaning attributed thereto in <U>Exhibit
    B</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&quot;<B>Financial Sector Act</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Luxembourg Act of 5 April 1993 regarding the
    financial sector, as amended</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&quot;<B>Luxembourg</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Grand Duchy of Luxembourg</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&quot;<B>Luxembourg Commercial Code</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Luxembourg Commercial Code (<I>Code de Commerce</I>)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: left; font-size: 10pt">&quot;<B>Negative Certificate</B>&quot;</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">has the meaning attributed thereto in <U>Exhibit
    B</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&quot;<B>Public Records</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">has the meaning attributed thereto in <U>Exhibit
    B</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: left; font-size: 10pt">&quot;<B>Recast Insolvency Regulation</B>&quot;</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Regulation (EU) 2015/848 of the European
Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast), as amended by Regulation (EU) 2021/2260 of the European
Parliament and of the Council of 15 December 2021</P></TD></TR>
</TABLE>

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

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

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

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

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  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><IMG SRC="tm255024d2_ex5-1img01.jpg" ALT=""></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify">8</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="padding-right: 5.4pt; text-align: left; font-size: 10pt; width: 30%">&quot;<B>Relevant Moment</B>&quot;</TD>
    <TD STYLE="padding-right: 5.4pt; width: 70%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">each time when Warrant Shares were, or will be,
    issued, transferred or allotted, as the case may be</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&quot;<B>RESA</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Luxembourg Electronic Register of Companies
    and Associations (<I>Recueil Electronique des Soci&eacute;t&eacute;s et Associations</I>)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&quot;<B>Resolutions</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">has the meaning attributed thereto in <U>Exhibit
    B</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&quot;<B>S-1 Registration Statement</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Company's registration statement on Form S-1
    initially filed by the Company with the SEC under the Securities Act of 1933, as amended, on January 31, 2025, as amended on the date
    hereo and as the same may be subsequently amended (such registration statement, at the time it will be declared effective by the SEC,
    including the information included therein pursuant to Rule 430B under the Securities Act of 1933 and the documents incorporated by reference
    therein)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&quot;<B>SEC</B>&quot;</P></TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the United States Securities and Exchange
Commission</P></TD></TR>
  </TABLE>

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

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

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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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><IMG SRC="tm255024d2_ex5-1img01.jpg" ALT=""></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify">9</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exhibit
B </FONT><FONT STYLE="font-weight: normal"><BR>
</FONT>List of Corporate Documents<BR>
and Public Records</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: 0in">List of corporate documents
and public records of the Company:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">1.</TD><TD STYLE="text-align: justify">an electronic copy of the (restated) articles of association of the Company dated 4 March 2025 (the &quot;<B>Articles
of Association</B>&quot;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">2.</TD><TD STYLE="text-align: justify">an electronic copy of (a) the resolutions of the directors (<I>administrateurs</I>) of the Company, dated
16 December 2024 (the &quot;<B>Board Resolutions 1</B>&quot;), (b) the resolutions of the directors (<I>administrateurs</I>) of the Company
dated 29 January 2025 (the &quot;<B>Board Resolutions 2</B>&quot;), (c) the resolutions of the directors (<I>administrateurs</I>) of the
Company dated 30 March 2025 (the &quot;<B>Board Resolutions 3</B>&quot;), and together with the Board Resolutions 1, and the Board Resolutions
2, the &quot;<B>Resolutions</B>&quot;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">3.</TD><TD STYLE="text-align: justify">an electronic copy of a certificate of non-registration of judgments, or administrative dissolution without
liquidation, issued by the Companies Register for the Company on 10 April 2025 and reflecting the situation of 9 April 2025, and stating
that the Company has not been declared bankrupt (<I>en faillite</I>) has not been subject to administrative dissolution without liquidation
proceedings (<I>proc&eacute;dure de dissolution administrative sans liquidation</I>) and that it has not applied for reprieve from payment
(<I>sursis de paiement</I>) or such other proceedings listed in Article 13, items 4 to 12, 16 and 17 of the Companies Register Act (the
&quot;<B>Negative Certificate</B>&quot;); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">4.</TD><TD STYLE="text-align: justify">an electronic copy of a register extract for the Company issued by the Companies Register dated 10 April
2025 (the &quot;<B>Extract</B>&quot;).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Articles of Association and the Resolutions
are collectively referred to as the &quot;<B>Corporate Documents</B>&quot;.</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">The Negative Certificate and the Extract are collectively
referred to as the &quot;<B>Public Records</B>&quot;.</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">&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">&nbsp;</P>

