<SEC-DOCUMENT>0001140361-20-017017.txt : 20200730
<SEC-HEADER>0001140361-20-017017.hdr.sgml : 20200730
<ACCEPTANCE-DATETIME>20200730083929
ACCESSION NUMBER:		0001140361-20-017017
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20200730
DATE AS OF CHANGE:		20200730
EFFECTIVENESS DATE:		20200730

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			InflaRx N.V.
		CENTRAL INDEX KEY:			0001708688
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			P7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-240185
		FILM NUMBER:		201059363

	BUSINESS ADDRESS:	
		STREET 1:		WINZERLAER STR. 2
		CITY:			JENA
		STATE:			2M
		ZIP:			07745
		BUSINESS PHONE:		49 3641 508180

	MAIL ADDRESS:	
		STREET 1:		WINZERLAER STR. 2
		CITY:			JENA
		STATE:			2M
		ZIP:			07745

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Fireman B.V.
		DATE OF NAME CHANGE:	20170606
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>brhc10013845_s8.htm
<DESCRIPTION>S-8
<TEXT>
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      <div style="text-align: center; font-weight: bold;">As filed with the Securities and Exchange Commission on July 30, 2020</div>
      <div>
        <div style="text-align: right; font-weight: bold;">Registration No. 333-</div>
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      <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">Washington, D.C.&#160; 20549</div>
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        <div><br>
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      <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM S-8</div>
      <div style="text-align: center; font-weight: bold;">REGISTRATION STATEMENT</div>
      <div style="text-align: center; font-weight: bold;">UNDER THE SECURITIES ACT OF 1933</div>
      <div>
        <div><br>
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            <div><br>
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      <div style="text-align: center; font-size: 24pt; font-weight: bold;">InflaRx N.V.</div>
      <div style="text-align: center; font-weight: bold;">(Exact Name of Registrant as specified in its charter)</div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z07c2e9a9351a43cab9abfe98988297bb">

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              <div style="text-align: center; font-weight: bold;">The Netherlands</div>
            </td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">N/A</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center;">(State or other jurisdiction of incorporation or organization)</div>
            </td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center;">(I.R.S. Employer Identification No.)</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">Winzerlaer Str. 2</div>
      <div style="text-align: center; font-weight: bold;">07745 Jena, Germany</div>
      <div style="text-align: center; font-weight: bold;">(+49) 3641 508180</div>
      <div><br>
      </div>
      <div style="text-align: center; margin-left: 3.6pt;">(Address including zip code of Principal Executive Offices)<br>
        <br>
      </div>
      <div>
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          <div><br>
          </div>
        </div>
      </div>
      <div style="text-align: center; margin-left: 3.6pt; font-weight: bold;">InflaRx N.V. Long-Term Incentive Plan</div>
      <div style="text-align: center; margin-left: 3.6pt;">(Full title of the plan)</div>
      <div><br>
      </div>
      <div>
        <div>
          <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 22%; color: #000000; text-align: center;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">InflaRx Pharmaceuticals, Inc.</div>
      <div style="text-align: center; font-weight: bold;">600 South Wagner Rd</div>
      <div style="text-align: center; font-weight: bold;">Ann Arbor, MI 48103</div>
      <div style="text-align: center; margin-left: 3.6pt; font-weight: bold;">(734) 761-8107</div>
      <div>&#160;</div>
      <div style="text-align: center; margin-left: 3.6pt;">(Name, address and telephone number, including area code, of agent for service)</div>
      <div>
        <div>
          <div><br>
          </div>
          <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 22%; color: #000000; text-align: center;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; margin-left: 3.6pt;"><font style="font-weight: bold;">Copies to</font>:</div>
      <div style="text-align: center;">Sophia Hudson, P.C.</div>
      <div style="text-align: center;">Kirkland &amp; Ellis LLP</div>
      <div style="text-align: center;">601 Lexington Avenue</div>
      <div style="text-align: center;">New York, NY 10022</div>
      <div style="text-align: center; margin-left: 3.6pt;">(212) 446-4800</div>
      <div style="text-align: justify; font-weight: bold;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#8220;large accelerated
        filer,&#8221; &#8220;accelerated filer&#8221; and &#8220;smaller reporting company&#8221; in Rule 12b-2 of the Exchange Act.</div>
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        <div> <br>
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              <td style="width: 55%;">
                <div><font style="font-weight: bold;">Large accelerated filer &#9744;</font></div>
              </td>
              <td style="width: 25%;">
                <div><font style="font-weight: bold;">Accelerated filer&#160; &#9744;</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 55%;">
                <div><font style="font-weight: bold;">Non-accelerated filer &#9746; </font><a name="Check2"></a><font style="font-weight: bold;"> (Do not check if a smaller reporting company)</font></div>
              </td>
              <td style="width: 25%;">
                <div><font style="font-weight: bold;">Smaller reporting company&#160; &#9744;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
        <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
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      <div style="text-align: center; font-weight: bold;">CALCULATION OF REGISTRATION FEE</div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb923350bd18b4722b47e633aa548f73b">

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              <div style="text-align: center; font-weight: bold;">Title of Securities to be Registered</div>
            </td>
            <td style="width: 14.42%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 4px double; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-weight: bold;">Amount to be</font>&#160;<font style="font-weight: bold;">Registered</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td style="width: 15.38%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 4px double; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">Proposed Maximum Offering Price Per Share</div>
            </td>
            <td style="width: 18.27%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 4px double; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-weight: bold;">Proposed Maximum Aggregate Offering Price</font></div>
            </td>
            <td style="width: 15%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 4px double rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-weight: bold;">Amount of</font> <font style="font-weight: bold;">Registration Fee</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
            </td>
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              <div style="text-align: center;">Common Shares, par value &#8364;0.12 each</div>
            </td>
            <td style="width: 14.42%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">6,800,000<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
            </td>
            <td style="width: 15.38%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">$4.73<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </td>
            <td style="width: 18.27%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">$32,164,000</div>
            </td>
            <td style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">$4,174.89</div>
            </td>
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      </table>
      <div><br>
      </div>
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            <td style="width: 18pt; vertical-align: top; align: right;">(1)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), this Registration Statement on Form S-8 (this &#8220;Registration Statement&#8221;) shall also cover any additional Common Shares that become issuable under
                the InflaRx N.V. Long-Term Incentive Plan, as amended (the &#8220;Plan&#8221;) by reason of any share dividend, share split or other similar transaction.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2f29547258bc40bfa2fbb046320c150f">

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            <td style="width: 18pt; vertical-align: top; align: right;">(2)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Represents annual automatic increases to the number of Common Shares available for issuance under the Plan effective January 1, 2021, and a number of Common Shares that may become available for reissuance under the Plan in accordance
                with the share counting and recycling provisions and other terms and conditions of the Plan. Common Shares available for issuance under the Plan were previously registered on a registration statement on Form S-8 filed with the Commission on
                November 17, 2017 (Registration No. 333-221656).</div>
            </td>
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      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z66fa307db3c14ec296d703f0b2a41325">