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

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

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>tm255024d2_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
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<P STYLE="margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
of Independent Registered Public Accounting Firm</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
consent to the incorporation by reference in this Amendment No. 1 to the Registration Statement (No. 333-284648) on Form S-1 and related
Prospectus of Altisource Portfolio Solutions S.A. of our report dated March 31, 2025, relating to the consolidated financial statements
of Altisource Portfolio Solutions S.A., appearing in the Annual Report on Form 10-K of Altisource Portfolio Solutions S.A. for the year
ended December 31, 2024.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also consent to the reference to our firm under the heading &quot;Experts&quot; in such Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
RSM US LLP</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
10, 2025</FONT></P>

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

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

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>4
<FILENAME>tm255024d2_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;107</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Calculation
of Filing Fee Tables<BR>
<U>Form&nbsp;S-1<BR>
</U></B></FONT>(Form&nbsp;Type)<BR>
<B><U>Altisource Portfolio Solutions S.A.</U><BR>
</B>(Exact Name of Registrant as Specified in its Charter)<BR>
<B><U>Table&nbsp;1: Newly Registered Securities</U></B></P>

<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%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: top; width: 8%; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 8%; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
    Type</FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 10%; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
    Class<BR>
    Title</FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 5%; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee<BR>
    Calculation<BR>
    Rule</FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 25%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    to be<BR>
    Registered<SUP>(1)</SUP></FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 10%; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposed<BR>
    Maximum<BR>
    Offering<BR>
    Price<BR>
    Per<BR>
    Security</FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 13%; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposed<BR>
    Maximum<BR>
    Aggregate<BR>
    Offering<BR>
    Price</FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 10%; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee
    Rate</FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 11%; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    of<BR>
    Registration<BR>
    Fee</FONT> </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="9" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> Newly Registered Securities </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-top: black 1pt solid; vertical-align: top; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fees
    to be Paid</B></FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity
    </FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: top; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    Stock, par value $1.00 per share</FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">457(g)</FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">114,499,134
    <SUP>(2)</SUP></FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20<SUP>(3)</SUP></FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$137,398,960.80</FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.00015310</FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$21,035.78</FONT> </TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-top: black 1pt solid; vertical-align: top; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fees
    previously Paid</B></FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT> </TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-top: black 1pt solid; vertical-align: top; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt"> &nbsp; </TD>
    <TD COLSPAN="4" STYLE="border-top: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Offering Amounts</FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> &nbsp; </TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$137,398,960.80</FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: top; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt"> &nbsp; </TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$21,035.78</FONT> </TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-top: black 1pt solid; vertical-align: top; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt"> &nbsp; </TD>
    <TD COLSPAN="4" STYLE="border-top: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Fees Previously Paid</FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> &nbsp; </TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt"> &nbsp; </TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: top; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt"> &nbsp; </TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-top: black 1pt solid; vertical-align: top; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt"> &nbsp; </TD>
    <TD COLSPAN="4" STYLE="border-top: black 1pt solid; vertical-align: bottom; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Fee Offsets</FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> &nbsp; </TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt"> &nbsp; </TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: top; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt"> &nbsp; </TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-top: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt"> &nbsp; </TD>
    <TD COLSPAN="4" STYLE="border-top: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    Fee Due</FONT> </TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> &nbsp; </TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt"> &nbsp; </TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt"> &nbsp; </TD>
    <TD STYLE="border: black 1pt solid; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$21,035.78<SUP>(4)</SUP></FONT> </TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Pursuant to Rule&nbsp;416(a)&nbsp;of the Securities Act of&nbsp;1933, as amended (the &ldquo;Securities
Act&rdquo;), there are also being registered an indeterminable number of additional securities as may be issued to prevent dilution resulting
from share splits, share dividends or similar transactions.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">Consists of&nbsp;up to an aggregate of 114,499,134 shares of common
stock, par value $0.01&nbsp;per share (the &ldquo;Common Stock&rdquo;), of Altisource Portfolio Solutions S.A., a Luxembourg soci&eacute;t&eacute;
anonyme, or public limited liability company (the &ldquo;Company&rdquo;), issuable upon the exercise of&nbsp; Warrants (as defined in
this registration statement) by the holders thereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">The price per share is based upon the exercise price per share of Common Stock.</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: 24px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously paid.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
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