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            <td style="width: 18pt; vertical-align: top; align: right;">(3)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h) under the Securities Act on the basis of the average of the high and low prices reported for a Common Share on the NASDAQ Global Select Market
                on July 24, 2020.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaa0d33b10e884bc683f563c6a0c9c161">

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            <td style="width: 18pt; vertical-align: top; align: right;">(4)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Pursuant to General Instruction E of Form S-8, a filing fee is being paid only with respect to the registration of an additional 6,800,000 Common Shares under the Plan.</div>
            </td>
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      </table>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      <div style="text-align: center; font-weight: bold;">EXPLANATORY NOTE</div>
      <div>&#160;</div>
      <div style="text-indent: 18pt;">The InflaRx N.V. Long-Term Incentive Plan, as amended (the &#8220;Plan&#8221;), includes an evergreen provision that provides that the total number of Common Shares reserved for issuance under the Plan will be increased as of
        January 1 of each year starting January 1, 2021 by an amount equal to the lesser of (i) four percent (4%) of the outstanding Common Shares on December 31 of the immediately preceding year and (ii) such number of Common Shares as determined by our
        Board of Directors (the &#8220;Board&#8221;).&#160; On November 17, 2017, we filed with the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) a registration statement on Form S-8, Registration No. 333-221656 (the &#8220;Prior Registration Statement&#8221;), relating
        to Common Shares reserved for issuance under the Plan and certain other plans. We are filing this Registration Statement on Form S-8 (this &#8220;Registration Statement&#8221;) to register 6,800,000 additional Common Shares under the Plan.&#160; In accordance with
        General Instruction E of Form S-8, the contents of the Prior Registration Statement are hereby incorporated by reference in this Registration Statement.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      </div>
      <div style="text-align: center; font-weight: bold;">PART II</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z4d655ee83d174391ab2f7aff4c1405d2" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

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              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left; font-weight: bold;">Item 3.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; font-weight: bold;">Incorporation of Documents by Reference.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>The following documents are incorporated herein by reference:</div>
      <div>&#160;</div>
      <div>(a) The Registrant&#8217;s annual report on Form 20-F for the fiscal year ended December 31, 2019, filed with the Commission on April 29, 2020.<a name="P175057497"></a></div>
      <div>&#160;</div>
      <div>(b) The Registrant&#8217;s <font style="color: #000000;">Forms 6-K filed on March 2, 2020, May 21, 2020, June 30, 2020</font>, July 15, 2020, July 20, 2020 and July 21, 2020.</div>
      <div>&#160;</div>
      <div>(c) All other reports filed by the Registrant with the Commission pursuant to Section 13(a) or 15(d) of the Exchange Act since the end of the fiscal year covered by the Registrant&#8217;s annual report referred to in (a) above.</div>
      <div>&#160;</div>
      <div>(d) The description of the Registrant&#8217;s share capital which is contained in the Registrant&#8217;s Registration Statement on Form 8-A filed with the Commission on November 7, 2017 (Registration No. 001-38283), including any amendments or supplements
        thereto.</div>
      <div>&#160;</div>
      <div>In addition, all documents subsequently filed by the Registrant with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment to this Registration Statement which
        indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, including any Reports of Foreign Private Issuers on Form 6-K submitted during such period (or portion thereof) that is identified in
        such form as being incorporated by reference into this Registration Statement, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of the filing of such documents. The Registrant is
        not incorporating by reference any documents or portions thereof, whether specifically listed above or filed in the future, that are not deemed &#8220;filed&#8221; with the Commission.</div>
      <div>&#160;</div>
      <div>Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein (or in
        any other subsequently filed document which also is incorporated or deemed to be incorporated by reference herein), modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or
        superseded, to constitute a part of this Registration Statement.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z74c6ebc2c967498bbe72df8b0800ac50" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

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              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left; font-weight: bold;">Item 8.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; font-weight: bold;">Exhibits.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z49f1445334264efe90b2b4f3d000d8c0">

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            <td style="width: 8%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>
                <div>Exhibit Number</div>
              </div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 90%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><a href="http://www.sec.gov/Archives/edgar/data/1708688/000095010317011031/dp82669_ex0302.htm">4.1</a></div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>InflaRx N.V. Articles of Association, dated November 7, 2017 (incorporated herein by reference to Exhibit 3.2 to Post-Effective Amendment No. 1 to the Registrant&#8217;s Registration Statement on Form F-1, filed on November 9, 2017
                (Registration No. 333-220962))</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
            <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 90%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><a href="http://www.sec.gov/Archives/edgar/data/1708688/000095010317011031/dp82669_ex0402.htm">4.2</a></div>
            </td>
            <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>Registration Rights Agreement (incorporated herein by reference to Exhibit 4.2 to Post-Effective Amendment No. 1 to the Registrant&#8217;s Registration Statement on Form F-1, filed on November 9, 2017 (Registration No. 333-220962))</div>
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            <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
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            <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>Opinion of NautaDutilh N.V., Dutch counsel of the Registrant, as to the validity of the common shares (filed herewith)</div>
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            <td rowspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
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            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>Consent of NautaDutilh N.V., counsel of the Registrant (included in Exhibit 5.1)</div>
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            <td rowspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
            <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
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            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>Consent of KPMG AG Wirtschaftspr&#252;fungsgesellschaft (filed herewith)</div>
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            <td rowspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
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              <div><a href="http://www.sec.gov/Archives/edgar/data/1708688/000095010317011321/dp82802_ex9900.htm">99.1</a></div>
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              <div>InflaRx N.V. Long-Term Incentive Plan (incorporated herein by reference to Exhibit 99 to the Registrant&#8217;s Registration Statement on Form S-8, filed on November 17, 2017 (Registration No. 333-221656)</div>
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            <td rowspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
            <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
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              <div>Amendment to InflaRx N.V. Long-Term Incentive Plan (filed herewith)</div>
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      <div style="text-indent: 18pt;">Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing this Registration Statement and has duly caused
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              <div>InflaRx N.V.</div>
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            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
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              <div>By:</div>
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              <div>/s/ Niels Riedemann</div>
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              <div>Niels Riedemann</div>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
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        <div style="text-indent: 42.85pt;"><font style="color: #000000;">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints </font>Niels Riedemann and Arnd Christ<font style="color: #000000;"> as
            his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including
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            documents in connection therewith, with the U.S. Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act in person, hereby ratifying and confirming all
            that said attorneys-in-fact and agents or their substitutes may lawfully do or cause to be done by virtue hereof.</font></div>
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        <div style="text-indent: 42.85pt; color: #000000;">Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</div>
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              <div style="text-align: center; font-weight: bold;"><u>Title</u></div>
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              <div style="text-align: center; font-weight: bold;"><u>Date</u></div>
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            <td rowspan="1" style="width: 28.89%; vertical-align: bottom;">&#160;</td>
            <td rowspan="1" style="width: 1.94%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 44.81%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 24.36%; vertical-align: top;">&#160;</td>
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              <div>/s/ Niels Riedemann</div>
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            <td style="width: 1.94%; vertical-align: top;">&#160;</td>
            <td style="width: 44.81%; vertical-align: bottom;">
              <div style="text-align: center;">Chief Executive Officer and Director</div>
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            <td style="width: 24.36%; vertical-align: bottom;">
              <div style="text-align: center;">July 30, 2020</div>
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              <div>Niels Riedemann</div>
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            <td style="width: 1.94%; vertical-align: top;">&#160;</td>
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              <div style="text-align: center;">(Principal Executive Officer)</div>
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            <td style="width: 24.36%; vertical-align: bottom;">&#160;</td>
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            <td rowspan="1" style="width: 28.89%; vertical-align: bottom;">&#160;</td>
            <td rowspan="1" style="width: 1.94%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 44.81%; vertical-align: bottom;">&#160;</td>
            <td rowspan="1" style="width: 24.36%; vertical-align: bottom;">&#160;</td>
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              <div>/s/ Arnd Christ</div>
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            <td style="width: 1.94%; vertical-align: top;">&#160;</td>
            <td style="width: 44.81%; vertical-align: bottom;">
              <div style="text-align: center;">Chief Financial Officer</div>
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            <td style="width: 24.36%; vertical-align: bottom;">
              <div style="text-align: center;">July 30, 2020</div>
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            <td style="width: 28.89%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
              <div>Arnd Christ</div>
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              <div style="text-align: center;">&#160;(Principal Financial and Accounting Officer)</div>
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            <td style="width: 24.36%; vertical-align: bottom;">&#160;</td>
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            <td rowspan="1" style="width: 28.89%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 1.94%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 44.81%; vertical-align: bottom;">&#160;</td>
            <td rowspan="1" style="width: 24.36%; vertical-align: bottom;">&#160;</td>
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              <div style="color: #000000;">/s/ Nicolas Fulpius</div>
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            <td style="width: 1.94%; vertical-align: top;">&#160;</td>
            <td style="width: 44.81%; vertical-align: bottom;">
              <div style="text-align: center;">Chairman and Director</div>
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            <td style="width: 24.36%; vertical-align: bottom;">
              <div style="text-align: center;">July 30, 2020</div>
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            <td style="width: 28.89%; vertical-align: bottom; border-top: #000000 2px solid;">
              <div style="color: #000000;">Nicolas Fulpius</div>
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            <td style="width: 1.94%; vertical-align: top;">&#160;</td>
            <td style="width: 44.81%; vertical-align: bottom;">&#160;</td>
            <td style="width: 24.36%; vertical-align: bottom;">&#160;</td>
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            <td rowspan="1" style="width: 28.89%; vertical-align: bottom;">&#160;</td>
            <td rowspan="1" style="width: 1.94%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 44.81%; vertical-align: bottom;">&#160;</td>
            <td rowspan="1" style="width: 24.36%; vertical-align: bottom;">&#160;</td>
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              <div>/s/ Renfeng Guo</div>
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            <td style="width: 24.36%; vertical-align: bottom;">
              <div style="text-align: center;">July 30, 2020</div>
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              <div>Renfeng Guo</div>
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            <td style="width: 1.94%; vertical-align: top;">&#160;</td>
            <td style="width: 44.81%; vertical-align: bottom;">&#160;</td>
            <td style="width: 24.36%; vertical-align: bottom;">&#160;</td>
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            <td rowspan="1" style="width: 28.89%; vertical-align: bottom;">&#160;</td>
            <td rowspan="1" style="width: 1.94%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 44.81%; vertical-align: bottom;">&#160;</td>
            <td rowspan="1" style="width: 24.36%; vertical-align: bottom;">&#160;</td>
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            <td style="width: 28.89%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div>/s/ Katrin Uschmann</div>
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            <td style="width: 1.94%; vertical-align: top;">&#160;</td>
            <td style="width: 44.81%; vertical-align: bottom;">
              <div style="text-align: center;">Director</div>
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            <td style="width: 24.36%; vertical-align: bottom;">
              <div style="text-align: center;">July 30, 2020</div>
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            <td style="width: 28.89%; vertical-align: bottom;">
              <div>Katrin Uschmann</div>
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            <td style="width: 1.94%; vertical-align: top;">&#160;</td>
            <td style="width: 44.81%; vertical-align: bottom;">&#160;</td>
            <td style="width: 24.36%; vertical-align: bottom;">&#160;</td>
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            <td rowspan="1" style="width: 28.89%; vertical-align: bottom;">&#160;</td>
            <td rowspan="1" style="width: 1.94%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 44.81%; vertical-align: bottom;">&#160;</td>
            <td rowspan="1" style="width: 24.36%; vertical-align: bottom;">&#160;</td>
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              <div>/s/ Lina Ma</div>
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            <td style="width: 1.94%; vertical-align: top;">&#160;</td>
            <td style="width: 44.81%; vertical-align: bottom;">
              <div style="text-align: center;">Director</div>
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            <td style="width: 24.36%; vertical-align: bottom;">
              <div style="text-align: center;">July 30, 2020</div>
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              <div>Lina Ma</div>
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            <td style="width: 1.94%; vertical-align: top;">&#160;</td>
            <td style="width: 44.81%; vertical-align: bottom;">&#160;</td>
            <td style="width: 24.36%; vertical-align: bottom;">&#160;</td>
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            <td rowspan="1" style="width: 28.89%; vertical-align: bottom;">&#160;</td>
            <td rowspan="1" style="width: 1.94%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 44.81%; vertical-align: bottom;">&#160;</td>
            <td rowspan="1" style="width: 24.36%; vertical-align: bottom;">&#160;</td>
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              <div>/s/ Mark Kuebler</div>
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            <td style="width: 1.94%; vertical-align: top;">&#160;</td>
            <td style="width: 44.81%; vertical-align: bottom;">
              <div style="text-align: center;">Director</div>
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            <td style="width: 24.36%; vertical-align: bottom;">
              <div style="text-align: center;">July 30, 2020</div>
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              <div>Mark Kuebler</div>
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            <td style="width: 1.94%; vertical-align: top;">&#160;</td>
            <td style="width: 44.81%; vertical-align: bottom;">&#160;</td>
            <td style="width: 24.36%; vertical-align: bottom;">&#160;</td>
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            <td rowspan="1" style="width: 28.89%; vertical-align: bottom;">&#160;</td>
            <td rowspan="1" style="width: 1.94%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 44.81%; vertical-align: bottom;">&#160;</td>
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            <td style="width: 1.94%; vertical-align: top;">&#160;</td>
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              <div style="text-align: center;">Director</div>
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            <td style="width: 24.36%; vertical-align: bottom;">
              <div style="text-align: center;">July 30, 2020</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>brhc10013845_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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    <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 5.1</font><br>
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          <tr>
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              <div>ATTORNEYS &#8226; CIVIL LAW NOTARIES &#8226; TAX ADVISERS</div>
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            <td colspan="2" style="width: 52.21%; vertical-align: top;">
              <div><img src="image00001.jpg"></div>
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          </tr>
          <tr>
            <td rowspan="1" style="width: 47.79%; vertical-align: top;">&#160;</td>
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          <tr>
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              <div>P.O. Box 7113</div>
              <div>1007 JC Amsterdam</div>
              <div>Beethovenstraat 400</div>
              <div>1082 PR Amsterdam</div>
              <div>T +31 20 71 71 000</div>
              <div>F +31 20 71 71 111</div>
            </td>
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            <td style="width: 48.1%; vertical-align: top;">
              <div>Amsterdam, July 30, 2020</div>
              <div>&#160;</div>
              <div>To the Company</div>
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          </tr>

      </table>
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      <div style="text-align: justify; color: #000000;">Ladies and Gentlemen:</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;"><a name="bmkExtrapara2"></a><a name="bmkDocinfo"></a><a name="bmkDocinfoLINE"></a>We have acted as legal counsel as to Dutch law to the Company in connection with the filing of the Registration
        Statement with the SEC. This opinion letter is rendered to you in order to be filed with the SEC as an exhibit to the Registration Statement.</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">Capitalised terms used in this opinion letter have the meanings set forth in Exhibit A to this opinion letter. The section headings used in this opinion letter are for convenience of reference only
        and are not to affect its construction or to be taken into consideration in its interpretation.</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">This opinion letter is strictly limited to the matters stated in it and may not be read as extending by implication to any 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 the Plan.</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">In rendering the opinions expressed in this opinion letter, we have reviewed and relied upon the Plan and pdf copies or drafts, as the case may be, of the Corporate Documents, and we have assumed that
        Awards made under the Plan shall be made for bona fide commercial reasons. We have not investigated or verified any factual matter disclosed to us in the course of our review.</div>
      <div>&#160;</div>
      <div>
        <div style="text-align: justify;">
          <div><font style="color: #000000;">This opinion letter sets out our opinion on certain matters of the laws with general applicability of the Netherlands, and, insofar as they are directly applicable in the
              Netherlands, of the European Union, as at today's date and as presently interpreted under published authoritative case law of the Dutch courts, the General Court and the Court of Justice of the European Union. We do not express any opinion on
              Dutch or European competition law, </font>data protection law, <font style="color: #000000;">tax law or regulatory law. No undertaking is assumed on our part to revise, update or amend this opinion letter in connection with or to notify or
              inform you of, any developments and/or changes of Dutch law subsequent to today's date. We do not purport to opine on the consequences of amendments to the Plan or the Corporate Documents subsequent to the date of this opinion letter.</font></div>
        </div>
      </div>
      <div> <br>
      </div>
      <div style="text-align: justify;">This communication is confidential and may be subject to professional privilege. All legal relationships are subject to NautaDutilh N.V.'s general terms and conditions (see https://www.nautadutilh.com/terms), which
        apply mutatis mutandis to our relationship with third parties relying on statements of NautaDutilh N.V., include a limitation of liability clause, have been filed with the Rotterdam District Court and will be provided free of charge upon request.
        NautaDutilh N.V.; corporate seat Rotterdam; trade register no. 24338323.</div>
      <div style="text-align: justify;"> <br>
      </div>
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      </div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" id="zf0616cf72b634396b542cf4de0aed7a6" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 50%; vertical-align: top;">
                <div>
                  <div><img src="image00001.jpg"></div>
                </div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 50%; vertical-align: top;">2<br>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div style="text-align: justify; color: #000000;">The opinions expressed in this opinion letter are to be construed and interpreted in accordance with Dutch law. The competent courts at Amsterdam, the Netherlands, have exclusive jurisdiction to
        settle any issues of interpretation or liability arising out of or in connection with this opinion letter. Any legal relationship arising out of or in connection with this opinion letter (whether contractual or non-contractual), including the above
        submission to jurisdiction, is governed by Dutch law and shall be subject to the general terms and conditions of NautaDutilh. Any liability arising out of or in connection with this opinion letter shall be limited to the amount which is paid out
        under NautaDutilh's insurance policy in the matter concerned. No person other than NautaDutilh may be held liable in connection with this opinion letter.</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">In this opinion letter, legal concepts are expressed in English terms. The Dutch 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. In the event of a conflict or inconsistency, the relevant expression shall be deemed to refer only to the Dutch legal concepts described by the English terms.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">For the purposes of this opinion letter, we have assumed that:</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2d72928db53b4d75822899e22db1fb90">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">a.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">drafts of documents reviewed by us will be signed in the form of those drafts, each copy of a document conforms to the original, each original is authentic, and each signature is the genuine signature of the
                individual purported to have placed that signature;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1263a567fb0b4730a787424454f21083">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">b.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">the Registration Statement has been declared effective by the SEC in the form reviewed by us;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9d27dd52267c4db8941449159656dfcd">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">c.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="color: #000000;">(i) no internal regulations (</font><font style="font-style: italic; color: #000000;">reglementen</font><font style="color: #000000;">) have been adopted by any corporate body of the Company which would
                  affect the validity of the resolutions recorded in the Resolutions other than the Board Rules and (ii) </font>the Current Articles are the Articles of Association currently in force and as they will be in force at each Relevant Moment;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z91cbd64d25d24092a7e550960c64566c">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">d.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="color: #000000;">at each Relevant Moment, the resolutions recorded in the Resolutions are in full force and effect, the factual statements made and the confirmations given in the Resolutions are complete and correct and the
                  Resolutions </font>of the <font style="color: #000000;">General Meeting correctly reflect the resolutions recorded therein;</font></div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8c6cb6d3fc8c4a3d84785384fff817f7">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">e.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="color: #000000;">at each Relevant Moment, the Company will not (i) have been dissolved (</font><font style="font-style: italic; color: #000000;">ontbonden</font><font style="color: #000000;">), (ii) have ceased to exist
                  pursuant to a merger (</font><font style="font-style: italic; color: #000000;">fusie</font><font style="color: #000000;">) or a division (</font><font style="font-style: italic; color: #000000;">splitsing</font><font style="color: #000000;">), (iii) have been converted (</font><font style="font-style: italic; color: #000000;">omgezet</font><font style="color: #000000;">) into another legal form, either national or foreign </font>(except pursuant to the Deed of
                Conversion and Amendment)<font style="color: #000000;">, (iv) have had its assets placed under administration (</font><font style="font-style: italic; color: #000000;">onder bewind gesteld</font><font style="color: #000000;">), (v) have
                  been declared bankrupt (</font><font style="font-style: italic; color: #000000;">failliet verklaard</font><font style="color: #000000;">), (vi) have been granted a suspension of payments (</font><font style="font-style: italic; color: #000000;">surseance van betaling verleend</font><font style="color: #000000;">), or (vii) have been made subject to similar proceedings in any jurisdiction or otherwise been limited in its power to dispose of its assets</font>;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
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        <div style="page-break-after:always;" id="DSPFPageBreak">
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      </div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 50%; vertical-align: top;">
                <div>
                  <div><img src="image00001.jpg"></div>
                </div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 50%; vertical-align: top;">3<br>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za89acb4c8f6f41a5a84a95a448347ce7">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">f.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">any offering of Awards, to the extent made in the Netherlands, has been, is and will be made in conformity with the Prospectus Regulation, the DFSA and the rules promulgated thereunder;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd8fe8e4dab1241ddbdc4dd21bc0c1c8b">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">g.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="color: #000000;">at each Relevant Moment, (i) the relevant Award(s) shall have been validly granted as a right to subscribe for </font>Ordinary Shares <font style="color: #000000;">(</font><font style="font-style: italic; color: #000000;">recht tot het nemen van aandelen</font><font style="color: #000000;">), (ii) shall be in full force and effect upon being exercised or settled, as applicable, (iii) shall have been validly exercised or settled, as
                  applicable, in accordance with the terms and conditions applicable to such Award(s) and (iv) any pre-emption rights in respect of such Award(s) shall have been validly excluded by the corporate body authorized to do so;</font></div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8269877d9b964ddbae1ebe80f05a9d10">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">h.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">at each Relevant Moment, each holder of the relevant Award(s) shall be an individual who has not (i) deceased, (ii) had his/her assets placed under administration (<font style="font-style: italic;">onder bewind
                  gesteld</font>), (iii) been declared bankrupt (<font style="font-style: italic;">failliet verklaard</font>), (iv) been granted a suspension of payments (<font style="font-style: italic;">surseance van betaling verleend</font>), or (v)
                been made subject to similar proceedings in any jurisdiction or otherwise been limited in the power to dispose of his/her assets; and</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z31e27ad947e247f6a184359480fd66f5">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">i.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">at each Relevant Moment, the authorised share capital (<font style="font-style: italic;">maatschappelijk kapitaal</font>) of the Company shall allow for the grant of Awards and the issuance of Plan Shares pursuant
                to the exercise and settlement thereof.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">Based upon and subject to the foregoing and subject to the qualifications set forth in this opinion letter and to any matters, documents or events not disclosed to us, we express the following
        opinions:</div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-left: 35.45pt; color: #000000; font-weight: bold;">Corporate Status</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zec7feaf480dd42fe9e96196d742b6993">

          <tr>
            <td style="width: 35.45pt; vertical-align: top; align: right;"><a name="z_Ref456354275"></a><font style="color: #000000;">1.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">The Company has been duly incorporated as a <font style="font-style: italic;">besloten vennootschap met beperkte aansprakelijkheid</font> and is validly existing as a <font style="font-style: italic;">naamloze
                  vennootschap</font>.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; margin-left: 35.45pt; color: #000000; font-weight: bold;">Plan Shares</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zca54849440c8469c9e08b322e03a87ca">

          <tr>
            <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">Subject to receipt by the Company of payment in full for, or other satisfaction of the issue price of, the Plan Shares in accordance with the Plan, and when issued and accepted in accordance with the Plan, the
                Plan Shares shall be validly issued, fully paid and non-assessable.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
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      <div>
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            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 50%; vertical-align: top;">
                <div>
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                </div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 50%; vertical-align: top;">4<br>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">The opinions expressed above are subject to the following qualifications:</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7a4735541ead4d94930d2ebd5a539252">

          <tr>
            <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">A.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">Opinion 1 must not be read to imply that the Company cannot be dissolved (<font style="font-style: italic;">ontbonden</font>). A company such as the Company may be dissolved, inter alia by the competent court at
                the request of the company's board of directors, any interested party (<font style="font-style: italic;">belanghebbende</font>) or the public prosecution office in certain circumstances, such as when there are certain defects in the
                incorporation of the company. Any such dissolution will not have retro-active effect.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z81c45789f1ae4051b7f3122e57e046c7">

          <tr>
            <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">B.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">Pursuant to Section 2:7 DCC, any transaction entered into by a legal entity may be nullified by the legal entity itself or its liquidator in bankruptcy proceedings (<font style="font-style: italic;">curator</font>)
                if the objects of that entity were transgressed by the transaction and the other party to the transaction knew or should have known this without independent investigation (<font style="font-style: italic;">wist of zonder eigen onderzoek
                  moest weten</font>). The Dutch Supreme Court (<font style="font-style: italic;">Hoge Raad der Nederlanden</font>) has ruled that in determining whether the objects of a legal entity are transgressed, not only the description of the
                objects in that legal entity's articles of association (<font style="font-style: italic;">statuten</font>) is decisive, but all (relevant) circumstances must be taken into account, in particular whether the interests of the legal entity
                were served by the transaction. Based on the objects clause contained in the Current Articles, we have no reason to believe that, by making Awards under the Plan, the Company would transgress the description of the objects contained in the
                Current Articles. However, we cannot assess whether there are other relevant circumstances that must be taken into account, in particular whether the interests of the Company are served by making Awards under the Plan since this is a matter
                of fact.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6be283beb7ed4deb92ed50b0c436d0aa">

          <tr>
            <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">C.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="color: #000000;">Pursuant to Section 2:98c DCC, a </font><font style="font-style: italic; color: #000000;">naamloze vennootschap</font><font style="color: #000000;"> may grant loans (</font><font style="font-style: italic; color: #000000;">leningen verstrekken</font><font style="color: #000000;">) only in accordance with the restrictions set out in Section 2:98c DCC, and may not provide security (</font><font style="font-style: italic; color: #000000;">zekerheid
                  stellen</font><font style="color: #000000;">), give a price guarantee (</font><font style="font-style: italic; color: #000000;">koersgarantie geven</font><font style="color: #000000;">) or otherwise bind itself, whether jointly and
                  severally or otherwise with or for third parties (</font><font style="font-style: italic; color: #000000;">zich op andere wijze sterk maken of zich hoofdelijk of anderszins naast of voor anderen verbinden</font><font style="color: #000000;">) with a view to (</font><font style="font-style: italic; color: #000000;">met het oog op</font><font style="color: #000000;">) the subscription or acquisition by third parties of shares in its share capital or depository
                  receipts. This prohibition also applies to its subsidiaries (</font><font style="font-style: italic; color: #000000;">dochtervennootschappen</font><font style="color: #000000;">). It is generally assumed that a transaction entered into in
                  violation of Section 2:98c DCC is null and void (</font><font style="font-style: italic; color: #000000;">nietig</font><font style="color: #000000;">). </font>Based on the content of the <font style="color: #000000;">Plan</font>, we
                have no reason to believe that the Company or its subsidiaries will violate Section 2:98c DCC in connection with the issue of Plan Shares. However, we cannot confirm this definitively, since the determination of whether a company (or a
                subsidiary) has provided security, has given a price guarantee or has otherwise bound itself, with a view to the subscription or acquisition by third parties of shares in its share capital or depository receipts, as described above, <font style="color: #000000;">is a matter of fact</font>.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
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      <div>
        <div>
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              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 50%; vertical-align: top;">
                  <div>
                    <div><img src="image00001.jpg"></div>
                  </div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 50%; vertical-align: top;">5<br>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfa4c9ef0a6a84f07b08b7ba00ac4fc75">

          <tr>
            <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">D.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">The opinions expressed in this opinion letter may be limited or affected by:</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2e42f93cd90347038e9e9f976a4ecd31">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">a.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>any applicable bankruptcy, insolvency, reorganisation, moratorium or other similar laws or procedures now or hereafter in effect, relating to or affecting the enforcement or protection of creditors' rights generally<font style="color: #000000;">;</font></div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd86a5c636dfc459b8f08d818b3d3e71a">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">b.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the provisions of fraudulent preference and fraudulent conveyance (<font style="font-style: italic;">Actio Pauliana</font>) and similar rights available in other jurisdictions to insolvency practitioners and insolvency office holders in
                bankruptcy proceedings or creditors<font style="color: #000000;">;</font></div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7f185fc9ec67484c87e3b67d45c9d4b0">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">c.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">claims based on tort (<font style="font-style: italic;">onrechtmatige daad</font>);</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4a862768e62f4b8e9bee0fa98478f63d">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">d.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>sanctions and measures, including but not limited to those concerning export control, pursuant to European Union regulations, under the Sanctions Act 1977 (<font style="font-style: italic;">Sanctiewet 1977</font>) or other legislation<font style="color: #000000;">;</font></div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9f8df1f614c4443bae7059e10c812b9d">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">e.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="color: #000000;">the Anti-Boycott Regulation, </font>Anti Money Laundering Laws<font style="color: #000000;"> and related legislation; and</font></div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1909613b9b094d848c008b136ddcd5af">

          <tr>
            <td style="width: 35.45pt;"><br>
            </td>
            <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">f.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">the rules of force majeure (<font style="font-style: italic;">niet toerekenbare tekortkoming</font>), reasonableness and fairness (<font style="font-style: italic;">redelijkheid en billijkheid</font>), suspension
                (<font style="font-style: italic;">opschorting</font>), dissolution (<font style="font-style: italic;">ontbinding</font>), unforeseen circumstances (<font style="font-style: italic;">onvoorziene omstandigheden</font>) and vitiated consent
                (i.e., duress (<font style="font-style: italic;">bedreiging</font>), fraud (<font style="font-style: italic;">bedrog</font>), abuse of circumstances (<font style="font-style: italic;">misbruik van omstandigheden</font>) and error (<font style="font-style: italic;">dwaling</font>)) or a difference of intention (<font style="font-style: italic;">wil</font>) and declaration (<font style="font-style: italic;">verklaring</font>).</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z66efd5a7b6bc4fbca7c9b4e3efdf6db6">

          <tr>
            <td style="width: 35.45pt; vertical-align: top; align: right;"><a name="bmkSignoff"></a><a name="bmkSignoffLINE"></a><font style="color: #000000;">E.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">The term "non-assessable" has no equivalent in the Dutch language and for purposes of this opinion letter such term should be interpreted to mean that a holder of an Ordinary Share shall 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 Ordinary Share.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
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        <div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 50%; vertical-align: top;">
                  <div>
                    <div><img src="image00001.jpg"></div>
                  </div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
              </tr>
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                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 50%; vertical-align: top;">6<br>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z02c111fa645e474286fe913e0ba604eb">

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            <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000;">F.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">This opinion letter does not purport to express any opinion or view on the operational rules and procedures of any clearing or settlement system or agency.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify;">We consent to the filing of this opinion letter as an exhibit to the Registration Statement. In giving this consent we do not admit or imply that we are a person whose consent is required under Section 7 of the
        United States Securities Act of 1933, as amended, or any rules and regulations promulgated thereunder.</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">Sincerely yours,</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">/s/ NautaDutilh N.V.</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;"><a name="bmkSignature"></a>NautaDutilh N.V.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
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        <div>
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              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 50%; vertical-align: top;">
                  <div>
                    <div><img src="image00001.jpg"></div>
                  </div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
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              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 50%; vertical-align: top;">7<br>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
      <div style="text-indent: -35.45pt; margin-left: 35.45pt; color: #000000; font-weight: bold;">EXHIBIT A</div>
      <div>&#160;</div>
      <div style="text-indent: -35.45pt; margin-left: 35.45pt; color: #000000; font-weight: bold;">LIST OF DEFINITIONS</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7193863cfdc540fb8446cce18750b13a">

          <tr>
            <td style="width: 39.53%; vertical-align: top;">
              <div>"<font style="font-weight: bold;">Anti Money Laundering Laws</font>"</div>
              <div>&#160;</div>
            </td>
            <td style="width: 60.47%; vertical-align: top;">
              <div style="text-align: justify;">The <font style="color: #000000;">European</font> Anti-Money Laundering Directives, as implemented in the Netherlands in the Money Laundering and Terrorist Financing Prevention Act (<font style="font-style: italic;">Wet ter voorkoming van witwassen en financieren van terrorisme</font>)<font style="font-style: italic;">&#160;</font>and the Dutch Criminal Code (<font style="font-style: italic;">Wetboek van Strafrecht</font>).</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 39.53%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 60.47%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39.53%; vertical-align: top;">
              <div>"<font style="font-weight: bold;">Anti-Boycott Regulation</font>"</div>
            </td>
            <td style="width: 60.47%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">The Council Regulation (EC) No 2271/96 of 22 November 1996 on protecting against the effects of the extra-territorial application of legislation adopted by a third country, and actions based
                thereon or resulting therefrom.</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 39.53%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 60.47%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39.53%; vertical-align: top;">
              <div style="color: #000000;">"<font style="font-weight: bold;">Articles of Association</font>"</div>
            </td>
            <td style="width: 60.47%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">The Company's articles of association (<font style="font-style: italic;">statuten</font>) as they read from time to time.</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 39.53%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 60.47%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39.53%; vertical-align: top;">
              <div style="color: #000000;">"<font style="font-weight: bold;">Awards</font>"</div>
            </td>
            <td style="width: 60.47%; vertical-align: top;">
              <div style="text-align: justify;"><font style="color: #000000;">Rights to subscribe for </font>Ordinary Shares<font style="color: #000000;"> pursuant to the terms and conditions of the Plan and, to the extent relevant, the Resolutions.</font></div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 39.53%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 60.47%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39.53%; vertical-align: top;">
              <div style="color: #000000;">"<font style="font-weight: bold;">Board</font>"</div>
            </td>
            <td style="width: 60.47%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">The Company's board of directors (<font style="font-style: italic;">bestuur</font>).</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 39.53%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 60.47%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39.53%; vertical-align: top;">
              <div style="color: #000000;">"<font style="font-weight: bold;">Commercial Register</font>"</div>
            </td>
            <td style="width: 60.47%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">The Dutch Commercial Register (<font style="font-style: italic;">handelsregister</font>).</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 39.53%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 60.47%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39.53%; vertical-align: top;">
              <div style="color: #000000;">"<font style="font-weight: bold;">Company</font>"</div>
            </td>
            <td style="width: 60.47%; vertical-align: top;">
              <div style="text-align: justify;">InflaRx N.V.<font style="color: #000000;">, a public company with limited liability (</font><font style="font-style: italic; color: #000000;">naamloze vennootschap</font><font style="color: #000000;">),
                  registered with the Commercial Register under number </font>68904312<font style="color: #000000;">.</font></div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 39.53%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 60.47%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39.53%; vertical-align: top;">
              <div style="color: #000000;">"<font style="font-weight: bold;">Corporate Documents</font>"</div>
            </td>
            <td style="width: 60.47%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">The Deed of Incorporation, the Deed of Conversion and Amendment, the Current Articles, the Resolutions, the Extract and the Registration Statement.</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 39.53%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 60.47%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39.53%; vertical-align: top;">
              <div style="color: #000000;">"<font style="font-weight: bold;">Current Articles</font>"</div>
            </td>
            <td style="width: 60.47%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">The Articles of Association as they read after the execution of the Deed of Conversion and Amendment, following which, according to the Extract, no amendment to the Articles of Association was
                effected.</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
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      </div>
      <div>
        <div>
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              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 50%; vertical-align: top;">
                  <div>
                    <div><img src="image00001.jpg"></div>
                  </div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 50%; vertical-align: top;">8<br>
                </td>
              </tr>

          </table>
          <div> <br>
          </div>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z86e19f63a5c743d791d48bf87fa2a3c8">

          <tr>
            <td style="width: 39.53%; vertical-align: top;">
              <div style="color: #000000;">"<font style="font-weight: bold;">DCC</font>"</div>
            </td>
            <td style="width: 60.47%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">The Dutch Civil Code (<font style="font-style: italic;">Burgerlijk Wetboek</font>).</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 39.53%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 60.47%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39.53%; vertical-align: top;">
              <div style="color: #000000;">"<font style="font-weight: bold;">Deed of Conversion and Amendment</font>"</div>
            </td>
            <td style="width: 60.47%; vertical-align: top;">
              <div style="text-align: justify;"><font style="color: #000000;">The deed of conversion and amendment to the Articles of Association </font>(<font style="font-style: italic;">akte van omzetting en statutenwijziging</font>) dated November 8,
                2017.</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 39.53%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 60.47%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39.53%; vertical-align: top;">
              <div style="color: #000000;">"<font style="font-weight: bold;">Deed of Incorporation</font>"</div>
            </td>
            <td style="width: 60.47%; vertical-align: top;">
              <div style="text-align: justify;"><font style="color: #000000;">The Company's deed of incorporation (</font><font style="font-style: italic; color: #000000;">akte van oprichting</font><font style="color: #000000;">) dated </font>June 6, 2017<font style="color: #000000;">.</font></div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 39.53%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 60.47%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39.53%; vertical-align: top;">
              <div style="color: #000000;">"<font style="font-weight: bold;">DFSA</font>"</div>
            </td>
            <td style="width: 60.47%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">The Dutch Financial Supervision Act (<font style="font-style: italic;">Wet op het financieel toezicht</font>).</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 39.53%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 60.47%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39.53%; vertical-align: top;">
              <div style="color: #000000;">"<font style="font-weight: bold;">Extract</font>"</div>
              <div>&#160;</div>
            </td>
            <td style="width: 60.47%; vertical-align: top;">
              <div style="text-align: justify;">An extract from the Commercial Register relating to the Company, dated the date of this opinion letter.</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 39.53%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 60.47%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39.53%; vertical-align: top;">
              <div style="color: #000000;">"<font style="font-weight: bold;">General Meeting</font>"</div>
            </td>
            <td style="width: 60.47%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">The Company's general meeting (<font style="font-style: italic;">algemene vergadering</font>).</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 39.53%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 60.47%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39.53%; vertical-align: top;">
              <div style="color: #000000;">"<font style="font-weight: bold;">NautaDutilh</font>"</div>
            </td>
            <td style="width: 60.47%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">NautaDutilh N.V.</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 39.53%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 60.47%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39.53%; vertical-align: top;">
              <div style="color: #000000;">"<font style="font-weight: bold;">the Netherlands</font>"</div>
            </td>
            <td style="width: 60.47%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">The European territory of the Kingdom of the Netherlands.</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 39.53%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 60.47%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39.53%; vertical-align: top;">
              <div style="color: #000000;">"<font style="font-weight: bold;">Ordinary Shares</font>"</div>
            </td>
            <td style="width: 60.47%; vertical-align: top;">
              <div style="text-align: justify;"><font style="color: #000000;">Ordinary shares in the Company's capital, with a nominal value of EUR </font>0.12 <font style="color: #000000;">each.</font></div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 39.53%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 60.47%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39.53%; vertical-align: top;">
              <div style="color: #000000;">"<font style="font-weight: bold;">Plan</font>"</div>
            </td>
            <td style="width: 60.47%; vertical-align: top;">
              <div style="text-align: justify;">The Company's long-term incentive plan as filed as an exhibit to the Company's registration statement on Form S-8, filed on November 17, 2017 and amended pursuant to an amendment filed or <font style="color: #000000;">to be filed as an exhibit to the Registration Statement.</font></div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 39.53%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 60.47%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39.53%; vertical-align: top;">
              <div style="color: #000000;">"<font style="font-weight: bold;">Plan Shares</font>"</div>
            </td>
            <td style="width: 60.47%; vertical-align: top;">
              <div style="text-align: justify;">6,800,000 additional Ordinary Shares available for issuance under the Plan<font style="color: #000000;">.</font></div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 39.53%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 60.47%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39.53%; vertical-align: top;">
              <div style="color: #000000;">"<font style="font-weight: bold;">Prospectus Regulation</font>"</div>
            </td>
            <td style="width: 60.47%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a
                regulated market, and repealing Directive 2003/71/EC.</div>
            </td>
          </tr>

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      <div>
        <div>
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              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 50%; vertical-align: top;">
                  <div>
                    <div><img src="image00001.jpg"></div>
                  </div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 50%; vertical-align: top;">9<br>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
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          <tr>
            <td style="width: 39.53%; vertical-align: top;">
              <div style="color: #000000;">"<font style="font-weight: bold;">Registration Statement</font>"</div>
            </td>
            <td style="width: 60.47%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">The Company's registration statement on Form S-8 filed or to be filed on the date of this opinion letter with the SEC in the form reviewed by us.</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 39.53%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 60.47%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39.53%; vertical-align: top;">
              <div style="color: #000000;">"<font style="font-weight: bold;">Relevant Moment</font>"</div>
            </td>
            <td style="width: 60.47%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">Each time when one or more Awards are granted or one or more Plan Shares are issued pursuant to the exercise or settlement of the relevant Award(s).</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 39.53%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 60.47%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39.53%; vertical-align: top;">
              <div style="color: #000000;">"<font style="font-weight: bold;">Resolutions</font>"</div>
            </td>
            <td style="width: 60.47%; vertical-align: top;">
              <div style="text-align: justify;">Each of the following:</div>
              <div style="text-align: justify;"> <br>
              </div>
              <div style="text-align: justify; text-indent: -32.5pt; margin-left: 36pt;"><font style="font-weight: bold;">a.</font> &#160; &#160;&#160;&#160;&#160;&#160; the written resolutions of the Board, dated July 29, 2020 and any other resolution passed by the relevant corporate
                body or corporate bodies of the Company in connection with the granting of Awards and/or the issuance of Plan Shares (in each case including the exclusion of any pre-emption rights in connection therewith);</div>
              <div style="text-align: justify; text-indent: -32.5pt; margin-left: 36pt;"> <br>
              </div>
              <div style="text-align: justify; text-indent: -32.5pt; margin-left: 36pt;"><font style="font-weight: bold;">b.</font>&#160;&#160;&#160; &#160; &#160;&#160; the signed minutes of the Company's general meeting held on July 16, 2020, together with the convening notice for
                such general meeting with the explanatory notes thereto as available on the Company's website;</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 39.53%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 60.47%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 39.53%; vertical-align: top;">
              <div style="color: #000000;">"<font style="font-weight: bold;">SEC</font>"</div>
            </td>
            <td style="width: 60.47%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">The United States Securities and Exchange Commission.</div>
            </td>
          </tr>

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>brhc10013845_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Summit Financial
         Document created using EDGARfilings PROfile 7.1.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
    <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 23.2</font><br>
    </div>
    <div><br>
    </div>
    <div>
      <div>
        <div style="text-align: center; color: #000000; font-weight: bold;"><a name="z_Hlk46950674"></a>Consent of Independent Registered Public Accounting Firm</div>
      </div>
      <div>
        <div><br>
        </div>
        <div style="color: #000000;">The Board of Directors of InflaRx N.V.:</div>
        <div><br>
        </div>
        <div style="color: #000000;">We consent to the use of our report dated April 28, 2020, with respect to the consolidated statements of financial position of InflaRx N.V. as of December 31, 2019 and 2018, and the related consolidated statements of
          comprehensive loss, changes in shareholders&#8217; equity and cash flows for each of the years in the three-year period ended December 31, 2019, incorporated by reference herein.</div>
        <div><br>
        </div>
        <div style="color: #000000;">/s/ KPMG AG Wirtschaftspr&#252;fungsgesellschaft</div>
        <div><br>
        </div>
        <div style="color: #000000;">Leipzig, Germany</div>
        <div style="color: #000000;">July 30, 2020</div>
      </div>
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        </div>
        <div><br>
        </div>
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  </div>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>brhc10013845_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Summit Financial
         Document created using EDGARfilings PROfile 7.1.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
    <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.2</font><br>
    </div>
    <div>
      <div id="DSPFPageHeader">
        <div><br>
        </div>
      </div>
      <div style="text-align: center; font-variant: small-caps; font-weight: bold;">AMENDMENT TO INFLARX N.V. LONG-TERM INCENTIVE PLAN</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">THIS AMENDMENT (this &#8220;<u>Amendment</u>&#8221;) is dated as of May 20, 2020 and
        amends the InflaRx N.V. Long-Term Incentive Plan (the &#8220;<u>Plan</u>&#8221;). Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the
        Plan.</div>
      <div style="text-align: justify; text-indent: 36pt;"><br>
      </div>
      <div style="text-align: center; font-weight: bold;">RECITALS</div>
      <div style="text-align: justify;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">WHEREAS</font>, the Board has determined that it is advisable and
        in the best interest of the Company and its shareholders to amend the Plan as set forth herein, subject to the approval of the Company&#8217;s shareholders and effective as of the date of such approval (the &#8220;<u>Effective Date</u>&#8221;), (a) to provide that the total number of Shares available for issuance under the Plan be increased each January 1 starting on January 1, 2021, by an amount equal to 4% of the Company&#8217;s
        outstanding Shares on December 31 of the immediately preceding year (or any lower number of Shares as determined by the Board), and (b) to remove any shareholder approval requirements to effect a re-pricing of any Option or SAR that is granted
        under the Plan.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">NOW, THEREFORE,</font> pursuant to Section 13(a) of the Plan, the
        Board approves as of the date first set forth above, the amendments to the Plan as set forth herein and their submission to the Company&#8217;s shareholders for approval:</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;">1.&#160;&#160;&#160; &#160;&#160; &#160;&#160;&#160;&#160; Effective as of the Effective Date, Section 4(a)
          is amended and restated in its entirely as follows:</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 72pt;">&#8220;Subject to adjustment as provided in Section 4(c), the maximum number of Shares available for issuance under the Plan shall not exceed 2,341,097
        Shares&#894; <font style="font-style: italic;">provided</font> that, starting on January 1, 2021, on January 1 of each year, the total number of Shares available for issuance under the Plan will be
        increased by an amount equal to the lesser of (i) 4% of the Company&#8217;s outstanding Shares on December 31 of the immediately preceding year or (ii) such number of Shares as determined by the Board in its discretion. Shares underlying Replacement
        Awards and Shares remaining available for grant under a plan of an acquired company or of a company with which the Company combines, appropriately adjusted to reflect the acquisition or combination transaction, shall not reduce the number of Shares
        remaining available for grant hereunder.&#8221;</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">2.&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; Effective as of the Effective Date, Section 14 and
          the concluding proviso in Section 13(b) are deleted in their entirety.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">3.&#160;&#160; &#160; &#160; &#160; &#160; This Amendment shall only serve to amend and
          modify the Plan to the extent specifically provided herein.&#160; All terms, conditions, provisions and references of and to the Agreement which are not specifically modified, amended and/or waived herein shall remain in full force and effect and
          shall not be altered by any provisions herein contained.<a name="z_cp_text_2_65"></a></div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: center;">*&#160; &#160; &#160; &#160; &#160; *&#160; &#160; &#160; &#160; &#160; *&#160; &#160; &#160; &#160; &#160; *</div>
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